SEOUL, Oct. 7 (Korea Bizwire) — POSCO Holdings Co., the largest steelmaker in South Korea, announced on Thursday that it had established a battery recycling joint venture with GS Energy Corp., an energy unit of GS Group.
Both entities have engaged in talks since September last year on how to promote cooperation in their core new business areas, including secondary battery recycling.
A total of 170 billion won (US$120 million) was invested to establish the joint venture, named POSCO-GS Eco Materials, with POSCO Holdings retaining a 51 percent stake and GS Energy a 49 percent stake.
Posco-GS Eco Materials will be established by the end of this year.
It plans to launch not only a rechargeable battery recycling business but also a “Battery as a Service” business.
Kevin Lee (email@example.com)