SEOUL, Oct. 19 (Korea Bizwire) — South Korea on Monday eased regulations to allow for environment friendly ways to utilize used batteries from electric vehicles.
The approval came as the number of scrapped EV batteries is anticipated to increase sharply down the road with the country’s green energy drive, which centers on promoting EVs and hydrogen fuel-cell cars.
“While the used EV batteries can have adverse impacts on the environment, they can create new business opportunities when recycled,” the Ministry of Trade, Industry and Energy said in a statement.
South Korea said earlier it will increase the accumulated number of EV sales to 1.13 million by 2025, sharply up from the current 113,000.
The Korea Energy Economics Institute, meanwhile, estimates the number of scrapped EV batteries will reach 80,000 by 2029.
The latest move paved the way for Hyundai Glovis Co., an auto parts unit of Hyundai Motor Group, to rent batteries to KST Mobility Co., an EV taxi operator, which will help the company better manage and recycle used batteries.
Hyundai Motor Co., South Korea’s top automaker, will also study ways to harness used EV batteries to build energy storage containers, which are connected to solar facilities.
LG Chem Ltd, a major battery producer, also will carry out research projects on finding ways to utilize used batteries in producing ESS products.