Ecopro announced plans to build integrated battery recycling to cathode materials manufacturing plant in the Yeongilman Industrial Complex in Pohang, South Korea. Ecopro currently produces cathode materials, with its subsidiary EcoproGEM in charge of cathode materials precursors production.
Ecopro plans also on establishment of joint venture with Chinese largest battery recycler – GEM at Fuan City, Fujian Province. The goal is to produce precursors for high nickel cathode materials – NCA and NCM. The plan is to build a complete battery materials ecosystem in South Korea and abroad by the third quarter of 2021.
Ecopro completed a new cathode material facility in October last year in Pohang under a name CAM5, which began mass production in March 2020. It mainly supplies SK Innovation. Qualification for supply of NCA to Samsung SDI is in progress. Samsung SDI announced an investment in May in CAM6, and will hold 40% stake in Ecopro’s facility.
Ecopro posted sales of KRW 167.7 billion and operating profit of KRW 8.8 billion in the first quarter. The growth was 7% and 39%, respectively, compared to the same period last year.