SungEel HiTech Co., a South Korean battery recycling firm swept the board with LG Energy Solution and Samsung SDI as customers for its battery recycling service.
The chemical extraction company started its business in 2000 since then the company specializes in unsheathing raw materials for batteries for various products from electric vehicles to the marketplace electronics. It draws out various materials from cobalt, lithium, nickel, manganese, and copper for recycling.
The company had seen a massive upsurge in its business in recent days. According to its official filings with South Korean regulators, as of the first quarter of 2022, the company had 133.8 billion won in its sheath. Most of the revenue arrives from its customarily customer EcoPro EM, and the joint venture between battery maker Samsung SDI and cathode firm EcoPro BM.
The company is planning to bag a gargantuan revenue from its new customer LG Energy Solution. The company is looking to establish a new office in Poland. SungEel already has a battery factory and keenly looking for lands to build its factory to start the extraction. It had nearly spent 30 billion won to construct a recycling factory in Hungary for Samsung SDI.
The primary work to be wielded on daily basis is to collect the scrap and shoddy batteries from the production line and the appropriate machine will pulverize the materials into fine powder. Finally, the processed materials will be delivered to SungEel HiTech’s headquarters in Gunsan, South Korea to take up the final process.
It is astonishing to see that the company is also planning to expand its services although it had built factories in two countries aside from its headquarters. The company is now seeing if there is any land left to build these processing plants in Spain and Germany and also in the United States of America
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