Chiho Group Announced Investment in New Battery Recycling Facility

SEATTLE (Scrap Monster):  Chiho Environmental Group has decided to invest in construction of a new battery recycling facility in Taizhou, China.

The announcement towards construction of the end-of-life vehicle and electric vehicle battery recycling facility was made during the Zhejiang International Economy Summit held online last week. The proposed facility will have capacity to process around 50,000 end-of-life vehicles and 10,000 tons of electric vehicle batteries. The new facility will lead to savings of around 120,000 tons of carbon emission equivalents per year.

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The company plans to invest 243 million yuan to build a 100 acres new recycling yard, which will be mainly financed through internal resources. The project will be jointly operated by Chiho Group’s wholly owned subsidiaries Taizhou Chiho-Tiande Metals Company Limited and Scholz China GmbH. The competitive advantages of both the companies will be used to transform the existing production site into a leading recycling center for ELV and EV batteries.

The construction of the new recycling facility presents a huge immediate and long-term opportunity for the company, especially when forecasts suggest that around one-fifth of the new cars will be electric vehicles by 2025. This will result in huge rise in demand for ELV recycling and for recycling electric vehicle batteries.