SK Innovation is set to enter the global battery recycling market with its proprietary Battery Metal Recycling (BMR) technology. The company announced on Wednesday that it signed a memorandum of understanding (MOU) with U.S. engineering firm KBR at the Fastmarkets Conference in Portugal.
Under the agreement, KBR will combine its crystallization technology with SK Innovation's BMR technology for global sales, generating royalty revenue for SK Innovation.
KBR, with about 34,000 employees and operations in over 80 countries, provides advanced engineering solutions across various sectors, including energy and infrastructure.
Since 2017, SK Innovation has developed its battery recycling technology by integrating its expertise from the refining and petrochemical sectors.
In 2021, the company established a facility capable of recovering lithium hydroxide from batteries equivalent to 800 electric vehicles annually, securing over 100 patents globally.
Phil Seok Kim, head of SK Innovation's Environmental Science and Technology Institute, stated, "Our innovative lithium recovery technology meets EU battery regulations and has proven battery performance."
Gautam Krishnaiya, KBR's CTO, praised the economic advantages of SK Innovation's technology over traditional methods, highlighting the synergy with KBR's crystallization technology.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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