Shanghai (ZXZC)- Tengqingqing Recycling Resources (Shangrao) Co., Ltd. (“Tengqingqing” is Chinese Pinyin), a wholly-owned subsidiary of Chinese power battery maker SVOLT, and Miracle Automation announced on Feb. 9 the establishment of a 51/49 joint venture to conduct cooperation on recycling of battery raw materials, according to a post on SVOLT’s WeChat account.

In the meantime, the two parties also signed an agreement for the collaboration on wet-process metallurgy of lithium iron phosphate to alleviate the shortage of battery resources by recycling lithium iron phosphate.

Photo credit: SVOLT

Under this project, Tengqingqing intends to adopt the industry-leading short-range full-element recycling technology to form an annual production capacity of 5,000-tonne lithium carbonate and 20,000-tonne iron phosphate.

The project expects to see the ground-breaking ceremony held in mid-March, the construction completed in Dec. this year, and the production start in the first half of 2024.

SVOLT said it made several achievements in the field of materials recycling in recent years. Following the foundation of Tengqingqing in last July, Ivy Recycling Resources (Shangrao) Co., Ltd. (“Ivy”) was incorporated in the same month as a joint venture between Tengqingqing and CNGR Advanced Material Co., Ltd., a Chinese service provider of advanced energy materials for lithium batteries, to carry out harmless dismantling of recycled batteries, and its facilities have been put into operation.

In addition, Tengqingqing has partnered with several new energy vehicle makers, such as Leapmotor and Newrizon, to strengthen external cooperation in the field of battery recycling.