South Korean Companies Enter US Waste Battery Recycling Business to Reduce Mineral Dependence on China
Amid the rising global demand for electric vehicles and the U.S.’s passage of the Inflation Reduction Act, many South Korean companies have entered the U.S. battery recycling market. And those that rely heavily on China for key minerals are diversifying their supply chains, and one of their solutions is reusing waste batteries.
The Inflation Reduction Act (IRA) introduced in August stipulates that electric vehicles (EV) must contain a battery built with minerals mined or recycled in North America in order to qualify for the federal tax credit. And that, by 2024, at least 50 percent of EV batteries must come from the United States, Canada, or Mexico, with that figure rising to 100 percent by 2028….