An industry-first alliance between Factorial Energy and Young Poong is set to revolutionize lithium-metal battery recycling, fostering a circular economy, and promoting sustainable EV growth.
Factorial Energy Inc., an industry pioneer in quasi-solid-state battery technology, has announced its new collaboration with South Korean smelting and refining company, Young Poong. The partnership aims to advance research in lithium-metal recycling for solid-state batteries, enabling a circular economy. Factorial will provide excess lithium-metal material from its manufacturing process to Young Poong, which will work towards developing a reusable recycling process for Factorial’s batteries.
Why It Matters
This collaboration highlights Factorial’s commitment to advancing sustainable mobility and fostering a circular economy. “Factorial is poised to shape a future characterized by a resilient supply chain for solid-state batteries, thereby driving the growth and sustainability of the EV industry,” said Alex Yu, Co-founder, and CTO of Factorial. Currently, less than 10% of lithium batteries in the U.S. are recycled, while the production scrap is forecasted to make up 78% of recyclable materials from batteries by 2025. Therefore, the partnership holds significant potential for transforming industry practices.
Factorial’s patented FEST® powered lithium-metal solid-state batteries offer safer, high-energy-density solutions that can revolutionize the EV industry. The company has key investments and partnerships with leading automakers like Mercedes-Benz, Stellantis, and Hyundai. These batteries demand a distinct recycling process compared to traditional lithium-ion batteries.
On the other hand, Young Poong possesses the world’s first pyrometallurgy process that can reclaim over 90% of lithium and 95% of nickel, cobalt, and copper from used batteries. “With lithium-metal recycling, we have the opportunity to establish a recycling process well in advance of the future decommissioning of solid-state batteries,” stated Mr. Kang In Lee, Representative of Business Division; Green Metal Division at Young Poong.
The collaboration between Factorial Energy and Young Poong marks a pivotal step in advancing sustainable EV growth and lithium-metal battery recycling. By leveraging Factorial’s innovative battery technology and Young Poong’s unique recycling approach, this partnership aims to create a novel recycling process that would significantly impact the end-of-life handling of batteries. It underscores the importance of sustainable strategies within the manufacturing sector and promises a promising future for solid-state batteries.