Battery production is currently an activity subject to prior assessment under the relevant government regulation.Continue reading
On Wednesday, Minister for National Economy Márton Nagy received Kang-Myung Yi, the top executive of SungEel HiTech Co. of Korea, and his colleagues, who were accompanied by Kyu Dok Hong, the Ambassador of the Republic of Korea to Hungary. At the meeting, the parties continued discussions on the international situation of the battery industry related to the electric vehicle industry, as well as the challenges facing the sector and the opportunities of the green transition.
According to a statement by the Ministry for National Economy, Márton Nagy stressed that Hungary is already a leader in high-tech battery production, as the country’s exports of batteries and battery components as a share of GDP already exceed 5 percent, making it the number one among EU countries.
The minister added that he considers it important to establish contacts with companies such as SungEel, because
battery processing and recycling of valuable raw materials is currently a missing industry in Hungary and in Europe.
The Korean SungEel HiTech group has succeeded for the first time in recovering large quantities of raw materials from used lithium-ion batteries. Beyond battery processing, the company actively promotes the use of sustainable, environmentally friendly battery recycling technologies and strives to increase the proportion of recyclable materials in batteries.
According to the Minister for National Economy, by 2027 at the latest,
Hungary must ensure that the best technology in the world is available to provide a safe and environmentally sound solution for recycling large quantities of used batteries and for reusing the useful raw materials that can be extracted from the processed batteries.
“To make this happen, we need to decide this year which companies can start investing in which sites,” the politician added.
In addition, the Hungarian oil giant MOL Group is also actively looking for business opportunities in battery recycling. Given that the holder of the waste management concession is MOL, this is a natural link for the company. The economic cooperation between the MOL Group and a globally significant battery processing and recycling company could be mutually beneficial for the Hungarian economy.
Via MTI; Featured image via Facebook/SungEel HiTech Hungary
