National economy minister meets with battery recycling company executives in China

Written by BT/MTI

National Economy Minister Marton Nagy met with executives of battery recycling companies Gotion High Tech, CNGR Advanced Material, Ganzhou Teng Yuan Cobalt, Hithium Energy Storage, and Huanchuang (Xiamen) Technology, global leaders in the industry, during his official visit to Beijing.

The sides reviewed the global situation of the industry, challenges facing the sector, opportunities held by the green transition and possible investments in Hungary by Chinese battery recycling companies. The minister also held separate talks with executives of GEM and the Jereh Group and visited a processing plant of Zhejiang Huayou Cobalt and met the company’s executives in Quzhou.

Under EU regulations, the ratio of battery recycling has to reach 45pc by end-2023, 63pc by end-2027 and 73pc by end-2030.

Mr Nagy reiterated that electromobility is key to the future of European industry. In order to accelerate the transition, Hungary, which currently holds the European Union presidency, has developed a new EU-level action plan with proposals for the development of the charging infrastructure, the introduction of purchase subsidies and the mandatory recycling of used batteries.