- South Korea said earlier it will increase the accumulated number of EV sales to 1.13 million by 2025
- Hyundai Motor Co., will also study ways to harness used EV batteries to build energy storage containers, which are connected to solar facilities
As per a report by Yonhap News Agency, South Korea has eased the regulations to allow for environment friendly ways to utilise used batteries from electric vehicles. The report added that the approval came as the number of scrapped EV batteries is anticipated to increase sharply as the country is focusing on promoting EVs and hydrogen fuel-cell cars.
The report added that the Ministry of Trade, Industry and Energy said in a statement that “While the used EV batteries can have adverse impacts on the environment, they can create new business opportunities when recycled. South Korea said earlier it will increase the accumulated number of EV sales to 1.13 million by 2025. presently, it is at 113,000.
Study ways to harness used EV batteries to build energy storage containers
As per the report, the Korea Energy Economics Institute estimates that the number of scrapped EV batteries will reach 80,000 by 2029. It added that this move, paved the way for Hyundai Glovis Co., an auto parts unit of Hyundai Motor Group, to rent batteries to KST Mobility Co., an EV taxi operator. This will help the company better manage and recycle used batteries.
Hyundai Motor Co., will also study ways to harness used EV batteries to build energy storage containers, which are connected to solar facilities. The report stated that LG Chem Ltd will also conduct research projects on finding ways to utilise used batteries in producing ESS products
