Memorandum of Understanding (MOU) Signing Ceremony
Left to right: The Honourable Governor Lee Cheol-woo, Governor of the Province of Gyeongsangbuk-do, Republic of Korea; Ajay Kochhar, President and CEO of Li-Cycle Corp.; Mr. Myung-Ik Son, Chairman of SUNGHO Group; Mr. Young Hong, President of Trans World International Corporation
Dear Followers and Subscribers,
We are pleased to share an important milestone as part of Li-Cycle’s global presence.
Last Friday (March 15, 2019), Li-Cycle participated in a three-way Memorandum of Understanding (MOU) signing ceremony with SUNGHO Group (SUNGHO) – a major metals recycling group in South Korea – and the Province of Gyeongsangbuk-do (GB), South Korea.
Under the MOU, Li-Cycle, SUNGHO and GB Province will endeavour to:
- Establish lithium-ion battery recycling facilities in the future in GB Province, planned to be Commercial Plant 2 or 3 as part of Li-Cycle’s global roadmap. The facilities will be established in tandem to Li-Cycle’s existing operations and Commercial Plant 1 presence in North America
- Collaborate with SUNGHO Group as a regional partner via a joint venture
- Cooperate with GB Province to foster the development and growth of the lithium-ion battery recycling industry in GB Province and South Korea, as a hub in Asia
The planned facilities in GB Province will enable Li-Cycle to leverage its industry-leading technology to close the loop within the robust lithium-ion battery supply chain and ecosystem in South Korea, as well as Asia.
Li-Cycle looks forward to collaborating with SUNGHO Group and GB Province towards a successful project.
For more information, please contact:
Ajay Kochhar, President & CEO
Katherine Nguyen, Communications & Administrative Coordinator
Telephone: +1 (647) 490-4280
MOU Signing Ceremony in Andong, Gyeongsangbuk-do Province, Republic of Korea
SUNGHO Group leadership team members; the Gyeongsangbuk-do Province Investment Promotion Office leadership and team members; Trans World International Corporation leadership; representative from the Embassy of Canada in Seoul, representing the Province of Ontario
About Gyeongsangbuk-do Province
Gyeongsangbuk-do lies in the southeastern region of the Korean peninsula and is bounded on the east by the East Sea. The province was formed in 1896 from the northern half of the former Gyeongsang province and remained a province of Korea until the country’s division in 1945, then became part of South Korea.
Gyeongsangbuk-do is one of the most dynamic regions in South Korea. Its economic and export growth rates are the highest among the country’s local governments. The National Assembly ranked it at the top of the 16 local governments in terms of future industry growth potential. The province’s machinery, metals, and electronics industries registered double-digit increases recently. Gyeongsangbuk-do is nurturing six national industrial complexes, 26 local industrial complexes, and 53 regional industrial complexes. Besides its industrial capacities, the area also has a huge potential with its consumer market. The structure of the industries is healthy, and each industry is large enough to hold the diversity of the economy. For more information, please visit: http://www.gb.go.kr/eng/main.jsp
About SUNGHO Group
SUNGHO Group (SUNGHO) is on a mission to provide customers with excellent quality and service as well as competitiveness and profit maximization. Since its establishment in 1994, SUNGHO has operated a complete recycling system focused on metal scrap. SUNGHO has led and supported the national steel industry by supplying steel mills with 1 million tons of steel scrap annually. SUNGHO’s clients include groups such as POSCO, Hyundai, Samsung Heavy Industries, Isuzu, Toyota, Nissan, and many more.
SUNGHO’s recycling division takes pride in playing a leading role in the industry of Low Carbon Emissions & Green Growth by recycling resources and contributing to CO2 reduction effectiveness. Over the last two decades, SUNGHO Group has diversified its business into many subsidiaries including recycling, metal abrasives, castings, automotive parts, plant, construction, and a resort. For more information, please visit: http://www.isungho.com/_english/main/index.php?c=main