Recently, the company signed a framework cooperation agreement with GEM Co., Ltd. and Yongqing Technology Co., Ltd. (a subsidiary of Tsingshan) for the recycling of end-of-life vehicles, power batteries, and battery waste. The parties plan to jointly invest in and develop projects in Wenzhou, Zhejiang Province, including the annual recycling of 100,000 end-of-life vehicles and 100,000 tons of power batteries and battery waste. Additionally, Weiming Shengqing Co., Ltd. (a subsidiary) signed an equity increase cooperation framework agreement with Jingmen GEM New Materials Co., Ltd. (a subsidiary of GEM) and Yongqing Technology for the Fuan Qingmei Project, aiming to establish a joint venture for cooperation in ternary precursors and lithium iron phosphate (LFP) materials.
GEM possesses leading technologies in ternary precursors, end-of-life vehicle recycling, and power battery recycling, positioning it as a core player in the global new energy materials supply chain. Tsingshan, a Fortune 500 company, is committed to producing high-quality, cost-effective, and eco-friendly stainless steel and new energy products. This collaboration leverages the strengths of all parties, combining resources and expertise to build a globally competitive new energy industry chain spanning “resources-recycling-power materials-power batteries”.
