Blockchain Press Releases
LG Energy Solution Establishes Its First Battery Recycling Joint Venture with Huayou Recycling
- Two plants to be built in China, one for pretreatment (Nanjing) and the other for post-processing (Quzhou)
- The JV to reinforce LGES’s drive for closed-loop system and promote its cost-competitiveness in securing key battery raw materials
SEOUL, South Korea, Aug. 8, 2023 /PRNewswire/ — LG Energy Solution (LGES; KRX: 373220) announced the establishment of its first battery recycling joint venture (JV) with Zhejiang Huayou Recycling Technology Co., Ltd (hereinafter referred to as “Huayou Recycling”), a subsidiary of Huayou Cobalt.
LGES and Huayou Recycling signed the JV establishment agreement at Huayou Cobalt’s Tongxiang headquarters in China on August 7, with the attendance of Dongsoo Kim, Senior Vice President of Procurement Center at LGES; Xuehua Chen, Chairman of Huayou Cobalt; and Wei Bao, General Manager of Huayou Recycling.
The new JV will oversee the construction of two battery recycling plants in China—a pretreatment plant in Nanjing, where LGES is currently operating its battery production facility, and a post-processing plant in Quzhou, a strategic location to utilize Huayou Cobalt’s pre-existing infrastructure.
Once the production starts in late 2024, battery scrap generated from LGES Nanjing facility, as well as waste batteries collected by Huayou Recycling, will be delivered to the joint venture company to produce recycled metals, including nickel, cobalt and lithium, which will be processed and supplied back to the LGES Nanjing plant.
Through the JV, LGES will ensure a stable supply of waste batteries and battery scraps that are vital to the company’s initiative toward establishing an integrated closed-loop manufacturing system, and further strengthen its competitive edges in securing key battery raw materials.
LGES will also reinforce its cost-competitiveness by increasing the amount of retrieved metals through adopting new techniques, as well as cutting back recycling costs. In addition, by situating both the pre-treatment and post-processing facilities in proximity to its Nanjing plant, LGES will be able to establish more solid closed-loop recycling system in China.
Establishing a closed-loop system of battery manufacturing is a key priority task for LGES in realizing its ESG vision. The company is proactively implementing ESG-related practices, such as reusing or recycling end-of-life batteries and managing waste generated at its business sites. In China, LGES has already completed the establishment of recycling system at its Nanjing facility in 2022. Globally, the company has secured strategic partnerships with leading recyclers to establish end-of-life batteries collection system.
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co., Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.
View original content:https://www.prnewswire.co.uk/news-releases/lg-energy-solution-establishes-its-first-battery-recycling-joint-venture-with-huayou-recycling-301894829.html
A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
The post Mysterious Trader Makes $150,000 Profit in 3 Hours From Just $2,956: Blockchain Analysis appeared first on HIPTHER Alerts.
A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
The post Binance warns of crypto market risks from overvaluation, centralization appeared first on HIPTHER Alerts.
The Cryptocurrency Open Patent Alliance (COPA) has teamed up with Unified Patents to launch the Blockchain Zone initiative, aimed at combating “patent trolls” in the crypto industry. Patent trolls, or non-practicing entities (NPEs), are known for exploiting patent rights through litigation rather than developing new technologies. COPA and Unified Patents aim to prevent such entities from hindering blockchain innovation by making costly and baseless patent assertions.
The initiative is designed to safeguard blockchain and related technologies from these unwarranted patent claims, fostering an environment where developers and companies can innovate freely without fear of legal threats. Key figures in the partnership, such as Paul Grewal from Coinbase and Steve Lee from Spiral, emphasize that patent trolls create significant barriers to technological progress, especially in the fast-evolving crypto space.
By aligning with over 300 companies through Unified Patents, COPA’s effort strengthens its mission to protect the blockchain community and the broader crypto-economy from the disruptive impact of NPEs, ensuring that blockchain innovation remains open and accessible.
Source: news.bitcoin.com
The post COPA, Unified Patents Partner to Fight Crypto Patent Trolls appeared first on HIPTHER Alerts.
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