Chinese battery maker the Camel Group has announced plans to boost investment in lead-acid recycling over the next three years.
The company said in a Shanghai Stock Exchange announcement it is set to spend CNY1.5 billion ($234 million) on building three recycling and production sites— one in the eastern Anhui Province and the others in the northeast and southwest of the country.
The move will help the company to eventually expand its portfolio to eight lead-acid recycling plants across China, with the capacity to process one million tonnes of used batteries annually.
Camel said it expects to reach a recycling capacity of 700,000 tonnes of used batteries by the end of this year.
China’s lead consumption largely depends on secondary lead and BBB reported recently that authorities have been urged to shut down “substandard” secondary lead production facilities as part of moves to boost recycling.
Last year, Camel formed a CNY50m battery recycling joint venture business with a domestic investor.