The board of Chinese battery maker Narada Power has given the green light for plans to launch a commercial lithium-ion batteries and “new energy materials” recycling subsidiary.
The new business— Anhui Narada Huabo New Material and Technology Co., Ltd. (ANHNMT)— will be wholly owned by Narada and receive an initial cash injection of CNY100 million ($15m).
Narada said the move follows the firm’s successful development of a closed-loop industry chain for lead-acid batteries.
The new subsidiary is needed to keep pace with the rapid expansion in China of lithium-ion batteries for new energy vehicles and the energy storage market— and the subsequent need for battery scrapping and recycling, Narada said.
Last week, BBB reported that a UN-backed international study group was calling for a worldwide investigation into uncontrolled dumping of lithium-ion batteries amid health and safety fears.
The International Lead and Zinc Study Group’s economic and environment committee said a probe was needed into “the safety implications of lithium batteries becoming mixed with lead-acid batteries at collecting sites prior to recycling”.
