SEOUL-- June 27, 2023 -- YoungPoong Corp. (YoungPoong) (KOSPI: 000670) partners with the U.S. battery manufacturer, Factorial Inc. (Factorial), to recycle lithium-metal solid-state batteries and promote a sustainable circular economy by extracting critical raw materials such as lithium, nickel, and cobalt.

Factorial, a frontrunner in the development of solid-state battery technology for electric vehicles (EVs), has signed a memorandum of understanding (MOU) to develop battery recycling technology with YoungPoong, positioning both companies as leaders in recycling next-generation solid-state batteries.

On June 27, YoungPoong announced the MOU with Factorial for solid-state battery recycling. The agreement was signed at YoungPoong's head office in Gangnam, Seoul, South Korea on June 26.

The MOU signing ceremony was attended by executives and officials from both Factorial and YoungPoong, including co-founder and CTO Alex Yu and Managing Director TJ Shim.

Factorial, based in the U.S. will supply end-of-life (EOL) batteries and excess material from its pilot manufacturing to YoungPoong. YoungPoong, in turn, will develop a process to recycle these EOL batteries and its scrap to produce critical raw materials such as lithium carbonate, nickel sulfate, and cobalt sulfate. Both companies plan to further their collaboration in lithium-metal recycling at Factorial’s future manufacturing facilities.

YoungPoong will enhance its technological competitiveness, positioning itself as the first in the global battery recycling industry capable of handling existing NCM/NCA and lithium iron phosphate (LFP) batteries, as well as the next-generation solid-state batteries.

Factorial expects to secure the critical raw materials through YoungPoong's Integrated Pyro-Hydro Metallurgical Recycling Process. This process has the potential to lower costs and enhance stability in critical raw material procurement.

Kang-in Rhee, President of YoungPoong, said, “We are pleased to be working with Factorial to lead the way in recycling lithium-metal solid-state battery. This agreement enables us to lead the future battery recycling market, including solid-state batteries, while promoting joint projects and boosting our competitiveness.”

Alex Yu, co-founder and CTO of Factorial, said, “Our core mission to advance sustainable mobility extends beyond EV battery manufacturing. We are deeply invested in advancing technologies that foster a circular economy. Through our partnership with YoungPoong, Factorial is poised to shape a future characterized by a resilient supply chain for solid-state batteries, thereby driving the growth and sustainability of the EV industry.”

Solid-state batteries can have a higher energy density than lithium-ion batteries and enable faster charging, higher voltage and longer cycle life. Compared to flammable liquid electrolytes, solid-state batteries have a lower risk of catching fire. Fewer safety systems are needed, with the potential to further increase energy density.

YoungPoong has successfully developed lithium-ion battery recycling by Integrated Pyro-Hydro Metallurgical Process by completing the lithium-ion battery recycling pilot plant, as it is the first successful recovery of lithium through the pyrometallurgical process in the industry. This innovative method achieves an unprecedented recovery rate of over 90% for lithium and over 95% for nickel, cobalt, and copper, making it the highest level in the world.

Factorial’s patented FEST® powered lithium-metal solid-state batteries have the potential to revolutionize the battery industry by providing safer and up to 50% higher energy density batteries compared to lithium-ion batteries. The company has investments and joint development agreements with several global OEM makers.