SK Innovation is making a significant move into the global battery recycling market by licensing its proprietary Battery Materials Recycling (BMR) technology.
On Tuesday, SK Innovation signed a memorandum of understanding (MOU) with U.S.-based KBR for BMR licensing at the Fastmarkets Conference, the world’s largest lithium and battery raw materials conference, held in Portugal.
KBR is a global powerhouse that delivers cutting-edge technology and engineering solutions across diverse sectors, including energy, petrochemicals, defense, industry, and infrastructure. With annual revenues of 7 billion USD and a workforce of about 34,000 employees spanning over 80 countries, KBR stands as an industry titan.
This partnership will see KBR combining SK Innovation’s BMR technology with its own high-purity crystallization technology (PureLi®) for sale in the global market. SK Innovation aims to generate royalty income from this collaboration. The signing ceremony was attended by key figures from both companies, including Kim Pil-seok, Head of SK Innovation’s Environmental Science and Technology Institute, and Gautham Krishnaiah, KBR’s Chief Technology Officer (CTO).
Since 2017, SK Innovation has been developing its groundbreaking BMR technology, which overcomes the limitations of existing lithium recovery methods. This innovative approach combines original ideas from the company’s research team with expertise gleaned from its refining and petrochemical operations.
Showcasing its technological prowess, SK Innovation established a commercial demonstration facility at its Environmental Science and Technology Institute in 2021. This facility can directly recover lithium hydroxide from waste batteries equivalent to about 800 electric vehicles annually. Furthermore, the company has filed over 100 patents domestically and internationally, earning recognition for its cutting-edge research in securing high-purity lithium.
At the memorandum of understanding (MOU) signing ceremony, Kim declared that SK Innovation’s innovative lithium recovery technology not only meets the mandatory recovery rates set by European Union (EU) battery regulations but also produces batteries from recovered lithium that have been proven to perform excellently. Further adding that they’re committed to leading the global battery recycling technology market, leveraging the eco-friendly approach and ability to navigate complex global regulations.