Aju Business Daily

SEOUL -- A recycling center for discarded electric vehicle batteries will begin operation in the southern resort island of Jeju this week.

Jeju said in a statement Monday that the so-called Electric Vehicle Battery Industrialization Center would open on Wednesday. Construction of the center began in 2017 in a joint project involving  Jeju Island, the Ministry of Trade, Industry and Energy and civic groups.

If a 38.3 kWh battery is removed for processing, about 10kWh worth of materials will get a second life. Discarded EV batteries are projected to reach 29GWh in 2025, according to International Energy Agency, a Paris-based intergovernmental organization established in the framework of the Organization for Economic Co-operation and Development (OECD).

The battery reprocessing center can recycle 1,500 EV battery packs a month. Reprocessed EV batteries are ideal for stationary electricity storage. While a new storage system could cost up to $1,000 per kWh, reusing EV batteries could cost some $49 per kWh.,