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plant","chinas-gem-aims-for-us-ira-compliance-with-sk-ecopro-south-korea-precursor-plant","article/chinas-gem-aims-for-us-ira-compliance-with-sk-ecopro-south-korea-precursor-plant",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":660,"featured":51,"reporter":661,"_editable":665,"component":666,"seo_title":543,"categories":667,"visibility":670,"author_company":49,"featured_image":671,"seo_description":660,"author_full_name":49,"author_job_title":49,"formattedDate":676,"formattedArticleDate":677},"925b6351-510c-4372-854c-a26bc3b3e69f","2023-03-27 00:00",[550],{"slug":551,"name":552},"south-korea","South Korea",[554],{"slug":555,"name":556,"content":557},"matthew-bird","Matthew Bird",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Senior Editor - Supply Chains & Data Visualisation",{"filename":560},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":564,"content":565},"doc",[566,573,578,583,588,593,598,603,618,625,630,635,640,645,650,655],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"China’s largest battery recycling company GEM agreed to build an electric vehicle battery precursor plant in South Korea with SK On and EcoPro, in a move that will test the eligibility requirements of the US Inflation Reduction Act. ","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"Shenzhen-listed GEM said the parties had agreed to adjust their equity ownership of the project to satisfy the requirements to obtain tax credits under the US IRA, especially the provision against “foreign entities of concern” being involved in the battery supply chain. ",{"type":567,"attrs":579,"content":580},{"textAlign":49},[581],{"text":582,"type":572},"GEM plans to have a 49% stake in the project, with SK On and EcoPro each owning a 25.5% stake. ",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"“GEM agrees to dilute its stake … to meet IRA requirements in order to receive the maximum amount of tax credit allowed,” it said. ",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":572},"The deal comes as the US Treasury is set to finalise the rules on the IRA’s tax credits and how they will be implemented. A key area of focus will be how strictly they uphold provisions in the IRA that rule out the involvement of “foreign entities of concern” in the processing of critical minerals and manufacturing of battery components. ",{"type":567,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":572},"The IRA requires electric vehicle makers to extract or process a certain percentage of the value of the critical battery minerals from countries with which the US has a free trade agreement to obtain $3,750 in EV tax credits. To obtain the other $3,750 a certain percentage of the battery components have to be manufactured in North America. ",{"type":567,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":572},"The US has a free trade agreement (FTA) with South Korea, which makes it eligible otherwise. ",{"type":567,"attrs":604,"content":605},{"textAlign":49},[606,608,616],{"text":607,"type":572},"But South Korea imports the bulk of its precursor materials (PCAM) from China where 69% of the world’s nickel sulphate and 65% of the world’s cobalt is refined, according to Benchmark estimates. Further, Korea is also heavily reliant on the ",{"text":609,"type":572,"marks":610},"Chinese supply chain",[611],{"type":612,"attrs":613},"link",{"href":614,"uuid":49,"anchor":49,"target":49,"linktype":615},"https://source.benchmarkminerals.com/article/chinas-yahua-deepens-presence-in-south-koreas-battery-supply-chain","url",{"text":617,"type":572}," for raw materials.",{"type":619,"attrs":620,"content":622},"heading",{"level":621,"textAlign":49},4,[623],{"text":624,"type":572},"Targeting 100,000 tonnes capacity  ",{"type":567,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":572},"The three companies said they would invest a total of 1.21 trillion South Korean won (about $931 million) in the Saemangeum plant, a site located in the southwestern part of Korean Peninsula. ",{"type":567,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":572},"The construction for the joint venture plant is expected to be completed by the end of 2024 and will have an annual capacity of 50,000 tonnes of high nickel precursor material. ",{"type":567,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":572},"GEM said it would start out with a capacity to produce 43,000 tonnes a year of high nickel materials, and could be expanded to 100,000 tonnes depending on market demand. ",{"type":567,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":572},"Precursors are a compound mixed with critical battery materials such as nickel, cobalt, and manganese and account for up to 70% of the cost of cathode materials. ",{"type":567,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":572},"SK On said 50,000 tonnes of precursors can produce the cathode materials that is enough to power about 300,000 units of electric vehicles with large 105 kilowatt hour batteries.",{"type":567,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":572},"The plant will use nickel mixed hydroxide precipitate (MHP) sourced from Indonesia where the three companies had in November announced plans to build a nickel MHP plant. The Indonesian plant is expected to produce 30,000 tonnes of pure nickel a year starting the third quarter of 2024. ",{"type":567,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":572},"The production amount is equivalent to 43 gigawatt hours (GWh) of electric vehicle batteries, which is enough to power 600,000 electric vehicles. ","China’s largest battery recycling company GEM agreed to build an electric vehicle battery precursor plant in South Korea with SK On and EcoPro, in a move that will test the eligibility requirements of the US Inflation Reduction Act. Shenzhen-listed GEM said the parties had agreed to adjust their equity ownership of the project to satisfy […]",[662],{"slug":555,"name":556,"content":663},{"job_title":558,"image":664,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"925b6351-510c-4372-854c-a26bc3b3e69f\", \"id\": \"\"}-->","article",[668],{"slug":669,"name":298},"cathode","private",{"id":49,"alt":672,"name":672,"focus":672,"title":672,"source":672,"filename":673,"copyright":672,"fieldtype":674,"meta_data":675,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/8492e890c6/bm-gem-co-e1649846422573.jpg","asset",{"alt":672,"title":672,"source":672,"copyright":672},"Mar 27, 2023","27th March 2023",[],[],1780670076788]