[Hyundai Motor Group and Huayou Cobalt Jointly Built a Power Battery Recycling System in Indonesia] Recently, Hyundai Motor Group signed a cooperation agreement with Zhejiang Huayou Recycling Technology Co., Ltd. (a subsidiary of Huayou Cobalt) to jointly build an EV power battery recycling system in Indonesia. The cooperation covered the recycling and utilization of battery production scrap and end-of-life batteries, aiming to achieve a closed-loop resource system throughout the entire battery life cycle.

Hyundai Motor Group announced that it has signed a memorandum of understanding (MoU) with Zhejiang Huayou Recycling Technology, a subsidiary of China’s Huayou Cobalt, to jointly build an electric vehicle (EV) battery circular economy in Indonesia. Under the agreement, the two parties plan to collect battery scrap generated during production at HLI Green Power, the joint battery cell plant established by Hyundai Motor Group and LG Energy Solution in Indonesia. The scrap will be pre-treated at Huayou Recycling’s local facilities and crushed into “black mass,” a powder containing various metals, from which key minerals can later be extracted and reused in battery manufacturing.

PT PLN (Persero), shareholder of Indonesia Battery Corporation (IBC), supports IBC’s partnerships to accelerate an integrated national battery industry from upstream mining to downstream production. On Jan 30, 2026, in Jakarta, IBC signed a framework agreement with PT ANTAM and HYD Investment Limited consortium (Zhejiang Huayou Cobalt & EVE Energy). IBC CEO Aditya Farhan Arif called it the first step in national battery downstreaming—emphasizing investment, technology transfer, and domestic capacity building. The $6B project builds a full mine-to-battery chain: nickel mining & processing, precursor/cathode materials, battery cell production (starting 20 GWh), mainly in East Halmahera and West Java. PLN CEO Darmawan Prasodjo stressed its key role in boosting Indonesia’s EV ecosystem.

On January 30, Huayou Cobalt announced that its controlled subsidiary HYD has signed a cooperation framework agreement with ANTAM and IBC. The three parties will collaborate in Indonesia to develop the full industry chain for new energy vehicle batteries. According to the agreement, the parties intend to invest in and construct an integrated battery industry in Indonesia, aiming to establish the country as a production base for electric vehicle batteries and other battery application products. These products will supply the domestic Indonesian market, regional markets, and international markets, thereby contributing positively to Indonesia's sustainable economic development.

Huayou Cobalt (603799.SH) announced that its controlling subsidiary, HYD, has signed a cooperation framework agreement with ANTAM and IBC. The three parties will collaborate in Indonesia around the entire industry chain of NEV batteries. The parties intend to invest in the construction of an integrated battery industry in Indonesia, aiming to establish the country as a production site for EV batteries and other battery application products. These products will supply the domestic market of Indonesia, regional markets, and international markets, thereby positively impacting Indonesia's sustainable economic development.

Polaris Energy Storage Network learned that on June 10, 2025, Zimbabwe's Minister of Mines, Winston Chitando, announced at a media briefing following a cabinet meeting that the Zimbabwean government had decided to impose a complete ban on the export of lithium concentrates starting from January 1, 2027, allowing only the departure of processed products such as lithium sulfate and above.