“No matter how the external situation changes, SungEel HiTech has our own area.”

The language of Mr. Lee Kang Myung, CEO of the Korean battery recycling company SungEel HiTech was simple yet precise. When CEO Lee said this, his deep, low voice exuded confidence that he could not be swayed by any external variables.

SungEel HiTech is a secondary battery recycling company. It is evaluated as a company with all the strengths of growth potential, technology, and environmental friendliness.
The following is a Q&A with CEO Lee.

Q. You broke the all-time record in your recent listing. Currently, the situation of the general Initial Public Offering (IPO) market is not good. Why would you go ahead with the listing?

“It would have been better if the market situation had been encouraging, but the factory expansion plan was urgent, so we made that decision. Currently, the amount of waste batteries supplied to the company is large with high demand. Therefore, it is necessary to build a third factory in Korea by 2023. The supply chain is well connected only when products from SungEel HiTech reach customers. We need money to build a factory, so we just listed it even if the market conditions are not good.”

Q. What are SungEel HiTech’s strengths and differences?

“It’s our technology and know-how. We have economy of scale and have been in business for more than 10 years. In terms of technology, we possess strengths in solvent extraction of waste batteries. In the case of solvent extraction, operating conditions are difficult and a lot of know-how is needed to normalize problems when they occur. In particular, it is not easy to mass-produce in reality and the recovery rate is not high. However, SungEel HiTech has a recovery rate of 95%. There are also 23 patents related to lithium recovery and pretreatment.

We are also trying to build a global chain to secure materials smoothly. This is for risk hedging. In 2014, we began establishing global recycling parks in Malaysia, China, Hungary, and India, dispersing our supply sources.”

SungEel HiTech, a Korean battery recycling company, completed the establishment of a local corporation in Georgia, U.S. in July 2022 and is in the process of establishing a recycling park by securing an 81,000㎡ site in the 'Stephens County Toccoa' area.

SungEel HiTech announced plans to further increase the customer value of resource circulation by completing the third hydro center in Korea and establishing three bases in Asia, North America, and Europe.