Total Investment of RMB 220 Million! GEM & Baifu Environmental’s Joint Venture Plans to Launch 20,000-Ton Power Battery Recycling Project

 

Recently, the Xiantao Municipal Ecology and Environment Bureau of Hubei Province released the first public notice of the Environmental Impact Assessment (EIA) report for the project titled:
"Recycling, Dismantling, and Comprehensive Utilization of 20,000 Tons per Year of Spent New Energy Power Batteries" by Hubei Baifu Renewable Resources Co., Ltd.

Project Overview

According to the report, Hubei Baifu Renewable Resources Co., Ltd. will carry out technological upgrades and capacity expansion within its existing plant without occupying new land. The project involves a total investment of RMB 220 million and utilizes a 10,000-square-meter warehouse to construct facilities capable of recycling, dismantling, and comprehensively utilizing 20,000 tons of spent new energy power batteries annually.

 

Company Background

Hubei Baifu Renewable Resources Co., Ltd. was established in April 2023 and is jointly held by Wuhan Baifu Environmental Engineering Co., Ltd. and GEM (Wuhan) Urban Mining Industry Group Co., Ltd., with shareholding ratios of 51% and 49% respectively.

GEM (Wuhan) Urban Mining Industry Group Co., Ltd. is a subsidiary of GEM Co., Ltd. (Stock Code: 002340). GEM has developed a dual-core business model of urban mining and new energy material manufacturing. The company has established 16 waste recycling and new energy material manufacturing plants across 8 provinces and municipalities in China, as well as in South Africa, South Korea, and Indonesia.

 

GEM has built an urban mining system centered on major cities in China, with its green development footprint spanning across the country and reaching the world. Key operational highlights include:

  • Recycling over 10% of China’s total volume of retired power batteries annually

  • Recycling over 6% of China's scrapped vehicles

  • Recovering over 20% of China's primary nickel output through recycled sources

GEM has become a prominent example of promoting a circular economy and advancing green development.

Source: Xiantao Municipal Ecology and Environment Bureau, Hairong Network