Hungary to start building capacity of re-cycling batteries in 2024, says government

National economy minister Márton Nagy on Wednesday met Yi Kang-Myung, the Chairman-CEO of Sungeel Hitech and other executives of the company to discuss challenges of the battery protection industry and opportunities for the green transition, the ministry said.

Kyu Dok Hong, South Korea’s ambassador to Hungary, also attended the meeting. Nagy said Hungary is already at the helm of battery production, as the exports of batteries and battery parts is now exceeding 5 percent of GDP, putting the country first in that respect in the European Union.

Forging ties with companies like SungEel HiTech, the first company to successfully recover large amounts of raw materials from used lithium-ion batteries, is extremely important in Hungary and Europe, where re-cycling and re-using its valuable resources is as yet missing, Nagy said.

Moreover, Nagy said SungEel supported sustainable technologies to recycle batteries.

Hungary must ensure access to the best technologies to re-cycle large amounts of used batteries in a safe and environmentally conscious way by 2027 at the latest, as well as to re-use the useful materials of spent batteries, he said. To achieve that, the companies and venues investing in that side of the industry should be decided on this year, he said.

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