On August 9th, a momentous event unfolded as Zhejiang Huayou Recycling Technology Co., Ltd. (referred to as "Huayou Recycling") and BMW Brilliance Automotive Group Holdings Co. Ltd. (referred to as "BMW") jointly hosted the splendid "Huayou Recycling Lithium Battery Materials Delivery Ceremony for BMW New Energy Vehicles" at Huayou's Quzhou Industrial Park. The ceremony was graced by the presence of esteemed leaders, including Dr. Franz Decker, the President and CEO of BMW, as well as Mr. Chen Xuehua, the Chairman of Huayou Cobalt. Orchestrating the proceedings was Mr. Bao Wei, Assistant to President of Huayou Cobalt and Vice President of the Recycling Industry Group, who skillfully presided over the delivery ceremony.

Dr. Franz Decker articulated his profound acknowledgment of the notable strides achieved by both entities in forging a closed-loop recycling paradigm for power battery materials. He underscored that this collaborative endeavor marks a significant and resolute advance on the path towards a circular economy, thereby catalyzing the sustainable evolution of the industry. BMW is poised to cultivate a long-standing, mutually enriching partnership with Huayou, a partnership that will synergistically contribute to the creation of a cleaner and more verdant world while attaining even loftier accomplishments.

Chairman Chen Xuehua effusively lauded the productive partnership that has taken root between the two entities. He accentuated the deep and efficacious cooperation that Huayou Cobalt and BMW have embraced in the realm of cascade utilizing and recycling waste power battery and closed-loop system. Chairman Chen expressed his aspiration for the augmentation of collaboration, spanning industrial integration and diverse ESG (Environmental, Social, and Governance) domains. This expansion would not only encompass a wider spectrum of cooperation but would also delve into new collaborative areas, thereby elevating the overall magnitude of this concerted effort. 

▲Dr. Franz Decker presented Chairman Chen Xuehua with a meticulously crafted key model imbued with Huayou Recycling materials.

▲Chairman Chen Xuehua bestowed upon Dr. Franz Decker a commemorative coin commemorating the 20th anniversary of Huayou Cobalt.

During the event, Dr. Franz Decker conducted a significant gesture by presenting Chairman Chen Xuehua with a key model of a BMW new energy vehicle, which contains recycled lithium battery materials. Leveraging advanced green metallurgy techniques and highly efficient resource recovery methods, Huayou Recycling has ingeniously repurposed resources derived from waste power batteries. These reclaimed materials have seamlessly found their way into the production of power batteries for BMW's new energy vehicle lineup. This visionary initiative, in essence, yields a twofold benefit: it curtails carbon emissions linked to mineral resource extraction while notably mitigating the carbon footprint encompassing the entire lifecycle of the power battery. The ceremony underscored the successful realization of achievements in recycling resource utilization, effectively forging a novel avenue for comprehensive carbon reduction across the entire lifecycle of BMW's new energy vehicles.  

The year 2020 marked the inception of collaboration between Huayou Recycling and BMW, as they set out to establish an advanced demonstrative model of cascading battery utilization tailored for whole vehicle production industry. By May 2022, Huayou Recycling further played a pivotal role in aiding the BMW Group's achievement of a closed-loop recycling paradigm for lithium materials from waste power battery within China. Over the past year, the recycled materials derived from waste power batteries associated with BMW have seamlessly integrated into the brand's power battery supply chain. 

The profound partnership exhibited by both parties in the domain of retired power battery lifecycle management serves as an authentic embodiment of Huayou's development philosophy - "innovation, coordination, openness, green, and sharing." Simultaneously, it vividly mirrors BMW's strategic course focused on "electrification, digitalization, circularity." Guided by the principles of the circular economy, the alliance remains resolute in fostering a sustainable, mutually beneficial partnership that relentlessly strives to create global exemplars of eco-friendly, low-carbon transformation and sustainable development.

The event witnessed the presence of other notable figures, including Wang Jun, Senior Vice President and CFO of BMW, Du Daiyuan, Vice President of Purchasing and Component Quality Management, Lu Wei, Director of Indirect Purchasing, Chen Yaozhong, Senior Vice President of Huayou Cobalt and President of the New Energy Industry Group, and Fang Junyu, General Manager of Quzhou Huayou Resource Recycling Technology Co., Ltd.