Ni Hsin Inks Strategic Collaboration with SIRIM

 

Captions from left to right: 1) YBrs. Tuan Mohd Azanuddin bin Salleh Senior Vice President, SIRIM Industrial Research, SIRIM Berhad

2) YBhg. Dato’ Indera Dr. Ahmad Sabirin bin Arshad, FASc President and Group Chief Executive Officer, SIRIM Berhad

3) Sofiyan Yahya, Chairman of Ni Hsin Group 4) Mr. Steven Khoo Chee Kong 邱基强, Managing Director of NH EV TECH

5) Rizvi Abdul Halim, Executive Director of Ni Hsin EV Tech

KUALA LUMPUR, 15 DECEMBER 2022 – Ni Hsin EV Tech Sdn. Bhd. (“NH EV TECH”), a wholly-owned subsidiary of Main Market-listed Ni Hsin Group Berhad (formerly known as Ni Hsin Resources Berhad (“Ni Hsin” or the “Group”; Bursa: NIHSIN, 7215), today signed a Strategic Collaboration with SIRIM Berhad to promote co-operation between the Parties in the following areas:

(a)   setting up of a Lithium-Ion Battery Recycling Plant in Malaysia through Public-Private Partnership (PPP) funding model;

(b)   providing an eco-system for a circular economy model in mitigating the impact on the environment as a result of Lithium-Ion Battery being processed illegally in Malaysia;

(c)    potentially setting up a Lithium-Ion Battery manufacturing plant in Malaysia; and

(d)   introducing a Lithium-Ion Battery Recycling policy working with the Government of Malaysia. (collectively the “Project”)

Khoo Chee Kong 邱基强, Managing Director of NH EV TECH, said: “This Strategic Collaboration with SIRIM is an extension of our quest for greater participation in the green economy. Having successfully launched our EV motorcycles last month we are looking forward to unlocking another piece of the environmental puzzle. As the world has grown to love and depend on the power and convenience brought by lithium-ion batteries (LIBs), their manufacturing and disposal have increasingly become subjects of political and environmental concerns. Most discarded LIBs eventually are landfilled or stockpiled, contaminating the land while wasting energy and non-renewable natural resources. If not recycled and reused, LIBs will exert massive environmental impacts and accelerate the depletion of mineral reserves. It’s not only environmental pollution that is a problem. During the end-of-life stage of LIBs, poor handling and disposal could increase the risk of fire or poisoning. In the coming years, disposing of huge numbers of batteries from electric vehicles is going to be the real challenge. There is now a need for qualified e-waste recyclers that can handle and recycle LIBs safely and responsibly.”

 “The setting up of a Lithium-Ion Battery Recycling Plant is the right step in furthering Ni Hsin’s green mission in support of the government’s commitment towards a more sustainable, resilient and inclusive development in line with the United Nations’ 2030 Sustainable Development Goal (SDG). The collaboration also aims to create an eco-system for a circular economy model in mitigating the impact on the environment and to spearhead the formation of a Lithium-Ion Battery Recycling policy working with the Government of Malaysia. The current LIB recycling market is estimated to be worth approximately $1.7 billion and is expected to increase significantly over the next ten years. In the ASEAN region there is only one such recycling facility in Singapore with a recycling capacity of 14 tonnes of Lithium-Ion batteries per day. Being one of the first movers in this region makes Ni Hsin more attractive to investors who are beginning to consider sustainability factors in their investment decision-making process.”

“We are honoured to work with SIRIM in this green Project who, with their vast knowledge and innovative technical expertise, will be a valuable partner ensuring the success of this green project.”