Recently, Zhejiang Huayou Recycling Technology Co., Ltd. (hereinafter referred to as "Huayou Recycling") and South Korea's LG Energy Solution Co., Ltd. (hereinafter referred to as "LG Energy Solution") reached a cooperative intention on the recycling of old and used power batteries. By taking into account their respective advantageous resources, the two parties plan to establish a recycling cooperation platform in China to produce such recycled material products as sulfate and lithium carbonate to be used in their respective material systems or joint venture systems for the production of new energy lithium battery materials that will be supplied to LG Energy Solution, realizing the industrial integration in lithium battery materials.