A joint venture established by Scholz Recycling GmbH and Chiho Tiande was recently registered in Taizhou's Luqiao district.

With an investment of 380 million yuan ($58.5 million), the joint project under their parent company Chiho Environmental Group, one of the largest metal recycling companies in China, will recycle scrap end-of-life vehicles (ELV) and electric vehicle (EV) batteries and refurbish EV batteries, preparing them for a second life.

This marks the second large-scale project of Scholz in China. Scholz will offer technical support and holds 80 percent of the shares, while Chiho Tiande will provide the location.

The project's first phase will have an annual capacity of 50,000 ELVs and 10,000 metric tons of EV batteries, resulting in a reduction of around 120,000 tons of carbon emissions per year.

It is expected to generate more than 50 million yuan in annual tax revenue and create about 280 jobs.

The current percentage of cars that are recycled in China remains far lower than in many developed countries despite a steady growth in automobile ownership in the country.

The recycling facility to be built in Taizhou will cater to rising demands for ELV recycling and for recycling EV batteries in the nation's pursuit of a circular economic development pattern.