Koch believes that batteries will be the oil tanks of the future
Koch Industries regards batteries, both their production and recycling, as a crucial technology of the future. In September 2021, the company invested $100.0 million in lithium-ion battery recycling company Li-Cycle. Koch Industries recently entered a 50:50 joint venture with FRYER to study and design “gigafactory” for producing large industrial batteries. Battery storage offers a crucial solution to managing supply and demand of renewable energy. The batteries produced would serve the electronic vehicle and energy-grid markets. The companies hope to finalize factory plans in 2022.
Balance Sheet|New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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