People are seen under cherry blossoms on the Castle Hill in Budapest, Hungary, on April 21, 2022. (Photo by Attila Volgyi/Xinhua)

GEM Co., Ltd. (002340.SZ), a Chinese company focusing on the recycling of waste resources, announced that it has recently signed a memorandum of cooperation (MoC) with the Consulate General of Hungary in Shanghai on the production of high nickel precursors for new energy vehicles and the recycling of scrapped power batteries in Hungary, reported Shanghai Securities News Tuesday.

The MoC was inked in accordance with the principles of cooperation, mutual trust and ESG (environmental, social and governance metrics) value investment.

Through the cooperation, the company and the Hungarian side are expected to build a European-leading, world-standard industrial base for new energy circular economy in Hungary.

It is also a move for GEM Co., Ltd. to further promote its internationalization strategy.

According to the MoC, the two sides will promote the cooperation by establishing mechanisms of irregular high-level meetings and regular consultations, daily contacts and information notification.