You Can't Market Sustainability for EV's Without Recycling the Batteries - Snapshot of Some of the Players
Vancouver, Kelowna and Delta, British Columbia--(Newsfile Corp. - July 20, 2023) - Investorideas.com, a leading investor news resource covering clean energy and battery stocks releases a special news report on the importance and growth of the lithium battery recycling market and some of the key players, featuring KULR Technology Group, Inc. (NYSE: KULR), a leading energy management platform company accelerating the global transition to a sustainable electrification economy.
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A new report from Spherical Insights, The Global Lithium-Ion Battery Recycling Market, says the market will grow from USD 5.25 billion in 2022 to USD 26.56 billion by 2032, at a Compound Annual Growth Rate (CAGR) of
Continued: "Lithium-ion battery recycling is a crucial process that aims to recover valuable materials from used batteries, minimize environmental impact, and conserve resources. With the increasing use of lithium-ion batteries in electric vehicles, portable electronics, and renewable energy storage systems, recycling has become essential."
KULR Technology Group, Inc. (NYSE: KULR) with a core mission of sustainability, just announced a joint collaboration with Cirba Solutions, the largest and most comprehensive battery materials and management processor for end-of-life EV batteries and gigafactory manufacturing scrap. This collaboration focuses on developing a safe transportation platform for original equipment manufacturers ("OEM's") to store and transport prototype, end of life, damaged, defective, and recalled lithium-ion batteries up to 2.5 kWh (kilowatt-hours) by utilizing KULR's SafeCASE™ and Cirba Solutions' nationwide logistics and recycling services.
From the news: The collaboration between KULR and Cirba Solutions is an exclusive nationwide program for consumer lithium-ion batteries focused on sustainability, for responsible and compliant recycling in the United States. The large-scale deployment of KULR's SafeCASE™ product is set for immediate delivery while the ongoing partnership is expected to yield additional products and solutions developed together over time to meet the requirements of Cirba Solutions customers.
KULR's fire resistant SafeCASE™, along with the Company's SafeSLEEVE™, are part of its patented SafeX product line, that will serve Cirba Solutions' customers with a comprehensive solution available in customized form factors and configurations for the safe storage and transportation of lithium-ion batteries depending on the customer's requirements.
For over 30 years, Cirba Solutions has demonstrated its industry-leading capabilities in collection, logistics and processing for all batteries. Cirba Solutions now provides the only vertically integrated solution for customers: a true traceable option enabling the circular battery supply chain.
Jay Wago, Chief Commercial Officer of Cirba Solutions emphasized, "The need to safely transport lithium-ion batteries is critical to increasing recycling rates and building a circular battery framework in the U.S. The SafeCASE™ design provides safe transportation and storage for lithium-ion batteries up to 2.5 kWh in a form that is easy to use for customers. The focus on a reusability feature makes the solution both cost effective and sustainable."
"As we continue to collaborate, we are eager to provide our proven thermal protections to Cirba Solutions and its customers with the common goal of helping provide a safer and cleaner environment for everyone," said KULR CEO, Michael Mo. "Given current geo-political, environmental, and economic issues facing the world today, KULR is proud to help strengthen North America's lithium-ion battery supply chain by ensuring its safe transportation and storage."
Li-Cycle Holdings Corp. a leading global lithium-ion battery resource recovery company and EVE Energy Co., Ltd., a leading lithium-ion battery technology company recently announced that they have signed a memorandum of understanding ("MOU") to collaborate and explore lithium-ion battery recycling solutions for EVE battery materials.
From the news: The MOU includes a framework to explore global sustainable recycling solutions for EVE lithium-ion battery materials in the North American market, as well as battery manufacturing scrap generated at EVE's planned lithium-ion battery cell manufacturing facilities in Malaysia and Hungary. The collaboration is also expected to support EVE's environmental goals through a closed-loop supply solution and continue to support the global movement towards electrification. EVE is one of the world's largest lithium-ion battery cell manufacturers, with global manufacturing facilities and customers that include global automakers.
Continued: In addition to its large lithium-ion battery manufacturing footprint in Asia, EVE has announced plans to build its first European battery manufacturing facility in Hungary, which is expected to supply a major global automaker for the production of electric vehicles ("EVs"). EVE has also announced plans to build a lithium-ion battery cell manufacturing facility in Malaysia.
Li-Cycle's patented Spoke & Hub Technologies™ enables a safe and environmentally friendly way to recycle lithium-ion batteries and battery manufacturing scrap and recover key battery-grade materials, including lithium, nickel and cobalt. Li-Cycle's overall process includes an efficient environmental footprint, minimal direct greenhouse gas emissions, and minimal wastewater discharge, which helps position Li-Cycle's innovative technologies as a strong recycling solution for EVE's battery cell manufacturing capabilities.
Electra Battery Materials Corporation, a processor of low-carbon, ethically-sourced battery materials just announced the first customer shipment of nickel-cobalt produced at its refinery complex north of Toronto from recycled battery material. Using Electra's proprietary hydrometallurgical process, the nickel-cobalt mixed hydroxide precipitate product ("MHP") was produced in the Company's black mass recycling trial currently underway at its permitted, low-carbon hydrometallurgical refinery.
From the news: "The first customer delivery of product from our refinery marks another important milestone on the path to commercializing our black mass refining capabilities," said Trent Mell, CEO of Electra. "Since the trial's launch late in 2022, we have proven that our proprietary hydrometallurgical process works successfully, produces high-quality products, including lithium carbonate and nickel-cobalt MHP, and supports compelling economics."
Continued: Black mass is the industry term used to describe the material remaining once expired lithium-ion batteries are shredded and all casings removed. Black mass contains high-value elements, including nickel, cobalt, lithium, manganese and graphite, that once recovered, can be recycled to new produce new lithium-ion batteries.
Electra launched its black mass trial at the end of December 2022, with the goal of validating its hydrometallurgical process in a plant-scale setting and testing its refinery equipment.
On June 29th, Aqua Metals, Inc., a pioneer in sustainable lithium-ion battery recycling announced the successful completion of its groundbreaking Li AquaRefining™ recycling pilot, transition to 24/5 operations and production of high-purity, saleable quantities of sustainably recycled battery materials.
From the news: The Company completed the pilot facility commissioning with the recovery of both cobalt and manganese dioxide, completing the suite of valuable metals (including high-purity lithium hydroxide, nickel, and copper) the Company reclaims from spent lithium batteries using its patented AquaRefining technology. Aqua Metals believes this advance makes it the first fully operational lithium battery recycler using advanced electro-hydrometallurgy - replacing polluting furnaces and intensive chemicals typical of recycling with electricity to separate the critical metals from spent lithium batteries.
Continued: "Completing commissioning and moving into 24/5 operations at our Li AquaRefining Pilot is a tremendous milestone for Aqua Metals and represents the future of sustainable lithium battery recycling in the US and beyond," said Ben Taecker, Chief Engineering & Operations Officer at Aqua Metals. "Not only are we demonstrating the scalability of our solution, but also our significant advantages in recovery rates, emissions reductions, and worker safety compared to current battery recycling facilities."
The Company has completed the pilot - from finalized design through to operations - in roughly eight months' time, and with a transition to 24-hour operations, is scaling the pilot facility to a capacity of 75 tons per annum (tpa) of processed black mass input. Based on the success of the pilot, the Company also continues the simultaneous phased development and commissioning of its first commercial-scale facility, which was initiated earlier this year and is well underway. The first phase of Aqua Metals' recycling campus will be designed to process 3,000tpa black mass, for which the Company has secured both sufficient supply of black mass to reach scale and is in the process of finalizing off-take agreements for the recycled materials. The Company expects that at current metals prices and projected processing costs at scale, its Phase 1 recycling facility should generate positive cash flow.
Aqua Metals intends to sell the high-purity and battery-grade materials produced at the pilot to metals buyers and start generating initial revenue from recycled metals in the third quarter. The Company will also continue distributing its high-purity production samples to existing and potential customers in battery and cathode manufacturing, advancing ongoing partnership and long term off-taker discussions.
According to Energy portal.eu, "The automotive batteries segment is expected to be the fastest-growing segment in the battery recycling market from 2023 to 2030. Lithium-ion batteries, which are commonly used in the automotive industry, contain valuable metals such as lithium, cobalt, nickel, and rare earth elements. Recycling these batteries not only reduces the demand for new mining operations but also preserves natural resources."
The bottom line for global governments and EV manufacturers; if you want to sell the sustainability story you need a plan to recycle the batteries. With all of the money at stake, as well as the motivation to really save this planet, there is no shortage of innovation driving this new cleantech future.
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