XProEM launches a new disruptive technology for Lithium Ion Battery Recycling and Cathode Restoration
XProEM Ltd, developers of lithium ion battery (LIB) recycling technologies, announced (on February 9, 2021) the next phase of their project, which will involve the building of a pilot recycling facility by mid 2021.
Would you like to know more about their update? Here it is.
Numerous sources report that LIB disposal without recycling or proper handling can lead to severe environmental pollution and adversely affect human health due to the toxic materials used in their makeup.
The economic impetus for recycling has become particularly prevalent since 2017, when lithium prices hit 15,000 USD/t Li2CO3. Treating and recycling spent LIBs is essential both from an environmental and an economic perspective.
Additionally, this would alleviate a supply chain impact by recycling key raw materials for cathode manufacturing that can otherwise face a supply shortage.
The ever-increasing applications of rechargeable LIBs in a host of portable electronics and electric vehicle (EV) applications has led to an explosion in their manufacturing, with a cumulative market size estimated to reach 130 GWh in India by 2030.
Further, owing to the environmental impacts associated with use of fossil fuels, i.e. greenhouse emissions and associated climate change, the lion’s share of LIBs in transportation-related applications will grow rapidly, driven by strong momentum built in the EV industry.
Such a sudden increase in LIB manufacturing would result in large volumes of spent batteries in our ecosystem, which can potentially become an environmental hazard.
Furthermore, as Li is a strategically critical metal with costs forecasted around $10,000 - $15,000 per tonne, recycling of Li in spent batteries has immense commercial value.
According to recent estimates, the recycling of spent LIBs in India will become increasingly important post-2021 as the batteries used thus far in EVs will growingly reach the end of their lives.
With EVs globally expected to exceed 145 million vehicles on the road by 2030, use of LIBs in EV applications is expected to be the primary driver of growth.
More than 2 million tonnes of spent LIB EV packs need to be recycled by 2025 globally, representing a market value of over $5 -10 billion.
According to these projections, in India alone, recycling spent LIBs could open up a market worth up to $1.5 billion by 2030.
