Despite being just over a decade old, the electric vehicle (“EV”) sector is poised to completely shake up the century-old automotive industry. Runaway climate change and global warming have shown just how much damage humanity has and continues to inflict on this blue rock we call home, and a large portion of the world has decided to switch gears. Zero-emission electric vehicles have emerged as the best solution, with the International Energy Agency forecasting that we will need around 245 million EVs on roads across the world by 2030 if we wish to meet climate change targets and reduce air pollution.
But while electric vehicles produce minimal emissions at the tailpipe, producing the lithium-ion batteries that power them takes quite a toll on the environment. These batteries aren’t usually built with recycling in mind, and they most likely end up in landfills polluting the environment. Additionally, as their raw materials are rare, mining them has both environmental and ethical considerations. In a bid to make EV batteries more sustainable, the following innovators are working on improving battery technology and recycling.
Redwood Materials is a Nevada-based company that is working to develop a circular supply chain in the battery space. Such a supply chain would see Redwood retrieve raw materials such as cobalt and nickel from batteries that are at the end of their lives, recycle those materials, and offer them for reuse in new battery packs. The company employs a combination of pyrometallurgy and hydrometallurgy to achieve this.
Aceleron, a clean-technology company based in the United Kingdom, claims to create the most sustainable lithium-ion battery packs on the globe. Using new technologies, the company creates batteries with the next stage of their lives in mind, making them easier to disassemble and reuse. According to Aceleron co-founder and CTO Carlton Cummings, this will help build a circular battery ecosystem as well as provide stationary power storage capacity using repurposed batteries.
Li-Cycle from Canada also wants to make sustainable EV batteries by keeping next-stage use in mind while developing lithium-ion battery packs. It estimates that by 2030, nearly 15 million metric tons of EV batteries will reach the end of their lives. It’s just a question of whether they will be recycled and reused or dumped in a landfill.
ReCell Center of the U.S. Department of Energy combines the knowledge of the EV and battery space, national labs and academia to develop superior EV battery recycling techniques. By recovering high-value raw materials from end-of-life batteries, the center hopes to create a profitable recycling sector that will reduce waste, create employment opportunities and reduce America’s reliance on foreign countries for raw materials.
The Global Battery Alliance, via its Battery Support Initiative, aims to create a circular battery value chain. It is a collaboration platform of 70 public and private organizations, and it estimates that batteries could play a big role in achieving carbon emission goals as well as provide up to 600 million people with electricity. A circular battery value chain would also create 10 million sustainable jobs across the globe by 2030.
As more companies, including those like Ideanomics Inc. (NASDAQ: IDEX), develop specialty vehicles as well as buses and trucks, the work of the innovators discussed above will quicken the adoption of sustainable electric mobility.
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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