The demand for EVs and lithium batteries continues to skyrocket and these companies have found a way to recycle old batteries into new ones.
- Demand for lithium-ion batteries—a main component in electric vehicles—is expected to grow by more than 500% in the next 10 years.
- Since the demand is going to rise considerably, automakers are looking for other ways to access the needed materials for batteries.
- Volkswagen Group of America and Redwood Materials have found that old batteries can be recycled into new ones and have partnered together to make it happen.
Why it’s news
The lithium market has been red hot and is expected to grow considerably in the oncoming years.
As demand for EVs continues to rise worldwide, so does the demand for lithium and it doesn’t seem to be slowing down. In an attempt to keep up with the accelerating demand, many car companies have been looking for other ways to access batteries.
Lithium-ion batteries contain a large amount of minerals such as cobalt, copper, nickel, and lithium and these minerals can be recycled countless times.
These minerals can come from household items such as cellphones, laptops, electric toothbrushes, and vacuums—and less than 5% of these items get recycled.
In an effort to create more batteries and lessen the environmental impact caused by mining lithium, Volkswagen Group of America and battery recycling startup Redwood Materials have partnered together to take these household items and recycle them into EV batteries.
This partnership is significant because not only is it the first time companies are taking rechargeable batteries and recycling them but also it is better for the environment and can make EV batteries more accessible and affordable.
Most people throw out old batteries, but Instead of tossing old phones and laptops, consumers can take them to the nearest Audi dealer and recycle them and make a difference.