Contrary to the belief that spent electric vehicle batteries will become an environmental hazard, they are actually highly valuable and recyclable components.
Old EV batteries are far too valuable to simply discard. A quick look at online platforms like eBay reveals that these batteries fetch significant prices, with Leaf batteries selling for around £3,000 and Tesla Model 3 packs reaching up to £10,000. These batteries can be recycled repeatedly to create new batteries for EVs and for stationary energy storage applications.
Materials such as cobalt, nickel, manganese, and lithium found in EV batteries are highly prized, and approximately 95% of these minerals can be extracted during the recycling process to be used as cathode-active materials by car manufacturers.
The global EV battery recycling industry is estimated to reach a worth of $6.8 billion by 2028, according to data from Statista. Both in the UK and the USA, there are numerous EV battery recycling companies facing high demand for spent EV batteries.
It’s important to note the irony that EV batteries are lasting much longer than anticipated, which contributes to their high value in the secondary market. This extended lifespan also means that there is a reduced need for frequent replacements.
In summary, the notion that old EV batteries will become an environmental hazard is unfounded. These batteries are valuable commodities due to their recyclability and the high demand for their materials. The recycling industry for EV batteries is growing rapidly, and the vast majority of these batteries are recycled to create new ones, minimizing the risk of seeing dumped EV batteries in landfills.