Closing the loop on electric vehicle batteries: A circular economy approach

By Utkarsh Singh, Co-Founder & CEO

The “Make in India” initiative aims to establish the country as a manufacturing hub for electric vehicles (EVs). A significant challenge remains the scarcity of raw materials like lithium, cobalt, and nickel, which are crucial for EV batteries. Currently, India imports most of its lithium-ion batteries, primarily from China, leading to volatile prices. Between February 2021 and February 2022, prices for nickel, cobalt, and lithium surged by 37%, 41%, and 48%, respectively.

Need for a circular economy in EV batteries

The International Council on Clean Transportation (ICCT) estimates that by 2030, around 1.2 million EV batteries will reach their end-of-life globally, increasing to 50 million by 2050. Efficient reuse and recycling of these batteries can significantly reduce the need for new mining activities. Reusing at least 50% of end-of-life EV batteries could reduce the demand for new lithium, cobalt, nickel ...