Almost half of consumers are unaware EV batteries are recyclable

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Almost half of consumers are unaware EV batteries are recyclable

A recent survey from Ascend Elements showed that 47 percent of consumers believe EV batteries cannot be recycled. This misinterpretation exists because EV battery recycling is a relatively new concept, and many people need clarification on the recycling route and its outcomes. Additionally, the same people believe recycling EV batteries is expensive when it’s immensely affordable.
The key benefit to recycling these batteries is that they supply the materials for new ones and, in the long run, allow electric vehicles to become more economical and environmentally sustainable.
According to the Energy Saving Trust, “processing centers can already extract up to 98 percent of materials for recycling or reuse from modern vehicle batteries.” The increased demand for recycling these EV batteries means that diminishing marginal costs are coming into play. The amount it costs to process them is significantly lower, while demand for the retrieved components is rising. In addition, the recovery of nickel and cobalt could soon be more inexpensive than raw material manufacturing. According to Daimler: “In eight to ten years, there will be a significant number of vehicle batteries available for recycling. “Then, in particular, cobalt, nickel, copper, and silicon will be recycled.”
For instance, the European Union Battery Directive demands a minimum amount of at least 50 percent of the circulating electric vehicle batteries to be recycled.
Although electric vehicles will take over in the next few years, battery recycling is still relevantly new in North America. As a result, it could take a few years before it becomes a booming industry, especially in the United States. With that said, lawmakers and environmental groups are actively pushing recycling initiatives forward to cut down carbon emissions, protect the nation from over-dependence on foreign manufacturers and encourage the safe disposal of batteries. For instance, this past summer, President Biden signed The Inflation Reduction Act, which requires batteries of valuable minerals to be manufactured domestically or from trade allies to get tax credits on vehicles.
Facilities like HOBI specialize in serving all end-of-life products, including the recycling of EV batteries. For more information about our ITAD services, call 817-814-2620 or contact HOBI at sales@hobi.com.