Published: 06-Mar-2020 | Published By: Market Research Store
Fortum Oy, BASF SE, and Norilsk Nickel Harjavalta Oy have signed a letter of intent to build a battery recycling cluster to support the electric vehicle sector in Harjavalta, Finland. This will require a productive "closed loop" process to re-use the essential metals used in the batteries used.
Using metals from recycled batteries to manufacture battery components provides substantial CO2 reduction in electric car output. Additional CO2 elimination can be accomplished by the recycling cycle utilizing energy from Finland's renewable sources.
Fortum spokesperson claimed that they reduce the environmental impact of electric car batteries by recovering valuable metals in lithium-ion batteries by supplementing the supply of cobalt, nickel and other essential metals from primary sources. By acquiring a Finnish growth company, Crisolteq, a pioneer in low-carbon hydrometallurgical processing, Fortum can now raise the recovery rate of valuable materials in lithium-ion batteries from 50 per cent to more than 80 per cent.
As per a recent industry report from Market Research Store, the global battery recycling market is expected to be valued more than USD 20 billion by year 2026. The global battery recycling market is anticipated to grow at a dynamic CAGR of around 10% during the projected years.
In its proposed precursor battery materials plant in Harjavalta, Finland, BASF intends to use recycled materials from processes produced by the companies within this partnership.
BASF spokesperson explained that by closing the loop, the combination of manufacturing and recycling of battery materials makes the circular economy. BASF is focused on providing options for high-energy density cathode active materials and high-efficiency lithium extraction for battery processing to accelerate the electrification.
The parties intend to encourage the development and use of responsible recycled raw materials on the battery industry.
Nornickel spokesperson said a new recycling plant next to Nornickel Harjavalta would further strengthen its status as one of the world's most productive nickel refineries. This design is suitable for two of the major metals used in Li-ion batteries to be treated sustainably. Developing recycling strategies will not only help Nornickel's policy of further reducing its CO2 footprint and improving sustainability, but it is also necessary to enable industry to satisfy the growing demand for critical metals in the electric vehicle market.
Other notable players in this battery recycling industry include Glencore, Umicore, Retriev Technologies, American Zinc Recycling, Raw Materials Company, and Battery Recycling Made Easy among others.
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