CNBC, March 26, 2023 – Over 300 million electric vehicles are expected to be on the world’s roads by 2030, according to the International Energy Agency. By 2050, the National Renewable Energy Laboratory expects the demand for graphite, lithium and cobalt, all critical minerals in EV batteries, to increase by 500%. It estimates that the lifetime of an EV battery is around 12 to 15 years in moderate climates.
“The degradation of an EV battery pack is one of the biggest questions of the industry,” said Lea Malloy, Head of Electric Vehicle Battery Solutions at Cox Automotive Mobility. “Every battery will reach the end of life. It’s important that these end-of-life packs are recycled, so they don’t end up where they don’t belong.”
With the estimated reuse lifetime of an EV battery ranging anywhere between five to 30 years, extending the life cycle could reduce the need for mining critical minerals. Spiers New Technologies (SNT), a Cox Automotive company, is pioneering a different EV battery lifecycle management process. CNBC recently visited SNT in Oklahoma City to check out its “one-stop solution” for used and faulty EV batteries.