Li-Cycle and Renewance have partnered up to expand an increase recycling and reutilizing solutions for the battery energy storage market; the companies announced in a joint statement this Tuesday.
Firstly, the partnership brings together two leaders in the battery resource recovery and life-cycle battery management; together they will deliver a safe, sustainable, and cost-effective lithium-ion battery recycling solutions for end-of-life energy storage systems.
Secondly, by combining their respective strengths, the companies expect to play an important role in helping developers and utilities decommission energy storage systems safely; recovering the valuable materials from within the end-of-life batteries, and returning those materials to the economy.
Thirdly, the partnership has a substantial role; especially if we consider that deployment of energy storage systems has significantly progressed in recent years. In fact, the U.S. energy storage market is set to grow to nearly 26.5 gigawatt hours annually by 2025; and will account for 50% of the global market this year, according to the U.S. Energy Storage Monitor and IHS Markit.
Consequently, it is imperative to sustainably return the end-of-life batteries back into the supply chain.
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Renewance abilities to uplift the parnetship
On the other hand, is not the first time the two companies work together; in fact, they have been collaborating on energy storage projects since the beginning of 2020; consequently, they believe that, with the formalization of their partnership, they are well positioned to grow the scope; and also, the scale of energy storage system lithium-ion batteries requiring recycling.
About the matter, Kunal Phalpher, Chief Commercial Officer of Li-Cycle, said. “This partnership with Renewance is a major breakthrough for us; specially, as we make considerable inroads in the energy storage market, which is also going through substantial growth; in turn will produce a substantial supply of end-of-life batteries that need to be recycled.”
He also added. “We will enhance Renewance’s abilities to deliver value through efficiently managing its clients’ batteries through our Spoke facilities; strategically located close to regions with high penetration of energy storage systems.”
Finally, Tom Newhall, Chief Operating Officer of Renewance. Commented. “We bring a wealth of experience on regulatory considerations to decommissioning and also reverse supply chain processes; and Li-Cycle brings also a strong capability of recovering critical battery materials from lithium-ion batteries in a sustainable and safe manner. We are looking forward to working closely with Li-Cycle on this mutually beneficial partnership.”