As a large share of the transportation market has become electrified, companies have begun disposing of thousands of tons of electric-powered electric batteries, which are expected to hit the roads by the end of the decade.
The battery resource proposes a seemingly simple solution: recycle them. But the company does not stop there. It is a “closed loop” process to turn recycled materials into a nickel-manganese-cobalt cathode to sell back to battery manufacturers. It is developing a process for battery-grade, graphite to recover and purify the material used in the anode.
Battery Business’s business model sparked another round of investor attention, this time with a $ 20 million Series B equity round led by Orbia Ventures, At One Ventures, TDK Ventures, TRUMPF Venture, Doric Energy-Tech Ventures and With injections of InMotion Ventures. Mike O’Cronley, CEO of Battery Resources, declined to disclose the company’s new valuation.
The cathode and anode, along with the electrolyzer, are key components of the battery architecture, and O’Cronley told ClearTips that it is the recycling-plus-manufacturing process that sets the company apart from other recyclers.
“When we say that we are on the verge of revolutionizing this industry, what we are doing, we are making cathode active material – we are not just recovering the metals that remain in the battery, which many other There are recurring taxes, “he said.” We are recovering those materials, and creating brand new cathode active materials, and also recovering and purifying graphite active materials. So those two active materials are called a battery. Will be sold to the manufacturer and will go back to the new battery. “
“Other recycling companies, they are just focusing on recovering the metals that are in. [batteries]: It contains copper, aluminum, it contains nickel, cobalt. He said the focus could be on getting those metals back and selling them as commodities that the industry needs those metals. “And they may or may not go back to the battery.”
The company says its approach could reduce the battery industry’s dependence on mined metals – a dependency that is projected to increase in the coming decades. A study published last December found that cobalt demand could increase by a factor of 17 and nickel by a factor of 28, depending on EV acceleration and advances in battery chemistry.
Thus far, the company is operating a performance-level facility in Worcester, Massachusetts, and has expanded to a facility in Novi, Michigan, where it performs analytical testing and material characterization. Between the two sites, the company can make about 15 tons of cathode material in a year. This latest funding round will help develop the commercial-scale facility, which Battery Resource said in a statement that it will boost its capacity to process batteries from 10,000 tons of batteries or about 20,000 EV per year.
Another major piece of its proprietary recycling process is the ability to take in both old and new EV batteries, process them and prepare the latest types of cathodes used in today’s batteries. “So they can take 10-year-old batteries from Chevy Volt and reformat metals to make high-Ni cathode active materials in use today,” a company spokesperson explained to ClearTips.
Otrole said that battery resourcers are already questioning the automaker and consumer electronics companies, although they have not provided additional details. But Jaguar Land Rover’s venture capital arm InMotion Ventures said in a statement, “significant investment.”
“[Battery Resourcers’] The proprietary end-to-end recycling process supports Jaguar Land Rover’s journey to become a pure zero carbon business by 2039, ”said InMotion managing director Sebastian Peck.
Battery Resource was founded in 2015 after being out of Worcester Polytechnic Institute in Massachusetts. The company has previously been supported by collaborations between the National Science Foundation and the US Advanced Battery Consortium, General Motors, Ford Motor Company and Fiat Chrysler Automobiles.