(Kitco News) - While mass adoption for electric vehicles is years out, battery recycling at an industrial scale is needed now, said Li-Cycle's Chief Strategy Officer Kunal Phalpher.
Phalpher spoke to Kitco on Tuesday.
Li-Cycle (NYSE: LICY) is focused on recycling lithium ion batteries and recovering the materials for re-use. The company has built plants in Ontario and New York state. In the spring the company announced a partnership with mining giant, Glencore. Last year the company raised $100 million from Koch Industries.
The global lithium-ion battery recycling market will touch $24.31 billion at a 21.43% CAGR by 2030, estimates a study by Market Research Future.
Phalpher said recycling is needed because automakers generate significant waste during production.
"Recycling doesn't just cover end of life. There's many points...where there is a need for recycling," said Phalpher citing quality-check failures or just scrap. "Material with high nickel and cobalt content can be recycled and repurposed, so there is already a need for recycling, and that need is just going to grow."
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