Li-Cycle partners with Renewance to expand recycling services for energy storage market
Li-Cycle has partnered with Renewance, a life cycle battery management company, to deliver a safe, sustainable, and cost-effective lithium-ion battery recycling solution for end-of-life energy storage systems.
The deployment of energy storage systems has significantly progressed in recent years and the U.S. energy storage market is set to grow to nearly 26.5 gigawatt hours annually by 2025 and will account for 50 percent of the global market this year, according to the U.S. Energy Storage Monitor and IHS Markit.
Lithium-ion batteries are the primary technology used to store energy and as systems go offline or are upgraded, it is imperative to sustainably return the end-of-life batteries back into the supply chain.
By combining their respective strengths in lithium-ion battery recycling and battery life cycle management software and services, Li-Cycle and Renewance 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.
Li-Cycle and Renewance have been collaborating on energy storage projects since the beginning of 2020, and the parties believe that, with the formalization of their partnership, they are well positioned to grow the scope and scale of energy storage system lithium-ion batteries requiring recycling continue to grow.