Closed-loop battery recycling is a method of recycling that aims to re-use all materials from the original battery and re-purpose them into a new version of the same battery. This method represents the shift from a linear economy (use & throw away) to a circular economy (re-use & re-purpose).
Battery recycling is still a relatively new method, so prices are still high. With more companies investing in the technology, prices are projected to decrease as newer, more economical practices become available. Recycling batteries is still cheaper than buying new, raw materials.
Surprisingly, yes. It is currently cheaper for producers such as Tesla, to extract the materials from recycled batteries than to buy the raw resources. This provides a clear incentive for battery recycling, as well as the environmental benefits.
Progressively more companies are following Tesla's lead in the move towards a circular EV economy.
Neometals (ASX:NMT) has stated: "We will recycle every Tesla battery for free, forever". Neometals has a unique hydrometallurgical process to recycle Li-ion batteries, and it is more effective (in terms of recoveries) and environmentally friendly than conventional pyrometallurgical practices.
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