Perspectives of Global and Domestic Companies on Advanced Chemistry Cells Battery Reuse and Recycling

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Green Growth Equity Fund Technical Cooperation Facility NITI Aayog: Sudhendu J. Sinha, Randheer Singh, Joseph Teja
Oxford Policy Management: Noemie de La Brosse, Safa Khan, Benjamin Klooss
PwC: Vaibhav Singh, Ankit Chatterjee, Mohammed Subhan Khan
Shanghai Cooperative Centre for WEEE Recycling, Shanghai Polytechnic University:
Professor Jingwei Wang
pManifold: Akshay Gattu and Rahul Bagdia
The authors are grateful to: Mr. Neeraj Kohli (Tata Chemicals), Mr. Raman Sharma and Mr. ALN
Rao (Exigo Recycling), Ms. Sonia Singh and Mr. Rohan Singh (Ziptrax), Mr. Abhinav Mathur and
Mr. Nitin Gupta (Attero), Mr. Utkarsh Singh and Mr. Vikrant Singh (Batx), Ms. Richa Devale (Eco
Tantra), Mr. Ajai Singh (E-Waste recyclers India) and Mr. Santosh Kumar (Li-Circle)
NITI Aayog and Green Growth Equity Fund Technical Cooperation Facility, Perspectives
of Global and Domestic Companies on Advanced Chemistry Cells Battery Reuse and
Recycling, July 2023
Disclaimer: The views and opinions expressed in this document are those of the authors and do not
necessarily re�ect the positions of their organizations or governments. While every e�ort has been made to
verify the data and information contained in this report, any mistakes or omissions are attributed solely to the
authors and not to the organizations they represent.
Authors and acknowledgements
Authors
Acknowledgements
Suggested Citation Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
3
The Green Growth Equity Fund Technical Cooperation Facility
(GGEF TCF) aims to catalyse private investments into Indian green
infrastructure projects. The project is being delivered by an OPM-led
consortium of PwC, Arup, Vivid Economics, and the UK India Business
Council (UKIBC).
The GGEF TCF supports a �exible portfolio of technical assistance
in developing and strengthening the pipeline of investable projects,
tackling policy and regulatory barriers, and strengthening poverty and
social bene�ts, while drawing from international expertise on expanding
green markets. It is funded by the UK Government.
About the
Green Growth Equity Fund 
Technical Cooperation Facility Green Growth Equity Fund Technical Cooperation Facility
4
This study is a component of a three-
phase programme for the reuse and
recycling of ACC batteries in India
carried out on behalf of NITI-Aayog as a
part of the UK Foreign & Commonwealth
Development O�ce-funded Green Growth
Equity Fund Technical Cooperation Facility
(GGEF TCF). In the �rst phase, we described
the market for reuse and recycling and
projected the chemistries used in those
processes. We also discussed the quantity
of raw materials needed for recycling
that will be produced between 2022 and
2030. In the program’s second phase,
the viewpoint of the industry is being
explored, and detailed discussions with
several recyclers in India and overseas
have taken place, including visits to their
units. This report assesses the perspectives
of domestic and international battery
recyclers on the evolving market,
technology needs as well as opportunities
and barriers for investment in India.
This is a very crucial step to enable the
setting up of advanced recycling plants
in India, as this will clarify the business
requirements and di�erent enablers
required. It is based on interviews and
engagement with eight domestic and ten
leading international recyclers, and global
experts, and a literature review. It focuses
primarily on recycling rather than the
reuse or repurposing of batteries. Both the
Indian recycler study and this international
recycler study build on our team’s original
analysis of the battery recycling market for
NITI-Aayog.
Executive
Summary Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
5
There is a growing market for
battery recycling and reuse in
which companies are pursuing
di�erent strategies and priorities
as they jostle for market share.
The background to this is that India and
the world are on the cusp of surging
demand for advanced chemistry battery
cells for energy storage, which can further
be used for varied applications including
electric vehicles and renewable integration.
International commitments under the Paris
Agreement and other global and national
targets to limit global temperature rises
to well below 2°C and achieve net zero
emissions on an urgent basis have led to
policy attention towards Battery storage.
In doing so, the transport sector comes
under priority for the transformation and
hence an increasing number of countries
have launched campaigns to incentivise
electrical transportation, thus requiring fast
growth of battery manufacturing as well as
EV manufacturing.
Battery recycling and reuse
are driven globally by four
imperatives.
First, battery manufacturing creates
scrap waste that requires processing and
recycling – the base of today’s battery
recycling business alongside waste from
consumer electronics. Second, as batteries
near their end of life, they will require
recycling or reuse in other applications at
scale. Third, the need for recycling or reuse
is ampli�ed as critical minerals required in
battery manufacturing (e.g., cobalt, lithium,
nickel, and rare earth elements) are �nite
and already subject to high costs. Fourth,
these minerals are concentrated in a few
countries – ensuring the security of supply
is essential in achieving the low-carbon
energy transition.
Scrap wastes
generated
during battery
manufacturing
Use of batteries in
other applications
when near their
end of life
Securing the supply
of minerals to
achieve low carbon
energy transition
Ensuring
raw material
availability
for battery
manufacturing
Drivers
1
4
23 Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 6
A circular economy for battery components
is thus becoming an increasing necessity.
Today, China plays a leading role in the
manufacturing, reusing, and recycling of
batteries. Other markets are catching up.
Companies are positioning themselves
for a share in this growing global market.
Perspectives of domestic recyclers
According to the Central Pollution Control
Board's (CPCB) authorisation issued under
the E-Waste (Management) Rules 2016,
there are about 472 dismantlers/recyclers
registered in India, with a total installed
capacity of about 14,26,685 metric tonnes
The battery recycling and reuse market
is not only growing but also changing
rapidly as battery chemistries, processes
and policies evolve – with each of them
shaping the priorities and investment
strategies of recyclers.
per year. In India, recycling lithium-ion
batteries is majorly done via two channels,
end-to-end recycling, and mechanical
extraction of black mass. End-to-end
recycling is a comprehensive process
of recycling under which the company
Consumers and
Businesses
Pharma,
Aviation,
Construction,
Tyre, Ceramics,
Dye etc.
Battery manufacturerRecycling Plant
SpentScrap
Recycling unit 1
(spoke)
Recycling unit 1
(spoke)
End to End Recycling
Hub and spoke
recycling model
Defected/Spent batteries
Defected/Spent batteries Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
7
The other mode of LiB recycling in India
is the extraction of black mass via a
mechanical process (dismantling). In this,
the companies receive the used batteries
from the organized and unorganized
sectors and by using the mechanical
process extract the black mass (separating
aluminium, cobalt, and plastic components
from the rest of the materials left in the
form of a black mass). They further send
it to other large companies which are
technologically equipped to extract
minerals out of the black mass or transport
it to their centralised hub in foreign
countries.
The team interviewed eight domestic
companies including TATA Chemicals,
Attero, Exigo, Ziptrax, etc. that already have
an established recycling facility in India.
Key recycling
operators
Location Technology
Lithium-ion
Battery Recycling
capacity
(tonnes/year)
Battery Chemistries
Preferred for
Recycling
Tata
Chemicals
Palghar,
Maharashtra
Hydrometallurgy 1200-1400
LCO (most
preferred), NMC
Exigo Panipat, Haryana
Mechanical +
Hydrometallurgy
10000 (7200 for
Lithium-ion)
NMC (most
preferred), LFP is
also viable
Attero
Roorkee,
Uttarakhand
Mechanical +
Hydrometallurgy
4000
NMC (most
preferred), LFP, LCO
Batx
Sikandrabad,
Uttar Pradesh
Mechanical 4000-5000
LFP, NMC, LCO
(Black mass)
Ziptrax Delhi, NCR
Mechanical +
Hydrometallurgy
350NMC, LFP, LCO
Li-Circle
Bangalore,
Karnataka
Mechanical 1000
NMC and LCO are
most preferred as
Nickel and Cobalt
content is higher
undertakes the complete operational
aspect of the recycled product starting
from receiving the used batteries from
collection centres, extraction of black
mass, and segregation of critical minerals
to �nally making the recycled batteries.
This model is not widely adopted yet in
India due to policy and demand issues and
technology barriers. Although, with the
entry of big players into the market, the
scenario is forecasted to change. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 8
Finally, the two companies namely Eco
Tantra and E-waste recyclers India were
interviewed. Although they are both well-
known in the e-waste and lead-acid
battery recycling industries, they have not
yet begun recycling lithium-ion batteries.
Instead, they are now preparing to build
their lithium-ion battery recycling facility
in India. Additionally, to have a �rst-
hand understanding of the entire battery
recycling process, the team and NITI Aayog
visited two of the above-mentioned battery
recycling facilities.
Alongside established recycling and reuse
companies, new players and start-ups are
entering the market and are experimenting
with new technologies – often backed
by venture capital �rms or venturing
arms of miners, EV manufacturers, etc. To
understand the determinants of corporate
strategy and investment choices, we
conducted interviews with leading
international battery recyclers and have
had discussions to visit one or two players
(within Asia) to obtain varied feedback and
perceptions about risks and opportunities
in the battery recycling sector from a
global perspective. International recyclers
interviewed included global mining leaders
in Europe, three Chinese recyclers, and
global recyclers. NITI Aayog validated the
semi-structured questionnaire that served
as the basis for these interviews.
The supply-demand gap along with the
limited known reserves which can be
commercially mined, of high-value metals
(e.g., cobalt, lithium, nickel) will make
recycling and reuse indispensable over
time and recyclers unanimously expressed
their expectation of high pro�tability
of EV battery recycling given their
industry-leading e�cient processes, price
expectations, and policy incentives and
regulations such as extended producer
responsibility (EPR) schemes. Life-Cycle
Assessments (LCA) are becoming central
in the sector and manufacturers and
recyclers are positioning themselves to
build up sustainable business models to
avoid failing compliance. The recyclers are
also wary of the fact that the machinery
and plant itself should be operationally
sustainable and emission-free. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
9
Perspectives of international recyclers
Leading international recyclers’ strategies
re�ect expectations of market growth, a
desire for involvement along the battery
value chain and a perceived better
opportunity for sourcing spent batteries
through business-to-business rather than
direct business-to-customer relationships.
Companies are seeking combined options
across the reuse of batteries and recovery
of valuable minerals from end-of-life LiBs
through recycling. We also foresee that a
Major chunk of the market for LiB would be
B2B as LiBs are not only costly to buy have
good value after the �rst and second use.
In addition, these batteries wherever used
are tracked (IOT enabled), therefore easy
to collect in an organised manner, and also
recently released Battery management
rules and Extended producer responsibility
further strengthens this argument.
Interviewed International recyclers
anticipate lithium-ion battery (LiBs)
recycling to grow rapidly globally,
particularly in Asia and Europe. Key
drivers for growth are around policy and
regulations that support companies such
as with transboundary movements of
materials. The scale of battery recycling
operations is also key. Line of sight to
su�cient market size and partnership
opportunities with EV and or battery Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 10
Recommendations
The scale of the current domestic
LiBs market in India is insu�cient for
international investors to set up large-
scale operations within the country now.
Interviewed recyclers see India as having
a choice between becoming a ‘spoke’
or a ‘hub’ in the future global battery
recycling market. The expected volume
of batteries within India will imply rapid
growth in recycling, but a modest pro�le
by global standards over the medium-
term. Allowing imports of black mass
with lower duties and incentives could
propel India as a regional hub. Ultimately,
the economics of recycling and reuse
in India relative to other countries will
determine where international �rms invest.
A summary of recommendations based on
our consultations with international and
domestic recyclers, and a literature review
are highlighted below:
manufacturers (OEMs) are driving
investment choices as they can have a
strong position in the EV market.
International battery recyclers are
interested in investing in India, but the
country is seen as a relatively nascent
market. Whilst some international
recyclers have early-stage in-country
operations, others have established
representation within India but are not
active in recycling yet. All interviewed
�rms expressed a need to learn more
about India’s market growth potential
and Government initiatives. The lack of
familiarity with the Indian market is a
barrier for investors who do not yet have
partners in India or operating experience
in the country. Battery collection and pre-
processing are seen as major operational
risks for recycling in India: the prevalence
of informal dismantling and processing
of battery scraps in India may present
cost advantages, but it creates liability
challenges for potential investors. The
lack of battery and electronic waste
traceability systems is also perceived as a
barrier to investment. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
11
? Ensuring e�ective implementation of the EPR target and scheme
? Digitizing waste management to streamline and channel waste
e�ectively
? Establishing proper battery collection channels through tie-ups
? Implementing battery traceability to keep track of the used
batteries
? Establishing reuse targets for passenger and commercial electric
vehicles
? Develop legislation for adequate storage and disposal of used
LiBs
? PLI type incentive for setting up battery recycling facilities
? Fixing speci�c recovery rates to encourage more participation
? Specifying guidelines for transportation, labelling and handling
? of used LiBs
? Establishing guidelines and associate standards for battery reuse
in the country
? Relaxing import restrictions on scrap metals and waiving the
duties on special lab equipment required for recycling
? Incentives in the form of viability gap funding to make LFP
recycling pro�table
? Providing tax exemptions and subsidies for the establishment of
lithium-ion battery recycling plants in the country
? Funding research organisations to come up with commercially
viable recycling processes with high recovery rates
? Establishing new labs for faster validation and sample checks
? Examining battery degradation and developing diagnostic
technology to determine a battery’s feasibility for reuse
? Establish platforms for stakeholder consultation between the
government and industry players on battery-related policies
? Support to battery recycling start-ups and recycling ‘spokes’
Demand
assurance
measures
Policy Support
Financing &
Incentivising
Miscellaneous Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 12
This report is structured as follows.
Section 1 highlights the recycling and
reuse market in India and summarises
domestic recycling companies’ operations
and portfolios. Section 2 provides a brief
overview of the economics of battery
recycling and reuse as well as the global
focus of activity. Along with our approach
to selecting international recyclers for an
interview and summarising the perspectives
of global battery recyclers on the evolving
market. In Section 3, regulations and
policies of leading countries and regions
are highlighted on recycling and reuse.
Section 4 contains the overall conclusions,
opportunities, and recommendations for
India to attract investments and improve
the recycling and reuse ecosystem. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
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Table of contents
02
04
13
15
15
16
19
47
71
95
Authors and Acknowledgements
Executive summary
Table of contents
List of tables
List of �gures
List of abbreviations
1. Overview of Recycling and Reuse Interventions
1.1. Need for recycling
1.2. Overview of recycling technologies
1.3. Recycling and Reuse Market in India
1.4. Domestic recycling companies consulted
1.5. Summary of domestic companies’ interviews
2. International battery recycling and reuse market
2.1. Approach of selecting global recycling companies
2.2. Perspectives of global battery recyclers on the evolving market
2.3. International recycler interview insights
3. Global perspective on regulations, risks and emerging market
3.1. Regulations governing reuse and recycling
3.2. Reuse and recycling technology: Risks and opportunities
3.3. Relevant standards
3.4. Changing outlook: economics, emissions and social factors
4. Conclusions and recommendations for India to attract international investors
and boost domestic recycling ecosystem
4.1. Challenges and barriers highlighted by domestic recyclers
4.2. International recyclers’ perspective on risk and challenges in investing in India
4.3. Recommendations to improve attractiveness for investment and domestic Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 14
107
Annex A: Questionnaire – Global companies
Annex B: Questionnaire – Domestic companies
Annex B: Domestic Firms and stakeholder interviewed Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
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List of tables
List of figures
Table 1: Stationary applications26
Table 2: EPR Targets under Battery Waste Management Rules, 202233
Table 3: List of domestic recyclers interviewed and analysed for this study 34
Table 4: Overview of leading international battery recyclers53
Table 5: Recycler involvement in battery value chain 56
Table 6: Potential second life uses of batteries77
Table 7: Battery testing methods, advantages, drawbacks and limitations81
Table 8: Global end of life battery management standards85
Figure 1: Lithium-ion battery recycling process23
Figure 2: Mechanical recycling process23
Figure 3: The pyro-metallurgy recycling process24
Figure 4: The hydrometallurgy process24
Figure 5: Direct recycling process25
Figure 6: Informal scrap dealers29
Figure 7: Battery Recycling Model30
Figure 8: Lithium-ion battery waste produced in India (2021)30
Figure 9: State-wise authorised dismantler/recyclers of e-waste in India32
Figure 10: Distribution of domestic recyclers along with their capacity (tons/year) 35
Figure 11: Li-ion battery recycling �ow chart for TATA Chemicals 36
Figure 12: Li-Circle battery recycling overview43
Figure 13: Critical mineral supply concentration and price scenarios50
Figure 14: Recycler involvement in battery value chain – examples of Fortum and GEM 56
Figure 15: Flow chart for decision making on secondary life application of battery 79
Figure 16: Battery condition determination methods classi�cation80
Figure 17: Estimated EV battery recycling pro�ts by country, technology and type87
Figure 18: Example of life cycle assessment scenario analysis technology and type 89 Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 16
List of abbreviations
ACC Advanced Chemistry cells
ASM Artisanal and small-scale mines
BMW Bearish Motored Werke AG
CAGR Compound Annual Growth Rate
CPCB Central Pollution Control Board
CN China
Co Cobalt
CO2 Carbon dioxide
EOL End of Life
EPR Extended producer responsibility
EU European Union
EV Electric Vehicle
FCDO UK Foreign, Commonwealth and Development Of�ce
FER First Examination Report
GGEF Green Growth Equity Fund
GHG Green House Gases
HSE Health, safety, and environment standards
HW Hazardous waste
IN India
JP Japan
Kg Kilo gram
KR Korea
LAB Lead Acid Battery
LCO Lithium Cobalt Oxide
LFP Lithium Iron Phosphate
Li Lithium
LiB Lithium Ion Battery
LMO Lithium Manganese Oxide
LNO Lithium Nickel Oxide
LTO Lithium Titanate
NCA Lithium Nickel Cobalt Aluminium Oxide
Ni Nickel Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
17
NiCad Nickel Cadmium
NiMH Nickel Metal Hydride
NMC Lithium Nickel Manganese Cobalt Oxide
OEM Original equipment manufacturer
OPM Oxford Policy Management
PRO Producer Responsibility Organisation
RUL Remaining useful life of battery
SOH State of health of battery
SOS State of safety of battery
TCF Technical Cooperation Facility
TPA Tons Per Annum
UKIBC UK India Business Council
USA United States of America
USD United States dollar Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 18 Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
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Overview of
Recycling
and Reuse
Interventions
Chapter 1 Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 20
The global demand for batteries as such
has grown at a CAGR of 25% in the last
decade to reach an annual demand of
over 730 GWh and by 2030 it is expected
to grow �vefold, resulting in annual demand
of about 5100 GWh
1
. This surge in market
deployments throughout the global electric
and transportation sector is majorly due to
the increasing adoption of electric mobility
as a response to decarbonising the transport
sector, lower battery storage prices, and
increased variable renewable energy
generation. This demand in turn necessitates
the need for increased extraction of raw
materials. Recycling batteries, thus, becomes
an important aspect of the entire supply chain.
It is crucial not only for securing the supply of
key raw materials for the future but also for
reducing the need for new mineral extraction,
thereby lowering the environmental footprint
manifold. Strategically this is also important
to achieve Net Zero and reduce dependency
on future Oil (i.e. cell raw materials and their
processing).
1.1. Need for recycling 
LiB-based energy storage seems a promising
solution to achieve the targets set by India
on the global stage, however with growing
supply chain concerns and the need for raw
materials, it becomes important to have a
robust recycling ecosystem to ensure that
useable minerals from batteries can be
extracted to manufacture new batteries.
Several challenges need to be addressed
to make the LiB value chain sustainable,
including limited resources, environmental
hazards, and geopolitical risks. Promoting
recycling can overcome these challenges
and also lead to better price discovery of
the resale value of EVs (also second life of
batteries). The following are some of the key
drivers for battery recycling and reuse:
Limited raw material availability:
With the increasing battery demand, the
demand for raw materials is also expected
to grow signi�cantly. According to BNEF, the
global consumption of lithium-ion battery
raw materials such as cobalt, lithium, and
copper is expected to increase 20 times by
2030. However, the reserves of such battery
minerals are limited in nature and as such,
it is almost imperative to have recycling
infrastructure and technology in place to ful�l
the demand of battery manufacturers.
Environmental and Health Hazards:
If the increasing amount of battery waste
is not handled properly, these batteries
could end up in a land�ll. The high
percentage of hazardous heavy metals
like nickel and cobalt could leak from the
casing of end-of-life LiBs if left untreated
and contaminate soil and groundwater.
Additionally, lithium-ion battery wastes can
get absorbed and accumulated in edible
plants and can enter the food chain, thereby
causing various genetic, reproductive, and
gastrointestinal problems. A well-established
recycling ecosystem will encourage the key
stakeholders along the LiB value chain to
1
NITI Aayog, GGEF Report - Advanced Chemistry Cell Battery Reuse and Recycling Market in India, 2022
https://www.niti.gov.in/sites/default/�les/2022-07/ACC-battery-reuse-and-recycling-market-in-India_Niti-Aayog_UK.pdf Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
21
participate in recycling and avoid the unsafe
disposal of batteries in the country thereby
reducing the negative e�ects of batteries on
the environment.
Geopolitical Risks:
India is expected to depend on imports from
neighbouring and developed countries to
cater to the growing LiB market. Metal prices
could �uctuate as a result of supply chain
disruptions, political instability, pandemics,
etc., which could directly a�ect the price of
batteries and associated products. India
could take advantage of these situations
by attracting both global and domestic
recyclers to set up LiB recycling facilities in
the country. This also includes the risk from
the factors such as Russia Ukraine war. This
has resulted in supply chain disruption for
Nickel (Russia and Ukraine command 10-12%
of Nickel supply market in the world). Hedging
such risks is not an easy task.
Furthermore, with a well-established
recycling ecosystem for batteries, part of the
metal or cell component import can be o�set
with recycled materials, which can reduce
dependence on imports and save forex for
the nation while avoiding various geopolitical
risks.
Reduction of GHG emissions:
Mineral mining creates environmental
pressure as it has several negative e�ects on
the environment. For example, the production
of nickel from its naturally occurring form of
oxides needs huge rotary kilns to remove
the high-water content. which involves the
burning of fossil fuels for energy leading to
GHG emissions.
The environmental impact of metal recycling
from LiB waste is thus signi�cantly less than
from metal extraction from the mines as
it can reduce the CO2 emissions from the
production cycle by up to 90%.
Price Discovery:
Resale risk is one of the asset risks that
is currently hindering the con�dence of
�nancial institutions in mobilising �nance
for EVs. Creating a well-established reuse/
recycle ecosystem can help discover the
resale value of batteries for reuse/recycling
applications. While collection and recycling
of end-of-life LiBs will recover the value
of the minerals, the value of the residual
capacity can be captured through second-
life applications. Reuse prolongs the use of
an EV LiB, delaying the need for recycling.
This way, creating a resale market for
batteries from EVs, can reduce the asset risk
that �nancial institutions perceive. This will
increase the mobilisation of �nance for EVs,
thus improving the adoption of EVs. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 22
1.2. Overview of recycling technologies 
The recycling technology of LiBs is a
complex process compared with battery
technologies such as Lead Acid Batteries
(LABs), Lithium Nickel Cadmium (NiCad),
Lithium Nickel Metal Hydride (NiMH) and
others. This is because the electrochemical
reaction between the anode and cathode
material of later batteries is quite simple,
and their water-based electrolyte makes
them insensitive to thermal or mechanical
damage or abuse. The material used in
these battery technologies can contribute
to ecological and human toxic e�ects.
On the other side, LiBs contain volatile,
�ammable electrolytes, and �ne solid
particles such as metal oxides and
graphite, which possess a risk of �re and
pollution in case of any leakage. Therefore,
LiBs need to be recycled with great caution
and in a safe environment.
There are primarily four recycling
methodologies namely, mechanical,
pyrometallurgy, hydrometallurgy, and direct
recycling. These have been discussed in
detail in the �rst part of this study on the
Advanced Chemistry Cell Battery Reuse
and Recycling Market published by NITI
Aayog and Green Growth Equity Fund
Technical Cooperation Facility, May 2022
2
.
2
NITI Aayog, GGEF Report - Advanced Chemistry Cell Battery Reuse and Recycling Market in India, 2022 (Page 92)
https://www.niti.gov.in/sites/default/�les/2022-07/ACC-battery-reuse-and-recycling-market-in-India_Niti-Aayog_UK.pdf Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
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Figure 1: Lithium-ion battery recycling processSource: IFRI, France
Mechanical:
In mechanical processing, the
batteries are dismantled using a
two-step crushing technique. In the
�rst crushing process, a cyclonic air
separator removes all the electrolyte
and reaction gases, including
hydrogen and oxygen, accumulated
within the crusher. This process may
not be required if the input to the
crusher is received after thermal
pyrolysis pre-treatment. In the
second crushing process, the crusher
reduces the raw material to small
pieces of 0–6 mm. All the gases and
dust generated in this process are
removed/collected in a second air
mover. The output is separated (i.e.,
sorted) into two parts: iron, copper
and aluminium �akes; and cobalt and
nickel electrode powder.
Discharge
EV battery pack
Dismantling
Battery module
Mechanical treatment Chemical treatment
Disassemble
Spent LiBs
Mechanical
Pyrometallurgy
Hydrometallurgy
Direct Recycling
Co, Ni, Li, etc.
Preparation or
Pyrolysis Stage
Crushing &
Shredding
Magnetic
Separator
Density
Separator
Pyro-metallurgy
Hydrometallurgy
Cu, Ni, Co, Fe, Al,
and other metal
Concentrates
Cu, Au, Fe
Ni, Co
alloy
Cu, Au
Cu separated
Fe separated
Al separated
Figure 2: Mechanical recycling process Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 24
Pyrometallurgy:
It involves putting the batteries into a
high-temperature smelter to reduce
the component metal oxides into alloys.
These alloys so obtained are put through
chemical processes to obtain the desired
materials. The advantage of this technology
is that it removes undesirable materials
like electrolytes (containing �uorine),
phosphorous, graphite, and plastics,
and the output metal alloy contains far
fewer impurities, which is bene�cial for
hydrometallurgical performance and
recovery e�ciency.
This method is suitable for all except LFP
because the presence of phosphorous
ions can a�ect the process. Furthermore,
Pyrometallurgy is operationally very
expensive since it requires the minimum
temperature to start smelting and reduction,
batch processing cannot be started with
minimal quantity.
Hydrometallurgy:
The battery waste containing precious
metals undergoes acid-based leaching
(using chlorine) and then metal ions such
as Cu2+, Al3+, Fe2+, Co2+, and Ni2+ are
separated into various solutions. These metal
ions are then passed to a solvent extraction
chamber (liquid-phase synthesis and high
temp treatment) to produce cobalt and
nickel salts used in battery production which
can be further extracted to recover precious
metals like nickel and cobalt and other
metals.
The hydrometallurgical route has signi�cantly
lower carbon emissions and energy usage in
comparison to pyrometallurgy.
Mechanical or
Pyrolysis
Pyro-metallurgy
Hydrometallurgy
Co, Ni and other residue
Co, Ni, Cu, Fe alloys
Slag (Al, Li, Mn, plastics)
Figure 3: The pyro-metallurgy
recycling process
O�-gas
Mechanical or
Pyro-metallurgy
Hydrometallurgy
Co, Ni and other residues
Co, Ni, Cu, Fe metals
Co, Ni salts
Figure 4: The
hydrometallurgy process Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
25
Direct Recycling:
In this method, cathode and anode materials
are separated (by mechanical separation),
reconditioned, and then directly reused for
LiB manufacturing. The main recycling steps
are the mechanical separation of electrodes,
followed by washing, �ltering, and drying.
This method shortens the recycling process
and most of the LiBs constituents can be
recycled. This kind of recycling technique is
applicable to pouch and prismatic cells but
less suitable for cylindrical cells.
Keeping in mind that Lithium-ion chemistry is expected to remain the mainstay in the future
coupled with the environmental impacts of various recycling technologies, hydrometallurgy
is considered an ideal choice for recovering materials from batteries. Furthermore, the
recovery e�ciency of up to 95% is possible with hybrid technology such as mechanical + hydro
processing.
Preparation
(dischagre, dismantling)
Semi-automated desassembly of cells
Anode
Washing
Filtering:
pressing,
washing,
drying
Anode
material
Cathode
Washing
Filtering:
pressing,
washing,
drying
Cathode
material
Electrolytes vapour
absorbed by active
carbons
Inert gas Environment if
required
Active material for new cells
Al foil
Water Treatment
Graphite for other use
Cu foil
Fe, Al, BMS, Plastics
Separator foil
Figure 5: Direct recycling process Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 26
1.3. Recycling and Reuse Market in India
India has set an ambitious target of 500
GW of non-fossil fuel-based energy
generation and to reduce one billion
tonnes in total projected carbon emissions
by 2030 . To meet these targets, India
will need to ramp up its grid storage and
signi�cantly increase the number of electric
vehicles (EVs). Lithium-ion batteries are
expected to play a crucial role in India’s
energy transition by enabling deep
decarbonisation of the transportation
and power sector. It is expected that
the next decade will be dominated by
lithium-ion batteries owing to the rapid
technological development of chemistry
and falling prices. Therefore, with this rapid
growth of battery demand, adequate
implementation of reuse and recycling
of batteries will not only enhance the
resource security implication of the
country’s vehicle electri�cation and energy
transition ambitions but also result in
economic development and job growth,
while ensuring improved public health and
environmental safety.
As per a study conducted by NITI Aayog
and GGEF on the ACC reuse and recycling
market in India, it is estimated that
the cumulative potential of lithium-ion
batteries in India from 2022-30 across all
segments will be around 600 GWh (base
case) and the recycling volume coming
from the deployment of these batteries
will be 128 GWh by 2030, out of which
almost 59 GWh will be from electric vehicles
segment alone. In addition to this, batteries
from electric vehicles can also be reused
at the end-of-life in small and large grid-
scale storage resulting in a cumulative
reuse volume potential of around 49 GWh
by 2030 in the country
4
.
1.3.1. Lithium-ion battery recycling
Lithium-Ion batteries contain critical
minerals like lithium, cobalt, manganese,
graphite, and nickel which have high energy
density thus extracting them is essential
both economically and commercially.
The e-waste management rule, of 2016
overlooks the Lithium-ion battery recycling
market in India, and the recent amendment
made in it aims to formalize the e-waste
recycling sector, tackling the problem of the
unorganized battery collection sector.
Metals Share of minerals in Lithium-
ion batteries
Abundance Used in Industries
Cobalt
LCO (15%), NMC 111 (5%), NMC
622 (2%) NMC 811 (3%) and
NCA (2%)
Rare Metal Healthcare, cutting tools,
Battery Manufacturing,
Aerospace
Table 1: Stationary applications
4
NITI Aayog, GGEF Report - Advanced Chemistry Cell Battery Reuse and Recycling Market in India, 2022 (Page 64)
https://www.niti.gov.in/sites/default/�les/2022-07/ACC-battery-reuse-and-recycling-market-in-India_Niti-Aayog_UK.pdf Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
27
*Note: Only battery chemistries having high percentage share is mentioned
Source: Author’s Analysis
Lithium-ion is rationally harmless if disposed
of properly. They can't be land�lled
on account of harmfulness and risk of
explosion, nor they can at any point be
burned as the ashes are additionally
poisonous in a land�ll. Apart from this, the
major concerns come from cobalt and
agents that bind the electrode material
together.
In order to recycle lithium-ion batteries,
they are �rst fully discharged to remove
any stored energy and to eliminate any
explosion in case of a thermal event.
Further crushing and dismantling of
batteries are done through mechanical
treatment. Once dismantled, separation
of copper foil, aluminium foil, separator,
and the coating material is done. Nickel,
cobalt, and copper can be reused from
the cast, however, lithium and aluminium
stay in the slag. A hydrometallurgical
interaction is important to recover lithium.
This incorporates �ltering, extraction,
crystallization, and precipitation from a
�uid arrangement. Hydrometallurgical
treatment is utilized to recuperate
unadulterated metals, for example, lithium
gathered from isolated covering materials
after mechanical cycles or from slag in
pyrometallurgical processes
5
.
In India, recycling lithium-ion batteries is
majorly done via two channels, end-to-
end recycling, and mechanical extraction
of black mass. End-to-end recycling is
a comprehensive process of recycling
under which the company undertakes
the complete operational aspect of the
recycled product starting from receiving
the used batteries from collection centres,
extraction of black mass, and segregation
of critical minerals to �nally making the
recycled batteries. This model is not widely
adopted yet in India due to policy and
demand issues and technology barriers.
Although, with the entry of big players into
the market, the scenario is forecasted to
change.
The other mode of LiB recycling in India
is the extraction of black mass via a
mechanical process (dismantling). In this,
the companies receive the used batteries
from the organized and unorganized
sectors and by using the mechanical
Nickel
NMC 811 (13%), NCA (11%),
NMC 622 (10%) and NMC 111
(5%)
Rare Metal Steel making,
Electroplating, Battery
Manufacturing
Lithium
NMC, LFP, LCO, NCA and LTO
[All 2-3%]
Abundant Ceramics, Pharma,
Aviation, Battery
Manufacturing
Copper
LMO (16%), NCA (12%) and LFP
(11%)
Abundant Power, cables, Battery
Manufacturing
Graphite
LCO, NCA and LMO (15%
each)
Abundant Construction, Foundry,
Tyre and Dye Industry,
Battery Manufacturing
5
Duesenfeld, n.d. Ecofriendly Recycling of Lithium-Ion Batteries, Accessed 2 June 2022
https://www.duesenfeld.com/recycling_en.html Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 28
process extract the black mass (separating
aluminium, cobalt, and plastic components
from the rest of the materials left in the
form of a black mass). They further send
it to other large companies which are
technologically equipped to extract
minerals out of the black mass or transport
it to their centralised hub in foreign
countries. This gives rise to a hub-and-
spoke model in the recycling industry.
Currently major players in recycling of
batteries and electronic waste in India are
either doing black mass only or stops after
extracting 2-3 metals.
The metals extracted from black mass
like lithium, nickel, cobalt, etc have
other industrial applications as well.
Lithium �nds its applicability in ceramics,
pharmaceuticals, aviation industry. Cobalt
has its industrial applicability in aerospace,
electricity generation, aircraft, medical,
automotive, and military-related industries.
Nickel is demanded in electrical &
electronics, oil & gas, energy & power, and
automotive industries.
Recycling Li-ion batteries is still in its
nascent stage and has some pressing
barriers linked to it like cost feasibility.
Therefore, reusing and repurposing used
Li-ion batteries proposes a great substitute
for the recycling method. The idea behind
Li-ion battery reuse is that, even after
the Li-ion battery are declared un�t for
EV vehicle application, they still possess
80% capacity which has a wide variety of
applications in stationary energy storage.
Forecasting the EV market, projected
growth over the next 10 years of second-life
battery supply for stationary applications
could exceed 48 gigawatt-hours by 2030.
1.3.2. Role of informal segment 
in the supply chain
Currently, the collection and
transportation of scrap including the
lithium-ion batteries in India is majorly
done by unorganized scrap dealers, as
they are local aggregators present in
every city. They deal with any sort of
scrap like newspaper stacks, iron waste,
plastic bottles and containers, glass, etc.
Once the collection is done, the goods
are sorted based on types and which
industries or recyclers they can be sold to.
At present, the unorganised scrap dealers
govern this informal sector with almost
80-90% of market share in collection
and transportation of waste in India.
However, with increase in penetration of
electric vehicles, more formal channels
are progressing as EV OEMs have bilateral
agreements directly with recycling
companies.
The business model of these scrap
dealers is such that their economy is not
dependent on a single good or product.
They sell almost anything to everything if
the end product has value in it. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
29
Figure 6: Informal scrap dealers Picture courtesy: Medium and Pure Earth
Hub and spokes model:
Since setting up an end-to-end recycling
plant is capital intensive with dealing with
hazardous chemicals coming from di�erent
batteries, many recyclers only deal in
dismantling lithium-ion batteries through a
mechanical process and selling the black
mass directly to major recyclers (who are
mostly located outside India as of now),
capable of extracting useful mineral-like
Lithium, Cobalt, Nickel etc and sell these to
either battery manufacturers or industries
like pharma, ceramics and paint etc.
Under direct recycling, the company
procures scrap batteries and then extracts
useful minerals. It also procures black mass
from di�erent recyclers. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 30
Consumers and
Businesses
Pharma,
Aviation,
Construction,
Tyre, Ceramics,
Dye etc.
Battery manufacturerRecycling Plant
SpentScrap
Recycling unit 1
(spoke)
Recycling unit 1
(spoke)
End to End Recycling
Hub and spoke
recycling model
Defected/Spent batteries
Defected/Spent batteries
Hub and spokes model:
Figure 7: Battery Recycling Models
EVs Stationary Applications Consumer Electronics
15%
61%
24%
Figure 8: Lithium-ion battery waste produced in India (2021)Source: Author’s Analysis Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
31
Currently, most batteries coming for
recycling in India are from the stationary
applications like telecom, UPS and inverter
segment, followed by consumer electronics
, hence unorganized sector is dominant
(scrap dealers act as waste collectors) in
the collection mechanism. However, with
the growth and higher adoption of electric
2 and 3-wheelers in the last 3-4 years, EV
and battery manufacturers are adopting
direct channels with recyclers to e�ectively
dispose of the end-of-life and defective
batteries. The draft battery swapping
policy shared by NITI Aayog earlier this
year also highlights mechanisms for battery
swapping agencies to ensure proper end-
of-life recycling of EV batteries. Hence
creating an organized channel for collection
between battery manufacturers/swapping
agencies and recyclers. It is forecasted that
going forward the unorganized sector will
not be as dominant as it is today, and it will
be replaced with organized channels for
collection and transportation.
The recycled minerals and metals are being
utilized in di�erent industries like pharma,
construction, aviation, etc. However, to
complete the circularity of the whole
process, it should be used in battery
manufacturing.
1.4. Domestic recycling companies consulted
As of April 2022, there are around 472
dismantlers/recyclers registered as per
the authorization issued by the Central
Pollution Control Board (CPCB) under the
E-Waste (Management) Rules 2016 with
an overall installed capacity of around
14,26,685 metric tonnes per annum
6
.
Amongst these e-waste recyclers, there
are only a handful of companies dealing in
lithium-ion batteries. A major practice that
governs the collection of used batteries
and emphasises stakeholders’ responsibility
is EPR (Extended Producer Responsibility).
India has inculcated EPR for lead-acid
batteries since the formulation of battery
waste management rules, in 2001.
6
CPCB, 2022 - List of E-waste Recycler, Accessed on June
2022 https://cpcb.nic.in/uploads/Projects/E-Waste/List_
of_E-waste_Recycler.pdf Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 32
Figure 9: State-wise authorised dismantlers/recyclers of e-waste in India
3
2
7
42
2
8923
332
116
16
71
1
32
1
8
1
5
4
2
1
Source: CPCB Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling33
The Battery Waste Management Rules,
2022 mandates lithium-ion battery
producers to either structure a take-back
system or establish collection centres
for used batteries
7
; either individually
or collectively through a Producer
Responsibility Organization (PRO)
recognised by the producer or producers
in their Extended Producer Responsibility
Authorization (EPRA). The responsibilities
levied on the producers under the EPR
can also be ful�lled by the policy of
buyback, deposit refund scheme, or
any other scheme/model. The rules also
introduce the policy of exchanging the
EPR Certi�cate from the recycler to the
producers in return for the waste battery.
Table 2: EPR Targets under Battery Waste Management Rules, 2022
SL No. Type of battery
Recovery target for the year in %
2024-25 2025-262026-27
1. Portable Battery 7080 90
2.
Automotive
Battery
5560 60
3 Industrial Battery 5560 60
4.
Electric Vehicle
Battery
7080 90
The above table lists down the EPR targets
for collection and recycling across the
four distinct types of battery categories
8

according to the recently established
Battery Waste Management Rules. These
targets are framed by the government
to safeguard battery manufacturers’
responsibility for recycling the batteries
sold by them in the market and eventually
control the growing pollution from battery
waste.
There are around 472 plus e-waste
recyclers/ dismantlers in India and only
a handful of them recycle lithium-ion
batteries. From this long list, a subset was
chosen for our interview based on their
overall signi�cance in the growing battery
recycling market in India.
For instance, companies such as Attero,
TATA Chemicals, and Exigo have already set
up their own lithium-ion battery recycling
plants across the country and thus have
established themselves as key players in
the battery recycling industry ecosystem of
the country. Attero being the only company
currently to recycle LFP batteries pro�tably
wants to capture 22% of the total potential
battery recycling market in India with an
investment of around 300 crores (INR).
Ziptrax uses advanced technology like
arti�cial intelligence in their recycling facility
(patent-pending technology for recovery
and rejuvenation of cathode and critical
battery materials) to increase the life and
monitor the performance of the battery.
Additionally, �rms like Batx, Li-Circle, and
E-Waste recyclers India are also to set up
7
Ministry of Environment, Forest and Climate Change, Battery Waste Management Rules, 2022, , Accessed on October
2022 https://cpcb.nic.in/uploads/hwmd/Battery-WasteManagementRules-2022.pdf
8
Automotive batteries - Batteries used only for lighting, ignition power, or automotive starter,
Electric Vehicle Batteries - Batteries that are mainly designed to give power to electric or hybrid vehicles,
Industrial Batteries - Includes all batteries that are used in industries to manage heavy machines like forklifts, trucks, etc.
and Portable Batteries – Batteries that weigh less than �ve kilograms and are primarily used in mobile phone, tablets etc. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 34
lithium-ion battery recycling plants across
the country in the next two years with plans
to expand the capacity further by 2025.
The section below provides a brief overview
of each of the �rms interviewed and their
role in the Indian battery recycling value
chain.
The team interviewed a total of eight
companies engaged in recycling lithium-
ion batteries, out of which six have an
established facility. The remaining two
companies namely Eco Tantra and E-Waste
recyclers India are yet to start their facilities.
Although both are already established
players in e-waste and lead-acid battery
recycling.
Table 3: List of domestic recyclers interviewed and analysed for this study
Key recycling
operators
Location Technology
Lithium-
ion Battery
Recycling
capacity
(tonnes/year)
Battery
Chemistries
Preferred
Output (Black
mass / metals
viz)
Tata
Chemicals
Palghar,
Maharashtra
Hydrometallurgy 1200-1400
LCO (most
preferred), NMC
Lithium, Cobalt
Sulphate
Exigo
Panipat,
Haryana
Mechanical +
Hydrometallurgy
10000 (7200
for Lithium-ion)
NMC (most
preferred), LFP is
also viable
Lithium,
Graphite,
Cobalt, Nickel
Attero
Roorkee,
Uttarakhand
Mechanical +
Hydrometallurgy
4000
NMC (most
preferred), LFP,
LCO
Lithium,
Cobalt, Nickel,
Manganese,
Titanium
Batx
Sikandrabad,
Uttar Pradesh
Mechanical 4000-5000
LFP, NMC, LCO
(Black mass)
Black Mass
Ziptrax Delhi, NCR
Mechanical +
Hydrometallurgy
350 NMC, LFP, LCO
* Lithium,
Cobalt, Nickel,
Graphite
Li-Circle
Bangalore,
Karnataka
Mechanical 1000
NMC and LCO are
most preferred as
Nickel and Cobalt
content is higher
# Lithium,
Nickel, Cobalt
Eco Tantra
Pune,
Maharashtra
-
Currently
into e-waste
recycling,
applied
for battery
recycling
licence
LCO is being
targeted due
to its high
pro�tability
NA
E-waste
recyclers
India
Haryana and
Uttar Pradesh
(*In process of
establishing
Li-ion battery
recycling plant
in Gujarat)
5000-10000
(Lead Acid)
NA
*Information has not been veri�ed by the author.
#This is proposed Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
35
Attero
Roorkee, Uttarakhand
Hydrometallurgy
4000
Ziptrax
New Delhi
Hydrometallurgy
350
Batx
Sikandrabad, Uttar
Pradesh
Hydrometallurgy
4000-5000
E Waste
Recyclers
India
Haryana
5000-10,000
(Lead acid)
Exigo
Panipat, Haryana
Hydrometallurgy
10000 (7200 for
Lithium ion)
Li-circle
Bangalore, Karnataka
Mechanical
1000
Eco Tantra
Pune, Maharashtra
Applied for Li-ion
recycling
TATA Chemicals
Maharashtra
Hydrometallurgy
1200- 1400
Figure 10: Distribution of domestic recyclers along with their capacity (tons/year) Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 36
1.5. Summary of domestic companies’ interviews
Tata Chemicals:
Tata Chemicals’ recycling process started
with a lab-scale 100 Kg in July 2019, utilizing
hydrometallurgy technology to break down
most types of lithium-ion batteries, including
those based on lithium cobalt oxide (LCO),
nickel manganese cobalt oxide (NMC), nickel
cobalt aluminium oxide (NCA), etc.
The current annual recycling capacity is
around 1200 to 1400 tons with a major focus
on LCO batteries coming from mobile and
laptop segments as they have higher cobalt
content. The extracted cobalt sulphate is
sold to various industries namely, animal
feed dye, cutting tool industries, etc.
Currently, the company is majorly sourcing
the used batteries from consumer electronics
applications (laptops, mobile phones,
tablets, etc.); however, they can recycle 60
to 120 tons of scrap batteries coming from
automobile OEMs annually. This is expected
to increase especially due to the growth of
the EV market in the next 4 to 5 years.
The company is also working on improving
the extraction e�ciency percentages
beyond 80-90 % to improve the economics
of the operation and use the recycled
cobalt sulphate or later lithium for battery
manufacturing.
Average rate at which spent batteries
are bought are:
? LCO- INR 350-400 per Kg
? LFP- INR 30 to 50 per Kg
Figure 11: Li-ion battery recycling �ow chart for TATA Chemicals
Lithium-ion
batteries from
spent laptops,
mobiles and
e-vehicles are
recovered
The batteries
go through a
hydrometallurgical
recycling process
Metal salts of
lithium, cobalt,
nickel, and
manganese
are extracted
Extracted
metals are
reused in
manufacturing
energy storage
systems,
ceramic,
pigments Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
37
Exigo recycling:
Exigo recycling has set up its plant in the
Panipat district of Haryana with an annual
recycling capacity of 10,000 tons out of
which 7200 tons are for Li-ion batteries.
Currently, they are utilizing end-of-life and
scrap batteries coming from electric vehicles
and consumer electronics. The state-of-
the-art recycling plant of Exigo is equipped
with European Machinery for size reduction,
segregation, and pulverization. In addition
to this, they also have an indigenously
developed hydrometallurgical plant for the
collection of precious metals which enables
them to recycle and recover up to 98% of
recyclable products. The remaining waste
is disposed of through TSDF (Treatment,
Storage, and Disposal Facilities). Finally,
through designated traders, the recycled
minerals are subsequently sold to sectors
such as paints, ceramics, and dyes.
Exigo has tie-ups with e�cient logistics
partners across India to transport the waste
in a secure and environmental-friendly way.
The reverse logistics service provider for
Exigo is Delivery on time Logistics Private
Limited (Bizlog) which also operates several
collection centres across India for the same.
One of the primary issues they noticed
throughout their time as an established
battery recycler is obtaining used or spent
batteries directly from the unorganised
sector, as costs vary greatly from place to
place and are dependent on local waste
collectors. However, to solve this problem
they suggested the following:
Exploring the import of used batteries and then recycling can be one of the ways
to collect batteries and become a global battery recycling hub. However, the
government must relax some of India's scrap battery import restrictions to make it
more economically feasible.
Exigo is also working towards adding more
informal sector partners to collect battery
waste and channel e-waste to its recycling
operations. In September 2021, they formed
a joint venture with MTC Group, the largest
metal scrap processor in India, to form MTC-
Exigo Recycling Pvt. Ltd (MERPL) to process
e-wastes and ramp up recycling capacity.
The company feels that the hub and spoke
model is the most practicable to run in India
right now, but that a plant-in-plant model
can be adopted in the future to carry out the
mechanical process.
Moving forward, the company plans to
invest in advanced labs and equipment,
skilled manpower for running labs and
working on technically feasible solutions for
industrial projects. Its R&D also focuses on
the material being recycled as knowing the
design and composition of Li-ion batteries
greatly bene�ts the recycler in high quality
and cost-feasible production. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 38
The following challenges in the current Indian
battery recycling market were identi�ed by
the company:
? Financing recycling plants is a capital-
intensive game that includes land,
machinery, and logistics costs. However,
banks want collateral, which is di�cult
for start-ups to o�er, thereby restricting
them to enter the market as a recycler.
? Challenge in processing includes dealing
with heterogeneous material (various
battery chemistries), which makes
After listing the challenges, they also
recommended the following suggestions for
policymakers and stakeholders to help attract
recyclers to set up recycling facilities in India.
creating processes for high yield and
good quality di�cult.
? Regulations and restrictions on the
import of used batteries act as a
hindrance for companies that have the
capabilities to steer India as a global
recycling hub.
? There should be an entrance level requirement for getting a recycling license
because 400+ of the 467 registered recyclers don’t even have a plant facility, they
merely trade the batteries. This will aid in the elimination of end-to-end pseudo
recyclers.
? Incentives should be based on bucket of qualities (70-80%, 80-90%) or on how
many metals a company is able to extract from the available scrap batteries.
? Seating up an online portal for monitoring of batteries and cell to ensure safety
(currently e-way bill and form 6 are there but it lacks proper monitoring).
? Manufacturers should mention chemistry composition for ease of recycling
? Finally, waive o� duties on special lab equipment required for recycling and lessen
the import restrictions on scraps materials
Attero:
Attero Recycling has been a pioneer in
electronics waste and lithium-ion battery
recycling, founded as early as in 2008 it is
one of the earliest and the largest electronic
waste recycling companies in India. It
has invested signi�cantly in research and
development and is the only e-waste and
lithium-ion battery recycling company that
focuses on developing intellectual property
and has a rich patent portfolio with more
than 30 patents and an extremely large and
capable team.
It collects all kinds of lithium-ion batteries,
whether it is from consumer electronics
like Samsung, Oppo, etc., or coming from Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
39
stationary storage such as Reliance Jio, or
EVs like Hyundai, MG Motors India, etc. The
collection of batteries is done through direct
contracts with battery manufacturers, EV
OEMs, and waste collectors. A team from
the electric vehicle maker Tesla has visited
Attero’s Roorkee plant and there are ongoing
conversations to supply battery materials for
its Gigafactories. Attero has signed MoUs with
almost all the leading EV manufacturers in
India for recycling their end-of-life/defected/
recall batteries, catering to almost 75% of
the Indian electric vehicle market. In other
words, Attero has secured a lot of contracts
and agreements with several batteries and
car manufacturers and has partnerships with
local as well as global players.
Attero o�ers world-class Li-ion battery
recycling solutions, which are backed
with cutting-edge green technology that
enables the recovery of critical materials
from all types of lithium-ion batteries with
an e�ciency of more than 98% and claims to
be the only company in the world that can
recycle LFP batteries pro�tably. It extends
a 360-degree recycling process to meet up
the scale of recycling lithium-ion batteries
and ensure waste goes to land�lls. Therefore,
Attero enables a carbon-positive circular
economy by recovering metals with a high-
grade battery purity, and the entire process
has a positive impact on the environment
and other ESG parameters. They are one
of the only companies in the world to be
permitted to get carbon credits for each
tonne of waste processed in this space.
of which 30% share already come from
EVs, 60% from stationary storage, and 10%
from consumer electronics. In the plant, a
mechanical process is used to crush the
batteries at �rst to generate the black mass
upon which the hydrometallurgy process is
applied to take out the recycled materials.
With its in-house R&D facility, Attero has
developed the majority of the apparatus and
processes in-house, and is constantly striving
to increase extraction e�ciency, product
range, and product purity. The battery-grade
recycled and green materials (>99% purity)
such as Lithium, cobalt, nickel, manganese,
and titanium are now being sold to battery
cell manufacturers and to traders who in
turn supply to battery cell manufacturers.
Furthermore, Attero can extract metals
and minerals in di�erent forms and at the
desired levels of purity and forms based on
the requirement of the customers. Some
material is also sold at commodity prices
to healthcare, ceramics, steel, and other
industries.
Currently, Attero has a battery
recycling capacity of around
4000 tonnes per year at the plant
located at Roorkee, Uttarakhand,
Some of Attero’s lithium carbonate gets
sold to pharmaceutical companies for use
in medications that treat some neurological
disorders. The use of Attero’s output by
pharmaceutical companies indicates the
quality and purity of Attero’s end product.
Attero plans to invest 300 crores (INR) in India
to raise its recycling capacity to 11000 metric
tonnes per year by October 2022, and over
7500 crores (INR) in Europe, the United States,
India, and Indonesia to recycle more than
3,00,000 tonne of lithium-ion battery trash
per year by 2027. Therefore, by increasing its
capacity, Attero wants to capture 22% of the
total potential battery recycling market in
India. In terms of their domestic expansion Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 40
Attero plans to invest 300 crores (INR) in India
to raise its recycling capacity to 11000 metric
tonnes per year by October 2022, and over
7500 crores (INR) in Europe, the United States,
India, and Indonesia to recycle more than
3,00,000 tonne of lithium-ion battery trash
per year by 2027. Therefore, by increasing its
capacity, Attero wants to capture 22% of the
total potential battery recycling market in
India. In terms of their domestic expansion
strategy, Attero is aiming to set up plants
of 5000 tons annual recycling capacity
in di�erent states in India namely Tamil
Nadu, Gujarat, Maharashtra, Karnataka,
Telangana, etc. They have already signed an
MoU with Tamil Nadu Government and have
identi�ed 120 acres of land in Dharmapuri
to set up such plants. The reasons for
shortlisting these locations are due to their
proximity to a port and the presence of
EV and battery manufacturers along with
logistic minimization. The company is also
planning to set up battery recycling plants
in Poland (EU) and Ohio (USA) due to the
presence of leading battery manufacturers
like LG energy solutions, and SKI along with
leading EV manufacturers like Mercedes,
BMW, etc.
Attero has a deep focus on the recycling
industry and has started to explore the reuse
market as well. The reason is that the reuse
market is still in a very nascent stage and will
depend on how batteries are being utilized.
The current battery ecosystem needs to
be developed to have proper standards
or checks and measures to ensure that the
batteries available for reuse can deliver
performance. Hence, this segment will not be
a�ecting the recycling market or be utilized
at its fullest in near future. Beyond issues
with policy and regulation, Attero claims
that import limitations on used batteries and
black mass are a signi�cant impediment to
India being a centre for battery recycling.
Attero is keen to contribute to making India a
global hub for environmentally safe lithium-
Ion battery recycling. This will allow India to
enable the circularity of these highly critical
materials which are not available in India and
are only available in �nite quantities globally.
This will be key to ensuring material security
which is critical for India’s energy security and
the success of its EV program.
? To turn India into a global hub for battery
recycling, strong and aggressive policy
support schemes should be initiated by
the government and ensured that they
are properly implemented
? Regulations and certi�cations should be
issued to enable the participation of only
mature players with good technology to
avoid harmful environmental impact
? Central and state governments should
provide grants or subsidies in terms of tax
exemptions for lithium-ion battery recyclers
? Encourage lithium-ion battery recycling
companies by providing low-cost loans to
support their business expansion
? Government should promote duty
free import of black mass for recyclers
whose technology, e�ciencies, and
environmental impact have been
approved by credible agencies
? Usage of recycled minerals should
be mandated for cell or battery
manufacturers, to highlight commitment
to recycling and mineral security in the
country
Some recommendations to enhance the
battery recycling ecosystem in the country Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
41
Batx:
Batx Energies Pvt. Ltd. was founded by
Utkarsh and Vikrant Singh in 2020 after
three years of research and development,
to work on the complete life cycle of lithium-
ion batteries. They recycle used lithium-ion
batteries to extract battery metals chie�y
lithium, nickel, cobalt, and manganese
which are then supplied to battery cell
manufacturers to create a closed-loop
circular economy for lithium-ion cell
manufacturing. For this purpose, they have
built a 4000 –5000 ton per year lithium-ion
battery recycling factory at Sikandrabad,
Noida.
The company has recently raised USD 2.3
million in a seed funding round led by JITO
Angel Network and Hero Family o�ce to
establish a commercial-scale rare earth
battery materials extraction plant with
arti�cial intelligence (AI).
Their current battery recycling plant in
Sikandrabad is chemistry agnostic i.e., it
can recycle batteries used in all types of
applications ranging from electronics to
electric vehicles. After years of scienti�c
research and experimentation, Batx has
developed its own proprietary Net Zero
Waste, Zero Emissions process for recycling
end-of-life Lithium-ion batteries.
The batteries coming for recycling are initially
completely discharged (pre-treatment)
and are then crushed using a mechanical
separation unit for the physical separation
of the core elements. Thereafter, using
their proprietary process, they extract the
highest quality salts of critical minerals
such as Li, Co, Ni, etc. These extracted
minerals are then sold to the national and
international battery material leaders and
re�ning companies following a global pricing
mechanism based on market discovery (LME
& Fastmarkets).
Batx Energies is also planning to
expand its recycling capacity to
10,000 tonnes/ year by setting up
micro lithium-ion battery recycling
plants in di�erent parts of India
and sourcing its technology to
other global players by the end of
the year.
Moreover, they are constantly working with
global institutes like MIT and prominent
domestic colleges like IIT Delhi to develop
more sustainable technology for battery
recycling, and direct restoration of cathode
and cell manufacturing using recycled
minerals along with tech development for
second-life battery solutions.
Apart from the policy and regulatory
challenges, the lack of technological
know-how in terms of cell manufacturing,
equipment testing, and lack of skilled
labour are some of the challenges and
risks associated with the battery recycling
market in India. During our consultation, they
suggested the following recommendations
that are needed to boost the recycling
segment in India.
? Design a portal wherein OEMs can
register the batteries that are being sold,
which in turn can be used to keep a track
of the reverse logistics
? Subsidies and incentives can be provided
to the players setting up battery recycling
plants Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 42
Ziptrax:
In December 2016, Ziptrax technology was
founded to repurpose the discarded Li-ion
batteries to eliminate battery waste and
reduce environmental damage. With their
350 MT annual Li-ion battery recycling
facilities based in Delhi-NCR and IMIT
Mansar, Ziptrax aims to provide a facility
to recycle and repurpose these lithium-ion
batteries which retain 70% to 80% of their
usability even after they are considered
dead. It collects the used batteries, tests,
grades, checks, does quality checks,
packages them, and makes them available
to electric vehicle manufacturers.
Their recycling facility uses advanced
technology like arti�cial intelligence (patent-
pending technology for recovery and
rejuvenation of cathode and critical battery
materials) to increase the life and monitor
the performance of the battery. Ziptrax has
a zero-waste approach, as they endeavour
to give batteries a second life in mobility
and storage applications and 100% of
materials that are received by Ziptrax are
either recycled or reused. After recycling,
they sell the extracted minerals such as
Lithium, Cobalt, Nickel, and Graphite to
cathode manufacturing and chemical/
material re�ning companies with a pricing
mechanism that is based on LME or Metal
bulletin mechanism.
Their target clientele includes stationary
storage, EV, and consumer electronics. On
the supply side, Ziptrax has great synergies
with all three entities stated above and
can combine forces with any of the above,
however, the most direct association is
possible with cell manufacturing companies
since 8-10% of cells manufactured will be
defective at source and need to be recycled
on-site the Gigafactory.
Ziptrax also has a direct association with
Cell Manufacturing companies and has
long-term agreements with E-waste
Management, and EV makers to process their
waste volumes. Since August 2021, Zipbolt
Innovations (their re-use and repurposing
company) has diagnosed and deployed
over 50 re-purposed battery systems (4-5
kWh/pack) under collaboration with Villgro,
Mercedez Benz, and WRI India, for swapping
in e-rickshaws and electric scooters. They are
also expanding this venture further with Tata
Motors and MG Motors, with the target of
10 MWh in repurposed batteries for electric
mobility and stationary storage by March
2024. Furthermore, Ziptrax is seeking strategic
partners and investors to expand its recycling
capacity to 5000 tons per annum across �ve
key cities in India by 2025.
They highlighted governmental and
regulatory constraints, logistical challenges,
lack of government grants, and a lack of
knowledge are the most signi�cant issues
in the current situation of battery recycling
in India. With these issues in mind, they
have already made recommendations to
the government under the Committee for
Circular Economy of Li-Ion Battery. The
key point of those recommendations is as
follows:
In order to implement the proposed
rules by the government, EPR
is critical and integration with
National Energy Storage Mission as
well as FAME 2, Battery Swapping
Policy, State EV policies and PLI
Scheme for ACC manufacturing are
important. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
43
Li-Circle:
Li-Circle is a battery recycling start-up
based out of Bangalore, India. They have
a robust mechanism for safe and reliable
reverse logistics/ collection mechanism for
end-of-life lithium-ion batteries pan India
and soon shall be commercially operating
the lithium-ion battery recycling plant of
1000 MT per annum in Bangalore. They
collect and recycle lithium-ion batteries
irrespective of their chemistry, composition,
or application. Li-Circle is majorly working
with the EV OEMs and is now exploring
partnerships and agreements with battery
manufacturers, consumer electronics, and
other applications sector OEMs. They are
also exploring synergies with recyclers pan
India owing to their target of 25000 MT per
annum recycling capacity by the year 2027.
Currently, they are partnered with a South
Korean company for black bass re�ning, and
parallelly, they have been looking into ways
to work with international players for joint
implementations in India as they seek ways
to re�ne the extracted minerals in India with
There are several challenges that they
have identi�ed over two years since they
started lithium-ion battery collection, reverse
logistics, and recycling in India. One of the
major issues that they came across is the
dominance of the informal players in the
market as they dictate the entire pricing
mechanism in the supply chain. Similarly,
there are issues with the process level of the
battery manufacturing as well that need to
be sorted out, for example, there is currently
no design level standardization on battery
manufacturing such that they are easy to
dismantle when being recycled. Furthermore,
the lack of proper incentive and non-
pro�tability of LFP recycling are also some of
the challenges associated with the current
battery recycling ecosystem in the country
the aid of renowned metallurgical research
universities. The �nal extracted minerals are
sold to various industry players like paints,
ceramics, pharma, etc. The following �gure
gives an overview of the battery recycling
process of Li-Circle.
Figure 12: Li-Circle battery recycling overview
Spent batteries
Defected batteries Battery manufacturer
Recycling Plant
(Bangalore)
Black Mass Extraction &
Metal Recovery
Industries
Sold to local
recyclers
LiBs for Recycling Mechanical Separation Intermediate Products Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 44
In order to �nd a solution for the above challenges, they have also come out
with few suggestions and recommendations of their own. For example, to make
LFP recycling pro�table, a separate policy might be implemented that allows for
the leasing of LFP batteries and the inclusion of some of the cost of recycling in
the battery’s manufacturing cost.
E-waste recyclers India:
E-Waste Recyclers India (EWRI) is a leading
electronic waste management company in
India. It has provided a variety of services
since its inception, including collection, data
removal and disposal, E-Waste recycling,
and scrap management. They serve an
ever-growing community of environmentally
conscious Indians with cutting-edge
technological recycling processing tools and
infrastructure that provides customers with
cost-e�ective and timely services.
Eco-Tantra:
EcoTantra is a government-authorized
E-Waste Management Company in India that
specializes in the collection, transportation,
and disposal of wide-ranging e-Waste
materials. They boast a unique business
model that is continuously evolving to meet
changing customer needs and regulatory
requirements of India’s E-Waste Management
industry. They also provide end-to-end
services starting from the removal of the
asset from the client’s premises, packing,
reverse logistics, dismantling, E-Waste
Recycling, Extended Producers Responsibility
(EPR) Implementation, Corporate Social
Responsibility (CSR), enabling on pan India
basis as well as in other neighbouring
countries either directly or through its
association with world-class E-Waste
Recycling companies.
Although currently only into e-waste
recycling which includes recycling batteries
from mobile phones, they have applied to
set up a lithium battery recycling plant of
their own with Hybrid technology (leaching).
They are expecting a huge demand for
battery recycling, especially from the
transportation sector, and as such have
already started battery recycling experiments
using leaching as it requires fewer resources
in comparison to other methods. Having
previously partnered with a Japanese
company to recycle mobile phone batteries,
they have also started approaching several
global recycling partners to set up lithium-
ion recycling plants in India.
With their vast experience in e-waste
recycling, one of the main challenges that
they have identi�ed regarding setting up
such lithium-ion battery recycling facility
in India is the lack of a proper channel for
the collection of used or spent batteries,
especially from the consumer electronics
applications sector.
Therefore, they recommend the central
as well as the state governments to
set up mandates on battery recycling
for manufacturers and consumers
and provide incentives and funding to
establish a proper channel for collection
of batteries after they are depleted. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
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They are currently only into lead-acid
battery recycling with plants installed in Uttar
Pradesh and Haryana having an annual
capacity of around 5000 to 10000 MT.
They crush the spent lead-acid batteries
mechanically and then either sell the material
to other players or process it themselves.
They are currently also planning to set up
a lithium-ion battery recycling plant in
Gujarat and are looking for collaboration
and partnership with international battery
recycling players. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 46 Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
47
International
battery recycling
and reuse
market
Chapter 2 Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 48
Policy plays a critical role in enabling and
accelerating this market. Companies are
jostling for market share – and changes
within the battery recycling and reuse
market is in turn shaping the priorities and
investment strategies of recyclers, including in
India.
This section provides a brief overview of
the global market context. Subsequent
sections will explore the perspectives of
recyclers within this changing market,
lessons from the global literature, and policy
recommendations for the Government of
India.
The backdrop is a rapidly changing global
outlook for mobility, electricity storage, and
sustainability:
? Nearly 10% or 6.6 million of global car
sales were electric in 2021, while the
global stock of electric vehicles (EVs)
could reach 200 million vehicles by 2030
under the stated environmental policies
of countries globally.
9
Globally 286.2 GWh
of passenger EV deployed onto roads
(113% uptick vs 2020)
? Batteries are needed for electricity
storage to balance intermittent
renewable energy as the wind does
not always blow and the sun does not
always shine. By the end of 2021, the total
deployed grid-scale battery storage
capacity was close to 16 GW/ 32GWh (6.4
GW deployed in 2021 alone)
10
.
? Critical minerals for batteries are scarce,
with prices for raw materials on the rise
.11
? Critical minerals for batteries such as
cobalt, lithium, and nickel are highly
concentrated in a few countries, raising
concerns over the security of supply
and there are ethical and environmental
concerns about mining practices.
? The battery value chain is highly centred
around China. The country accounts for
75% of all lithium-ion battery production,
70% of production capacity for cathodes,
and 85% of production capacity for
anodes. Over half of lithium, cobalt, and
graphite processing and re�ning capacity
is in China.
12
? EVs emit less CO
2
than internal
combustion engine vehicles, but their
batteries are expensive and di�cult to
recycle.
9
International Energy Agency (2022), Global EV Outlook 2022, May 2022. https://www.iea.org/reports/global-ev-
outlook-2022/executive-summary
10
IEA, https://www.iea.org/reports/grid-scale-storage
11
Ibid.
12
Ibid.
Battery recycling and reuse
have attracted attention from
the government, industry, and
�nancial circles. It is seen as key
to ensuring the availability of raw
materials for batteries, diversifying
the overall battery supply chain,
managing battery waste, and
securing the environmental
bene�ts of electric transport and
renewable energy. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
49
13
Melin, H.E., (2018), The lithium-ion battery end-of-life market - A baseline study for the Global Battery Alliance, World
Economic Forum. https://www3.weforum.org/docs/GBA_EOL_baseline_Circular_Energy_Storage.pdf
While consumer choice has resulted in
a growing demand for battery-powered
appliances, the major future growth
opportunity for battery recyclers comes
from EVs. Battery manufacturing creates
scrap waste and depleted batteries need
safe disposal, creating both a necessity and
opportunity for recycling and reuse. The �rst
set of large-scale supplies of end-of-life
(EOL) batteries is likely to reach the market
around 2025 from public transport and 2- or
3-wheelers. This is because batteries in buses
are charged and discharged more frequently,
and the battery use for 2-3 wheelers will
make them reach their end of life faster.
Yet perhaps as little as half of the batteries
currently reach recyclers, since some of them
are stored, disposed of but not recycled, or
reused for other purposes.
13

All recyclers we interviewed anticipate
lithium-ion battery (LiB) recycling to grow
rapidly in Asia and the European Union (EU)
in particular. The policy is the key driver
for this. China has been among the �rst
countries to incentivise EV deployment at
scale, making it also the likely �rst country
to recycle EV batteries. Key players started
setting up recycling and reuse operations
in the country in 2017 with Government
subsidies. China recycles all battery scrap
and ‘black mass’ (the shredded material
containing the valuable elements of batteries
after they have been dismantled and
shredded) in-country, and the country’s
import regulation currently allows for
importing metals. A revision made in 2021
to the Chinese regulation to allow imports
of black mass will enable China to establish
a regional position as a battery recycling
hub for their scrap metal, black mass from
recycling, and imports of old batteries to feed
into the domestic battery manufacturing
industry. Meanwhile, the European market
is catching up, with strong EV sales since
around 2020. Given the average warranties
and life expectancies of EV batteries, large
quantities of batteries should become
available for recycling in both China and
Europe at similar times. Other countries,
including India, will create a signi�cant
supply of end-of-life batteries thereafter,
given a later start of electric mobility
deployment at scale. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 50
There is a critical need for circular thinking.
Limited availability of critical minerals for
batteries is leading to price rises, with
disruptions due to Russia’s invasion of
Ukraine contributing to increases in 2022.
Prices for cobalt, lithium, copper, and other
minerals would surge to unprecedented
levels, given the expected demand for
them if the world wants to achieve net zero
greenhouse gas emissions to limit global
temperature rises to 1.5°C, according to
detailed modelling by the IMF
14
(see Figure
13). Such rises would challenge the feasibility
of achieving net zero outcomes. Yet they
also enhance the opportunity for recovery of
high-value critical metals through recycling
and battery reuse. The sourcing of recycled
cathode materials will similarly be of interest
for battery manufacturers as this will help
establish a supply chain that is resilient to
geo-political concerns. Security of supply
overall will be crucial, given that, for example,
around 45% of global copper, 80% of cobalt,
and 75% of lithium reserves are concentrated
in just three countries each (see Figure 13).
14
Boer, L. et al. (2021). Energy Transition Metals. International Monetary Fund, October 2021. https://www.imf.org/en/
Publications/WP/Issues/2021/10/12/Energy-Transition-Metals-465899
Top Three Countries, by share of Global Production and reserves for selected metals
(Percentage Points, 2020)
CopperCobalt Lithium
0
Production Production Production Reserves Reserves Reserves
100
90
80
70
60
50
40
30
20
10
Chile Russia Peru ChinaDR Corge Australia Cuba Argentina
Price Projections (Thousands of 2020 US $/tonne).
Copper Cobalt Lithium
250
4
000
202020202020203020302030204020402040
12300
10250
20
8200
16
6150
12
4100
8
Net Zero Emission for 1.5C Existing Emission commitments
Figure 13: Critical mineral supply concentration and price scenarios Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling51
15
Melin, H.E., (2018), The lithium-ion battery end-of-life market - A baseline study for the Global Battery Alliance, World
Economic Forum. https://www3.weforum.org/docs/GBA_EOL_baseline_Circular_Energy_Storage.pdf
16
Ibid.
17
Research Study on Reuse and Recycling of Batteries Employed in Electric Vehicles: The Technical, Environmental,
Economic, Energy and Cost Implications of Reusing and Recycling EV Batteries EV Battery Reuse and Recycling, Project
report by Kelleher Environmental for Energy API (September 2019) https://www.api.org/~/media/Files/Oil-and-Natural-
Gas/Fuels/Kelleher%20Final%20EV%20Battery%20Reuse%20and%20Recycling%20Report%20to%20API%2018Sept2019%20
edits%2018Dec2019.pdf
18
Ibid.
19
Melin, H.E., (2018), The lithium-ion battery end-of-life market - A baseline study for the Global Battery Alliance, World
Economic Forum. https://www3.weforum.org/docs/GBA_EOL_baseline_Circular_Energy_Storage.pdf
20
Ibid.
The end-of-life market for LiBs is a nascent
market with room for innovation and change,
which global EV manufacturers and recyclers
have started to embrace. For example, 10%
of the global cobalt supply was available
from recycling in 2018.
15
Meanwhile,
battery manufacturers are changing
the composition of batteries to limit the
amount of required cobalt (e.g. Lithium-
Nickel-Cobalt-Aluminium Oxide (NCA) and
Lithium-Nickel-Manganese-Cobalt-Oxide
(NMC) batteries)
16
. In parallel, battery
refurbishment for reuse or second-life
applications is already common in several
countries. Repurposing end-of-life batteries
can improve the economics of batteries
and reduce the need for new batteries.
Life extension may also be environmentally
bene�cial relative to immediate recycling.
17

For example, Nissan takes back all spent
EV batteries for its Leaf model in Japan
for testing and refurbishment. A new Leaf
battery is reported to cost about $6,500 and
Nissan o�ers refurbished batteries in Japan
for a cost of $2,900.
18
But not all car and
battery makers support EV battery reuse,
because of concerns over ine�ciencies,
potential malfunctions, and liability.
19

The changing patterns of demand, battery
chemistries, metal prices, and e�ciencies
will shape the relative economics of battery
recycling and reuse over time. There is an
emerging consensus that new battery
costs will decline due to manufacturing
Amid the shifting market,
regulations are evolving to
incentivise, standardise and
formalise recycling and reuse
processes. The interplay of
politics, markets, and technology
is causing the market to be in
�ux. This report provides insights
into the changing strategies
and priorities of global battery
recyclers, and the potential
lessons for India.
e�ciencies, which coupled with battery
recycling process innovation will allow
recycling to become favoured over reuse.
20

Moreover, the availability of su�cient
quantities of high-quality batteries for
reuse will be a constraint for this segment,
according to the �rms we interviewed. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 52
2.1. Approach of selecting global recycling companies 
An increasing number of �rms have entered
the LiB recycling market and claimed they
are recyclers. In practice, however, some of
them are brokers or collectors and some of
them are beginners in this area. Recycling
hereinafter is de�ned as the reclamation
of materials from spent LiBs rather than
reuse for power storage and reuse for other
purposes.
To understand the changing dynamics
within the rapidly evolving recycling, we
have conducted stakeholder interviews
with leading international recyclers.
Companies were selected from the universe
of international recyclers according to the
following criteria:
Global or regional
leader in recycling LiBs
and producing metals
Large volumes and scale
of recycling
Established history of recycling
Role in the value chain
Research and development
(R&D) ability
The identi�ed leading international
recyclers are the predominant players for
LiBs recycling in Asia, North America, and
Europe. According to global battery demand
from 2015 to 2021
21
, the market size of LiB
recycling in these three regions would make
up more than 90% of the world's total in 2021.
The recyclers are summarised in Table 4.
Recyclers can be divided into three
categories:
Group 1 (in green highlighting in Table 4) are
mining companies of relevant metals that
started a recycling business by using already
existing facilities;
Group 2 (purple highlighting) includes
recyclers with a background in
or collaboration with battery/EV
manufacturing, and
Group 3 (yellow highlighting) consists of the
traditional recyclers of electronic waste and
metals.

LiBs recycling is seen as a new opportunity
not only for traditional recyclers but also
for battery manufacturers and even EV
manufacturers since it helps environmental
objectives, improves resource availability
and e�ciency, and growth of green
transport. Table 4 provides and overview of
leading international battery recyclers.
21
International Energy Agency (2022), Global EV Outlook 2022, May 2022, pp136. https://www.iea.org/reports/global-ev-
outlook-2022/executive-summary
01
02
03
04
05 Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
53
Table 4: Overview of leading international battery recyclers
Color coding:
Region Key recycling operators
Headquarter
country
Role in the value
chain
Start date of LiBs
recycling activities
Asia
Huayou Cobalt China
Co Mining & LiBs
recycling
2017
GEM China
Ni Mining & LiBs
recycling
2001
Ganzhou Highpower China LiBs recycling2012
SungEel South Korea LiBs recycling2017
4R Energy
(a joint initiative between
Nissan and Sumitomo
corp.)
Japan LiBs recycling2018
JX Nippon M & M Japan LiBs recycling2010
Sumitomo Metal Mining Japan LiBs recycling2017
North
America
Retriev (formerly Toxco) Canada LiBs recycling2013
Glencore
US (for recycling
business)
Mining, LiBs
recycling
2013
Li-Cycle Canada LiBs recycling2016
Redwood Materials US LiBs recycling NA
Neometals Australia / US LiBs recycling2017
Europe
Duesenfeld Germany LiBs recycling2018
Redux Germany LiBs recycling2018
Accurec Germany LiBs recycling2016
Northvolt Sweden
LiBs
manufacturing &
recycling
2018
Boliden Sweden
Consumer
electronics and
lead-acid battery
recycling
None
Valdi (ERAMET) France LiBs recycling2017
TES-AMM (Recupyl) France LiBs recycling2019
Umicore Belgium
Mining, LiBs
recycling
2006
Fortum Finland LiBs recycling2019
Akkuser Finland LiBs recycling 2006
Batrec Switzerland LiBs recycling2018
Group 1: Mining business or history
Group 2: Collaboration or background of battery manufacturing or EV manufacturing
Group 3: Expanding from metal e-waste or metal recycling to LiBs recycling
Acronyms: Li: Lithium; Co: Cobalt; Ni: Nickel
** Planned; NA not available Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 54
2.2. Perspectives of global battery recyclers on 
the evolving market
To understand the determinants of
corporate strategy and investment choices,
we conducted interviews with 8 leading
international battery recyclers. The focus of
our analysis was to obtain varied feedback
and perceptions about investment risks
and opportunities in the battery recycling
sector from a global perspective. The semi-
structured questionnaire used to guide
the interviews (available in Annex B) was
designed in consultation with PwC and
pManifold, and validated by NITI Ayog. Our
�ndings aim to explore preliminary insights
into the interest and investment priorities of
international recyclers.
Our interviews focused on a subset of the
long list of key recyclers illustrated in the
preceding section. These �rms were chosen
because of their overall signi�cance in
the rapidly evolving international battery
recycling market in di�erent parts of the
world, based on geographical presence and
their scale of operations and accessibility of
their information. In total, the selected �rms
have the capacity to recycle approximately
60% of the global market’s end-of-life
batteries in 2021.
The section below provides a brief overview
of each of the role of the �rms in the global
battery recycling value chain. Section
2.3. then summarises insights from our
stakeholder interviews on the key drivers of
investment decisions and performance.
2.2.1.  Role of international recyclers in battery value chain 
The global battery recycling market is
evolving at pace – and with it the role of
recyclers within the overall value chain of
batteries. Most of the recycling processes
employed are hydrometallurgical. LiB
recyclers are currently mostly based in
Europe, the US, Canada, South Korea,
Japan, and China. This is set against a
market dynamic in which, for example
in 2018, an estimated 97,000 tonnes of
batteries reached recyclers, of which 67,000
were processed in China, and 18,000 in
South Korea. Those two countries were
and still are leading the manufacturing
of battery materials and the production
of cells. This activity has “created a
strong demand for raw materials, which
consequently lays the foundation for
an important market for recyclers, or
opportunities for material companies to
become recyclers themselves”
22
.
Our research on international �rms
con�rmed that LiBs recyclers, battery
manufacturers, and EV producers are
playing multiple roles and are more
than ready to collaborate with each
other to strengthen their position and
competitiveness. For example:
22
Melin, H.E., (2018), The lithium-ion battery end-of-life market - A baseline study for the Global Battery Alliance, World
Economic Forum. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling55
? GEM, a traditional Chinese recycler, has
expanded into mining in Indonesia through
the purchase of nickel and cobalt from a
high-pressure acid leaching (HPAL) plant built
by an Indonesian and Chinese joint venture
23

. In parallel, GEM continues to assess global
investment opportunities in recycling.
24
GEM
also provided technology to EcoPro's recently
opened recycling plant in Pohang, South
Korea.
25

? Glencore in 2022 entered a long-term cobalt
supply agreement with Britishvolt
26
and
separately established a partnership with
Li-Cycle
27
to combine primary and recycled
battery raw materials to produce battery-
grade end products and. Li-Cycle is a
company that recycles batteries and black
mass and specialises in Lithium recycling.
Glencore (US extractives company that
recycles nickel and cobalt) is investing in
Li-Cycle to help grow its battery recycling
capacity to Lithium and reach a broader
international demand for high-value materials.
This partnership explores opportunities to
close the loop with considerable economies
of scale across North America, Europe, and
soon Asia. Glencore's multi-year cobalt supply
agreement with General Motors Co. (GM) could
be used to secure batteries for recycling in the
future, as GM plans to build one million electric
vehicles in North America by 2025
28
.
? Korea’s SungEel and China-based
precursor producer CNGR signed a
memorandum of understanding on
jointly setting up facilities in Europe
for disassembly, pre-processing, and
hydrometallurgical processing of waste
batteries.
29
? Huayou recently reached an agreement
with BMW
30
to co-develop innovative
cooperation model on closed-loop
recycling and cascade utilization of
power battery raw materials, in addition
to existing partnerships with Volkswagen,
TOYOTA, Volvo, SAIC Motor, and GAC
GROUP.
? Duesenfeld, together with car manufacturer
BMW Group intends to develop a method
that can achieve a recycling rate of up to
96% – including graphite and electrolytes.
31
? Volkswagen AG has formed a partnership
with Redwood for recycling electric vehicle
batteries wherein partnership, Redwood
will recycle electric vehicle batteries from
Volkswagen and Audi in the United States.
32

? Umicore reached an agreement with
Automotive Cells Company on battery
recycling and entered into a patent cross-
license agreement with BASF.
33
23
Source: Mining Magazine, September 2020: https://www.miningmagazine.com/supply-chain-management/news/1394450/chinas-
gem-signs-indonesia-nickel-cobalt-deal
See for example recent deal in Hungary.
24
Source: Circular Energy Storage online, May 2022: “Chinese recycler GEM signs cooperation agreement with Hungary” https://www.
circularenergystorage-online.com/post/chinese-recycler-gem-signs-cooperation-agreement-with-hungary
25
Source: Yicai Global, October 2019: “China’s GEM, Korea’s EcoPro to Build Power Battery Recycling Plants” https://www.yicaiglobal.
com/news/china-gem-korea-ecopro-to-build-power-battery-recycling-plants
26
Source : Glencore website: https://www.glencore.com/media-and-insights/news/glencore-and-britishvolt-strengthen-relationship
27
Source : Glencore website: https://www.glencore.com/media-and-insights/news/glencore-and-li-cycle-announce-innovative-
partnership-to-advance-circularity-in-battery-raw-material-supply-chains
28
Source: GM website (Newsroom): https://news.gm.com/newsroom.detail.html/Pages/news/us/en/2022/apr/0412-glencore.html
29
Source: Circular Energy Storage online, November 2021: “CNGR partners with Sungeel Hitech to set up European recycling plant”
https://www.circularenergystorage-online.com/post/cngr-partners-with-sungeel-hitech-to-set-up-european-recycling-plant
30
Source: Benchmarch minerals website : https://www.benchmarkminerals.com/membership/bmw-teams-up-with-huayou-to-
recycle-batteries/
31
Source: Inside EVs, July 2020: “BMW Group To Take EV Battery Recycling Rate To 96%” https://insideevs.com/news/436066/bmw-
group-ev-battery-recycling-rate-96/
32
Source: India Times, July 2022: “VW of America teams with Redwood on EV battery recycling” https://auto.economictimes.indiatimes.
com/news/auto-components/vw-of-america-teams-with-redwood-on-ev-battery-recycling/92832821
33
Source : ACC Press Release, 22 April 2022 https://www.acc-emotion.com/newsroom/umicore-and-acc-enter-strategic-partnership-
ev-battery-materials-europe#:~:text=Umicore%20and%20Automotive%20Cells%20Company,production%20plant%20in%20Nysa%2C%20
Poland
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 56
? Fortum, BASF, and Nornickel reached
an agreement on battery recycling to
establish a closed loop to reuse critical
minerals from the batteries.
34
? China’s GEM is a recycler, but also has
a strategic collaboration with Huayou,
another Chinese recycler. Together they
have established strong partnerships with
companies like CATL, BYD, LGC, Ecopro,
Samsung and XTC for the supply of raw
materials.
? Finland’s Fortum is similarly working
with another recycler – Nornickel – to
strengthen its role in high-value mineral
recovery. Fortum has partnerships with
EV manufacturer Valmet Automotive to
support closed-loop recycling at scale.
36
? MG Motor India has announced that it
has partnered with Attero Recycling to
recycle electric vehicle batteries in the
country
35
.
These interdependencies and collaborations can be seen as a key instrument in
‘closing the loop’ of the evolving circular economy associated with batteries. They
ensure resource availability for all parties – direct access to inputs for battery recycling
and reuse �rms; availability of raw materials for material processors, assemblers, and
manufacturers; and long-term involvement in the value chain for mining corporations. This
loop is illustrated in Figure 14 for two leading international recyclers:
34
Source: Fortum website: https://www.fortum.com/media/2020/03/�nnish-battery-industry-intensi�es-cooperation-fortum-
basf-and-nornickel-sign-cooperation-agreement-battery-recycling
35
https://etn.news/buzz/mg-motor-india-attero-recycling-collaboration-successfully-recycles-�rst-zs-ev-batyery
36
Source: Valmet website: https://www.valmet-automotive.com/media/valmet-automotive-and-fortum-cooperate-in-
sustainable-recycling-of-battery-materials/
Fortum GEM
Material
supplier
and battery
manufacturer
BASF
CATL, BYD,
LGC, Ecorpro,
Samsung, XTC
EV
manufacturer
Valmet
Automotive
BYD, NIO, NISSAN,
GM, TOYOTA,
JAGUAR
Recycler Nornickel Huayou



Raw Material (Mineral Mining)
Material
Processing
Battery
Assembly
EV
Manufacturing
Battery
Reuse
Battery
Recycling
Figure 14: Recycler involvement in battery value chain – examples of Fortum and GEM
Table 5: Recycler involvement and
partnerships in the battery value chain Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
57
Similar �ndings were made about India,
where battery recyclers cited partnerships
and collaborations as a crucial tool for
achieving circularity.
? Attero, an Indian battery recycler,
collects all types of lithium-ion batteries,
whether from consumer electronics
market players like Samsung, and Oppo
or from stationary storage players like
Reliance Jio. They have also signed
MoUs with almost all of India's leading
EV manufacturers (MG Motors India, for
example) to recycle their end-of-life or
defective batteries, catering to nearly
75% of the Indian electric vehicle market.
? Ziptrax technology, another battery
recycling �rm in India has collaborations
with Villgro, Mercedes Benz, and WRI
India, for swapping in e-rickshaws and
electric scooters. They are also extending
this partnership with Tata Motors and MG
Motors, to achieve 10 MWh in recycled/
repurposed batteries for electric mobility
and stationary storage by March 2024.
2.2.2.   Published strategies of 
leading international recyclers
At a high level, published corporate
strategies of leading international
recyclers to re�ect strong expectations
of market growth, a desire for
involvement along the battery value
chain (encompassing collaborations
among recyclers, EV manufacturers,
cell manufacturers, and miners), and a
perceived better opportunity for sourcing
spent batteries through business-to-
business rather than direct business-
to-customer relationships. Moreover,
companies are seeking combined options
across the reuse of batteries and recovery
of valuable minerals from end-of-life
LiBs through recycling. Companies have
a preference for NCM rather than lithium
iron phosphate (LFP) batteries due to
their pro�tability. Below we provide a brief
overview of publicly available corporate
strategy documents before analysing the
views of these �rms in detail in Section 2.3:
Both battery recycling and reuse are
part of the business strategy of leading
international battery recycling �rms:
Chinese companies have grown their
interest in the reuse of power storage
since 2018. The reuse of power storage
is likely to be relevant to India for small-
scale stations. China’s EV usage regulation
requires that EV batteries operating at
80% capacity should be removed from
Evs and used for other purposes. Old
LiBs from Evs are currently reused for two
applications: energy storage or low-
speed vehicles. Most of the reused LiBs are
LFP as the �rst generation of EV battery
packs were made of LFP batteries (vs. 10%
made of NMC). Until 2018, LiB recycling
was not seen by Chinese companies as
cost-e�ective. This meant reuse became
promising for stationary energy storage,
uninterruptible power supply systems of
telecommunication towers, and intelligent
street lighting system. Stationary energy
storage systems in China indicated that
the reuse of LFP was more pro�table than
recycling and would allow short-term
breakeven at a small scale. Large-scale
stationary energy storage systems are
normally for commercial usage which
requires sophisticated auxiliary equipment
for installation, operation, and safety
control, and tends to delay the breakeven
point. Since 2020, the soaring prices of Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 58
battery materials have increased the
pro�tability of LFP recycling, re�ecting the
rapid change in the battery recycling and
reuse markets.
New initiatives and expansion plans: Firms
continue to make progress with respect
to new business models and new source
geographies:
? According to GEM’s 2021 Annual Report
(May 2022)
37
, their strategy is to secure
successful projects in Indonesia and
to start construction of an innovative
production factory in Europe. According
to GEM, the volume of waste EV batteries
in the �rst quarter of 2022 was around
3,407 tonnes, representing a 341%
increase year on year, with over 400 MWh
of batteries reused.
38
? Umicore, as per its Annual Report (2021)
39
,
has also deployed a closed-loop business
model that has helped it meet the needs
of both automotive manufacturers and
the wider EV supply chain. Umicore
has set up a dedicated business unit
(‘Battery Recycling Solutions’), focused
on improving recycling performance,
with increased extraction e�ciency of
cobalt, nickel, and copper. This has also
included the capability to recover most
of the lithium in EV batteries, therefore
addressing a key constraint in existing
recycling. Automotive Cells Company
has recently become a customer of this
new unit, using the technology for its pilot
plant in Nersac, France.
40

? In May 2022, BMW and Huayou signed an
agreement for close-loop cooperation
in Shenyang, the capital city of
Liaoning Province, where BMW (China)
manufactures batteries.
41
This further
cements Huayou’s participation along the
battery value chain.
? SungEel specialises in recycling LiBs and
pursues a strategy of building facilities in
locations where batteries can be easily
sourced. This currently includes plants in
Korea (its headquarters country), Hungary,
Poland, Malaysia, and China, and a
dismantling/pre-processing business in
India. Other locations are being pursued
in the hope of attaining a 10% global
market share by 2030.
42
The company
announced in May 2022 plans for a stock
market launch in the second half of
2022.
43
? Fortum uses low CO
2
processes (a
combination of mechanical and
hydrometallurgical technologies) to
recover lithium, cobalt, manganese, and
nickel. Fortum’s hydrometallurgical battery
recycling operations were shortlisted for
the European Union’s Innovation Fund for
low-carbon technologies.
44
Fortum has
recently decided to expand its lithium-ion
37
China GEM Holdings Limited 2021 Annual Report https://www1.hkexnews.hk/listedco/listconews/
sehk/2022/0506/2022050602024.pdf
38
Source: SEC Online, May 2022, “Chinese recycler GEM signs cooperation agreement with Hungary” https://www.
circularenergystorage-online.com/post/chinese-recycler-gem-signs-cooperation-agreement-with-hungary
39
Source: Umicore 2021 Annual report: https://annualreport.umicore.com/en/2021
40
Automative Cells Company website: https://www.acc-emotion.com/stories/umicore-introduces-new-generation-li-ion-
battery-recycling-technologies-and-announces-award
41
Source: Benchmarch minerals website: https://www.benchmarkminerals.com/membership/bmw-teams-up-with-
huayou-to-recycle-batteries/
42
Source: Bloomberg, May 2022, “Korean Battery Recycler Plans Share Sale as EV Demand Surges”
https://www.bloomberg.com/news/articles/2022-05-08/korean-battery-recycler-plans-share-sale-as-ev-demand-
surges
43
Ibid. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
59
battery recycling capacity with a new
hydrometallurgical plan in Harjavalta
(Finland).
45
Lithium-ion batteries are
disassembled and treated through a
mechanical process at Fortum’s plant
in Ikaalinen, after which the battery’s
black mass is collected and then taken
to Harjavalta for hydrometallurgical
processing.
46

? Other than its partnerships with Li-Cycle
and BritishVolt, Glencore has created
the Circular Electronics Partnership and
is a founding member of the Global
Battery Alliance
47
, which is developing
a sustainable battery value chain.
Glencore sees battery recycling as a
strict necessity to ensure the availability
of raw materials and secure its own future
metals business. To that end, Glencore
is building relationships across the entire
battery value chain.
? Li-Cycle’s investment strategy aims for
at least 100,000 tonnes of annual LiB
equivalent processing capacity by its
‘Spokes’ (equivalent to approximately
20 GWh of LiBs) and a centralized
network of at least 220,000 tonnes of
annual LiB equivalent Hub processing
capacity (equivalent to approximately
44 GWh of LiB) by 2025.
48
In the near
to medium term, the company expects
its expansion e�orts to focus on North
America and Europe but is also exploring
investments in the Asia Paci�c. Li-Cycle
is partnering with multiple customers in
each region, forming supply and o�-take
arrangements. The operating models
remain anchored around its Hub in
Rochester, US (currently recycling 90,000
t/a of LiB equivalent), and Spokes for
collection/processing in other locations
as well as countries (which will add up
to a total capacity of 65,000T).
49
A
partnership was announced on 5th May
2022 that sees Glencore taking a 10%
equity stake in Li-Cycle.
50
Glencore will
help sell the by-products from the Hubs
and brings a broader international reach
to serve the demand.
44
Source: Fortum website: https://www.fortum.com/media/2021/03/four-fortum-projects-shortlisted-eu-innovation-funding-low-
carbon-technologies
45
Source: Fortum website: https://www.fortum.com/media/2021/06/fortum-makes-new-harjavalta-recycling-plant-investment-
expand-its-battery-recycling-capacity
46
Ibid.
47
Source: Glencore website: https://www.glencore.com/media-and-insights/news/Glencore-joins-World-Economic-Forum-s-
Global-Battery-Alliance
48
Source: Li-Cycle website : https://investors.li-cycle.com/news/news-details/2022/Li-Cycle-Holdings-Corp.-Reports-Financial-
Results-for-Fourth-Quarter-and-Full-Year-2021-Signi�cant-Progress-in-Advancing-Spoke-and-Hub-Network-Strategy/default.
aspx
49
Ibid.
50
Source: Glencore website : https://www.glencore.com/media-and-insights/news/glencore-and-li-cycle-announce-innovative-
partnership-to-advance-circularity-in-battery-raw-material-supply-chains
51
Duesenfeld website: https://www.duesenfeld.com/research.html
52
Duesenfelf website: https://www.duesenfeld.com/recycling_en.html
Interest in LiB Recycling and Research:
Leading �rms are continuing to invest
heavily in R&D:
? Some leading companies, such as
Duesenfeld
51
, are investing heavily in R&D
to develop e�cient and environmentally
friendly recycling processes. Duesenfeld
has developed an innovative process
chain combining mechanical processing
and hydrometallurgy, eliminating high-
temperature processes and achieving a
high material recovery rate for LiBs
52
.
? Sustainability leaders in the metals and
mining sector, such as Boliden
53
are
active in several industry for a related to
the circular economy. While the company Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 60
has one of Europe’s largest facilities
for recycling lead-acid batteries
54
, it
has no activity or announced plans
for LiB recycling. However, Boliden
is undertaking research on LiB pre-
treatment in a partnership with Swerim,
Northvolt, Stena Metall, uRecycle, Volvo
2.3.  International recycler interview insights
Corporate strategies and priorities are
evolving in the rapidly growing battery
recycling and reuse business. To understand
the drivers of decision-making and potential
insights for India, we undertook interviews
and engaged with a total of ten �rms
as listed in the preceding section. These
interviews are centered around technology,
economics, regulations, their determining
practices and business models, with
corresponding investment choices.
and RISE IVF,
55
suggesting emerging
interest in the sector.
2.3.1.  Perceptions on technology 
Battery recycling is growing in
signi�cance and the technological
focus is changing. Companies
are jostling for positions to take
advantage of market trends. Thus
far, however, recycling operations
have focused on batteries
from consumer electronics,
laptops, small batteries, and LiB
manufacturing scraps.
In the whole process of cell manufacture,
which normally includes more than 50
steps
56
, about 10-15% of batteries become
non-conforming products
57
and they are
collected and recycled together with spent
LiBs. But batteries from EVs and other
large-scale stationary uses have for the
most part did not reach their end of life
yet. Therefore, no signi�cant recycling of
such larger battery packs exists yet in any
country at scale.
The recycling process can be broadly
classi�ed into pre-processing and
mechanical, hydrometallurgical, and
pyro-metallurgical methods. Pre-
processing is any process that does not
alter the structure of the LiB cells, e.g.,
sorting by battery type from mixed waste.
Mechanical processing involves the use of
di�erent techniques to liberate, classify,
and concentrate materials without
altering their chemistry. These techniques
operate based on relative di�erences in
the physical properties of materials, for
instance, density, shape, and size, and they
53
Source: Boliden website: https://www.boliden.com/sustainability/our-responsibilities/circular_economy
54
Source: Boliden website: https://www.boliden.com/sustainability/case-studies/secondary-material-recycling-and-synergies
55
Source: Swerim, June 2020, “Simulator for pretreatment of lithium-ion batteries”
https://www.swerim.se/en/news/simulator-for-pretreatment-of-lithium-ion-batteries
56
Source: Medium, June 2021 “Battery Manufacturing Basics from CATL’s Cell Production Line (Part 1)”
https://medium.com/batterybits/battery-manufacturing-basics-from-catls-cell-production-line-part-1-d6bb6aa0b499
57
Source: MTB Recycling website: https://www.mtb-recycling.fr/en/lithium-ion-batteries-and-its-recycling-
issues/#:~:text=Until%20today%2C%20the%20only%20option%20was%20smelting%20and,scrap%20rate%20to%20be%20ap -
proximately%2010%25%20for%20gigafactories Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
61
generally occur before stages involving
chemical reactions. After mechanical
processing, the material obtained is re�ned
by hydrometallurgy, pyrometallurgy, or a
mixture of both. Pyrometallurgy refers to
operations at elevated temperatures where
redox reactions are activated to smelt and
purify valuable metals. Hydrometallurgy
involves the leaching of valuable elements
from a solid matrix and their subsequent
precipitation through modi�cation of
solvent-phase chemistry.
Recycling technologies vary with recyclers’
histories and capacities. Small and
medium-sized �rms prefer mechanical plus
hydrometallurgical processes, while long-
established companies take advantage
of hydro–pyrometallurgical processes to
obtain high-end products. This re�ects
that mechanical and hydrometallurgical
processes demand less investment and
fewer emission control facilities than
pyrometallurgical processes. Moreover,
the pyrometallurgical process is energy
intensive and not suitable for the recovery
of non-metallic materials. According to
interviewed �rms, customers also prefer
hydrometallurgy based on the belief that
the process creates lower greenhouse gas
emissions. Therefore, mechanical treatment
followed by hydrometallurgy is preferred
by the majority of the recycling industry.
A recent GIZ and Deloitte report (2022)
58

shows that Indian players are choosing to
focus on hydro. While pyro technologies
incur lower capital costs, hydro was found
to generate greater energy savings for LiB
recycling.
59
Hydrometallurgy is used by
all interviewed Chinese recyclers due to
favourable costs and as a means to obtain
the �nal valuable products from the black
mass. But as noted above, some large
international companies employ hybrid
models using hydro and pyro processes to
obtain high-end products. In addition, some
�rms are creating a portfolio of options,
wishing to have access to all technologies
to be able to cater to any local market
preferences. This is underpinned by a
corporate desire to be able to be a leading
processor of black mass and primary
metals that can complement their overall
business of mined products. However,
according to at least one interviewed �rm,
the global preference for hydro has led to
an overcapacity relative to the currently
available black mass. Excess capacity
may be a sign of exuberance, but it also
re�ects the need to oversize facilities in
anticipation of market growth, given lead
teams for permitting and construction.
58
GIZ, Deloitte (2022), International review on Recycling Ecosystem of Electric Vehicle Batteries https://greenmobility-library.
org/public/index.php/single-resource/VVlwYzEwdzZUWmNjVDdRQnI0L0JOZz09

59
Ibid Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 62
Interviewed �rms highlighted that
mechanical processing is needed to create
black mass by crushing and dissolving
batteries. One interviewed �rm said that it
operates a licencing model through which
its patented technology is made available
to other �rms, mostly battery manufacturers
and EV makers. The process involves
discharging batteries, shredding them,
and drying them below 50°C, which avoids
toxic gas emissions (and hence avoids
the need for gas scrubbing, exhaust gas
treatment, etc). Such advanced processes
contrast with the lack of regulation over
mechanical recycling processes in India,
which interviewed global recyclers raised
as an important risk and concern for
investors. Informal sector mechanical
recycling in India is seen by global recyclers
as a dangerous and environmentally
damaging practice, leading to the release
of hazardous materials in the process of
mechanical breaking, insu�cient prior
discharge, at times burning of batteries,
and poor handling. This extends to the risk
of transport of semi-processed batteries
across India to recyclers who purchase them
on the open market for further processing
and shipment of black mass to their plants
outside India.
The former is mostly Aluminium and the
latter is steel – and they need to be
recycled separately to maintain the purity
In the recycling market, soft
package batteries have
a higher price than hard
package batteries (such as
those from EVs) due to the
di�erent casing materials
60
.
of sorted products. Aside from packing
materials, concentrations of nickel, cobalt,
manganese, and lithium are pricing
factors, and they also have impacts
on extraction e�ciency. Nowadays
cell manufacturers tend to add a
small number of nonferrous metals, like
aluminium and magnesium to improve
the energy density and lower production
cost, thus rendering the complexity of
extraction and puri�cation. Overall,
interviewed �rms expect that LFP
batteries are going to be the dominant
chemistry and have found a niche in
transportation, especially in India. In
Western countries, the most prominent
battery is NMC, except in public
transportation.
Identifying the battery type and
manufacturer as well as assessing
compositions of valuable materials are
essential for recycling. This underscores
the importance of initiatives such as
“battery passports” as proposed in
Europe that seek to ensure transparent
data sharing (see Section 2.3.3.).
Recyclers globally, and led by Chinese
�rms, are currently investing in R&D on
auto-dismantling, reuse, and recycling as
it is anticipated that EV battery packs will
require signi�cant investments to handle
much larger size batteries across the
dismantling and processing stages (also
see Section 3.2.3).
60
Pricing is from Shanghai Metals Market, https://www.metal.com/price/New%20Energy/Used-Lithium-ion-Battery Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling63
2.3.2.  Global practices and 
business models for battery 
recycling
Technological change and inherent
capabilities are shaping the investment
choices of international battery recyclers –
both for expansions of existing operations
and new country entry. Rapid market
growth has led to exuberance, where
competition has intensi�ed and scale
matters. Therefore, the likelihood is high
that the battery recycling sector will see
consolidation through a wave of mergers
and acquisitions.
All recyclers we interviewed anticipate
LiB recycling to grow rapidly in Asia and
Europe in particular. The policy is the key
driver for this. China has been among the
�rst countries to incentivise EV deployment
at scale, making it also the likely �rst
country to recycle EV batteries. Key players
started setting up operations in the country
in 2017 with Government subsidies. Today,
90% of global metal processing capacity
is concentrated in China, according to
the �rms we interviewed. China recycles
all its black mass and battery scrap in-
country. Meanwhile, the European market
is catching up, with strong EV sales since
around 2020. Given the average warranties
and life expectancies of EV batteries, large
quantities of batteries should become
available for recycling in both China and
Europe around the same time. Other
countries, including India, will create a
signi�cant supply of end-of-life batteries,
thereafter, given a later start of mass
electric mobility deployment.
The Faraday Institution ReLiB project
is working to identify the policies and
regulations that would create the economic
conditions required to optimise the reuse
and recycling of lithium-ion batteries
from EVs
61
. The project aims to enhance
the overall e�ciency of the supply
chain and ensure that the UK has the
facilities required for safe, economic and
environmentally sound management of the
materials contained in lithium-ion batteries.
The project also establishes that through
direct targeting of fast, e�cient dismantling
processes boosting productivity and safety
within the waste and recycling sector, it is
possible provide high-purity and high-value
recovered material streams, maximising the
environmental gains of the transition to EVs.
61
Faraday Institution ReLiB project, 2023
https://relib.org.uk/
The strategy of the project is depicted
in the �gure below
Life Cycle Analysis:
Techno-economic assessment of each
recycling route to identify optimum
management systems
Economic Assessment:
An assessment of the relative
engineering and economic gains for
various 2nd life applications
Segregation:
The development of recycling
technologies to segregate and purify
the di�erent materials
Systems:
Fully autonomous gateway testing
and robotic sorting techniques and
development of systems
Characterisation:
Of active materials from cells near,
and at EoL and recycled materials
recovered from used batteries Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 64
Recently, REBLEND was selected as one of
the Round 5 Faraday Battery Challenge
projects to receive funding. This seeks to
further develop three processes to directly
recover valuable cathode active materials
(CAM) from production scrap and end of
life automotive and consumer batteries for
reuse in automotive batteries. It combines
novel delamination, magnetic, electrostatic
and membrane separation techniques,
developed as part of the Faraday
Institution’s ReLiB project.
Battery recycling business models are
geared at present around the recycling
of waste from consumer appliances and
scrap from battery manufacturing, given
the current state of the market. But this is
changing rapidly. The �rst set of batteries
from 2-wheelers (electric scooters) and
3-wheelers is beginning to near their end
of life.
62
The recyclers we interviewed
expect that the �rst wave of EV batteries
at scale will be LFP batteries from buses.
NMC batteries from passenger vehicles
will follow around 2027/2028, given typical
7 to 8-year warranties for such batteries.
However, the actual life expectancy of
EV batteries is signi�cantly longer (at
least 12-15 years and potential life of up
to 25 years, according to interviewees).
This implies a trajectory of exponential
growth: a slow ramp-up followed by a
surge in batteries available for recycling
over the coming decade. But there is
signi�cant uncertainty over the pace as
innovations around battery chemistry and
the novelty of large-scale electric mobility
mean that the actual performance and
life expectancy of batteries in di�erent
operating environments (including hot and
humid conditions such as in India) have yet
to be proven.
62
Melin, H.E., (2018), The lithium-ion battery end-of-life market - A baseline study for the Global Battery Alliance, World
Economic Forum. https://www3.weforum.org/docs/GBA_EOL_baseline_Circular_Energy_Storage.pdf Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
65
The recycling capabilities and facilities of
leading companies are evolving alongside
the pace of market change. As described
in Section 2.3.1 above, not all recyclers
currently have technology that allows
the processing of all types of batteries.
For example, one company cannot yet
recycle LFPs. Another company's current
smelters are not compatible with the
leaching technology that is required for the
recovery of EV batteries. Similarly, another
company has not yet invested speci�cally
in EV battery recycling. Some of the �rms
we interviewed highlighted in addition
scepticism about the actual recovery rate
and environmental footprint of EV battery
recycling. Zero carbon emissions and 99%
recovery rates are not achievable for most
recyclers with current technologies and cost
structures.
Interviewed �rms con�rmed that the scale
of battery recycling operations is key. Line
of sight to su�cient market size (and hence
securing a strong position in the EV market)
is driving investment choices – including
countries for investment. Partnerships
along the battery value chain are one
element of this. Where new recycling plants
or technologies are to be deployed, the
lead time is between two and �ve years for
permitting and construction, according to
interviewees. This is shaping �rm strategies.
One company operates a "spoke and hub
network", where local spokes focus on
the collection of waste or pre-processed
materials that are then shipped to a
central hub. Another company similarly
ships all globally sourced materials to its
central plant. Companies also have local
dismantling operations in emerging markets
(that are often an extension of their existing
recycling plants for consumer appliance
batteries), but then ship these metals to
their own central plants for recycling and
end-user sales. Chinese recyclers largely
have operations in China only at present
but are interested in exploring opportunities
abroad.
India is seen as a nascent and
relatively immature market.
Partnerships with EV and or
battery manufacturers (OEMs)
are seen as important by most
of the interviewed international
recyclers.
The key to this is to ensure access to raw
materials of su�cient scale to warrant
entry and/or expansion of existing plants.
Which scale is required exactly for
pro�tability hinges on detailed feasibility
studies, the general implied market entry
strategy as illustrated above appears
to be one of the initial small-scale local
operations with exports to centralised
facilities. Local dismantling only operations
can be pro�table with capacity below
2,000 t/a, while recyclers told us that
10,000-30,000 t/a scale is required for
new plants focused on stationary storage
recycling only, and a minimum of 50,000 t/a
for plants focusing on EV battery recycling
only (with a �gure over 100,000 t/a cited
by one player for pro�table re�ning). It
also implies that initial investments by
international recyclers would be in the
pre-processing stages such as dismantling,
while investments into hydro or other
processing facilities would become
commercially viable only if access to raw Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 66
materials can be ensured – be it through
local partnerships or the ability to create
an India hub for recycling spent LiBs from
neighbouring countries. The most likely
result of this is a gradual scaling up of
operations by international recyclers.
In addition, the reuse of batteries provides
a business opportunity that can be highly
pro�table – but of lesser scale for most
�rms. EVs and other batteries that are not
fully degraded after their warranty period
may be suitable for refurbishing and reuse,
particularly for stationary applications. For
Chinese recyclers, reuse represents 50 to
70% of their operations (vs. recycling). The
overall reuse rate is a function of whether
batteries are typically returned in good
condition after testing their performance.
Firms also cited that the pro�tability of the
reuse business is high, while recycling is less
cost-e�ective – albeit these economics
are changing due to the surging price of
minerals for new battery manufacturing. For
Chinese �rms, this focus on reuse is also a
consequence of government policy. China’s
regulations currently do not allow for the
import of complete batteries for reuse and
recycling. However, the country has allowed
consumer appliances to be imported for
reconditioning and reuse. Consequently,
a large number of batteries have been
shipped as part of the equipment to China
for processing.
63
European and US �rms,
meanwhile, �nd less scale in battery reuse.
According to one European interviewee,
the condition of batteries available to
them is poor, such that despite its higher
pro�tability, reuse accounts for just 1-2% of
their overall battery processing operations
with the remainder in need of recycling.
Moreover, a barrier to scaling up battery
reuse is that cells of the same or similar
type are needed, which is di�cult to
achieve. Nonetheless, the pro�tability
of battery reuse businesses has a key
implication – widespread battery reuse will
delay the need for battery recycling. This
creates uncertainty for recyclers in setting
up new operations.
Alongside established recycling and
reuse companies, new players and start-
ups are entering the market and are
experimenting with new technologies
– often backed by venture capital
�rms or venturing arms of miners, EV
manufacturers, etc. The challenges for
such �rms are the high up-front capital
costs of facilities and ongoing operating
costs unless the scale is achieved. However,
these �rms are increasing the amount
of overall competition within the battery
recycling sector. This is impacting margins,
and winners will be �rms that can keep
operating expenditures low, have access
to global battery and resource supply
chains, and reach scale with a good
trade-o� between capital investment
and recovery rate. Some companies are
responding to this through a business
model focused on recovering not only the
high-value metals like nickel and cobalt
but the lower-value components too. A
strategy pursued by other interviewed
�rms is to form partnerships with a range of
di�erent recyclers, providing simultaneously
an injection of capital (as an investor)
and a route to market (as an o�-taker of
re�ned minerals). Such strategy is aligned
with a belief in localisation of operations
– both for access to battery waste and
63
Melin, H.E. (2019), State-of-the-art in reuse and recycling of lithium-ion batteries – A research review for the Swedish
Energy Agency http://www.energimyndigheten.se/globalassets/forskning--innovation/overgripande/state-of-the-art-
in-reuse-and-recycling-of-lithium-ion-batteries-2019.pdf Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
67
64
Source: RLG Impact, March 2021: “Formalizing India’s Informal Electronic Waste Sector” https://rev-log.com/us/
rlg-impact-series-formalizing-indias-informal-electronic-waste-sector/#:~:text=The%20Indian%20e%2Dwaste%20
market,e%2Dwaste%20to%20be%20processed.
65
Source: Reuters, February 2018: “China puts responsibility for battery recycling on makers of electric vehicles” https://
www.reuters.com/article/us-china-batteries-recycling/china-puts-responsibility-for-battery-recycling-on-makers-of-
electric-vehicles-idUSKCN1GA0MG
because of government pressure to
reduce dependency on a small number
of countries for critical minerals. The roles
of miners, recyclers, cell manufacturers,
and EV manufacturers are thus becoming
blurred, i.e. recycling is stretching upstream
and downstream. The other likely
consequence of compressed margins
is market consolidation of the industry
through mergers and acquisitions.
2.3.3.  Perceptions on regulatory 
issues from international firms
Interviewed �rms reported that
the ease of doing business and the
presence of regulations enabling safe
and environmentally friendly recycling
operations are key factors driving the
appetite for investment in each of the
countries they invest in the battery. For
instance, the low levels of policies and
regulations enforcement (including the
extended producer responsibility (EPR))
in India are key barriers to entry. India’s
EPR for e-waste from circuit boards (in
place since 2016) is seen as a very useful
policy, but enforcement by the Ministry of
Environment and Central Pollution Board
is a big challenge. The Indian e-waste
market is still controlled by 90% by the
informal sector
64
, which stops companies
from keeping control over the way
batteries are recycled. The informal sector
trades and dismantles batteries in a non-
environmentally friendly way and sells the
components back to the manufacturers.
Global recyclers operating in China and
Europe talked about the challenges of
enforcing EPR regulation even in China,
a country that has a mature battery
recycling market. The Government of
China introduced a new EPR in 2018 in a
context where the country was expected
to produce around 170,000 metric tons of
lithium-ion in 2018. This new EPR requires
EV manufacturers to be responsible for
establishing facilities to collect and recycle
old batteries
65
. The main challenge
comes from the outsourcing of battery Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 68
processing by OEMs to external players
who may not respect regulations. While
China has created a “white list” of battery
recycling companies, several batteries are
recycled on the informal market. Chinese
�rms report that local collection of battery
waste and EPR scheme enforcement are
the main barriers they face in their current
operations, because of the geographic
spread of operations. The cost of building
a comprehensive collection network is
immense. Most used batteries lie within
the private market and without strong
enforcement of government rules and
incentives to align, build and operate the
collection network with the needs of the
industry leaders. The government and
industry players are jointly working on the
collection network.
It is centred around the concept of
“battery passports”, which are “a
digital representation of a battery that
contains information about all applicable
lifecycle requirements of a sustainable
battery, making it easier to identify
and track batteries throughout their
lifecycle.”
66
Battery passports could
support transparent data sharing on
battery chemistries, and the origin and
performance of used batteries. They
could also help countries harmonise their
regulatory actions on the transboundary
movement of spent lithium-ion batteries.
67

At present, no mandatory or harmonised
labelling system currently exists in the EU
to provide information on the chemical.
The due diligence and compliance
systems currently only focus on primary
production, not on used batteries.
There is growing evidence that primarily
produced materials enter the market as
“recycled” materials (therefore not subject
to regulation on primary products) in
some countries that have a high melting
capacity.
Interviewed �rms con�rmed that
recycling black mass is technologically
more demanding than dismantling
and initial processing of batteries.
Regulations need to adapt to increasing
trade and transportation of black mass
to recyclers who are equipped to recycle
it. Compared to LiBs, a black mass is
easier to transport, but risks remain and
some countries classify it as dangerous
goods / hazardous waste, which in
turn is likely to slow down opportunities
around a circular economy. China revised
its regulation in 2021 to allow imports
of black mass
68
, which will change
the dynamics of the transboundary
movements of batteries and materials
and enable China to consolidate its
regional position as a battery recycling
hub. The Basel Convention to control
the transboundary movements of
hazardous wastes and their disposal
(1989) started to address electronic
waste issues since 2002, including illegal
tra�c to developing countries. However,
Battery traceability is at the
centre of regulatory discussions
in the EU and among
interviewed �rms.
66
International Energy Agency (2021) World Energy Outlook Special Report: The Role of Critical World Energy Outlook
Special Report Minerals in Clean Energy Transitions https://iea.blob.core.windows.net/assets/24d5dfbb-a77a-4647-
abcc-667867207f74/TheRoleofCriticalMineralsinCleanEnergyTransitions.pdf
67
Source: WEF (2020), cited in Ibid.
68
Source : Circular Economy Storage online, April 2021: “New standard for crude nickel cobalt hydroxide facilitates
Chinese import of battery waste”: https://www.circularenergystorage-online.com/post/new-standard-for-nickel-cobalt-
hydroxide-facilitates-chinese-import-of-battery-waste Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
69
the convention is a non-binding waste
disposal guideline and will need to be
broadened and adapted to the rise of
transborder movements to avoid becoming
obsolete.
69
One of the interviewed �rms
speci�cally referred to legal permission
to ship LiBs to India as a crucial factor
for investing in India. The question for
investors is whether India can become a
hub with regional facilities for South Asian
69
The Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal was
adopted on 22 March 1989 by the Conference of Plenipotentiaries in Basel, Switzerland, in response to a public outcry
following the discovery, in the 1980s, in Africa and other parts of the developing world of deposits of toxic wastes imported
from abroad. Source:http://www.basel.int/TheConvention/Overview/tabid/1271/Default.aspx
and Southeast Asian countries. The policy
will need to be �exible in dealing with two
potentially competing business models –
a centralised national model where India
is a hub and the alternative where India
remains a spoke for dismantling / early-
stage processing and sending components
to centralised locations elsewhere in the
world. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 70 Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
71
Global
perspective on
regulations, risks
and emerging
market
Chapter 3 Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 72
Section 3.1 provides a brief overview of key
dynamics in global regulations on battery
recycling and reuse. Section 3.2 reviews the
implications of technology opportunities
and risks. Section 3.4 focuses on additional
aspects governing the economics of battery
recycling.
Our interviews with leading
international recyclers con�rmed
that the growing market and
evolving regulations are key
determinants of corporate
investment strategies. In support
of deriving recommendations
for India, we reviewed the wider
literature.
3.1. Regulations governing reuse and recycling
There is no single benchmark regulation
that could serve as a blueprint for India.
Regulatory frameworks vary signi�cantly
from country to country to cater for the
speci�c dynamics of the domestic battery
manufacturing and recycling markets. This
section doesn’t serve as a comprehensive
review of policies and regulations, but
rather provides an indicative overview.
In Europe and North America – while the
home of several recycling hubs – the volumes
of LiBs processed are still fairly low, because
batteries are not at the end of their life yet.
Moreover, there is active trade of battery
waste to China for reuse and countries
such as South Korea for processing. This is
accompanied by a trend towards increasing
pre-processing of batteries in the countries
where they are collected, including in India,
for more e�cient and safer transportation.
High safety precautions due to �re hazards
for LiB recycling create substantial hurdles to
economic recycling practices. Standards on
LiB recycling processes and reuse, especially
the early stages (pre-processing and
dismantling) are a major issue even in China
where the recycling and reuse practices
are the most mature
70
. Below is a brief
synopsis of selected key international battery
regulations and standards, particularly
around EPR obligations that are shaping
company strategies.
3.1.1.  USA
The USA does not have federal laws and
regulations speci�cally for EV battery
recycling. Only universal laws and
regulations govern the overall recycling of
used batteries. LiBs are considered harmful
and governed under the Standards for
Universal Waste Management as “hazardous
waste”. There are no speci�c targets for
LiB collection, and collection is voluntary
(done by the call2recycle initiative). The EPR
70
Research Study on Reuse and Recycling of Batteries Employed in Electric Vehicles: The Technical, Environmental,
Economic, Energy and Cost Implications of Reusing and Recycling EV Batteries EV Battery Reuse and Recycling, Project
report by Kelleher Environmental for Energy API (September 2019) https://www.api.org/~/media/Files/Oil-and-Natural-
Gas/Fuels/Kelleher%20Final%20EV%20Battery%20Reuse%20and%20Recycling%20Report%20to%20API%2018Sept2019%20
edits%2018Dec2019.pdf Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
73
3.1.2.  Asia Pacific excluding India
China:
Japan:
Asia is at the forefront of battery recycling.
Over 20 companies are involved in China
and at least 6 in South Korea. Their feedstock
originates both from domestic batteries and
imports.
legislation is only present in some states and
remains unclear for LiBs. A battery passport
may be a viable alternative
71
. A LiB Advisory
Group (formed of public agencies and private
companies, including some of the �rms we
interviewed as part of this study) was set up
in 2019 to support and advise the design of
LiB disposal regulations, especially for EVs.
A key policy within the US is California’s
Rechargeable Battery Recycling Act (2006),
which prohibits the disposal of all household
batteries in land�lls and requests that retailers
collect or accept to take back rechargeable
batteries for recycling, at no cost to
consumers. The Act provides a location for
consumers to recycle rechargeable batteries.
71
GIZ, Deloitte (2022), International review on Recycling Ecosystem of Electric Vehicle Batteries https://greenmobility-
library.org/public/index.php/single-resource/VVlwYzEwdzZUWmNjVDdRQnI0L0JOZz09
72
Source: Circular Economy Storage online, April 2021, “New standard for crude nickel cobalt hydroxide facilitates
Chinese import of battery waste”: https://www.circularenergystorage-online.com/post/new-standard-for-nickel-cobalt-
hydroxide-facilitates-chinese-import-of-battery-waste
After bene�tting from a government-
led subsidies and incentives system, the
Government of China started to reduce
their support in 2012. This system supported
a nascent recycling industry and helped
attract businesses, train people and pool
investments in recycling. Recycling is a hot
area in China and attracts investment from
domestic companies in particular. However,
Chinese recyclers are now calling on
policymakers to keep supporting the industry
to reduce operational costs in China. In 2017,
China released draft regulations holding
automobile manufacturers accountable
for the recovery of new energy vehicle
batteries.
Since 2018, China has set up additional
EPR measures to encourage battery
producers and EV manufacturers to
establish collection and recycling
activities, beyond manufacturing
only. Technical guidelines encourage
the standardisation of battery design,
production and veri�cation, as well as
repairing and repackaging for second-life
utilisation.
China does not have any speci�c
regulation on LiBs. There is a catalogue
of e-waste product recycling (2015), which
does not set any collection targets. The
EPR legislation does not apply to LiBs.
After closing its borders to waste imports,
China reallowed in 2021 the imports of
black mass
72
to facilitate access to primary
materials such as crude nickel-cobalt
hydroxide for the processing of waste
batteries.
Japan does not have laws and
regulations speci�cally for EV battery
recycling. Only universal laws and
regulations govern the overall recycling of
used batteries. The Promotion of E�ective
Utilization of Resources Act (1991, revised
in 2000) encourages business operators
to collect and recycle products where
recycling is possible. A collection target
was set to 30% for LiBs. The collection is
organised through collection centres and
through the Japan Portable Rechargeable Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 74
Battery Recycling Center (JBRC) for member
manufacturers of small rechargeable
batteries.
An e�ective EPR system allows recyclers
to cover up to 80% of their costs. To boost
the EV industry, including battery reuse, the
government and automotive sector are
collaborating on the collection and testing of
used batteries to maximise reuse. Batteries
are viewed as a key strategic pillar for the
evolution of the automotive industry and to
achieve the Green Growth Strategy
73
.
South Korea:
Australia:
An EPR policy was adopted in 2003 for the
collection and recycling of four battery
types: Mercury, Nickel-Cadmium (NiCd),
silver oxide and primary lithium batteries.
In 2008, Aqueous Aluminium-Ion (MnAl)
and Nickel Metal Hydride (NiMH) were also
included. The policy states EPR mandatory
targets for recycling and actual recycling
rates are calculated by the Ministry of
Environment annually to check on the policy’s
achievements.
In Australia, there is no speci�c regulation
for battery recycling or collection. An EPR
legislation is in place, and collection is
covered by a voluntary collection initiative
(the Australian Battery Recycling Initiative, or
ABRI).
3.1.3.  European Union
The EU’s current regulatory framework
comprises (speci�cally) the 2006 Batteries
Directive and (more generally) the Waste
Framework Directive, the Industrial Emissions
Directive and chemicals legislation. Current
issues with the EU regulatory framework are:
? The 2006 Batteries Directive targeted 65%
in terms of weight for Lead Acid batteries,
75% of Nickel–Cadmium batteries, and
50% for “other batteries” including Lithium-
Ion batteries, but the directive has only
boosted the collection of pro�table
battery types. This is problematic, given
that recycling technologies are rather
capital-intensive and require signi�cant
economies of scale
74
.
? The Batteries Directive is also not well
equipped to keep pace with new
technological developments. An example
is LiBs, which are becoming the most
important battery chemistry in the market
but are not speci�cally covered by the
Directive, which discourages recycling
of these batteries and is a barrier to the
development of high-quality recycling
processes.
73
International Energy Agency (2021), Global EV Outlook 2021 https://iea.blob.core.windows.net/assets/ed5f4484-f556-
4110-8c5c-4ede8bcba637/GlobalEVOutlook2021.pdf
74
Halleux, V., (2022), New EU regulatory framework for batteries: Setting sustainability requirements European
Parliamentary Research Service https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/689337/EPRS_
BRI(2021)689337_EN.pdf
The implementation of the EU Directive has
been uneven and the levels of batteries
collected and recycled are sub-optimal.
The EU has therefore set some priority
actions on battery recycling, which focus
on recovering mineral resources, on mining
issues, how to stimulate the market and
foster the e-mobility sector, and on initiatives Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
75
75
International Energy Agency (2021), Global EV Outlook 2021
https://iea.blob.core.windows.net/assets/ed5f4484-f556-4110-8c5c-
4ede8bcba637/GlobalEVOutlook2021.pdf BRI(2021)689337_EN.pdf
to boost battery manufacturing, recycling
and reuse. New measures have been set up
to improve recycling and collection. A new
Battery Regulation proposal envisioned a
70% recycling e�ciency for Li-ion batteries
by 2030, plus speci�c recovery rates of
95% for cobalt, nickel and copper and 70%
for lithium.
75
A new EU directive, issued on
the 10th March 2022 for manufacturers,
introduced certi�cates and labels for the
calculation of manufacturers’ carbon
footprint to incentivise them further.
This is supported by the EU EPR, which
transfers funds from consumers to recyclers.
This so far covers up to 50% of the recycling
costs. Using this principle, the European
Commission has put into place innovative
measures to maximise collection levels
centred around:
? A recycled content declaration
requirement would apply from 1 January
2027 to industrial batteries, EV batteries
and automotive batteries containing
cobalt, lead, lithium or nickel in active
materials.
? Mandatory minimum levels of recycled
content set for 2030 and 2035 (i.e. 12 %
cobalt, 85 % lead, 4 % lithium and 4 %
nickel as of 1 January 2030, increasing to
20 % cobalt, 10 % lithium and 12 % nickel
from 1 January 2035, the share for lead
being unchanged).
After veri�cation that environmental and
EPR regulation was respected throughout
the manufacturing process, companies
claim their money back. Companies can
also contact an insurance policy to recover
their deposit in case of non-compliance.
The EPR system in Germany relies on an
audit and certi�cation system for battery
manufacturers, where they sign a contract
with recyclers who get the EPR funds
from manufacturers. China is trying to
follow the German pattern of EPR since
the Government has started reducing
central subsidies to recyclers. The Chinese
government sees the German EPR system as
better adapted to the geographic spread
of the manufacturing and recycling industry
in China, where it has proven challenging
to enforce EPR regulation centrally and
e�ciently.
It is important to note that
Germany has a di�erent EPR
system, where consumers do not
pay towards the EPR �nancing
system but rather battery
producers pay an advance
deposit ahead of manufacturing. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 76
3.2.  Reuse and recycling technology: Risks 
and opportunities
Technology is a key distinguishing feature
of international recycling companies – with
each stage of battery EOL management
presenting its own opportunities and risks
for investors. At a high level, these stages
divide into second-life applications and LiB
recycling. We review the opportunities and
risks associated with each of these stages.
Technologies for recycling such as pyro and
hydro metallurgy for recycling EV batteries
are at a mature stage with a global
recycling capacity of more than 100,000
t/a. However, recycling EOL EV batteries
that have about 80% capacity still left after
retirement may lead to an ine�cient value
chain of batteries as this will lead to waste
of resources and energy. The second-life
application of EV batteries is essential for
establishing an e�cient circular economy of
EV batteries. But the testing of batteries is
a nascent technology and is critical for the
beginning of the EV battery reuse process. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
77
3.2.1.  Secondary use of batteries
The second-life options of batteries will
help to improve the EV’s overall economic
e�ciency, as the overall costs can be shared
between the primary and secondary users.
Table 6: Potential second life uses of batteries
There are di�erent routes of secondary use
of batteries for di�erent applications as
summarised in Table 6.
Reconditioning Refurbishing RepurposingReuse
Description
Reconditioning is
an improvement
of the life of a
pack that is still
eligible for the EV
application by
identifying and
replacing the
cells with poor
performance
Refurbishing
involves the
identi�cation of
good battery
modules from the
EoL batteries and
packing them into
a new battery
pack for further
use
Repurposing
involves the
use of EOL EV
batteries that
still has enough
capacity to be
used in other
stationary storage
applications
without any
change to the
battery packs
Reuse involves the
use of the individual
battery cells from
EOL battery packs
that are not suitable
for EV applications
but are suitable
for other small
applications
Applications
Same EV
application
Same or
other small EV
application
Grid-connected
storage,
commercial
distributed energy
storage
Consumer electronic
applications like
mobile phones
Source: GIZ (2022), Battery Ecosystem: A Global Overview, Gap Analysis in an Indian context, and
Way Forward for Ecosystem Development https://greenmobility-library.org/public/index.php/single-
resource/ZjJhdmkybHhBZERZMER1KzNueUM0UT09
Opportunity for secondary battery use investment:
There is a growing automotive industry
interest to involve in participating in
extending the life of batteries through
second-life applications to help reduce
the cost of batteries and thus make the
EVs a�ordable for end-users. There are
several instances of collaborations between
automobile companies with battery storage
developers to develop batteries for second-
life applications – and collaborations with
battery recyclers to facilitate this loop as
described in the preceding sections. This
will also improve the EoL battery collection
e�ciency for the second-life battery
application developers. This presents an
opportunity for investing in the second-life
application development for EoL EV batteries.
Some of such initiatives by automotive
industry players include: Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 78
? Nissan’s partnership with Sumitomo
Corporation to reuse battery packs from
the Nissan Leaf for stationary distributed
and utility-scale storage systems.
76

? Renault’s Advanced Battery Storage
Program. This collaboration involves
several partners in the energy sector and
is expected to result in a 70 MW / 60 MWh
used EV battery installation for grid-scale
battery storage in Europe.
77

? BMW’s consortium with recycling �rm
Umicore and battery manufacturer
Northvolt to improve the life cycle of
batteries by repurposing the EoL batteries
for home storage applications.
78

Risks of battery second life
investment:
Despite this promising opportunity, there are
still several unclear technical and economic
risks that may hinder the second-use
option of EV batteries. Many factors that are
a�ecting its feasibility are:
? Availability of reliable data on battery
ageing: There is uncertainty in the
availability of data on how the batteries
have performed in their �rst life as EV
batteries. Therefore, battery repurposing
companies and the potential end users
of second-life applications of batteries
lack the knowledge of how batteries have
performed and in which conditions. As the
second life of the batteries depends on
their use in its �rst life, this will increase the
risk for the battery repurposing company
that buys the EoL batteries.
79
? Cost of repurposing and competition
with new, more advanced, and cheaper
batteries: There is still uncertainty in the
cost of repurposing. Some applications
where batteries can be directly reused
will have low cost, however, some
applications would need dismantling
and repurposing parts of batteries which
might increase the repurposing cost.
For second-life markets to thrive, the
cost of the battery, plus this processing
fee, must be lower than the expected
revenue to attract �nancial backing.
While second-life batteries are expected
to be cheaper than other forms of energy
storage, second-life batteries will have
to compete with less-expensive versions
of current lithium-ion batteries, plus
other chemistries like �ow batteries.
80
As
highlighted in Section 2.3.2 above, the
recyclers we interviewed con�rmed that
the battery reuse business can be highly
pro�table relative to recycling, but a
practical challenge is the availability of
su�cient quantities of batteries suitable
for second-life reconditioning.
? Liability for quality of refabricated/
repurposed battery: If a second-life
battery resulted in damages to an EV
or stationary application, then the
question of liability arises. Currently,
regulations and standards regarding
liability for second-life batteries are
unclear and may discourage automakers
from allowing their batteries to be used
outside of the vehicle, other than for
recycling.
81
76
https://global.nissanstories.com/en/releases/4r
77
https://events.renaultgroup.com/en/2022/01/27/stationary-energy-battery-storage-three-new-projects-in-europe/
78
https://www.umicore.com/en/newsroom/news/bmw-group-northvolt-and-umicore-join-forces-to-develop-sustainable-
life-cycle-loop-for-batteries/#:~:text=The%20BMW%20Group%2C%20Northvolt%20and,for%20electri�ed%20vehicles%20in%20
Europe.
79
UCLA, Berkeley Law report (2014) Reuse and Repower: How to Save Money and Clean the Grid with Second-Life Electric
Vehicle Batteries https://www.law.berkeley.edu/�les/ccelp/Reuse_and_Repower_--_Web_Copy.pdf
80
Ibid.
81
Ibid. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
79
82
State of health (SoH) is a �gure of merit of the condition of a battery (or a cell, or a battery pack), compared to its ideal
conditions. The units of SoH are percent points.
83
State of Safety (SoS) represents the condition when the battery is in danger to use in the vehicles, and it can be estimated by
several means, such as its thermal runaway, current, voltage, state-of-charge (SoC), and SoH
84
The lithium-ion battery Remaining Useful Life (RUL) is de�ned as the remaining number of charge-discharge cycles of the
battery with a speci�c output capacity
3.2.2.  Testing of battery pack 
and module
Determination of battery condition is key
in EoL EV battery management. For reuse/
repurpose of the batteries, companies must
test the condition and performance at the
building blocks level of the battery i.e., each
module and cell level if required.
The testing of batteries for determining
their condition will involve measurement
of important battery parameters like its
State of Health (SoH)
82
, State of Safety
(SoS)
83
and Remaining Useful Life (RUL)
84

prediction. The generic process of testing
batteries involves taking decisions at
di�erent stages of breaking the battery and
testing to put the battery in the best suitable
application. Figure 15. illustrates the process
of determining applications.
Source: GIZ (2022), Battery Ecosystem: A Global Overview, Gap Analysis in Indian context, and Way Forward for Ecosystem
Development, https://greenmobility-library.org/public/index.php/single-resource/ZjJhdmkybHhBZERZMER1KzNueUM0UT09
Figure 15: Flow chart for decision making on secondary life application of battery
Battery Reuse
Battery Reuse
Removal of
Battery Pack
Condition
Determination
Battery Module
Battery Cells
SOH
Estimation
of Battery
packs
SOH
Estimation
of Battery
packs
SOH
Estimation
of Battery
packs
If
SOH < 80%
If
SOH < 80%
If
SOH >85%
If
SOH > 85%
If
SOH > 85%
If
SOH >85%
If
SOH >85%
Second Use
(Repurposing)
Second Use
(Refurbishing) Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 80
Opportunity if battery condition
can be determined:
Risks associated with battery testing:
As standards are being developed
worldwide for EoL battery testing, this
provides an opportunity for reusing instead
of recycling the batteries right after the
&#6684777;rst life. China has recently issued technical
guidelines
85
to test the performance of
batteries destined for reuse. This opens
the scope for use of the EoL batteries in a
range of applications and drives the e&#438093348969;cient
circular economy for the batteries.
considering large volume testing in a
reverse logistics scenario, coupled with
the expected rise in EV sales volumes,
would be prohibitive for several vehicle
manufacturers and specialist suppliers to
apply circular economy principles within
their businesses.
86

? No promising testing methods:
The methods for estimation of the
parameters for battery condition
determination (SoH, SoS and RUL) include
empirical estimation, model-driven
estimation and data-driven (machine
learning) approaches.
87
Each of these
methods has its own advantages and
disadvantages and are still in research.
Figure 16 illustrates these testing methods.
Table 7 discusses their advantages and
disadvantages.
Source: Nassim et al. (2020), A Review of
Battery State of Health Estimation Methods:
Hybrid Electric Vehicle Challenges, https://
www.mdpi.com/2032-6653/11/4/66/
pdf?version=1602836129
85
Standard GB/T 34015-2017 issued in 2017 by the Ministry of Industry and Information
Technology (MIIT)
86
https://www.sae.org/publications/technical-papers/content/2017-01-1277/
87
https://hal.archives-ouvertes.fr/hal-02993901/document
? Long testing times: The major challenge
of performance testing is that the test
duration can be excessive and last for
several hours. Current testing standards
for capacity measurement of Li-ion cells
(i.e., IEC-62660 and ISO-12405) would
require at least a test duration of around
10 hours. Such a long test duration when
Battery Condition Determination Methods
Experimental
methods
Model-based
methods
Machine learning
methods
1. Impedance measurement
2. Internal resistance
measurement
3. Capacity level
4. Incremental Capacity
Analysis (ICA) and Di&#6684774;erential
Voltage Analysis (DVA)
5. Other methods
1. Support Vector regression
2. Neural Network
3. Fuzzy logic
4. Other methods
1. Adaptive Kalman
&#6684777;ltering
2. Electro-chemical
models
3. Electrical equivalent
circuit models
4. Other methods
Figure 16: Battery condition determination methods classi&#6684777;cation Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
81
Table 7: Battery testing methods, advantages, drawbacks and limitations
Method Advantages Drawbacks and limitations
Experimental methods:
These are based on
measurements that are
done in laboratories to
understand and evaluate
the battery ageing
behaviour
? High accuracy
? Low computational e&#6684774;ort
? Require speci&#6684777;c equipment
to be conducted
? Most of the time the
measurements are time-
consuming
Model based methods:
These methods use
the equivalent electro-
chemical and electric
circuit models that
describe the battery
behaviour considering
various battery condition
indicators
? Require a simple structure.
? Provide a relatively accurate
and robust estimation.
? Provide fast processing and
easy implementation.
? Require experimental
pre-validation in the
development phase of the
process.
? Rely heavily on the model
used in terms of accuracy
and computational time.
Machine learning
methods: These methods
represent a combination
of experimental and
model-based ones. In fact,
they use training data,
measurements and models
in the learning process to
estimate the battery SOH
? Provide a high accuracy
estimation.
? Provide an easy
implementation process.
? Rely heavily on the quality
of the training data
used and the operating
conditions and battery
types considered for these
data.
? Rely on the model used
in terms of accuracy and
computational time.
No standard design of battery: The current
issue with testing the battery modules from
various manufacturers is the fact that there
are various designs and no harmonization
between the various designs. There are
di&#6684774;erent module and cell designs in the
market, for example, Tesla Model S has
cylindrical cells, Nissan Leaf has pouch cells
and Mitsubishi i-MiEV has prismatic cells. The
di&#6684774;erent form factor and chemistry makes
the testing process challenging. Further,
there is no standardization of the Battery
Management System for EV batteries. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 82
3.2.3.  Automated 
dismantling of EV batteries 
Dismantling of batteries involves breaking
the battery into cells that can be further
reused for various applications or crushed
into a &#6684777;ne powder called black mass
which can be fed to the recycling process.
Automation of this process could accelerate
the practical and economic feasibility of
battery recycling and reuse at scale.
Opportunities for automated
battery dismantling:
Presently most of the dismantling happens
manually. However, EV batteries for
4-wheelers, trucks and buses are larger than
what the recycling industry has traditionally
catered for. It will be more challenging and
riskier to dismantle them manually. This
presents the case for implementing an
automated dismantling of EV batteries.
Chinese companies who are actively involved
in recycling have engaged in R&D for the
Risks associated with automated
dismantling processes:
? Processes to deal with chemicals used
for battery cooling require additional
safety procedures to deal with
polluting coolants. This is less easily
automated.
? Lack of standard battery designs
creates additional challenges for
automated processes to detect
components, separate them
e&#6684774;ectively and manage to dismantle
them safely. Labelling and battery
passports are potential solutions.
dismantling stage as a critical step of pre-
processing before recycling can happen.
Successful automation would enhance both
pro&#6684777;tability and the technical feasibility of
recycling and reusing LiBs at the scale that
will be required to manage the volume of
batteries reaching their EOL over the coming
decade. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
83
3.2.4. Battery recycling: 
recovery of high-value metals
Opportunities for battery
recycling technology:
Risks associated with recycling
processes:
Recycling is the &#6684777;nal step of end-of-life
battery management, focused on the
recovery of high-value metals. While
a pro&#6684777;table business, technological
challenges persist that a&#6684774;ect the
economics of operations.
Mechanical recycling remains a key
technology that many global recyclers are
involved in. The process involves removing
the outer case of the batteries, electronics,
plastic separators and copper cables, and
the remaining cells are crushed into a black
mass. The resultant black mass contains
high-value critical cathode metals and is
processed for further extraction.
Changing battery chemistries present
technical and economic challenges:
Because of depleting resources, increasing
Contamination of chemical process with
changes in battery chemistry in case of
hydro: Shifts to lower critical metal and
advanced new battery chemistries will
severely a&#6684774;ect the metal recovery e&#438093348969;ciency
of the process like hydrometallurgy. The
hydrometallurgical process involves the
chemical leaching of batteries. The new
chemistries of advanced batteries would
create unwanted chemical compounds
during the chemical leaching process and
contaminate the recycling process.
90
Higher recycling capacity for pro&#6684777;table
processing of black mass: The estimated
break-even point for the critical
metal recovery process is 17,000 t/a
for pyrometallurgy and 7,000 t/a for
hydrometallurgical plants.
91
The high capital
intensity of these processes combined with
highly competitive price o&#6684774;erings for black
mass from some of the established recyclers
(e.g. from China and South Korea) will pose
a risk for battery recyclers in other regions of
the world.
Hydrometallurgical and pyrometallurgical
processes are well-established recycling
technologies for recovering critical metals.
These are the processes that interviewed
international recyclers are focused on. A
direct recycling
88
process is an emerging
technology, which is expected to recover
critical metals more economical compared
to the other two technologies
costs and geopolitical issues with the
sourcing of critical metals, battery
manufacturers are looking to reduce
the use of such metals by developing
battery chemistries like sodium-ion, LFP
and low cobalt NMC chemistries. These
batteries hence contain fewer high-value
minerals. This will a&#6684774;ect particularly the
pro&#6684777;tability of capital-intensive hydro and
pyrometallurgical recycling processes.
89
88
Direct recycling is an emerging process, o&#6684774;ering improved recycling e&#438093348969;ciency, as it does not break down the cathode into
elements, but instead retains the material crystal structure and regenerates the cathode material
89
Lander, L. et al (2021), “Financial viability of electric vehicle lithium-ion battery recycling”, iScience, Volume 24, Issue 7, 2021,
102787, ISSN 2589-0042, https://doi.org/10.1016/j.isci.2021.102787
90
Sojka, R., (2020), “Comparative study of Li-ion battery recycling processes”, ACCUREC Recycling GmbH, September 2020,
page 3 https://accurec.de/wp-content/uploads/2021/04/Accurec-Comparative-study.pdf
91
Ibid Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 84
Costly process for extraction of Lithium: Most
of the current recycling processes based on
hydro and pyrometallurgical technologies
are not able to recover the lithium from
the batteries.
92
The extraction of lithium
has not been economical historically. To
make the recycling process pro&#6684777;table, it is
There are social and environmental risks
associated with recycling, which are
discussed in Section 3.4.3 below.
92
Yan, T. et al (2020), “High-e&#438093348969;ciency method for recycling lithium from spent LiFePO4 cathode”, Nanotechnology Reviews,
vol. 9, no. 1, 2020, pp. 1586-1593. https://doi.org/10.1515/ntrev-2020-0119
93
European Commission, Joint Research Centre (2018), Ruiz, V., Di Persio, F., Standards for the performance and durability
assessment of electric vehicle batteries: possible performance criteria for an Ecodesign Regulation, Publications O&#438093348969;ce, 2018,
https://data.europa.eu/doi/10.2760/24743
essential to develop technologies to extract
high-value Lithium which are still under the
development/research stage.
3.3. Relevant standards
A range of international standards exists
for EOL battery management in individual
countries. Companies operating in these
countries or wishing to do business with
these countries are obliged to comply.
However, these standards themselves are
evolving in response to technology and
market trends. This creates uncertainty
for recyclers. A detailed discussion of each
standard is beyond the scope of this paper
and the reader is referred to comprehensive
discussions in, for example, European
Commission, Joint Research Centre (2018).
93
A list of current standards is provided in table
below. These provide an indicative overview
of some of the standards currently in place.
Importantly, India lacks any such national
standards at present. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
85
Table 8: Global end of life battery management standards
Stage of
EOL battery
management
Standard Country Scope
Testing
GB/T 34015-2017 China Test of residual capacity
GB/T 33598.3-2021 Part-3 China Speci&#6684777;cation for discharging
GB/T 34015.3-2021 Part-3 China Echelon using requirement
GB/T 34015.4-2021 Part-4 China
Labels for echelon used battery
products
JIS C8715-1-2012 Part-1 Japan Tests and requirements of performance
JIS C8715-2-2012 Part-2 Japan Tests and requirements of safety
EN IEC 62660-2:2019
EU/
Global
Test procedures to observe the reliability
and abuse behaviour of secondary
lithium-ion cells and cell blocks
Battery
manufacturing /
usage / disposal
PAS 7061UK
Safe and environmentally-conscious
handling of battery packs and modules
Automated
dismantling
GB/T 33598-2017 China Dismantling Speci&#6684777;cation
QC/T 1156—2021 Japan
Speci&#6684777;cation for secondary cell
dismantling
Reuse / recycling
Technical code in drafting China
Three technical codes and one
regulation are at preparation or
amendment stage:
1. Technical code of carbon emission
accounting for EV battery reuse
enterprises;
2. Amendment of regulation governing
reuse and recycling of EV battery;
3. Technical code of the list of
hazardous wastes (HW) generated in EV
battery production;
4. Collection network and facility
construction for EV batteries
SAE J2997 (WIP) USA
Standards for a testing and identity
regimen to de&#6684777;ne batteries for variable
safe reuse Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 86
3.4. Changing outlook: economics, emissions 
and social factors
3.4.1. Global lessons on the 
economics of LiB recycling and reuse
The preceding sections have demonstrated
the viability of both LiB recycling and reuse.
The wider literature identi&#6684777;es additional
considerations for the pro&#6684777;tability of
such businesses. Battery recycling has
typically been geared towards recovering
cobalt, nickel and copper, which have
been considered most valuable. Batteries
from consumer electronics (the bulk of EOL
batteries today) are LCO with 17% cobalt
content, rendering them pro&#6684777;table to recycle.
In addition, with strong commodity prices
and e&#438093348969;cient processes, most batteries with
little to no cobalt (NCA, LFP and LMO) are
pro&#6684777;table to recycle if received as cells.
94
However, EV batteries are more complex
and assembled in modules and packs (see
Sections 3.2.3 and 4.2.4 above), making
disassembly costly. Transportation of
batteries to specialist facilities may also
be required. The combination of the costs
of transport, disassembly and processing
(a function of labour, general expenses,
electricity, water, etc) is the reason why
the estimated pro&#6684777;tability of EV battery
recycling varies signi&#6684777;cantly across
locations as highlighted in Figure 17
Importantly, the economics are not static.
In our interviews with recyclers, &#6684777;rms
unanimously expressed their expectation
of high pro&#6684777;tability of EV battery recycling,
given their industry-leading e&#438093348969;cient
processes, price expectations, and policy
94
Melin, H.E., (2018), The lithium-ion battery end-of-life market - A baseline study for the Global Battery Alliance, World
Economic Forum. https://www3.weforum.org/docs/GBA_EOL_baseline_Circular_Energy_Storage.pdf
95
Halleux, V., (2022), New EU regulatory framework for batteries: Setting sustainability requirements European Parliamentary
Research Service https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/689337/EPRS_BRI(2021)689337_EN.pdf
incentives. EPR schemes place an obligation
on producers to ensure recycling and, e.g.,
in the EU, cover a signi&#6684777;cant proportion of
recycling costs as highlighted in Section 3.1.
Overall policy promotion of electric mobility
and renewable energy is contributing to rising
battery demand. An expectation of scarcity
of critical minerals for battery manufacturing
implies a forward view of enhanced recycling
pro&#6684777;tability.
For example, traditionally, lithium has not
been recovered from batteries at scale,
because it has not been deemed cost-
competitive compared with primary supplies.
95
It is similarly possible for other materials that
new mining may currently be more cost-
e&#6684774;ective for manufacturers than recycling in
the absence of any support schemes. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
87
Figure 17: Estimated EV battery recycling pro&#6684777;ts by country, technology and type
China
South Korea
US
Belgium
UK
Net Recycling Pro&#6684777;t, $-kWh-1
NCA
NCA
NCA
NCA
NCA
NMC622
NMC622
NMC622
NMC622
NMC622
NMC811
NMC811
NMC811
NMC811
NMC811
LFP
LFP
LFP
LFP
LFP
LMO
-20.00-20.00-30.00
Direct Hydrometallurgical Pyrometallurgical
-10.00-10.00-30.0000.00
LMO
LMO
LMO
LMO
Source: Lander, L. et al (2021)
Note: Bars pointing to the left indicate a net loss; bars pointing to the right are a net pro&#6684777;t. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 88
The expected supply-demand gap of high-
value metals (cobalt, lithium, nickel) will make
recycling and reuse indispensable over time.
For example, lithium has frequently not been
recovered from batteries at scale, because
it has not been deemed cost-competitive
compared with primary supplies.
96
But higher
market prices for materials have already
changed this, according to international
recyclers we interviewed. Moreover, while EV
battery reuse or ‘second life’ has so far been
seen as more pro&#6684777;table, higher market prices
for metals will incentive users to send batteries
for recycling rather than for reuse due to
more immediate recovery of these metals.
97
In addition, the challenge of re-engineering
batteries for reuse and the potential
safety liability of OEMs for such second-life
applications are disincentives. This combines
with expected reductions in battery production
costs. According to a Global Battery Alliance
study
98
, second-life batteries are currently
traded for between $60 and $300 per kWh,
depending on the market and application.
These prices are set to fall in line with the
general market to $43 per kWh in 2030,
primarily due to falling new battery prices.
That value would be similar to what materials
in batteries are worth today. Therefore, ‘used
batteries which still contain cobalt might be
diverted to recycling as recyclers might pay
the same or a higher price for the batteries.’
99
In other words, the overall economics will shift
away from battery reuse towards recycling
instead because “the regulation of and
investment into the collection and material
recovery incentivize the development and
wide-spread application of high-quality
recycling processes currently in early-stage
Environmental policy is a key driver of the
viability of battery recycling and reuse as
described in previous sections, but not all
recycling processes currently deployed bring
large environmental gains. Processes with
low recovery rates may deliver limited bene&#6684777;ts
to the circular economy of batteries, some
recycling processes generate substantial GHG
and pollutants
101
and – where not regulated
– informal sector mechanical dismantling
processing may cause safety as well as
environmental risks.
Emerging new regulations globally are creating
compliance challenges. Life cycle assessment
(LCA) is a methodology used to assess the
environmental impacts of products or systems
and is becoming an increasing requirement
in several jurisdictions as a way to measure
carbon footprint for battery manufacturers
and recyclers. A typical LCA of a battery for
electric vehicles covers all life cycle stages from
mineral sourcing, processing, cell and module
production, battery assembly, distribution and
use to &#6684777;nal recycling and end-of-life disposal.
The primary use of an LCA is for producers to
identify areas for improvement and also to
measure the carbon footprint of batteries to get
a certi&#6684777;cation. LCA methodologies typically push
for a model where valuable materials extracted
through recycling go back to manufacturers.
Such a circular model would reduce the overall
carbon footprint of batteries signi&#6684777;cantly.
96
Ibid
97
HMelin, H.E., (2018), The lithium-ion battery end-of-life market - A baseline study for the Global Battery Alliance, World
Economic Forum. https://www3.weforum.org/docs/GBA_EOL_baseline_Circular_Energy_Storage.pdf
98
Ibid
99
Ibid
100
Research Study on Reuse and Recycling of Batteries Employed in Electric Vehicles: The Technical, Environmental,
Economic, Energy and Cost Implications of Reusing and Recycling EV Batteries EV Battery Reuse and Recycling, Project
report by Kelleher Environmental for Energy API (September 2019) https://www.api.org/~/media/Files/Oil-and-Natural-
Gas/Fuels/Kelleher%20Final%20EV%20Battery%20Reuse%20and%20Recycling%20Report%20to%20API%2018Sept2019%20
edits%2018Dec2019.pdf
100
Ibid
development. This raises recovery rates across
all major markets.”
100
3.4.2. Life cycle assessments and 
carbon footprint certifications Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
89
Battery recyclers will increasingly have
to demonstrate the existence of an LCA
certi&#6684777;cate to their partners and clients.
Recyclers who are also suppliers of raw
materials for battery manufacturers will have
to show LCA / carbon footprint certi&#6684777;cation to
national authorities in the country where the
Figure 18: Example of life cycle assessment scenario analysis technology and type
battery is sold or exported (this is compulsory
for exports to the EU). Specialist third-party
companies provide LCA services and these
are frequently used by small manufacturers,
while large battery manufacturers have in-
house teams dedicated to LCA to ensure
compliance with global regulations.
Source: Koroma, M. S. et al (2022)
102
102
Koroma, M., S., et al (2022), “Life cycle assessment of battery electric vehicles: Implications of future electricity mix and
di&#6684774;erent battery end-of-life management”, Science of The Total Environment, Volume 831, 2022, 154859, ISSN 0048-9697,
https://doi.org/10.1016/j.scitotenv.2022.154859.
Refurbished Scenario
Raw Material
Extraction
Stationary
Use Stage
Raw Material
Extraction
Avoided LIB
Manufacture
Materials &
BEV Manufacture
Used BEV without
Battery
Rejected LIB cells &
Broken Components
Used Refurbished LIB
Avoided LIB
Manufacture & Eol 4
BEV
Use Stage
LIB
Refurbishment
EoL 2 -
Treatment
& Recycling
EoL 3 -
Treatment
& Recycling
EoL 4 -
Treatment
& Recycling
Future
Electricity Mixes
Avoided LIB System Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 90
103
Proposal for a Regulation Of The European Parliament And Of The Council concerning batteries and waste batteries,
repealing Directive 2006/66/EC and amending Regulation (EU) No 2019/1020, https://eur-lex.europa.eu/legal-content/EN/
TXT/?uri=CELEX:52020PC0798
104
GIZ, Deloitte (2022), International review on Recycling Ecosystem of Electric Vehicle Batteries https://greenmobility-
library.org/public/index.php/single-resource/VVlwYzEwdzZUWmNjVDdRQnI0L0JOZz09
LCA is increasingly being
incorporated into EPR and
Circular Economy (CE)
guidelines:
The role of the informal sector
or unregulated recycling
businesses
The draft EU batteries regulation (10th
March 2022)
103
introduced a requirement by
2023 for battery manufacturers to include
a carbon footprint declaration in the
technical documentation of batteries (above
2 kWh), leading to the implementation of
‘carbon footprint performance classes.’
The implication is that it would become
necessary for all of the players in the lifecycle
of EV batteries to conduct an internal LCA
to obtain a carbon footprint certi&#6684777;cate (CE
mark/certi&#6684777;cate). Furthermore, repurposed
(second life) batteries might be considered
as new products- these will need to comply
with product requirements when they are
placed on the market. Harmonised rules for
calculating carbon footprint for batteries
have not been developed.
In South Africa, as part of EPR requirements,
producers might be required to carry out LCA
for batteries.
104

China has established a national platform
for EV battery monitoring and tracing, which
includes three modules: Vehicle Management
Module, Recycling Management Module,
and Local Authority Monitoring Module. This
platform provided life cycle management
of EV batteries and started operation on 1st
August 2018.
LCA is becoming central in the sector.
Manufacturers and recyclers should position
themselves to build up sustainable business
models or risk falling out of compliance.
There could be global implications of such
certi&#6684777;cation requirements. For instance, the
EU regulation also establishes a ‘battery
passport’ to digitally track key metrics
across the battery value chain. This means
that batteries (including second life) placed
in the EU market will need to abide by
certi&#6684777;cation rules and also set up battery
passports.
Compliance and transparency entail
additional dimensions that are likely to
become of growing importance in the LiB
recycling and reuse market. This includes
aspects such as social considerations,
the role of the informal sector and overall
accountability for processes along the
recycling and reuse value chain. As part of
this study, we discussed these factors with
international recyclers, experts on corporate
responsibility and a representative from the
OECD (see Annex C for details).
Battery recycling – especially at the early
stages – like much of waste management
more broadly, is frequently conducted by
the informal sector or small unregulated
businesses. This is the case in India, where
battery separation, dismantling as well as
the processing of battery scraps are often
3.4.3 Social considerations, 
informal sector and transparency Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
91
undertaken by the informal sector with
limited oversight over health, safety and
environmental (HSE) standards. Aside from
unsafe work practices with negative social
impact, such informal sector processing
leads to lacking clarity over what happens
to residual by-products from these initial
battery recycling stages. Interviewees
highlighted in addition that the informal
sector similarly manages the transport of
batteries – both at the initial collection
stage and for the resale of recovered waste
on the open market. For some international
recyclers active in India, open market
purchase of pre-processed battery waste
is the only way of obtaining access to
su&#438093348969;cient battery mass at present in India.
They perceive this as a signi&#6684777;cant risk to
investment, with battery passport and LCA
regulations set to amplify the challenge
over time. A route to direct access to battery
waste that, therefore, bypasses informal
sector intermediaries, is a core part of the
strategy of international recyclers as they
scale up their operations in new markets.
Formalisation, standardisation and
regulation of the battery collection and
early processing stages thus o&#6684774;er signi&#6684777;cant
opportunities for enhancing local social
impacts through better HSE practices, while
simultaneously improving the investment
climate for international recyclers.
The informal sector may have cost
advantages while creating liability
challenges for OEMs. According to a report
by Kelleher Environmental, “amateur operators
with low safety and environmental standards
will take apart a Tesla battery, test and sell
the cells separately for $5 to $6/cell. In theory,
if 80% of the cells are in good condition,
these amateurs could make $15,000 from
a used Tesla battery. These operators are
of signi&#6684777;cant concern to Panasonic [the
manufacturer of Tesla batteries] because
of the risk and liability associated with the
distribution of cells without proper standards
and management.”
105
105
Research Study on Reuse and Recycling of Batteries Employed in Electric Vehicles: The Technical, Environmental,
Economic, Energy and Cost Implications of Reusing and Recycling EV Batteries EV Battery Reuse and Recycling, Project
report by Kelleher Environmental for Energy API (September 2019) https://www.api.org/~/media/Files/Oil-and-Natural-
Gas/Fuels/Kelleher%20Final%20EV%20Battery%20Reuse%20and%20Recycling%20Report%20to%20API%2018Sept2019%20
edits%2018Dec2019.pdf
106
USGS (2021). Mineral Commodity Summaries. Cobalt. United States Geological Survey, 2021. https://pubs.usgs.gov/
periodicals/mcs2021/mcs2021-cobalt.pdf
Transparency and traceability
along the battery value chain
Transparency and traceability of recycled
materials are concerns for all metals,
including those from batteries. This
commences at the mining stage, where
cobalt is increasingly being seen within the
category of so-called ‘con&#6684780;ict minerals’ as
e.g. three-quarters of global production
comes from the Democratic Republic of
Congo
106
, where practices at artisanal and
small-scale mines (ASM) and armed con&#6684780;icts
remain concerns. While knowledge of the
country of origin exists at the mining and,
hence, most likely also at the original battery
manufacturing stage, this is no longer certain
after battery reuse or recycling. There are two
reasons for this.
There is no clear de&#6684777;nition of what ‘recycled’
means when referring to batteries. A strict
de&#6684777;nition might classify recycled batteries
as those consisting of 100% of post-original
consumption materials. However, in practice,
a recycled or refurbished battery may consist
of a blend of recovered and newly mined
components. This may extend to the level
of individual metals, e.g cobalt. This issue
is already the case for other metals, most
notably gold, where ASM gold is entering
the market under the disguise of a ‘recycled’ Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 92
107
Dietsche, Evelyn (2022), private verbal communication in interview to authors of this study, 11 May 2022.
108
Rubinova, S. (2022), OECD, private verbal communication in interview to authors of this study, 11 May 2022.
109
Source: Reuters, May 2021: “Glencore, Umicore to trace battery cobalt with blockchain technology” https://www.reuters.
com/business/energy/glencore-umicore-trace-battery-cobalt-with-blockchain-technology-2021-05-20/
110
Dietsche, Evelyn (2022), private verbal communication in interview to authors of this study, 11 May 2022.
International trade in battery waste
compounds the issue of transparency and
traceability of components. Corporate
strategies pursued by leading international
recyclers are anchored around the principle
of obtaining battery waste from source
countries, where they are pre-processed
and then exported as black mass to
centralised hubs for &#6684777;nal processing. While
proposed ‘battery passports’ seek to track
the origin of components, the potential
role of intermediaries (as well as informal
sector actors) within the di&#6684774;erent stages
material via countries or companies with less
strong responsible sourcing requirements
by melting and binding it to other metals.
107
Recognition of the issue and discussion of
enhanced standards for due diligence on
metals overall was the theme of the 15th
OECD Forum on Responsible Mineral Supply
Chains that took place from 2 to 6 May 2022.
complicates the tracking of components.
Another example of this is the trade of
batteries with China. While battery waste
import is prohibited in China, the import
of batteries within defunct appliances for
refurbishment reuse is not. Yet it is di&#438093348969;cult
to distinguish at the border which purpose
battery waste will serve in reality. This extends
to international statistics on the battery
waste trade, which is only just emerging
globally. A forthcoming OECD study on the
topic notes that international statistics i) do
not distinguish between quantities for reuse
or recycling, and ii) do not track the original
source of metals and potential re-export.
108
Such ‘rule of origin’ criteria to determine the
national source of a product begin to matter,
however, as batteries constitute a signi&#6684777;cant
part of the value of EVs and, therefore, may
impact on excise and duties charged on
them. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
93
Battery passport and to some extent LCA
certi&#6684777;cation processes will help enhance
transparency and traceability. They will,
however, encounter the limitations outlined
above. Innovative solutions may exist and, for
example, Glencore and Umicore are piloting
at present the tracing of battery cobalt
with blockchain technology.
109
Alternative
solutions may emerge, with options &#6684780;oated
in other domains of the circular economy
including extensions of EPR regulations. Such
an option could include that miners retain
property rights of metals even after the end-
of-life products. In other words, this would
resemble a model whereby mined outputs
are leased rather than sold to producers.
110
Such an approach would, however, have to
be accompanied by tracing technology such
as blockchain that remains to be proven
economically viable at scale. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 94
4.Conclusions and recommen-
dations for India to attract in-
ternational investors and boost
domestic recycling ecosystem Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
95
Conclusions and
recommendations
for India to attract
international
investors and
boost domestic
recycling
ecosystem
Chapter 4 Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 96
Our review of the literature and interviews
with stakeholders identi&#6684777;ed that battery
recycling is not a choice, but a necessity
to ensure the global availability of critical
minerals required for the low carbon energy
transition. India can become a key part of
this and attract international LiBs recyclers
Li-ion battery recycling is a multistep process,
which requires proper logistics to procure
scrap batteries, capital-intensive plant
setup, and additional technologies and
Li-ion batteries are considered hazardous
since they have corrosive, &#6684780;ammable, toxic,
and explosive characteristics. Most of the
collection of batteries is through informal
mechanisms hence it lacks standards for
collection and transportation. This may
pose a great risk of any mishap.
Manufacturers do not provide explained
diagrams of battery systems/ packs,
disassembly sequences, type and number
of fastening techniques, tools required,
number of cells, and necessary warnings,
etc. Such information can help in ensuring
the healthy recovery of materials and the
safety of end-of-life and waste battery
handlers.
The import restrictions on the used/scrap
lithium-ion batteries are a hindrance for
recyclers who can expand their base
not only in India but also in catering to
international markets.
The draft policy on waste management
rules focuses on battery recycling but
misses out on the reuse of batteries, which
is an important aspect of achieving a
circular economy from batteries coming
from the EV sector. Although the draft is yet
to be o&#438093348969;cially noti&#6684777;ed.
to invest in the country. In the sections below,
we have highlighted the challenges and
barriers faced by existing domestic recyclers
in India, along with the risk and opportunities
of investing in India as perceived by
international recyclers.
4.1. Challenges and barriers highlighted by
domestic recyclers
Policy and Regulatory
? Lack of waste handling regulations,
standards, and certi&#6684777;cations:
? Lack of schematics and standardization
of batteries for recycling and healthy
recovery of batteries:
? Import restriction on used Li-ion batteries:
? Bigger focus on recycling:
cell chemistries that are feasible for long-
term business. Below are some of the key
challenges highlighted during several rounds
of consultation with key recyclers in India. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
97
Due to the lack of ease of disposal via the
organized channel of battery disposal,
consumers rely heavily on the unorganized
sector.
The used batteries come in di&#6684774;erent
lots through scrap dealers, it becomes
a time-consuming process for recyclers
to segregate them based on di&#6684774;erent
chemistries and compositions.
Advances in technology have led to
signi&#6684777;cant enhancement of new battery
performance and a decline in battery
prices. Although the cost of second-life
repurposed batteries is much lower than
the cost of new batteries in the current
scenario, in the long run, the battery prices
will decline further. Hence, new-tech
batteries could potentially be a competitor
for repurposed batteries.
The recycled minerals and metals from
the recycled process are majorly used in
industries like aviation, pharmaceuticals,
ceramics, cement, etc. It lacks circularity
for not being utilized in new battery
manufacturing.
The economic value of recycling batteries
is primarily dependent on the battery
chemistry (assuming full recovery e&#438093348969;ciency).
Although LFP is one of the most extensively
used battery chemistry, the margins
involved in LFP recycling are not very
appealing to recyclers due to the lower
economic value and high recycling costs.
Furthermore, LFP does not contain any
valuable metals except lithium, which is
present in a very small quantity. Therefore,
recyclers must tailor their processes to
boost plant productivity and the ability
to process a wide range of battery
chemistries.
The number of labs for validation of
heterogeneous materials of di&#6684774;erent
batteries is very less and it takes too much
time to get the &#6684777;nal report.
The prices of scrap batteries vary from
region to region due to the presence and
dominance of local scrap dealers. Causing
uncertainty in the long-term supply of
batteries to recyclers.
Collection
Market O&#6684774;take and Operations
? Dominance of the unorganized sector:
? Non-segregation of scrap batteries:
? Competing with new batteries:
? Lack of battery manufacturing from
recycled minerals/metals:
? Economic Feasibility:
? Labs for quicker testing:
? Price discovery: Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 98
Others
In the absence of any manufacturing
facilities for Li-ion battery production in the
country, the manpower has limited skillsets
to be deployed in upcoming facilities and
would require time and e&#6684774;ort to learn new
skills.
International battery recyclers are
interested in exploring and/or scaling
up investments in India as they see the
country as a nascent and promising
market. However, they require a greater
understanding of the speci&#6684777;c market
opportunities. Of the interviewed recyclers,
only one &#6684777;rm has an existing battery
recycling business in India that it is in the
process of upgrading. However, some of the
interviewed recyclers are keeping an eye on
how the recycling landscape is evolving in
India- they either have existing businesses
in parallel sectors (such as charging) or have
dedicated policy advocacy teams focused
on &#6684777;nding suitable partners in India.
A wide variety of battery pack designs
and interconnect technologies make
the disassembly process complex, time-
consuming, and cost-intensive. Dissimilarity
The recycling process of LiB units itself
involves several carbon-emitting activities,
starting with the emissions resulting from
collecting and transporting batteries to
the recycling process, which itself requires
a considerable amount of electricity and
thermal energy.
? Capacity Building:
? Variety of battery packs:
? Carbon footprints:
in battery design and con&#6684777;guration creates
a problem in the establishment of standard
recycling units.
4.2. International recyclers’ perspective on risk
and challenges in investing in India
The lack of familiarity with the Indian
market is a barrier for investors who
do not yet have partners in India or
operating experience in the country.
Some of the interviewed &#6684777;rms had limited
knowledge of existing initiatives India has
taken to accelerate the manufacturing
and deployment of batteries, while others
understand that the FAME I programme
111
did not achieve to boost individual EV sales
as much as expected. FAME II allocated
USD 1.4 billion over 3 years, to boost the
manufacturing of 1.6 million hybrid and
electric vehicles, with a strong share of
the incentives dedicated to buses (41%),
111
The Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India (FAME) scheme was set up by the
Government of India in 2015 to reduce pollution caused by diesel and petrol operated vehicles and to promote electric or
hybrid vehicles. Phase I (2015-2019) was followed by a new investment of Rs. 10,000 Crore (2019-2022). 86% of FAME II has
been allocated for Demand Incentive so as to create demand for xEVs in the country. This phase aims to generate demand
by way of supporting 7000 e-Buses, 5 lakh e-3 Wheelers, 55000 e-4 Wheeler Passenger Cars (including Strong Hybrid) and
10 lakh e-2 Wheelers. Source: India Ministry of Heavy Industries Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
99
3-wheelers (29%) and 2-wheelers (23%).
However, only 3% of the allocated funds
had actually been used by 2021, for a total
of just 30 000 vehicles (with Covid being
a contributing reason for low demand).
This suggests a slow uptake of EVs on the
domestic market and signi&#6684777;cant acceleration
will be required to reach both the programme
targets and national targets of 30% EV
sales by 2030. As 2- and 3-wheelers (NMC
batteries) are seen as the core of the Indian
market for now, it is anticipated that these
batteries will be the &#6684777;rst ones to reach their
end-of-life and present the predominant
opportunity for recyclers in 2030. Meanwhile,
initiatives such as India’s announced
Production Linked Incentive (PLI) Scheme
for Advanced Chemistry Cell (ACC) Battery
Storage can provide additional opportunities
for recyclers to manage manufacturing
scraps as a domestic value chain emerges.
112

Potential international investors seek an
enhanced understanding of Government
of India policies related to EVs, battery
manufacturing, and EOL regulation.
Regulatory gaps for LiB recycling
represent a key risk for investors. India
does not currently have any policy structure
or mechanism for recycling LiBs and the
demand for a second use. Since 2019, a
recycling policy for LiBs is in the drafting
phase, in which the recyclers are given
Standard Operating Procedures (SOPs). This
strategy also places responsibility on battery
manufacturers to recover used batteries
under the EPR requirements.
113
The preferred market entry strategy
among potential international LiB recycling
investors would be a joint venture (JV) with
a local partner. This is seen as providing
local expertise and, most importantly,
access to battery waste. Given the early
stage of the Indian market, international
recyclers require con&#6684777;dence in the ability to
secure su&#438093348969;cient volumes of EOL batteries.
There is no unanimous view over which type
of local partner would be preferable and
some international investors are deliberately
agnostic. Partnerships with local recyclers
are seen as securing a share in the market
immediately. However, all interviewed
international &#6684777;rms highlighted the bene&#6684777;ts of
forging a partnership with an Indian battery
or EV manufacturer as a way of being directly
a part of the growing market in high-quality
batteries and helping to close the loop
as EPR regulations come into force over
time. A European &#6684777;rm emphasised that a
condition for partnership would be that the
company is strong and demonstrates a good
value system in support of compliance and
sustainability regulations. A separate and
particular way of market entry is technology
licensing, which would require an Indian entity
to purchase access to such technology to
manage its environmental obligations.
The scale of the current Indian LiB market
is insu&#438093348969;cient for international investors
to set up large-scale operations within
the country now. However, interviewed
&#6684777;rms observe a shift of the global battery
supply chain model towards localisation
and regional hubs across the world. India
could become such a hub for South Asia.
112
For detail on PLI ACC scheme: https://pib.gov.in/PressReleasePage.aspx?PRID=1809037#:~:text=The%20Government%20
approved%20the%20Production,outlay%20of%20%E2%82%B9%2018%2C100%20crore
113
Deepti, D., et al (2022) “Economic Analysis of Lithium Ion Battery Recycling in India”, Wireless Personal Communications.
10.1007/s11277-022-09512-5. https://www.researchgate.net/publication/357887808_Economic_Analysis_of_Lithium_Ion_
Battery_Recycling_in_India Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 100
Firms explicitly operate a model whereby
local centres gather and pre-process battery
waste for shipment to large-scale hubs. The
objective is that local centres or ‘spokes’ are
located as close to the customer as possible,
whereas ‘hubs’ need economies of scale. For
dismantling or mechanical processes, such
local centres are seen as economically viable
at less than 5,000 tons per year capacity,
with international investors seemingly
envisaging a potential scale of at least
10,000 tons per year in India. Interviewed
&#6684777;rms highlighted that a standalone hydro
facility within India would require recycling
at least 20,000-40,000 tons per year of
batteries, which the Indian market could not
supply alone over the medium-term. One
Chinese recycler thus expressed interest in
combining a potential Indian recycling plant
with its already existing Indonesian business.
One North American recycler is exploring the
option to set up a regional hub for South Asia
based in India, which could then attain up to
300,000 tons/year in capacity over time. But
initial investments are likely to be on a smaller
scale, and the realisation of the regional
hub scale would be highly contingent on the
Government of India’s policy related to the
battery waste trade.
Battery collection and
pre-processing are seen as major
operational risks for recycling in
India.
Interviewed recyclers recommend that local
pollution boards’ monitoring is crucial to
ensure the collection of used batteries in
safe conditions. International &#6684777;rms expressed
particular concern over the prevalent role of
informal sector recyclers in India with unsafe
working dismantling and transport practices,
causing potential liabilities for any purchases
of battery waste on the open market. Of
course, the risk appetite of individual &#6684777;rms
varies, but potential new investors in India
see greater governance and reputational risk
than &#6684777;rms already operating in India.
The economics of recycling and
reuse in India relative to other
countries will determine where
international &#6684777;rms invest.
Recycling is highly sensitive to the costs
of transport, disassembly, and processing
(a function of labour, general expenses,
electricity, water, etc.). Market participants
also expect that battery recycling will
become more economically favourable
than battery reuse due to changes
in battery chemistries and recycling
technologies, while also providing greater
scale.
The global battery recycling market may
be entering the phase of consolidation,
where dominant global players will
emerge, and start-up specialists are
displaced and/or purchased. This presents
both an opportunity and risk to India’s
recycling sector as niche operators may
cease to exist. The openness of India to
international investment will determine the
exposure of India’s own battery recyclers to
global competition and pressures.
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
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4.3. Recommendations to improve attractiveness for
investment and domestic recycling ecosystem
In order to improve the battery recycling
network, it is necessary to have a
robust battery recycling and disposable
ecosystem in the country. India can attract
international investment into battery
recycling and reuse. The experiences in
the EU and China may serve as guides
for speci&#6684777;c policies, while we draw on the
global literature and our domestic and
international &#6684777;rm interviews to highlight
key recommendations to improve India’s
attractiveness to investments, following are
some key recommendations:
E&#6684774;ective implementation of the Extended
Producer Responsibility (EPR) de&#6684777;ned by
the government under Battery Waste
Management rules, 2022 must be ensured
to control the growing pollution from
battery waste. It involves that all the EV
manufacturers must abide by the EPR
targets set under the new rules and allow
second use of these batteries before they
are handed over for disposal to some
authenticated recycler. For making EPR
e&#6684774;ective, consumers may be charged a
small battery fee. Additionally, incentivizing
in form of a rebate can be provided to
consumers to return end-of-life EV batteries
to the appropriate collection agent to
ensure compliance.
LFP is one of the most extensively used
battery chemistry and huge volumes of it
end up in the recycling market. However,
due to the lower economic value and high
recycling costs, LFP recycling does not
o&#6684774;er recyclers highly attractive margins.
Therefore, incentives in the form of viability
gap funding can be o&#6684774;ered to make LFP
recycling pro&#6684777;table. Additionally, including
some of the cost of LFP recycling in the
battery’s production cost can also assist in
making LFP recycling economically viable.
Recycling is highly sensitive to the costs
of transport, disassembly, and processing
(a function of labour, general expenses,
electricity, water, etc). Government support
schemes are key to unlocking investment in
countries that already have large recycling
and reuse centres. The state government
should focus on attracting investments
through streamlined policies and
procedures with a focus on single window
clearance, resolving land acquisition
issues, developing trunk infrastructure,
manufacturing clusters, and cheap and
uninterrupted power supply. Support
To promote increased participation of
start-ups, support in the form of grants
? Ensuring e&#6684774;ective implementation of the
EPR scheme:
? Subsidies for attracting investments:
? Incentives for LFP recycling:
? Facilitating the establishment of LiB
recycling plants in India:
should be extended to recyclers for land,
machinery, and other infrastructural
requirements. Open calls for standards and
allowing anybody to apply for such grants
will result in a larger return and greater
recovery. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 102
from the central government may also be
sought through the central coordination
cell to reduce bottlenecks.
The establishment of a battery recycling
program will create cost implications.
Policies for establishing a comprehensive
incentive system such as incentives for
establishing tax holidays and income tax
deductions for the establishment of lithium-
ion battery recycling plants in India have to
be framed.
Battery recycling can be made
economically feasible by
relaxing import restrictions on
scrap metals, black mass and
waiving the duties on special lab
equipment required for recycling
can make the market appealing.
Apart from non-&#6684777;scal incentives from
states, a production linked incentive can
also be introduced by the Government of
India in line with the ACC PLI scheme given
to cell manufacturers. This will not only help
the domestic recyclers but also serve the
cell manufacturers selected under the ACC
PLI scheme. Several parameters which can
be considered for evaluation could be:
-Cell chemistry (or the minerals and metals
being recovered)
-Recovery e&#438093348969;ciency of minerals and
metals recycled
-Domestic utilization of recovered
minerals/metals should be more than
60% within India, and preferably to cell
manufacturers
Several informal sector players can be
leveraged to establish proper battery
collection channels. For example, Exigo
has tie-ups with e&#438093348969;cient logistics partners
across India to transport waste in a
secure and environmental-friendly way.
The reverse logistics service provider for
Exigo also operates collection centres
? Providing tax exemption:
? PLI scheme for recycling:
? Develop legislation for adequate
storage and disposal of used LiBs to
improve immediate health, safety, and
environmental bene&#6684777;ts and will increase
regulatory certainty for domestic and
international investors. Speci&#6684777;cally, in India,
in the upcoming battery management rules,
the Central Pollution Control Board (CPB)
must explicitly state the responsibilities of
corporates and the repercussions of the
inability to meet the same. The disposal of
batteries in land&#6684777;lls should be made illegal
and an e&#6684774;ective mechanism should be
developed for batteries to undergo proper
disposal through recyclers.
? Formalisation of recyclers and waste
traders, and/or obligations for battery
recyclers to sell manufacturing scraps to
formal sector recyclers. This will realise
signi&#6684777;cant HSE bene&#6684777;ts and increase
the feedstock available to large-scale
investors. In India, so far, the unorganized
sectors have been playing an important
role in the collection and recycling of
di&#6684774;erent batteries. A proper framework
would streamline the process of battery
collection and segregation as well as
prevent recycling in the unorganized sector
where proper safety considerations are
often ignored. To streamline and channel
waste e&#6684774;ectively, there is an urgent need to
digitize waste management in the country.
? Tie-ups for setting up collection channels: Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
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There is no provision as of now regarding
the amount of material recovery that
is expected from the batteries. Fixing
speci&#6684777;c recovery rates will encourage
more participation from the formal sector
Currently, the majority of the black mass
produced from battery recycling in the
country is exported to international
companies. Therefore, the Indian
government can encourage local players
to establish facilities for mineral extraction
or black mass re&#6684777;ning in India by making
provisions to reduce this export of black
mass. Additionally, the minerals that will
be extracted from the black mass can be
utilised by either selling them to di&#6684774;erent
industries like ceramic, pharma, etc. or
by further purifying them to be used in
cell manufacturing. Therefore, limiting the
export of black mass from the nation can
also aid India in satisfying its upcoming
demand for batteries.
? Mandating speci&#6684777;c recovery rates:
? Encouraging domestic mineral extraction
from black mass:
? Support recycling ‘spokes’ within India
itself, through the creation of a network
of battery collection and pre-processing
spokes near major centres within the
country. This can help lower transaction
costs (and may also contribute to the
formalisation of the sector) and support the
emergence of any potential recycling hub
within India over time.
? Clarity of regulations governing the
import/export of used batteries and their
components to India for recycling. Such
policy will shape whether India can become
a hub with regional facilities for South Asia
and South-East Asia countries.
across India. Owing to such tie-ups,
a formal communication channel has
been established between the collection
recentres of the recycler with that of the
informal battery collectors. The informal
collectors are made aware of the kind
of batteries Exigo is looking forward to
recycling and only such batteries are
submitted by the informal collectors for
recycling
while helping in the development of a
healthy supply of raw materials for battery
manufacturing. The recovery rates can
be set as per the battery technology/
chemistry and should be suitably reviewed
and updated continuously. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 104
? Implement battery traceability and
certi&#6684777;cation as key enablers for investing in
India for compliance with emerging global
policies. An online gateway can be utilised
to ensure battery and cell movement,
similar to a battery passport system. This
will make it possible to keep track of the
used batteries that are up for secondary life
usage.
? Licensing and Design guidelines for the
labelling of LiBs:
? Skill development:
? Invest in research programmes and/
or encourage the industry’s R&D
collaboration related to standardised
battery designs that facilitate end-of-life
disassembly:
? R&D for e&#438093348969;ciency improvement in the
recycling process:
? Establishing labs for faster sample checks:
Separate license for handling only LiBs,
separate from electronic waste, and to
help distinguish them from other types of
batteries. Furthermore, LiBs should have
labels on their coverage based on the
recycling process to be used, making it
easier to segregate them.
The recycling hubs shall require trained
manpower to scale up operations. The
network of Industrial Training Institutes (ITIs)
may be leveraged by introducing courses
related to battery recycling processes.
Courses through Skill India centres may also
be updated to include battery capabilities.
The process of obtaining the &#6684777;nal report will
be sped up by the establishment of new
The recycling process needs to be designed
in such a way that it provides &#6684780;exibility
to treat various battery chemistries and
shapes. This added &#6684780;exibility may add
costs in setting up the process but will
increase plant productivity and recycler
pro&#6684777;ts. For example, LFP is not suitable for
pyrometallurgy or hydrometallurgy owing to
the presence of phosphorous ions.
The operation cost could be
reduced by 30% if LFPs are
processed separately as they do
not contain cobalt or nickel.
This can be a key factor to reduce the cost
of pre-processing and recycling. Leading
international recyclers are working on
fully automated dismantling processes
for improved e&#438093348969;ciency and cost savings.
Government support can unlock
collaboration between national &#6684777;rms
and international recyclers. Alongside
automation, increasing the understanding
and e&#438093348969;ciency of the recycling process will
provide &#6684780;exibility to treat various battery
chemistries and shapes which although will
add costs in setting up the process but will
increase plant productivity and recycler
pro&#6684777;ts. Additionally, battery manufacturers
through research and development can
design batteries that makes them more
recyclable. For example, bolts and nuts
can be used to replace inter-cell welding
while forming battery packs. Manufacturers
can have their recycling subsidiaries have
a better understanding of the recycling
process and understand the design
parameters which cause di&#438093348969;culties in
dismantling batteries. Manufacturers
should also announce the chemistry
composition of the battery properly
during manufacturing to facilitate ease
of recycling. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
105
? Capacity building:
? Establishing reuse targets:
? Communicate existing and considered
electric mobility policies as well as an
industrial policy supporting local battery
and car manufacturing:
? Specifying guidelines for transportation
and handling of used LiBs:
The battery reuse industry in India is in its
nascent stages and therefore will require
signi&#6684777;cant improvement in the next decade in
order to cater to the high volume of batteries
(speci&#6684777;cally EV batteries) reaching their end-
of-life. Improvements in both the upstream
and downstream activities of battery reuse
would be required for the development of the
reuse ecosystem. Some key recommendations
for di&#6684774;erent stakeholders that can boost
battery reuse in India are as follows:
Start-ups are invested in research in cell
chemistries and require support from highly
skilled technical resources to translate
their work into products for recycling. The
government may support the establishment
of incubation centres on campuses like
IITs, NITs, IIMs, etc wherein the industry
may tie up with academia for practical
implementation regarding extraction
of raw minerals from battery waste at
higher e&#438093348969;ciencies. Establish platforms
for stakeholder consultation between
the Government of India and industry
players on battery-related policies
and regulations: This will help promote a
shared understanding of progress on India’s
LiBs recycling policy, operating procedures,
and obligations. It will also provide a forum
to improve awareness of speci&#6684777;c market
opportunities and risks.
Batteries from EVs can be used for various
secondary life applications and as such
establishing reuse targets for passenger
and commercial vehicles and e-buses
could help meet the growing battery
demand across the stationary storage
sector by providing around 37 GWh of
storage capacity by 2030.
The line of sight to scale battery
recycling operations in India is the key for
international investment to be unlocked.
Lithium-ion batteries are relatively popular
in the marketplace due to their high
energy density. If safety measures are not
practised during its transportation and
disposal, it may become damaged or
crushed in transit or from processing and
sorting equipment, creating a &#6684777;re hazard
explosion.
Therefore, used LiBs should be
transported following strict
safety protocols, indicating a
need for the drafting of industry
standardised transportation
guidelines for its logistics handler.
labs for the validation of heterogeneous
materials of various batteries as well as the
determination of the purity of the recycled
material. Therefore, by facilitating quicker
analysis, it will be easier to determine the
intended use of the recycled minerals,
resulting in lower storage costs.
4.3.1. Recommendations to boost the reuse market in India Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 106
? Formalizing standards for secondary life
applications:
? Conducting pilot projects to
encourage BESS:
? Tracking battery capacity and other
parameters:
? Subsidies:
? Research and Development:
The government must separately lay down
the guidelines and associate standards
for battery reuse in the country. They
should also work with industry stakeholders
to devise a methodology for certifying
refurbishers, as well as metrics for assessing
and guaranteeing performance standards
and establishing incentives for innovative
approaches for second-life applications.
To increase the demand for repurposed
batteries and facilitate the growth of the
reuse industry in the country, policies should
be directed towards encouraging the use
of BESS. This can be done by running pilot
projects to prove its technical feasibility,
thus attracting stakeholders to invest on
R&D in this space.
In the long term the reuse industry would
bene&#6684777;t largely through the electronic
exchange system for battery information.
OEMs in the automotive and battery
industries must develop diagnostic
technology that can correctly track the
capacity and other properties of a battery
to determine its feasibility for reuse. As a
result, the cost of reuse will be reduced,
thereby ensuring increased adoption.
: Subsidies should be made available
to encourage the development of
infrastructure for battery reuse. Assistance
in form of funding should be provided
to the reuse sector stakeholders in
order to establish adequate battery
handling capacity. Additionally, funding
demonstration projects that reuse batteries
for a variety of applications would act as a
catalyst to help India’s battery reuse sector
and infrastructure to grow.
Examining battery degradation
and developing new approaches or
technologies for battery reuse should be
the focus of research and development
going forward. As part of an industry-
led approach, growth centres might be
established to encourage present market
players to reuse batteries. This could
boost market innovation, productivity,
and competitiveness. Further, research
can be done to develop a better tracking
algorithm using machine learning and
arti&#6684777;cial intelligence for an accurate
estimation of SOC (state of charge) and
SOH (state of health) of the battery. Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
107
? If “Yes”: In which regions/countries do you see
the strongest growth?
? If “No”: Why not?
Yes No
LEP NMC LCO
Any other (please specify)
Hydrometallurgy Pyrometallurgy
Mechanical Hybrid Other
Stationary storage Electric vehicles
Consumer electronics
A consortium of OPM, PwC India and leading experts is supporting NITI Aayog (Government
of India) on battery recycling and reuse interventions in India. The project is funded
by The Green Growth Equity Fund Technical Cooperation Facility (GGEF TCF) of the UK
Foreign Commonwealth and Development O&#438093348969;ce (FCDO), which aims to catalyse private
investments into Indian green infrastructure projects.
1. What is your current battery recycling
capacity in tons/year and which locations?
2. Do you think the LiBs recycling business
will be growing dramatically over the next 5
years?
3. What target group in terms of
applications, are you currently catering?
4. What types of battery chemistries are you
currently recycling?
5. What approximate percentage of your
operations is focused on re-use of batteries
rather than recycling?
6. What battery recycling technologies/
processes are you employing at your
facility?
Name of the organisation:
Address and Contact Infomation:
Annexures
Annex A: Questionnaire – Global companies
GGEF - EV battery recycling and reuse study
A. PROFILING QUESTIONS:
The results of this survey will not be shared individually, but be used only collectively as part of a wider group to 
derive inferences for a study on assessment of the market and technologies for battery recycling and reuse. We 
assure you that your and your firm’s anonymity will be maintained throughout. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 108
? If “Market size”: Can you share what is your
current battery recycling capacity in tons/year
and which locations? What are the commercial
model(s) that make it worth the investment?
? If “Regulations”: What are the regulations or
investment laws that help or make it di&#438093348969;cult to
invest in the countries where you operate?
? If “Technology”: Can you share what are the
technology, technical, engineering and logistical
challenges of battery recycling?
? What opportunities do you see in entering the
Indian market?
? What risks and challenges (eg cost of collection,
logistics, competition, policy/regulation) do you
anticipate your company could face?
Market size Regulations Technology
Sole proprietorship Joint venture
Other:
Battery waste management rules: Please
unpack challenges about battery waste
management rules and regulations
EPR scheme: Please unpack challenges
brought by EPR regulations
Local collection: Please unpack challenges
related to local collection of batteries
Local recycler EV manufacturer
Battery manufacturer Other:
<5,000 tons 10,000 – 30,000 tons
30,001 – 50,000 tons >50,000 tons
7. What are the factors that justify
investment in battery recycling? (Pick all
that apply)
8. What are your overall expansion plans
internationally? Can you specify your plans
by country and capacities?
9. Does your company currently have any
research & development projects on Battery
Recycling technologies in the pipeline?
10. What is your outlook for the Indian
recycling market? And why?
11. Are you aware of the key initiatives India
has taken to accelerate deployment of
batteries and manufacturing of batteries?
Can you summarise your understanding of
them for us, please?
17. Do you have any speci&#6684777;c recommendation
for policymakers to help attract recyclers to
set up recycling facilities in India (re. Policies,
Regulations, incentives, etc.)?
12. Are you interested in investment in the
LiBs recycling business in India? And why?
13. If you were to enter the Indian market,
which operating structure would you favour?
And why?
14. Who would be your preferred partner to
set up recycling facilities in India? And why?
15. What are the regulatory challenges of
battery recycling in any of the countries
where you operate? Can you explain why?
16. In your experience in order to be
economically pro&#6684777;table, is there a minimum
capacity a recycling facility should operate at?
B. INDIA INVESTMENT / PIPELINE
QUESTIONS:C. ENABLING ENVIRONMENT
QUESTIONS:
Yes No Maybe Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling
Green Growth Equity Fund Technical Cooperation Facility
109
? Please elaborate in terms of capacity,
applications, and technology and from which
segment do you see most of the demand
coming from in near future?
Local recycler EV manufacturer
Battery manufacturer Other:
6. Who would be your preferred partner to
set up recycling facilities in India? And why?
? LFP NMC LCO
Any other,(Please elaborate)
? Any speci&#6684777;c preference of battery chemistry? If
yes, then why?
Hydrometallurgy Pyrometallurgy
Mechanical Hybrid, (Please elaborate)
Stationary storage Electric vehicles
Consumer electronics
A consortium of OPM, PwC India and leading experts is supporting NITI Aayog (Government
of India) on battery recycling and reuse interventions in India. The project is funded
by The Green Growth Equity Fund Technical Cooperation Facility (GGEF TCF) of the UK
Foreign Commonwealth and Development O&#438093348969;ce (FCDO), which aims to catalyse private
investments into Indian green infrastructure projects.
1. What are your current battery recycling
capacity in tons/year and which locations?
e-waste recycling (applied for battery
recycling)
2. What types of battery chemistries are you
currently recycling?
3. What target group in terms of
applications, are you currently catering?
4. What could be the projected recycling
volume capacity of India in tons/year by
2030?
7. Is there any future demand projection
that you foresee to increase your recycling
capacity?
5. What battery recycling technologies/
processes are you employing at your
facility?
Name of the organisation:
Address and Contact Infomation:
Annex B: Questionnaire – Domestic companies
GGEF - EV battery recycling and reuse intervention
Overarching research questions:
The results of this survey will not be shared individually, but be used only collectively as part of a wider group to 
derive inferences for a study on assessment of the market and technologies for battery recycling and reuse. We 
assure you that your and your firm’s anonymity will be maintained throughout. Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 110
8. What are your overall expansion plans
internationally? Can you specify your plans
by country and capacities?
9. Does your company currently have any
research & development projects on Battery
Recycling technologies in the pipeline?
10. Which state/city in India is more
preferred based on policies, regulations,
demand, and ease of doing business?
11. Do you have any contracts with battery
manufacturing players for recycling? If yes,
please elaborate.
12. What percentage of recycled minerals or
components are being used for secondary
life applications and re-use?
13. What kind of companies usually buy the
recycled minerals from you?
14. What is the average rate at which you
are buying after life/used batteries from the
market (INR/ton)?
15. What according to you are the
challenges and risk associated with battery
recycling market in India?
16. What are the recommendations that
you would suggest is needed to boost the
recycling segment in India?
? What are some of the incentives that you are
looking forward to from State governments
regarding the setting up of battery recycling
plants?
? What infrastructure facilities are needed to set
up such plants?
? What are your views about the reuse market in
India and how do you think it is going to a&#6684774;ect
the recycling market?
? What are the changes you would like to see in
the draft “Battery Waste Management Rules –
2020”?
? What is the pricing mechanism that is being
followed? Is it market discovery or bipartite
agreements?
? Policy and Regulatory Challenges
Logistic Challenges Lack of awareness
Others
Annex B: Domestic Firms and stakeholder interviewed
Company name Name of person interviewed / consulted Title
Tata Chemicals Mr. Neeraj Kohli
General Manager- Sales and
Marketing
Exigo Recycling Mr. ALN Rao CEO
Attero Recycling Mr. Abhinav Mathur Advisor to the Board
BatxMr. Utkarsh Singh and Mr. Vikrant Singh Co-Founders
ZiptraxMs. Sonia Singh Co-Founder and CEO
Li-CircleMr. Santosh Kumar Founder
Eco Tantra Ms. Richa Devale Director
E-waste recyclers IndiaMr. Ajai Singh Operations Manager Green Growth Equity Fund Technical Cooperation Facility
Perspectives of Domestic and International Companies on Advanced Chemistry Cells Battery Reuse and Recycling 112