Construction Industry News
Attero Recycling Private Limited plans to invest $1 billion over the next five years to develop lithium-ion battery recycling plants in Europe, the US and Indonesia amid the metal wave and the global shift to electric cars.
CEO and co-founder of Attero Recycling, Nitin Gupta, told the media that there is a huge amount of lithium-ion battery waste available for us to recycle.
He said 2.5 million tons (mt) of lithium-ion batteries would reach end-of-life by 2030, and currently there is a capacity for only 0.7 million tons of battery waste to be recycled.
He added that lithium-ion batteries are becoming universal due to their use in consumer electronics and electric vehicles (EVs).
Recycling used batteries will be crucial to the supply of lithium, leading to a global shortage to switch to clean energy via EVs. Since the lithium supply cannot meet the demand, the prices of batteries are rising sharply.
Such higher battery costs could make EVs unaffordable for the masses and for value-conscious markets like India, which is already lagging behind major countries like China in making the switch.
Gupta said Attero, with a $1 billion investment, aims to recycle more than 300,000 tons per year (MTPA) of lithium-ion battery waste by 2027.
One plant in Poland will be operational in the fourth quarter (Q4) of 2022, while a plant in Ohio could be operational by the third quarter (Q3) of 2023. A factory in Indonesia should be operational in the first quarter (Q1). ) from 2024.
The expansion plan will help Attero supply more than 15% of global demand for cobalt, lithium, graphite and nickel.
He added that Attero recycles all types of old lithium-ion batteries and exports the output to gigafactories producing battery cells outside of India. The company mainly extracts critical metals such as cobalt, nickel, lithium, graphite and manganese.
The extraction of these metals can lead to environmental and social damage. Gupta said it takes 500,000 gallons of water to extract one ton of lithium.
It has major customers in India including Hyundai Motor Company, Tata Motors Limited and Maruti Suzuki India Limited.
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