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Since more Canadians are beginning to switch from internal combustion cars to minimize carbon emissions that contribute to climate change, there are more electric vehicles (EVs) on the road than ever before. Other battery types have received a lot of attention in recent years.
Even if all the parts of batteries are recyclable, the main problem is that the recycling market for these goods is not well established. Only a tiny percentage of EVs have useful ends to their lives because they are still relatively new to the automobile industry.
Although the metals are recyclable, they are not valued in the same way as iron and phosphate, although lithium is. Government policy choices are required to encourage the recycling of iron and phosphate equipment.
The Canada EV Battery Recycling Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
In order to increase the availability of essential metals for the electric car sector, global commodities giant Glencore plc has partnered with a Toronto battery recycling business.
Glencore will deliver scrap metal and shredded batteries to Mississauga-based Li-Cycle Holdings Corp. as part of the long-term supply agreement. Glencore will then get lithium, manganese, cobalt, and nickel recovered from the garbage from Li-Cycle.
A patented method is utilized by Li-Cycle, to collect metals from electronic trash, including old lithium-ion batteries and discarded earphones. Li-Cycle, a Mississauga, Ontario-based company, has created a two-step procedure that can collect and recycle more than 95% of the components in an EV battery.
Batteries are destroyed in the first stage, allowing the second stage to sort and separate the various ingredients. The business claims that its method produces fewer carbon emissions than extracting the same elements from the earth. Their method also aids with the issue of properly discarding batteries that are no longer in use.
