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Circunomics is a marketplace for the reuse and recycling of Li-Ion batteries – one platform to manage the whole lifecycle of millions of batteries based on data. The German startup’s vision is to create a circular battery economy by 2030 by turning batteries into circular assets and enabling second life and recycling.
It offers lifecycle planning for OEMS and is offering safe sourcing for second life buyers like energy storage providers. In June, 2021, the Mainz-based company successfully raised €1.8 million in its second seed round.
On this week’s Mobility Moments, Circunomics’ CEO Patrick Peters tells us how old batteries can be put to good use, and its scale-up plans.
How can OEMs benefit from your technology?
OEMs can scale the asset management for millions of batteries, optimize their take-back planning with predictive analytics as they gain insights about the batteries state of health and end-of-life point. Moreover, an overall battery cost reduction is possible by reselling their batteries for second life in a secure way while protecting critical data.
Why is there a need for a circular-based economy in Europe?
Currently we are on the path to 3.2°C global warming. Not even close to the aim of 1.5°C of the Paris Agreement. Through circularity a lot of emissions, resources, and, also cost can be saved. Particularly the transport sector is one of the major emission factors.
With the emerging electrification in mobility, we are facing a huge increase of potential battery waste. The growth rate of used batteries is 4-times higher than the growth rate of new batteries on the market.
In 2030 around six million EV batteries will reach their end-of-life. Without reusing and eventually recycling their materials, the mobility industry will be far from sustainable as the battery production is the main contributor to the EVs’ footprint.
Through a circular battery value chain 2.6 gigatons of carbon emissions in the transport and power sector could be avoided until 2030.
How can old EV batteries be put to good use?
Discarded EV batteries still possess 70-80% remaining capacity. With this, they can still be utilized in energy storage systems. By this, the batteries lifetime can be extended by up to 15 additional years.
What will you do with your latest round of funding?
We will scale up our team further to push the development and improvement of our platform.
What will the urban mobility ecosystem look like by 2030?
Definitely electric – there will be around 300 million electric vehicles on the road, 10-times more than today. And hopefully circular. We are working on our vision that their most valuable component – the battery – will be reused and recycled to reduce the vehicles lifecycle emissions and to prevent material waste