second-life batteries

As the global EV market grows, manufacturers are seeking new revenue streams for used EV batteries. Applications in grid and residential storage systems have become popular. The market for second-life EV batteries is expected to reach $4.2 billion by 2025.

Circular Energy Storage, a London-based research and consulting group, reports a strong business case for reconstituted electric vehicle batteries for energy storage applications. As the EV and static storage system markets grow rapidly, synergies could be a useful tool for continued cost optimization.

Finnish-based energy-solution provider, Wärtsilä has signed an agreement with automobile producer, Hyundai Motor Group to establish a commercial partnership for the use of second-life electric vehicle (EV) batteries in storage solutions.