Electric vehicles (EVs) are the future of the automotive industry given their eco-friendly nature. The low running and maintenance costs, negative dependence on oil, and low-emission commuting ability have led to exponential growth in their manufacturing. But as the number of EVs increases, another danger is coming to the forefront- that of discarded EV batteries. As these batteries approach the end of their lifecycle, recycling and repurposing them is becoming crucial. And this is where the EV recycling business gets a boost.
New innovations are key to extracting valuable materials from existing batteries as well as recycling them effectively without harming the environment. Realizing this market potential, businesses and investors are keen to devise some new methods and processes for EV battery recycling and patent the same to gain a competitive advantage. Let us understand how patents can help the EV battery recycling businesses to maximize profits and expand their business.
It is believed that by 2030, 15 million tons of lithium-ion batteries will have reached the end of their productive cycle. Given that the EV market is yet to implode, this number will only increase with the passing of time. The lithium-ion economy can only survive if it focuses on the 3 R’s i.e., reduce-reuse-recycle.
This presents a massive opportunity for start-ups as well as established businesses to profit from. Investors too are keen to capitalize on this booming market. Recently Posh, a start-up, was able to raise $3.8 million for its idea to develop a tech that would automate the battery recycling process.
Another company, Redwood Materials, led by J.B. Straubel, managed to raise $775 million from Amazon, Panasonic, Ford, T. Rowe Price and others to scale up their battery recycling business. The Volkswagen Group has also formed a new company, PowerCo, that will be responsible for managing their battery business from manufacturing to recycling, thus completing the loop.
The above examples are just the tip of the iceberg in the burgeoning EV battery recycling business which is fraught with opportunities.
The sustainability of the EV sector is dependent on developments and innovations in battery recycling technologies. Currently, EVs run on lithium-ion batteries which seem indispensable to the industry. In 2017, the EV battery recycling market was valued at $138.6 million, a figure expected to touch $2272.2 by 2025. Â
Battery Solutions, ACCUREC Recycling GmbH, American Managanese Inc., LI-CYCLE Corp, Recupyl, SITRASA, and Umicore are some of the prominent names in the business.Â
Since 2015, there has been a significant rise in patent filing as well as R&D in this sector. The battery recycling industry benefits from a mixed strategy of using trade secrets and patents to attain exclusive rights over new inventions. Patents can prove a helpful tool in the marketing, monetization, and commercialization of the tech. Â
Securing a patent for an efficient battery recycling tech can help companies in:Â
The market at present has limitless scope for new technology. There is an opportunity for research in the field of recycling to resolve the problem of battery disposal. Early entrants will benefit from the present scenario and will also be able to establish themselves before it gets crowded with companies clamoring for patents. Â
Since new inventions may take years to be patented, it is common practice for companies to acquire existing patents. A robust patent portfolio emphasizes quality and not quantity, which is why one must be vigilant when strategizing their portfolio-building initiatives.
Conducting IP due diligence is the most crucial step before partnering with any firm. It helps you ascertain the value of the Intellectual Property and determine where it fits into your business plans and vision.
Ultimately, the patent acquisition process is a constantly evolving one that entails identifying, selecting, and budgeting to maximize effectiveness.
EV battery recycling is the latest buzz in the market and one of the sectors the investors are banking upon. Discovering new processes to recover valuable materials from used batteries is a trend gaining popularity with companies and is critical to the maintenance of the EV automotive industry. The immense interest this sector is witnessing makes it the right time for companies and investors looking to dabble in the tech of the future. Â
We’ve constantly identified the value of new technology carried out by our pretty skilled executive crew with backgrounds as our professionals. Like the IP professionals we empower, our starvation for development is never-ending. We IMPROVISE, ADAPT, and IMPLEMENT in a strategic manner.
TT Consultants offers a range of efficient, high-quality solutions for your intellectual property management ranging from
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