Electric vehicle (EV) batteries could be reused for energy storage.
That’s according to a report from US analysts Navigant Research. They looked at market drivers and challenges related to second-life batteries and suggested ways for stakeholders to help the concept become a reality.
The report stated the annual capacity of lithium ion batteries in their second life, is expected to reach 11GW by 2035. Many traction batteries are showing less degradation and better performance than initially expected.
Reusing EV batteries for energy storage applications could solve the problem of new batteries being too expensive in the mid-term, it added.
That’s because used but capable batteries, would be sold at a lower price and would provide a useful function.
William Tokash, senior research analyst with Navigant Research said: “The potential reuse of these batteries is of keen interest to both stationary ESS [energy storage systems] developers looking to reduce costs and automotive original equipment manufacturers, interested in new revenue models that capitalise on the residual asset value.”