Indian company Attero Recycling plans to invest $1 billion over three years to set up battery recycling plants in the US and Europe. Indian company Attero Recycling plans to invest $1 billion over three years to set up battery recycling plants in the US and Europe.
As the demand for batteries is surging around the world because every country is moving to renewable sources of energy and electric cars etc, the demand for recycling and extracting useful things from lithium-ion batteries is going up.
According to the firm's CEO and co-founder Nitin Gupta, by 2030, 2.5 million tonnes of lithium-ion batteries will reach the end of their life and will need to be recycled. The current recycling capacity is .7 million tonnes. With $1 billion, Attero is aiming to recycle 300,000 metric tonnes of lithium-ion batteries.
The aim of Attero is to extract precious elements from batteries like Lithium, Cobalt and Nickel. It'll facilitate the reuse of rare and expensive elements. Also, the cobalt mining industry has been infamous for its shady practices and working conditions akin to borderline slavery and the mining of 1 ton of Lithium requires about 500,000 gallons of water.