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Circunomics is a marketplace for the reuse and recycling of Li-Ion batteries – a single platform for managing the entire life cycle 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, enabling lifespan and recycling.
Provides lifecycle planning for OEMS and provides secure sources for Second Life buyers such as energy storage providers. In June 2021, the Mainz-based company succeeded in raising €1.8 million in its second founding round.
On the go moments this week, Patrick Peters, CEO of Circunomics, tells us how old batteries can be put to good use, and their expansion plans.
How can OEMs benefit from your technology?
OEMs can expand asset management for millions of batteries, and improve recall planning through predictive analytics as they gain insights into the health and end-of-life of batteries. Furthermore, the overall battery cost can be lowered by reselling their batteries for a second life in a safe manner while protecting important data.
Why is there a need for a circular economy in Europe?
Currently we are on the path to global warming of 3.2 degrees Celsius. It is not even close to the 1.5°C target of the Paris Agreement. By recycling a lot of emissions, resources and cost can be saved as well. The transportation sector in particular is one of the major emission factors.
With the advent of electricity in mobility, we are faced with an exponential increase in potential battery waste. The growth rate of used batteries is four times higher than the growth rate of new batteries in the market.
In 2030, six million electric batteries will reach the end of their life. Without their materials eventually being reused and recycled, the mobility industry will be far from sustainable as battery production is the main contributor to the electric vehicle footprint.
Through the circular battery value chain, 2.6 gigatons of carbon emissions could be avoided in the transportation and energy sector until 2030.
How can old electric car batteries be put to good use?
Discarded electric car batteries still have 70-80% of remaining capacity. With this said, they can still be used in energy storage systems. Through this, the life of the batteries can be extended up to an additional 15 years.
What will you do with your latest funding round?
We will increase the level of our team to drive the development and improvement of our platform.
What will the urban mobility ecosystem look like by 2030?
Definitely electric – there will be about 300 million electric cars on the road, ten times more than there are today. And hopefully circular. We operate on our vision that the most valuable component – the battery – will be reused and recycled to reduce vehicle life cycle emissions and prevent material waste.