Synopsis
The recycling initiative is already underway at the Charlotte, North Carolina-based company, with a joint development agreement in place with a customer and the company looking at making investments with original equipment manufacturers.
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Recycling is viewed by environmental groups as one important way to reduce new mining projects.
The world’s biggest lithium miner wants to extract more of the battery metal from old cars as demand surges and aging electric vehicles are traded in.
Albemarle Corp. is making investments and partnering with automotive equipment manufacturers on the recycling effort, which it calls “critical” to its future growth.
Albemarle gears up to tap metal from old cars
Toyota Celica TA22. Image: Bannon Keft via Flickr
The world’s biggest lithium miner wants to extract more of the battery metal from old cars as demand surges and aging electric vehicles are traded in.
Albemarle Corp. is making investments and partnering with automotive equipment manufacturers on the recycling effort, which it calls “critical” to its future growth.
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The miner is part of a growing list of companies looking to grab a share of the market for recovered battery materials as lithium supplies show signs of tightening. Thirteen years after the Tesla Roadster made its debut, the first generation of EVs is nearing retirement, making more battery packs available. Once that happens, recycling is going to “take off,” said Christopher Perrella of Bloomberg Intelligence.
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Operator
Ladies and gentlemen, thank you for standing by, and welcome to the first-quarter 2021 Albemarle corporation earnings conference call. [Operator instructions] Please be advised that today s conference is being recorded. [Operator instructions] I would now like to hand the conference over to your speaker host, Meredith Bandy, vice president of investor relations and sustainability. Please go ahead.
Meredith Bandy
Vice President of Investor Relations and Sustainability
All right. Thank you, Olivia, and welcome to Albemarle s first-quarter earnings conference call. Our earnings were released after the close of the market yesterday, and you ll find our press release, presentation and non-GAAP reconciliations posted to our website under the investors section at albemarle.com. Joining me on the call today are Kent Masters, chief executive officer; Scott Tozier, chief financial officer.
Environmental Consciousness Key to Driving Growth in the Lithium-Ion Market
FN Media Group Presents Microsmallcap.com Market Commentary
NEW YORK, May 7, 2021 /PRNewswire/ A growing consciousness among consumers and manufacturers to reduce carbon emissions and reduce reliance on fossil fuel are among the factors fueling the demand for advanced lithium-ion batteries. Increased production of lithium batteries also led to their decreased cost over the last few years, fueling their feasibility for use in electric vehicles, which are projected to contribute to the increased demand for portable lithium-ion battery solutions. The long lifespan of lithium-ion batteries makes them ideal for use in hybrid vehicles. These batteries are also being adopted for other renewable fuel sources as storage systems for solar and wind energy. The global market for advanced lithium-ion batteries is expected to grow at a