Doug Cole, CEO of American Battery Metals Corporation (OTCMKTS:ABML), the battery recycling and resource production group, is keen to stress that lithium-ion battery recycling offers a way to bolster the environmental soundness of the electric vehicle industry.
Under its current program, the Nevada company takes in fully-charged lithium-ion batteries and extracts lithium, cobalt, nickel, copper and aluminum to redeploy them for other uses in batteries.
READ: American Battery Metals' JV partner on battery-recycling facility construction calls partnership 'more than transactional'
“We see our lithium-ion battery recycling process as both a solution and an opportunity,” said Cole. “We are helping to solve the growing e-waste problem, reduce the carbon footprint of the EV industry – both up and downstream – and we are doing so in a manner that is profitable for our company and cost-effective for the supply chain.”
Demand for lithium-ion batteries is growing, thanks to a sharp fall in prices, with the market expected to reach $92.2 billion in 2024 from $37.4 billion in 2018.
If lithium-ion batteries aren’t properly recycled or disposed of, hazards that could arise include fires at metal-waste recovery facilities as well as the loss of useful minerals that could be reused for other purposes.
Headquartered in Incline Village, Nevada, American Battery Metals is a lithium resource exploration and development company, which operates a mining project in the state’s Railroad Valley. The company’s goal is to become a top supplier of battery metals to America’s electric vehicles and battery storage markets and also to develop an effective battery recycling program.