American Battery Metals Corporation (OTCMKTS:ABML), an advanced extraction and battery recycling technology company, commented Monday on a Lux Research report that predicts the global energy storage market will grow to more than $500 billion over the next 15 years, from just $50 billion in 2019.
According to the report, the energy storage market is comprised in part of electric mobility applications — most notably electric vehicles — as well as stationary storage and consumer electronics. "The energy storage industry is poised for a massive increase in annual revenue and deployment capacity,” said Chloe Holzinger, the Lux Research analyst and lead author of the report.
The report predicts the expansion of electric mobility applications will be driven by an annual growth rate for electric vehicles of nearly 19% per year, with a predicted increase in revenue to $27.6 billion by 2022. The electronic device market is expected to grow from $24 billion to $32 billion, while stationary storage is expected to grow from just over $9 billion last year to $112 billion in revenue by 2035.
READ: American Battery Metals plans to bridge supply chain gaps by recycling expended lithium-ion batteries
"These consistent and explosive growth projections for the energy storage markets only tell half the story," said American Battery Metals CEO Doug Cole.
"To keep pace with this astounding growth, new resources of key materials like lithium, cobalt, and nickel must be funded and developed. Beyond new mining projects, the recycling of existing energy storage feedstock is of paramount importance — we must recapture and reuse the valuable materials from end of life batteries and manufacturing waste," he added.
The United States, in particular, can no longer rely on foreign sources of these critical metals, according to experts. American Battery Metals for its part, is meeting the supply chain challenge through the execution of its three strategic verticals. The company is set to launch commercial operations of its integrated lithium-ion battery recycling facility in the second half of 2020.
The facility will process end-of-life and manufacturing scrap materials, extracting each of the key elements from electric vehicle and consumer electronic lithium-ion batteries. In parallel, the company continues the development of its environmentally sustainable extraction technology, and resource production projects.
American Battery Metals is an advanced extraction and battery recycling technology company with valuable mineral resources in Nevada. The company is focused on its lithium-ion battery recycling and resource production projects in the state, with the goal of becoming a substantial domestic supplier of battery metals to the rapidly growing electric vehicle and battery storage markets.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive