The Faraday Institution highlights the work of pioneering UK companies, including Altilium, in a new report focusing on the growth of the EV battery recycling industry, published this week.

As the report notes, EV battery recycling is set to become a substantial economic opportunity, with global turnover expected to reach $40.6 billion by 2030.

However, more government support is needed for businesses to scale up new recycling technologies in order for the UK to reduce its reliance on other countries for critical materials and enhance its competitive advantage in the global battery market.

Altilium is among the UK companies making their presence felt in Europe, according to the report, with significant expansion in recycling capacity planned over the coming years. This growth will be critical for the development of a stable domestic supply chain for critical materials, as well as ensuring the sustainable management of waste batteries and reducing carbon emissions.

In order to achieve these goals and maximise the potential of these technologies for the UK, the Faraday Institution has set out a number of priorities for the next government, including comprehensive changes to regulation and policy.

To strengthen the UK’s position in the global recycling market, the report suggests offering grants, tax credits and subsidies to encourage battery recycling, as well as regulations that make it mandatory to recycle batteries and further investment in research and development.

The report also highlights the need for improvements in the environmental permitting process, which risks becoming a bottleneck in scaling up recycling infrastructure, as demand increases.

Altilium is working with partners across the battery value chain to develop the growth of the UK’s recycling ecosystem, building a circular economy for the critical minerals needed for the electrification of transport and helping to position the UK as a leader in the global market.

Read the Faraday Insight here.