Technology

Second-life EV Batteries Market to Hit $28.17 Billion by 2031, Driven by EV Demand, Renewable Energy Adoption, and Environmental Impact Mitigation – Exclusive Report by Meticulous Research®

Published

2 years ago

September 5, 2024

REDDING, Calif., Sept. 5, 2024 /PRNewswire/ — According to a new market research report titled, ‘Second-life EV Batteries Market Size, Share, Forecast, & Trends Analysis by Application (Power Backup, Grid Connection, EV Charging, Renewable Energy Storage, Other Applications), End Use (Commercial, Residential, Industrial) —Global Forecast to 2031.

The Second-life EV Batteries market is expected to reach $28.17 billion by 2031, at a CAGR of 43.9% from 2024 to 2031.

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Efforts to mitigate the environmental impact of battery disposal, the growing adoption of renewable energy sources, and the increasing demand for electric vehicles (EVs) are key factors driving the growth of second-life EV batteries.

Initiatives to Mitigate the Environmental Impacts of Battery Disposal Support Market Growth

Improper disposal of batteries can lead to significant environmental consequences. Batteries contain various chemicals and metals that can be detrimental if they leach into soil or water. There is a growing focus on mitigating the environmental impacts of EV battery disposal, including the development of robust recycling systems, the exploration of alternative battery chemistries with lower environmental footprints, and the establishment of regulations to enforce responsible disposal practices. Some battery materials are lost during recycling, which necessitates their acquisition for new battery production. As a result, battery refurbishing and repurposing have emerged as effective strategies for enhancing sustainability and reducing the negative environmental impacts associated with end-of-life batteries. The repurposing of end-of-life batteries provides the following benefits:

Resource Conservation: Unlike battery recycling, refurbishing end-of-life batteries does not require replacing materials lost during the recycling process, conserving critical battery materials/resources.Reduced Pollution: Battery manufacturing using recycled materials has a considerable environmental footprint, which can be avoided through battery repurposing.Efficient Energy Management: Batteries allow for the storage of excess energy during periods of high generation and can support electricity grids during periods of peak demand. However, the environmental footprint of new batteries is high, which can be reduced through the use of second-life batteries.

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To address the environmental repercussions of battery manufacturing, producers are actively working to bring refurbished and repurposed batteries to market. Additionally, governments are implementing regulations to foster sustainability within the battery ecosystem. For example, in August 2022, the Government of India introduced the Battery Waste Management Rules, which target EV batteries, portable batteries, automotive batteries, and industrial batteries. These rules endorse the principle of Extended Producer Responsibility (EPR), holding battery producers accountable for the collection and recycling or refurbishment of waste batteries.

EPR mandates the collection and proper disposal of all waste batteries, prohibiting their disposal through incineration and landfills, which can be further supported by battery repurposing. This proactive approach aligns with the broader global initiative to promote sustainable practices within the rapidly expanding energy industry. By enforcing stringent regulations, governments aim to ensure a more environmentally friendly and sustainable lifecycle for batteries, thereby enhancing the overall eco-friendliness of the energy sector. These factors are driving the development of second-life batteries and supporting the growth of this market.

Second-life EV Batteries Market Analysis: Key Segmental Findings

By Application: In 2024, the power backup segment is projected to account for the largest share of 55.1% of the second-life EV batteries market. However, the EV charging segment is expected to register the highest CAGR of 48.5% during the forecast period from 2024 to 2031.By End Use: In 2024, the commercial use segment is expected to account for the largest share of 51.1% of the second-life EV batteries market. However, the residential use segment is anticipated to record the highest CAGR during the forecast period from 2024 to 2031.

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Geographic Analysis:

By geography, the second-life EV batteries market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 68.7% of the second-life EV batteries market. This market is expected to reach $19,362.6 million by 2031.

Governments in the region are advancing initiatives to transition towards green energy. According to the Ministry of New and Renewable Energy, India aims to achieve a renewable energy capacity of 500 GW by 2030. Similarly, Singapore is focused on transforming its energy supply to enhance sustainability, with a goal of reaching net-zero emissions by 2050. To meet these targets, there is an increasing need to boost renewable energy generation and implement effective storage and management solutions. Second-life battery energy storage plays a crucial role in achieving these objectives.

As the region continues to develop its renewable energy infrastructure, the demand for energy storage solutions to manage the intermittency of sources such as solar and wind power is expected to rise. Various companies are launching initiatives to repurpose second-life EV batteries for renewable energy storage. For example, in July 2020, Tokyo Electric Power Co. Holdings (TEPCO) from Japan announced plans to establish a storage business utilizing used EV batteries from China. This strategy involves assembling up to 30 used EV battery packs into energy storage systems for deployment at renewable energy plants.

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Moreover, the growing efforts to establish a comprehensive ecosystem for the reuse and life-cycle management of used EV batteries are expected to drive the expansion of the second-life EV market in the region. For example, in June 2023, MG Motor India, a British automobile brand with a 99-year legacy, partnered with LOHUM, India’s largest producer of sustainable energy transition materials, to develop second-life solutions for batteries. This initiative is designed to enhance battery utilization and support the circular economy. The project aims to unlock the potential of used batteries by repurposing them as Battery Energy Storage Systems (BESS), thereby extending their life cycle and optimizing resource use.

Some of the recent developments in this market space are as follows:

In August 2023, LOHUM (India) partnered with Vecmocon Technologies Pvt Ltd. (India) to work on the life-cycle management of EV batteries. The partnership aims to promote the adoption of second-life batteries. Over the course of two years, the initiative aims to power 100,000 Li-ion battery-powered EVs equipped with AI-powered Battery Management Systems (BMS) by determining the residual value of the batteries.In May 2022, the BMW Brilliance Automotive joint venture (BBA) in China announced the establishment of a closed-loop system for the reusing of raw materials like nickel, lithium, and cobalt from high-voltage batteries that are no longer suitable for use in EVs.

Europe: The Fastest-growing Regional Market

The European Union (EU) has set a goal of establishing a fully circular economy for EV batteries, aiming to ensure that all resources within these batteries are recycled and reused at the end of their life cycle. However, before reaching the recycling stage, EV batteries can be repurposed into second-life batteries. According to Dutch EV equipment supplier EVBox, EV batteries typically retain 70% to 80% of their original capacity after 10 to 15 years of use. At this point, they are generally deemed unsuitable for further automotive use due to reduced capacity.

Many major car manufacturers in the European region are actively exploring potential applications for EV batteries after they have aged and reached a capacity of around 70-80% during their “first life” in the vehicle. For example, in September 2022, Kia Europe announced plans to reuse retired EV batteries in “Second Life” battery energy storage systems as part of its global sustainability strategy. Kia has partnered with encore, a corporate startup from Deutsche Bahn (Germany), to collect EV battery packs from across Europe and repurpose them into second-life battery energy storage systems.

Additionally, in January 2022, Audi AG (Germany) collaborated with RWE (Germany) to establish an energy storage facility in Herdecke, Germany, using lithium-ion batteries from Audi electric cars. This facility, located at RWE’s pumped-storage power plant on Lake Hengstey, integrates 60 battery systems and can temporarily store approximately 4.5 megawatt-hours of electricity.

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Some of the recent developments in this market space:

In August 2023, Automotive OEM Jaguar Land Rover (U.K.) collaborated with Wykes Engineering (U.K.) to deploy a 2.5MWh second-life battery energy storage system (BESS) utilizing EV batteries. The collaboration was aimed at expanding the system’s capacity to 7.5MWh by the end of 2023. Each Wykes Engineering BESS unit consists of 30-second-life I-PACE batteries, which can store up to 2.5MWh of energy at full capacity.In June 2022, Volvo Energy (Sweden) invested in Connected Energy (U.K.), a second-life battery energy storage specialist, to further accelerate Volvo Group’s battery business and sustainability opportunities.

Second-life EV Batteries Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the second-life EV batteries market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the second-life EV batteries market were product launches, partnerships, agreements, and collaborations. The key players operating in the second-life EV batteries market include B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany).

Second-life EV Batteries Industry Overview: Latest Developments from Key Industry Players

In September 2023, Connected Energy signed an agreement with Volvo Energy to develop a battery energy storage system (BESS) utilizing batteries recovered from Volvo electric buses, trucks, and machinery once they have reached the end of their optimal use in mobile applications. This initiative aims to give the batteries a second life, providing significant environmental and economic benefits.In September 2023, Smartville introduced the Smartville 360 Battery Energy Storage System (BESS) at the RE+ 2023 conference. The Smartville 360™ BESS is a fully integrated, turnkey energy storage solution that incorporates high-quality repurposed automotive lithium-ion battery packs from a range of automotive makes and models.In June 2023, BeePlanet Factory announced an agreement with SungEel HiTech (South Korea), Samsung C&T (South Korea), Metales de Navarra S.A. (Spain), Truck&Wheel Group (Spain), and Sodena (Spain) to collaborate on the reuse and recycling of lithium-ion batteries EVs. With an investment of USD 20.25 million (EUR 18.5 million), the newly formed company, BeeCycle, will operate on a 31,000 sqm site in Caparroso, Navarra. The project is set to employ 60-70 personnel to handle the processing of batteries that have reached the end of their life cycle or scrap from cell manufacturing.In June 2023, B2U Storage Solutions Inc. developed technology capable of integrating thousands of used EV batteries into arrays that can store megawatts of electricity from wind, solar, and other renewable sources. This technology effectively extends the lifespan of EV batteries before they are eventually recycled to recover their components.In March 2023, Smartville deployed its Smartville 360 energy storage system at the University of California San Diego’s Library Annex. This installation is designed to help UC San Diego reduce demand on the local utility grid after sunset and avoid peak electricity rates.In February 2023, B2U Storage Solutions, a leading provider of large-scale energy storage systems using second-life EV batteries, announced that 25 MWh of storage capacity is now operational at its SEPV Sierra hybrid solar storage facility in Lancaster, California. The project’s storage capacity includes 1,300 reused EV battery packs sourced from Honda and Nissan.In May 2021, ECO STOR signed an agreement with Nissan Motor Co. Ltd. (Japan), a leading Japanese multinational automobile manufacturer, to reuse EV batteries for energy storage projects and to recycle batteries once they reach the end of their life in an EV.

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Scope of the Report:

Second-life EV Batteries Market Assessment—by Application

Power BackupGrid ConnectionEV ChargingRenewable Energy StorageOther Applications

Second-life EV Batteries Market Assessment—by End Use

CommercialResidentialIndustrial

Second-life EV Batteries Market Assessment—by Geography

Asia-PacificNorth AmericaEuropeLatin AmericaMiddle East & Africa

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Plant-based Food Market Report Summary

Particulars

Details

Number of Pages

Format

PDF

Forecast Period

2024–2031

Base Year

2023

CAGR (Value)

43.9 %

Market Size (Value)

USD 28.17 Billion by 2031

Segments Covered

By Application

Power BackupGrid ConnectionEV ChargingRenewable Energy StorageOther Applications

By End Use

CommercialResidentialIndustrial

Region Covered

North America, Asia-Pacific, Europe, Latin America, Middle East & Africa

Key Companies

B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany)

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Developing comprehensive knowledge models often demands deep domain expertise to define relationships and align terminology. Zifo’s intelligent solution overcomes this by providing an AI-guided workflow featuring an intuitive interface, meaning specialized ontology engineering knowledge is no longer required. By leveraging LLM-powered generation, the solution creates precise definitions with a deep understanding of domain-specific context, while generating standardized synonyms and establishing controlled vocabulary alignment to eliminate inconsistent terminology.

A Solution Designed for Scalable Scientific Data Modeling

The AI-powered solution addresses critical format compatibility and integration points in ontology management:

Seamless Integration: Automated mapping connects directly to established ontologies, including NCIT, CHEBI, OBI, and EFO, via BioPortal and OLS APIs.Massive Scalability: Parallel processing and batch operations empower teams to execute large-scale ontology projects without performance limitations.Automated Hierarchies: The AI autonomously generates semantic relationships and parent-child hierarchies based on domain context and predefined relation vocabularies.Format Compatibility: The solution produces direct OWL/RDF exports with proper URIs, ensuring seamless downstream integration.

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Multi-Source Integration: The solution combines BioPortal, OLS, and EMBL-EBI APIs to guarantee comprehensive ontology coverage.Intelligent Ranking System: The system uses AI-powered relevance scoring and justification for precise ontology mappings.Precise IRI Mapping: It ensures that each generated class is linked to the correct IRI, directly promoting semantic web compatibility.Human-in-the-Loop Design: The solution automates repetitive tasks while maintaining vital expert oversight.End-to-End Workflow: Users are guided through a complete pipeline, from initial domain knowledge input straight to exportable OWL files.Visual Knowledge Graph: An interactive graph visualization allows for intuitive relationship exploration and validation.Multi-Format Exports: Provides seamless export options in CSV, OWL, or HTML Ontograph formats for downstream use, collaboration, and visualization.

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For more information, visit www.zifornd.com; https://zifornd.com/practical-ai-blueprints/

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SOURCE Zifo Technologies

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Published

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Located at 101 Constitution Avenue NW, the 10,861-square-foot space – coined “Carolina in the Capital” – will support a variety of functions, including educational programming for undergraduate and graduate students, alumni relations and engagement with government partners.

As a leading R1 university, UNC-Chapel Hill annually attracts more than $1.6 billion to the state’s economy to fund research that creates a better quality of life for all its citizens. More than 60% of UNC-Chapel Hill’s total research funding comes from federal sponsors with the majority of that federal funding coming from the National Institutes of Health (NIH), which is based in the Washington area.

“Carolina in the Capital is a state-of-the-art facility that reflects our commitment to creating experiential learning opportunities for our students and faculty,” said Chancellor Lee H. Roberts. “The space is designed as an immersive learning environment where students can translate classroom knowledge into hands-on experience, which has never been more important. The facility also strengthens our ability to support engagement between our staff, alumni, policymakers and partners.”

Supporting students participating in Carolina’s Washington-based academic programs is a priority. For years, students and faculty have relied on temporary or borrowed spaces across the city. The new office provides a permanent home where students can gather, learn and build community while living and studying in Washington. A robust schedule of classes and events will fill the space throughout the year.

The Washington, D.C. region is home to the largest concentration of out-of-state Carolina alumni anywhere in the country. The new office creates a dedicated space to strengthen those connections and support networking, mentorship, professional development and community-building among D.C.-based Tar Heels.

The space will also serve as a platform to bring Carolina’s research and academic expertise into closer conversation with policymakers, industry leaders and member organizations. Carolina is the nation’s 11th largest university in the country based on research volume with primary federal funding coming from NIH and the National Science Foundation (NSF), both based in the D.C. area. Carolina is a proud member of the Association of American Universities (AAU) and the Association of Public & Land Grant Universities (APLU), which are both based in Washington.

The office is funded entirely through the UNC-Chapel Hill Foundation and does not use any state appropriations.

You can view additional photos of the space here.

Media Contact: UNC Media Relations, 919-445-8555, mediarelations@unc.edu

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NEW YORK, April 30, 2026 /PRNewswire/ — Investing.com, one of the world’s largest financial platforms used by more than 60 million investors each month, today announced the acquisition of Stonki, an AI-powered investing assistant designed to help traders turn ideas into structured, actionable trading plans.

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Over the past 12 months, nearly 3 million users have used WarrenAI, Investing.com’s AI-powered financial research assistant launched last year, to perform market analysis, making AI a central entry point into the platform’s ecosystem. With the addition of Stonki, the company is moving beyond traditional AI tools toward agentic systems that can proactively guide users through the investment process.

“We’re entering the age of agentic AI, where the technology moves beyond just answering questions to actively helping investors think, analyze, and act,” said Omer Shvili, CEO of Investing.com. “Bringing Stonki.ai into the fold accelerates our goal of building an agentic platform that will serve as a 24/7 analyst for our users. We are developing this to be more than just a tool; it will be a partner that identifies opportunities, tracks unfolding situations, and surfaces trade ideas even when the user isn’t active—giving our users the kind of edge that was previously only available to professional investors.”

Founded in 2025, Stonki is developing a new category of ‘agentic’ AI for investing, enabling users to turn investment ideas into fully defined strategies with entry and exit conditions, risk management rules, and continuous monitoring.

“We started Stonki because, as investors and traders ourselves, we knew how much time and focus it takes to stay on top of the market and properly manage a day trade, a swing trade, an investment idea, or a portfolio,” said Ulas Bilgenoglu and Itay Verkh, co-founders of Stonki. “We set out to build AI that could carry part of that load by continuously monitoring the market, turning ideas into structured strategies, and helping users make better decisions with clear entry and exit conditions, disciplined risk management, and ongoing tracking. Joining Investing.com gives us the scale, data, reach, and strong AI foundation to accelerate that vision. Together, we can create an experience where AI helps users stay ahead of the market, manage risk, and act with greater confidence.”

The acquisition expands Investing.com’s AI capabilities across both technical and fundamental investing workflows. Stonki’s technology is built around persistent, real-time intelligence, continuously monitoring markets, tracking user-defined strategies, and alerting investors when conditions align, rather than relying on one-off prompts or static analysis.

For active traders, the platform is evolving into a real-time analysis engine designed to support high-frequency decision-making with precision and speed. For long-term investors, it is becoming a central hub for research, enabling users to evaluate opportunities, set personalized alerts, and monitor portfolios based on their individual investment strategies.

Users will be able to define specific conditions, such as a stock crossing a long-term moving average, and have the AI continuously monitor the market, analyze relevant signals, and surface actionable insights in real time. The system will also review portfolios on an ongoing basis, helping investors avoid potential losses and uncover new opportunities aligned with their strategy.

This latest step builds on Investing.com’s broader strategy of expanding its AI-powered suite, including WarrenAI, ProPicks AI, and its recently launched AI Chart Analysis, all aimed at delivering faster, more accurate and more actionable insights to investors.

View original content:https://www.prnewswire.com/news-releases/investingcom-acquires-stonki-to-accelerate-its-entry-into-the-agentic-ai-era-302756588.html

SOURCE Investing.com