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New report says second-life batteries will be a $3 billion business

A new report from Navigant Research examines the market for second-life batteries. Noting that over 100,000 EVs have been sold thus far (nearly 180,000 according to Plug-In America), and that the battery packs are usually warranted for 8 to 10 years, after which they will retain an average 80% of their original capacity, Navigant asks: What will happen to all those used but still capable batteries?

The answer is already emerging: they’ll be repurposed for stationary applications such as grid regulation and backup power. This neatly solves two problems. First, new batteries cost too much to allow for their profitable use on the grid, but used EV batteries could be cost-effective. Second, revenue from used batteries could help defray the cost of replacement for EV owners, and extend their vehicles’ lives.

Navigant forecasts that the global second-life battery business will grow from $16 million in 2014 to $3 billion in 2035.
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