The burgeoning renewable energy industry is using retired electric vehicle batteries to revolutionize green-energy storage. With millions of aging electric vehicles set to retire their batteries over the next decade, the electric-vehicle industry was looking at a potential avalanche of e-waste from old EV batteries.
These batteries could leach harmful chemicals and metals into the environment and undo many of the environmental benefits of transitioning to electric vehicles. However, green-energy storage facilities are taking advantage of retired EV batteries to kill two birds with one stone: provide a means of storing clean energy while limiting environmental pollution by giving old electric vehicle batteries a new lease on life.
Although retired EV batteries may not have enough capacity to power battery electric vehicles (BEVs), they are more than enough to function as stationary power storage. Rather than create a new problem for the nascent electric vehicle industry to address over the next decade, old EV batteries are providing a solution for the variability of low-carbon energy sources such as solar and wind power.
Unlike fossil fuel-fired power plants that can ramp up production at any time to meet demand, renewable sources such as wind and solar typically have highs and lows that depend on the weather. Solar energy, for instance, typically reaches peak production during the day when power consumption is low.
As such, solar farms have to store the excess energy generated during the day and feed it into the grid at night when power consumption peaks. Retired electric vehicle batteries provide an efficient means of storing renewable energy generated during peak production hours before releasing it into the grid when power demand surges.
Advances in battery technology coupled with decreasing costs are also encouraging accelerated adoption of retired EV batteries in green-energy storage and making ecofriendly technology a lot more scalable. However, despite the benefits of using retired electric vehicle batteries in green-energy storage, this approach to energy storage still faces plenty of challenges.
For retired EV batteries to be effective over the long-term, the renewables industry will have to address key concerns such as durability, safety and the need to consistently improve recycling technologies. Furthermore, the industry will have to keep its performance standards high to reduce their effect on the environment as the electric-vehicle batteries they use age.
This would require communication and cooperation between energy companies, regulators and technology companies to foster an environment of collaborative innovation that espouses ecofriendly values.
Individual companies such as Vision Marine Technologies Inc. (NASDAQ: VMAR) can also play a significant role by taking the lead in transforming energy use within the industries in which they operate.
NOTE TO INVESTORS: The latest news and updates relating to Vision Marine Technologies Inc. (NASDAQ: VMAR) are available in the company’s newsroom at https://ibn.fm/VMAR
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