The rapid rise of the electric vehicle (EV) industry has opened doors to an equally transformative sector—the second-life EV batteries market. With projections reaching $28.17 billion by 2031 at an impressive CAGR of 43.9% from 2024 to 2031, this market is set to redefine energy storage paradigms. By repurposing used EV batteries, which retain up to 80% of their original capacity, companies are offering cost-effective and eco-friendly solutions for applications in grid storage, industrial energy backup, and residential use.
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Below is a list of ten companies leading this innovative market.
1. BeePlanet Factory SL
Headquarters: Navarra, Spain
Founded: 2018
BeePlanet Factory specializes in second-life lithium-ion battery solutions tailored for residential, commercial, and industrial energy storage. Their systems range from 4 kWh to over 1 MWh, supporting diverse applications like self-consumption, microgrids, and EV charging infrastructure. BeePlanet’s proprietary battery management system (BMS) optimizes battery performance and enables remote diagnostics and maintenance.
2. ECO STOR AS
Headquarters: Oslo, Norway
Founded: 2018
ECO STOR repurposes EV batteries to create reliable and efficient energy storage solutions for residential systems and large-scale grid applications. Their sustainable approach emphasizes lifecycle optimization and cost-effective energy management, catering to both industrial and residential energy needs.
3. Connected Energy Ltd.
Headquarters: England
Founded: 2013
Connected Energy leverages its proprietary M-STOR technology to create scalable battery storage systems with capacities between 10 MW and 100 MW. By extending battery lifespan and integrating circular economy principles, they ensure optimal resource efficiency and sustainable energy solutions.
4. B2U Storage Solutions, Inc.
Headquarters: California, USA
Founded: 2019
B2U specializes in large-scale energy storage using EV Pack Storage (EPS) technology, which eliminates the need for costly battery modifications. Their systems emphasize scalability and environmental sustainability, addressing rising energy storage demands effectively.
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5. Cactos Oy
Headquarters: Helsinki, Finland
Founded: 2021
Cactos Oy innovates by utilizing both new and recycled EV batteries in its energy storage solutions. The Cactos One Classic employs recycled batteries, while their Cardo model uses LiFePo cells, catering to diverse sectors such as agriculture, retail, and residential housing with a focus on sustainability and adaptability.
6. Smartville Inc.
Headquarters: California, USA
Founded: 2019
Smartville Inc. offers the Smartville 360 energy storage system, a modular solution that uses repurposed EV batteries for large-scale grid services and renewable energy integration. Their patented technology supports scalability, enabling applications from MWh to GWh levels.
7. Lohum Cleantech Private Limited
Headquarters: India
Founded: 2018
Lohum Cleantech focuses on recycling and repurposing lithium-ion batteries for applications such as home energy systems, EV charging stations, and business energy backup. By emphasizing sustainable lifecycle management, Lohum is helping to reduce the environmental impact of energy storage systems across India and the U.S.
8. DB Bahnbau Gruppe GmbH
Headquarters: Berlin, Germany
Founded: 2010
Through its startup Encore, DB Bahnbau Gruppe develops energy storage systems that reduce CO2 emissions by approximately six tons per 65 kWh battery. Their solutions, focused on peak shaving and renewable energy self-consumption, are transforming the energy landscape by aligning with global sustainability goals.
9. RePurpose Energy Inc.
Headquarters: California, USA
Founded: 2018
RePurpose Energy focuses on cost-effective energy storage solutions by repurposing used EV batteries. Their innovations reduce waste and support the renewable energy transition, contributing to a sustainable energy supply chain.
10. ReJoule
Headquarters: California, USA
Founded: 2017
ReJoule provides second-life battery management solutions for automotive and industrial applications. Their systems focus on reducing repurposing costs and extending battery lifespans, fostering a more sustainable approach to energy storage and recycling.
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A Promising Future for Second-life Batteries
The second-life EV batteries market is on a trajectory of rapid growth, driven by the increasing demand for renewable energy integration and sustainable storage solutions. Companies are investing in innovative technologies to maximize battery performance while minimizing environmental impacts.
As this market continues to evolve, industry leaders are shaping a future where second-life batteries become central to global energy management strategies. For in-depth market insights, Meticulous Research® offers comprehensive analysis on financials, product portfolios, and strategic developments shaping this dynamic industry.
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