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As the electric vehicle (EV) industry gains momentum, a parallel and equally promising sector is emerging—the second-life EV batteries market. 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. Repurposing used EV batteries, which still retain up to 80% of their original capacity, offers a cost-effective and eco-friendly alternative for energy storage solutions across various applications, including grid storage, commercial and industrial use, and residential energy backup.
Here, we highlight the top 10 companies making significant strides in the second-life EV batteries market.
BeePlanet Factory SL
Founded in 2018, Navarra, Spain-based BeePlanet Factory focuses on second-life lithium-ion battery solutions for energy storage systems. Their solutions cater to various sectors, including residential, commercial, and industrial, with capacities from 4 kWh to over 1 MWh. BeePlanet offers solutions for applications such as self-consumption, recharging infrastructure, and microgrid setups. The company has also developed a battery management system (BMS) for optimizing second-life batteries and provides remote maintenance and diagnostic tests for effective energy management.
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ECO STOR AS
ECO STOR AS, established in 2018 in Oslo, Norway, specializes in second-life EV battery storage solutions for residential and large-scale grid storage. By repurposing and testing used EV batteries, ECO STOR ensures reliability and efficiency for applications in industrial and residential energy storage, grid management, and lifecycle optimization. The company’s solutions offer a sustainable, cost-effective approach to energy storage through repurposing EV batteries.
Connected Energy Ltd.
Founded in 2013 and headquartered in England, Connected Energy Ltd. is a pioneer in second-life battery energy storage systems, utilizing EV batteries to provide storage capacities from 10 MW up to 100 MW. Their M-STOR technology maximizes the value of EV batteries, creating a sustainable energy solution that contributes to a circular economy. By extending battery lifespan, Connected Energy supports the optimization of the EV value chain and resource efficiency.
B2U Storage Solutions, Inc.
California-based B2U Storage Solutions, founded in 2019, focuses on large-scale energy storage solutions using second-life EV batteries. Their EV Pack Storage (EPS) technology leverages battery packs without modification, minimizing repurposing costs and enhancing scalability. With a strong emphasis on reducing environmental impact, B2U addresses energy storage demands effectively through sustainable battery lifecycle management.
Cactos Oy
Helsinki’s Cactos Oy, established in 2021, provides electricity storage systems with both new and recycled EV batteries. Their Cactos One Classic unit uses recycled batteries, reducing environmental impact, while their Cardo model uses LiFePo battery cells. Catering to industries such as agriculture, retail, and housing, Cactos Oy’s products highlight the dual approach to sustainability and innovation in energy storage.
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Smartville Inc.
Founded in 2019, Smartville Inc. from California develops the Smartville 360 energy storage system, leveraging repurposed EV batteries with minimal carbon footprint. Their patented battery management technology allows for scalable applications, including MWh- and GWh-scale storage systems. Smartville’s design flexibility serves a broad spectrum of industries, particularly those with large-scale energy storage requirements for grid services and renewable energy integration.
Lohum Cleantech Private Limited
Lohum Cleantech, founded in 2018 in India, specializes in recycling and repurposing lithium-ion batteries for sustainable energy storage solutions. Offering storage solutions for homes, businesses, and EV charging stations, Lohum’s second-life battery applications contribute to reducing environmental impact. With a strong presence in India and the U.S., Lohum emphasizes recycling and reuse as core strategies for sustainable battery lifecycle management.
DB Bahnbau Gruppe GmbH
Operating from Berlin since 2010, DB Bahnbau Gruppe GmbH’s startup ‘Encore’ repurposes EV batteries for renewable energy storage applications. With storage systems that reduce CO2 emissions by six tons per 65 kWh battery, Encore’s products support sustainable energy consumption. Their solutions are particularly valuable for applications such as peak shaving, power supply, and grid stability, emphasizing renewable energy self-consumption.
RePurpose Energy Inc.
Founded in 2018 in California, RePurpose Energy Inc. is a key player in second-life energy storage, transforming used EV batteries into efficient, cost-effective solutions. Their technology focuses on extending battery utility and reducing environmental waste, directly supporting renewable energy transition efforts. RePurpose Energy’s work strengthens the sustainability of the battery supply chain and broadens access to affordable energy storage solutions.
ReJoule
Established in 2017, California’s ReJoule offers second-life battery management solutions for automotive and industrial applications. By reducing the costs associated with battery repurposing, ReJoule contributes to the broader second-life battery and recycling ecosystem. Their solutions focus on providing low-cost options for automakers and repurposers, helping to extend the lifecycle of lithium-ion batteries across various sectors.
The Market Outlook: Growth and Sustainability in Second-life Batteries
Driven by the rising demand for renewable energy integration and cost-effective energy storage solutions, the second-life EV batteries market is set for rapid growth. Companies are leveraging technology to reduce environmental impact while meeting global energy storage needs. As the market expands, these players will continue to innovate, refining energy storage solutions for sustainable, scalable energy management across industries.
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For more detailed insights, Meticulous Research®’s report on the Second-life EV Batteries Market provides an in-depth analysis of recent financials, product portfolios, strategies, partnerships, and acquisitions shaping this growing industry.
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