For a decade, capital chased what was visible in electrification: EVs, charging infrastructure, battery manufacturing. Recycling was overlooked, weighed down by thin margins and volatile lithium prices. That's changing. The first big wave of EV batteries is nearing end-of-life, with 15 million tons expected for processing by 2030, and the feedstock scarcity that once made recycling uninvestable is solving itself. Hydrometallurgical techniques now recover over 95% of key materials, and rules like Extended Producer Responsibility are converting optional demand into mandatory demand.
We see recycling as complementing mining, not competing with it, repricing the sector from marginal to critical infrastructure. The global market is projected to grow from $28.62 billion in 2025 to $91.72 billion by 2034. Venture capital doesn't generate outsized returns backing what's obvious; it identifies what's inevitable before consensus does. The feedstock, regulation and technology are aligning. The real question is who moves early enough to benefit.
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