The demand for portable power is set to grow from an estimated USD 330 million in 2020, to USD 474 million by 2025, at a CAGR of 7.5%. The driving force behind this growth is the need for uninterrupted power across the emergency power, off-grid power, and automotive industries.
According to the research, North America is currently the largest portable power station market in the world. The region is on course to be the fastest-growing market during the forecast period owing to the rising number of Public Safety Power Shutoff (PSPS) events in the United States. And with gas and diesel-powered generators claiming more lives than Hurricane Laura, the demand for emission-free electrical generators will rise that much higher.
Given all that information, it should come as no surprise that the lithium-ion segment is the faster-growing market, by technology type, during the forecast period. This highly-efficient technology that is omnipresent in consumer electronics is now having a similar impact on electric generators. So imperative it is to the technology sector that between now and 2030, 11 million metric tons of lithium-ion batteries are expected to reach the end of their service lives. Which means they’ll potentially go into landfills and contaminate soil and groundwater.
Here’s the pièce de résistance, these tech marvels are recyclable, but because of technical, economic, and other factors, less than 5% are recycled today. That is precisely why we, Portable Electric, have partnered with Li-Cycle, a Canadian lithium-ion battery resource recovery company. Under the partnership, Li-Cycle will recycle the lithium-ion batteries from our VOLTstack electric generators once the batteries reach end-of-life and return the recovered materials back into the battery supply chain.
“Sustainability has always played an important role in how we go about conducting business here at Portable Electric, as well as how we help our customers achieve their sustainability mandates. We’re excited to be working with Li-Cycle in addressing end-of-life issues surrounding lithium-ion batteries and do our part to maximize battery material recovery rates,” says Mark Rabin, CEO and Founder of Portable Electric.
Since its inception in 2016, Li-Cycle has been on a mission to provide solutions to customers when it comes to managing end-of-life batteries safely and sustainably, while also creating a secondary supply of critical battery materials.
“Li-Cycle is excited to be supporting Portable Electric with our battery recycling services. The Portable team is filling a gap in the market where fewer sustainable power solutions are typically used. By partnering with Portable, we’re supporting their efforts to minimize the environmental impact of their power solutions,” said Kunal Phalpher, Chief Commercial Officer at Li-Cycle.