Circular business models for lithium-ion batteries - Stakeholders, barriers, and drivers

Business models for the circular economy, or circular business models, is a growing field of research applied in various industries. Global sustainability trends, such as electrification of the transport sector and increased energy consumption from renewable sources, have led to rapid growth in the number of batteries produced, especially lithium-ion based batteries. Sustainable lifetime management, including end-of-life, needs development to avoid social and environmental harm and potentially to recapture economic value as the use of these batteries increases. Current research primarily focuses on technical and economic issues based on recycling and the second use of batteries rather than circular business models. This study's purpose is to explore the circular business models, drivers, barriers, and stakeholders required to enable value recapturing. The Delphi panel method was applied to communicate with battery experts from various disciplines. The study's findings reveal that the favored circular business model includes several circular strategies. According to the expert panel, the most critical driver is national and international regulations and policies; the most critical barrier is financial viability; the most critical stakeholders are governments and vehicle manufacturers.