But “black mass” is just a very literal description of the intermediate product from recycling either spent EV batteries or scrap from battery plants. It’s a dark, powdery cocktail of metals such as lithium, cobalt and nickel that’s emerging as a commodity in its own right.
“There is definitely increasing interest from automakers in black mass now,” said Jesline Tang, analyst at S&P Global Commodity Insights. Some have already announced partnerships or joint ventures to explore EV battery recycling opportunities, such as BMW, Ford Motor Co. and Mercedes-Benz. Recycled materials will account for 15 per cent of the global supply of lithium, 11 per cent for nickel and 44 per cent for cobalt by the end of this decade, according to estimates from S&P Global Commodity Insights. The growing popularity and improved performance of lithium-iron-phosphate cells — or “LFP” — has helped reduce costs and spur adoption of EVs. But LFP chemistry is a less attractive proposition for recycling.
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