To deploy enough solar panels, wind turbines, electric vehicles, and lithium-ion batteries needed to decarbonize the grid, we'll need more of the critical minerals that make these technologies possible.
Growing demand for clean technology means an even bigger need for lithium, nickel, cobalt, copper, manganese, and other minerals. Right now the world is on track to double its overall mineral requirements for clean technology by 2040. Yet our domestic mining capacity for these materials is a fraction of what exists overseas.
And with the Inflation Reduction Act requiring EV manufacturers to source at least 40% of their critical materials for EV batteries domestically by 2024, demand has already quickly surpassed supply. Battery recycling could help us make up the difference, but today the U.S. recycles less than 5% of its lithium-ion batteries.
And that's exactly what Megan O'Connor, CEO and co-founder of Nth Cycle, is changing.
Megan and the Nth Cycle team believe they can cut through tons of electronic waste generated each year while shoring up the country's supply of the critical minerals needed to get us to net-zero emissions. Nth Cycle's device, dubbed the OYSTER, uses electro-extraction to selectively filter out individual minerals from e-waste.
But recycling batteries is just the beginning. In the near future, the Nth Cycle system can be adapted to refine and process ore coming directly from mining sites - enabling 92% less emissions than traditional processes.
Emily spoke with Megan about what it takes to build an entirely new mineral supply chain from the ground up. They also talked about developing Nth Cycle's technology from the lab to the field, and the challenges of building hardware.
Powerhouse is an innovation firm that works with leading global corporations to help them find, partner with, invest in, and acquire the most innovative startups in clean energy, mobility, and climate. Powerhouse Ventures backs seed-stage startups building innovative software to rapidly decarbonize our global energy and mobility systems. You can learn more at powerhouse.fund, and you can subscribe to our newsletter at https://www.powerhouse.fund/subscribe.
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