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Rahul Sen Sharma, Indxx
Rahul Sen Sharma Indxx

Global battery recycling takes the charge 

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Indxx, a provider of indexing solutions for ETFs, has licensed its Global Battery Recycling and Production Index to Mast ETFs, as the underlying benchmark for the Mast Global Battery Recycling and Production ETF, which began trading on the New York Stock Exchange in December 2023. 

The index tracks the performance of companies involved in battery recycling and manufacturing as well as the production and refining of raw materials used in batteries.

Rahul Sen Sharma, president and co-chief executive at Indxx explains: “A few examples of companies in the index, which has 38 constituents, include Tesla; the CMOC Group, a major supplier of battery metals and raw materials essential for electric vehicles (EVs), which is listed on the Shanghai Stock Exchange; and Fortum, which specialises in the transformation of the lithium-ion-battery value chain for both EVs and industrial applications.”

Commenting on the main opportunities of the battery-recycling market, he says: “As global electric mobility rises, there is a corresponding surge in demand for EV batteries. This has resulted in substantial growth in battery production, projected to exceed five terawatt hours annually from gigafactories worldwide by 2030.

“With EV-battery volumes increasing, over 100 million vehicle batteries are expected to be retired in the next decade. This presents a myriad of growth opportunities in battery recycling. Unlike traditional batteries, end-of-life EV batteries can be remanufactured and repurposed in other applications.

“Additionally, the global emphasis on sustainability and environmental responsibility is creating a favourable environment for the growth of the battery-recycling market, estimated to reach USD23.2 billion by 2025.

“Pure-play battery manufacturers, recyclers and refiners of raw materials such as lithium, nickel and cobalt are set to gain the most from the transition to a more sustainable economy,” Sharma observes: 

“To attain net-zero emissions and align with the objectives of the Paris Agreement, a swift transition to the electrification of vehicles is imperative. Major global economies are adopting measures to fulfil these requirements, evident in the significant growth of the EV market.”

He adds: “The increase in EV adoption corresponds to an escalating demand for critical metals such as lithium, nickel and cobalt, as these materials are essential in the production of batteries. As the cornerstone of EVs, batteries play a pivotal role in driving the market’s evolution.”

Indxx, which was founded in 2005, has two offices in the US, located in New York and Miami, as well as two in India. Reflecting on the company’s other notable developments in the last year, Sharma explains: “One of the highlights for Indxx in 2023 was the launch of our first data product, the Indxx Thematic Industry Classification System (ITICS). It categorises the global equity market, classifying over 10,500 companies into more than 500 categories and over 500 sub-categories based on their operating segments and revenue streams.”  

Looking at the next steps for Indxx, in 2024, Sharma says: “We plan to continue to roll out new data and technology products and services in tandem with an aggressive launch schedule of ETFs tracking our indices globally.”

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