HG Ventures Partners with Battery Marketplace Company, Currents
Currents’ platform will help meet the growing demand for end-of-life electric vehicle batteries and improve supply chains
INDIANAPOLIS–(BUSINESS WIRE)–HG Ventures, the corporate venture arm of The Heritage Group, announced today the addition of Currents, a second-life battery marketplace platform, to its growing portfolio.
Currents, a business-to-business marketplace designed for stakeholders throughout the end-of-life electric vehicle (EV) lithium-ion battery supply chain, is a facilitation platform that extends the lives of retired EV batteries, paving the way for a sustainable, renewable future powered by second-life batteries. The platform drives value for buyers by solving pain points around sourcing, while enabling suppliers to scale their operations to the largest available demand pool, fulfilling a real gap in the industry.
“Demand for EV batteries has never been higher, but we’re seeing critical materials and EV batteries being dispersed throughout the US at scrap yards with no sustainable solution to properly discard them,” said Nick Arnold, Senior Associate at HG Ventures. “Currents is building a circular marketplace solution to give end-of-life batteries the option to be repurposed into energy storage or recycled. We’re excited to add them to our growing roster of emerging technology companies solving real-world problems.”
The closed-loop model effectively extends the life of valuable battery assets and reduces greenhouse gas emissions created by production. For every one ton of lithium mined, 15 tons of carbon dioxide are emitted. Last year, 11.4 million EV batteries or 100,000 tons of lithium were produced, yet less than 5% of lithium-ion batteries are properly recycled.
Currents provides the channel and solution for the end-of-life lithium supply chain challenged from the growing demand for EV batteries. In the first quarter of 2022, EV sales grew by 60% and demand for EV batteries continues to rise. The rise in demand, coupled with other macroeconomic factors, has caused material prices, including lithium, to skyrocket over the last couple of years. Maximizing the effective life of every battery is of the utmost importance to strengthen our energy independence, unlock the value of renewables, and bolster domestic supply chains.
“We’re creating a platform that facilitates and optimizes the end-of-life lithium supply chain to ensure that every battery is handled responsibly while maximizing their lifecycle value,” said Anthony Garbarino, CEO of Currents. “Sustainability, resource and energy independence, and modernizing supply chains are at the forefront of our business model, and we’re excited to launch our platform and drive innovation for stakeholders throughout the value chain. We’re glad HG Ventures recognized this gap in the industry and we’re excited to partner with them to bring our product to market.”
With its partnership with HG Ventures, Currents will be able to leverage The Heritage Group’s network and expertise in the battery industry. HG Ventures is committed to supporting the continued innovation in sustainable battery solutions.
HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with innovative, high-growth companies to support a sustainable future. We leverage the world-class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to our portfolio company partners. www.hgventures.com.
Currents is a B2B facilitation marketplace designed for retired electric vehicle lithium-ion batteries tailor-made for auto OEMs, second life (2L) integrators, and auto recyclers with a mission of enabling the closed loop economic model for all stakeholders. Currents is the safe, trusted sales channel that will provide the platform needed to build a sustainable, renewable future powered by second life batteries.
Vice President of Cleantech