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Financing Opportunities: Battery Second Life. Adam Langton CPUC Energy Division. Challenge for PEV Adoption. PEVs face a ~10K Price Premium…. …and face twice the depreciation rate of ICE cars. Year 1. Year 3. A Mature Secondary Market for Used PEV Batteries could….

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financing opportunities battery second life

Financing Opportunities:Battery Second Life

Adam Langton

CPUC Energy Division

challenge for pev adoption
Challenge for PEV Adoption

PEVs face a ~10K

Price Premium…

…and face twice the depreciation rate of ICE cars.

Year 1

Year 3

a mature secondary market for used pev batteries could
A Mature Secondary Market for Used PEV Batteries could….
  • Improve re-sale value of vehicles for existing owners
  • Avoid landfilling vehicle batteries, here or elsewhere
  • Help meet State’s storage mandate
utilities can facilitate battery second life financing
Utilities Can Facilitate Battery Second Life Financing

Long-term grid services contract

(lease or buy)

Upfront payment

(lease or buy)

Utility

Transaction

/Finance Entity

Customer

Used vehicle

battery

(lease or buy)

Grid Values

from Used Vehicle Batteries

  • Variations on the basic financing model involve changing one of three key variables:
  • Vehicle acquisition form (purchase or lease)
  • Level of battery modularity (cells or battery packs)
  • Entity that facilitates the transactions (utility, third party, or exclusive licensee)
risks and unknowns
Risks and Unknowns
  • Uncertain grid performance of half-used vehicle batteries
    • Specific to each battery type
    • Can be measured and assigned by financing entity
  • Future Battery Costs
    • Expected to decrease
    • Utilities face similar risks for any investment
  • Is grid storage the best application
    • Re-use in other vehicle applications might be higher value
possible next steps
Possible Next Steps
  • Continue Pilots, similar to the PG&E pilot, to engage stakeholders and explore contracting methodologies
  • Partner with private entities with storage needs (data centers, hospitals, etc.) to aggregate demand
  • Target fleet vehicles to minimize performance risks and encourage fleet adoption
  • Evaluate the full supply chain benefits to capture additional positive externalities
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