Mathematical framework for total cost of ownership analysis of marine electrical energy storage inspired by circular economy
Funding Information: Special thanks for support from received from CTIO Pierre Blanc, Senior Mechanical Engineer Kevin Septhon, Senior Project Manager Sami Rantula for all the support in and data searching for circulation material analysis. The authors would like to thank Dr. Arpad Toldy for his sup...
| Published in: | Journal of Power Sources |
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| Main Authors: | , |
| Other Authors: | , , , |
| Format: | Article in Journal/Newspaper |
| Language: | English |
| Published: |
Elsevier Science B.V.
2022
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| Subjects: | |
| Online Access: | https://aaltodoc.aalto.fi/handle/123456789/113355 https://doi.org/10.1016/j.jpowsour.2022.231164 |
| Summary: | Funding Information: Special thanks for support from received from CTIO Pierre Blanc, Senior Mechanical Engineer Kevin Septhon, Senior Project Manager Sami Rantula for all the support in and data searching for circulation material analysis. The authors would like to thank Dr. Arpad Toldy for his support in the language editing. Publisher Copyright: © 2022 The Authors The strongly growing uptake of lithium-ion batteries (LIBs) in transportation requires environmentally sustainable ways to treat spent batteries. Novel material circulation processes establish material flows which create significant business opportunities and new jobs and welfare. This paper develops a mathematical model for considering the circular economy in the life cycle costs in the maritime sector. Current articles and models do not quantify economic gains from the LIB circular economy, especially in the marine sector. An additional challenge is that the typical planned lifetime is 30 years which means that the battery energy storage of a ship needs to be retrofitted 1–3 times over the ship's lifetime. The analysis herein considers the cost evolution of ESS during the coming decades to estimate retrofit battery costs and re-use economics. The main finding of the study is that battery material circulation can be conducted in all phases over the lifetime of the marine application and clear revenue streams are identified. These are not only deceasing the costs for battery investment, but are also able to bring revenues, leading to commercially viable reuse of batteries. However, it is also concluded that material circulation requires more technological, procedural, and industrial innovations during the coming years. Peer reviewed |
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