Natural, synthetic, or recycled? A life cycle and techno-economic analysis of battery-grade graphite production

As the primary anode material, graphite plays a crucial role in Lithium-ion batteries (LIBs). However, its production from different sources varies in both environmental and economic performance. This study presents a comparative life cycle assessment (LCA) and techno-economic analysis (TEA) of graphite production from three sources: natural, synthetic, and recycled graphite. Using the TRACI method, the environmental impacts of each source were quantified. In comparison to synthetic and natural sources, recycled graphite reduces the global warming potential (GWP) of plants by ∼70 %, highlighting its potential as a more sustainable alternative. LCA results also identified energy and consumables as potential hotspots and suggested a sensitivity analysis to see the change. TEA was also conducted, and for all routes, it showed a cash-positive flow. However, the recycled route, with an NPV of $127.6 million, a payback of 0.5 years, and a ROROI of 223.8 %, was the most profitable. Its higher profit comes from a second product stream (mixed-metal leachate) that increases revenue in addition to graphite. Together with its lowest GW, the results identify recycled graphite as the preferred option within the 15-year plant life. These findings align with the International Energy Agency, which identifies recycling as an essential way to secure the supply chain of critical materials and reduce the carbon footprint. This highlights a near-term reliance on manufacturing waste and the transition to end-of-life battery flows.