The Umicore perspective on why battery recycling isn’t scaling in Europe (yet) /Cédric Demonthy, RM8

To recycle or not to recycle lithium‑ion batteries in Europe? That’s no longer a theoretical question - it’s a strategic one. In this episode of RAW MATTERS, hosts Peter Tom Jones and Julia Poliscanova sit down with Cédric Demonthy, Vice-President of Battery Recycling Solutions at Umicore, to unpack one of the most critical - and misunderstood - pillars of Europe’s clean energy transition. From cutting-edge technology to hard economic realities, this conversation goes far beyond the usual optimism around circularity. What you will learn in this episode: • Why Europe already has world-class battery recycling technology - but still struggles to scale it • The logic behind Umicore’s pyro‑(lean) hydrometallurgical approach, and why it remains superior in terms of technical and environmental performance • The fundamental difference between NMC and LFP recycling, and why not all batteries are equal in a circular economy • Why the real bottleneck is not technology, but economics - including feedstock scarcity and weak market demand (in the EU) • How black mass leakage to Asia undermines Europe’s circular ambitions • What lessons Europe should draw from the Northvolt debacle • Why policy, enforcement, and investment certainty will determine whether recycling actually happens at scale The key takeaway? Battery recycling in Europe is technically feasible - but economically fragile. Without alignment, consistent rules, and real control over material flows, Europe risks exporting its waste… and re-importing the value. This isn’t about adding more frameworks – it’s about clarity: setting the course, sticking to it, and making the system work in practice. If Europe wants to build a truly strategic battery ecosystem, closing the loop is not optional - it’s essential. RAW MATTERS is your go-to podcast on the geopolitics, sustainability, and industrial strategy of critical raw materials shaping our common future.