A structured analysis of the emerging battery recycling and second-life ecosystem, mapping how value is created, retained, and redistributed across the battery lifecycle. The report examines end-of-life flows from electric vehicles and energy storage systems, the economics of material recovery (lithium, nickel, cobalt), and the growing role of second-life deployment in grid and off-grid applications. It is designed for operators, investors, and researchers evaluating where the battery value chain is stabilizing versus where fragmentation persists. Readers can use this asset to understand cost curves, regulatory drivers, infrastructure gaps, and the conditions under which recycling and reuse become economically and environmentally dominant.