In the near future, a large volume of electric vehicle (EV) batteries will reach their end-of-life in EVs. However, they may still retain capacity that could be used in a second life, e.g., for a second use in an EV, or for home electricity storage, thus becoming part of the circular economy instead of becoming waste. The aim of this paper is to explore second life of EV batteries to provide an understanding of how the battery value chain and related business models can become more circular. We apply qualitative research methods and draw on data from interviews and workshops with stakeholders, to identify barriers to and opportunities for second use of EV batteries. New business models are conceptualized, in which increased economic viability of second life and recycling and increased business opportunities for stakeholders may lead to reduced resource consumption. The results show that although several stakeholders see potential in second life, there are several barriers, many of which are of an organizational and cognitive nature. The paper concludes that actors along the battery value chain should set up new collaborations with other actors to be able to benefit from creating new business opportunities and developing new business models together.