A.k.a the circular economy, or HP's modern business model. One of the difficulties has always been that if your materials are truly fungible commodities, why would anyone pay your premium instead of buying from a dozen other suppliers. HP makes it work with technical moats, but that doesn't apply here.
There isn't really a premium, if you read the papers published on Metals as a Service it talks about a shift from CAPEX to OPEX which can be significant for the bottom line. How else is one supposed to address the problem of demand for critical minerals outpacing supply?
Everything as service, even base metals isn't exactly what I was expecting from the phrase "You'll own nothing and be happy"
I mean, a core charge for a battery kinda works like this
And that is already a successful biz model Nio has implemented