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The growing demand for batteries, driven by the rapid growth of electric vehicles and renewable energy technologies, has led to increased focus on their lifecycle management. While batteries may reach the end of their primary life, they often have the potential for a second life, offering valuable services before their eventual recycling. This paper presents a comprehensive business model framework tailored for the second life battery business, aiming to guide stakeholders in the battery ecosystem through the complexities of this emerging field. Developed through detailed theoretical and practical industry insights, the framework is segmented into three core elements: value proposition, value creation and delivery, and value capture. Each core element further branches into sub-elements, offering a modular approach for stakeholders to construct unique business models. The paper also includes in-depth value analyses, sustainability implications, and stakeholder interests, providing a holistic understanding of the second life battery business. Practical implications for key stakeholders in the battery ecosystem, including battery OEMs, remanufacturers, repurposers, and dealers, are discussed. The paper contributes to the theory of circular business models in general, with specific relevance to battery circularity.