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1、2022Unbundling Tesla:How the electric vehicle battery industry is getting disruptedWhere is all this data from?The CB Insights platform has the underlying data included in this reportClick here to sign up for free3UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDIn 2015
2、,Elon Musk made a bold prediction that vehicle electrification would increase lithium-ion battery demand by a lot.At the time,Tesla was delivering around 50,000 vehicles a year.That year,the company broke ground on its battery Gigafactory production site in Nevada.That site would churn out enough ba
3、tteries to power 500,000 Teslas per year.And more sites like this were needed,Musk claimed.Its clear that Musks vision panned out,with the company on track to deliver more than 1M vehicles this year alone.This foresight allowed Tesla to become a dominant leader in the EV battery tech space.But as EV
4、 adoption becomes more mainstream,startups with backing from legacy auto OEMs,among other players have popped up to compete with Tesla on battery tech.Tesla has worked for years to vertically integrate its EV battery business,but new players are emerging to capture EV battery tech market share.From
5、novel materials development to battery recycling and everything in between,heres how companies are unbundling one of the worlds leading EV makers.4UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDAuto incumbents like Ford,General Motors,and Volkswagen have staked the su
6、ccess of their electrification roadmaps on these startups from battery materials startups aiming to disrupt Teslas lithium-ion battery tech,to grid software companies that provide new EV charging solutions like vehicle-to-grid tech,to battery recycling companies that could transform the battery prod
7、uction process.Below,we look at how tech companies are unbundling Tesla and the broader EV battery tech business,broken out by battery materials,battery management systems,and battery lifecycle.5UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTED The above graphic is not
8、intended to be exhaustive of the space.Categories are not mutually exclusive.6UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDCategory breakdownWe categorize technologies and services unbundling Tesla across 3 segments:Battery management systems:This segment includes c
9、onventional battery management system fields like charging optimization and battery power electronics.It also includes tech-enabled solutions designed to ensure quality control in the manufacturing process,as well as software that allows EV batteries to supply power to the grid.Battery lifecycle:Thi
10、s segment features tech that deals with the broader battery lifecycle from battery material mining to recycling and second use.Battery materials:This segment covers companies developing new materials for EV batteries.7UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDBat
11、tery management systemsTesla was one of the first automotive companies to use battery management systems like telematics for optimizing EV battery performance.Access to this data allowed the company to tailor its hardware and software components to increase range and prevent battery failures.Tesla i
12、s continuing to incorporate new battery management system components like power electronics and charging optimization software into its vehicles.QUALITY CONTROL ANALYTICSGiven the nascency of the EV battery industry,initial battery production results in plenty of scrap before producers optimize manu
13、facturing processes to avoid waste.As recently as 2019,Teslas Nevada battery Gigafactory scrapped around half a million batteries a day.Quality control analytics startups offer sensor hardware and software platforms that detect manufacturing defects and help prevent scrap losses later down the produ
14、ction line.Startups use new hardware sensors,AI-driven software analytics,or a combination of both to achieve this.On the software front,companies use AI algorithms to detect defects in the production process as well as predict the future performance of batteries,allowing battery manufacturers to te
15、st and optimize new battery designs.This can help battery producers quickly find and address production issues,speeding up the production ramping process and reducing waste.Startups offering these software solutions include Zitara,Voltiq,and Accure.8UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY
16、INDUSTRY IS GETTING DISRUPTEDHardware companies use new sensors in the production process to detect defects as they occur.Liminal,for one,uses ultrasonic sensors that spot anomalies in battery structure and provides insights into the cause of the anomaly.CHARGING OPTIMIZATION SOFTWARETeslas latest E
17、V fast-charging sites,the V3 Superchargers,are capable of intelligent charging,which involves automatically adjusting the charging rate of an EV battery to prevent battery degradation and preserve battery life while charging as quickly as possible.For instance,while rated for an output of 250 kW,sof
18、tware can dial that output down to 150 kW between 25%and 40%battery charge and then taper off from there until the battery is fully charged.Startups are using different AI model inputs to determine optimal charging patterns.Qnovo,for instance,uses weather conditions to adjust charging speeds and all
19、ows battery producers to offer longer battery warranties.Iontra collects batteries from its customers,cycles and analyzes the batteries,and then generates a tailored charging model for each customer based on the battery analysis.9UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING
20、DISRUPTEDGRID SOFTWAREThe power grid has struggled to maintain operation during weather events like the 2018 California wildfires or the 2021 Texas deep freeze,with both events resulting in large-scale power outages.Utility companies are turning to battery storage to keep the lights on during these
21、events.Tesla is capitalizing on this by using its customers home battery Powerwall systems as a sort of virtual power plant that can send power to the grid when needed.Pilot programs are ongoing in California and Texas.Vehicle-to-grid(V2G)tech enables EVs to supply power back to the grid using the p
22、ower stored in EV batteries.However,Tesla has yet to use the batteries present in its EVs as a power source and startups have sprung up to offer these solutions.Fermata Energy recently partnered with power generation company FirstLight Power to offer V2G EV chargers at its largest hydroelectric faci
23、lity in western Massachusetts.The setup will send power to the grid from 2 Nissan Leaf vehicles during periods of peak electricity demand.Smart EV fleet charging can also help smooth out demand peaks by charging from sources other than the grid.UK-based Zenobe raised$326M in early 2022 to expand its
24、 EV fleet management offerings,including outfitting bus depots with energy storage systems that charge e-buses during peak demand.Other companies offering solutions like this include AutoGrid,Polarium,and FlexGen Power Systems.10UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING D
25、ISRUPTEDBATTERY POWER ELECTRONICSPower flowing through an EV goes through plenty of changes depending on where the power is going.For instance,the battery pack outputs high-voltage direct current(DC)power,while sensors and the vehicle entertainment system use low-voltage DC power.Power electronics c
26、onvert between different forms of power.Tesla invested heavily in power electronics while developing its Model 3 EV to make these devices as small and efficient as possible.In 2018,Tesla was the first company to embrace silicon carbide(SiC)transistors over conventional silicon transistors due to low
27、er power loss and SiC transistors smaller size(leaving more room for batteries).Startups are improving on SiC transistors to make battery-charging more efficient and decrease the size of onboard electronics equipment.For example,Flex Power Control offers SiC power electronics for fast DC charging,as
28、 well as home power electronics solutions that allow EVs to charge from residential solar or backup battery systems.While Flex Power Control uses multiple power electronics to convert power between devices like solar panels and an EV,power electronics startup Czar Power is looking to reduce these to
29、 one single system.This decreases the cost needed for the power electronics while also making the system more energy-efficient.Companies are also using auxiliary systems to improve power electronics performance.Byotta,for example,offers liquid cooling solutions that allow power electronics to operat
30、e more efficiently by keeping these devices at lower temperatures.11UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDBattery lifecycleBattery raw materials now make up roughly 80%of the total cost of an EV battery,up from around 40%in 2015 making them increasingly impor
31、tant in driving down EV costs.Tesla is working with suppliers,including battery recyclers,to shore up its materials contracts and is even working on developing its own lithium mine in Nevada.BATTERY RECYCLINGEV batteries are built using an extraordinary amount of raw materials,and global supply chai
32、n disruptions have driven the price of these materials to record levels.As a result,EV battery costs are predicted to break a decade-long trend of cost declines in 2022 and instead slightly increase,according to research from Bloomberg New Energy Finance.Tesla noted this in its Q322 earnings call,st
33、ating in a shareholder deck that the company“believes that battery supply chain constraints will be the main limiting factor to EV market growth in the medium and long terms.”Battery recycling offers auto OEMs stable supplies of battery raw materials and is becoming cost-competitive as virgin materi
34、al costs rise.This has driven record interest in the sector,from both investors and auto companies.12UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDRedwood Materials,for instance,raised a$700M Series C round in July 2021 from big-name investors like VC firm Breakthrou
35、gh Energy Ventures,financial institution Fidelity Investments,and financial services firm Goldman Sachs.Since then,Redwood Materials has announced battery recycling partnerships with major auto OEMs like Ford,Volvo,Toyota,and Volkswagen.The slowdown in global VC investing in 2022 hasnt affected the
36、category much either.Ascend Elements,for one,announced a$200M Series C equity round in October,shortly after receiving a$480M grant to build battery recycling facilities from the US Department of Energy.Startups are also automating the battery recycling process.Posh Robotics is looking to streamline
37、 the recycling process by relying on robots and automation rather than manually sorting through battery waste.The company received a$3.8M seed round from investors including Y Combinator in June 2022.SECOND-LIFE BATTERY TECHIn addition to battery recycling,second-life battery tech tackles battery wa
38、ste by refurbishing old EV batteries for new applications like grid storage.This approach frees up battery raw material supplies for intensive applications like EVs,and also provides a new source of revenue for auto companies.13UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DI
39、SRUPTEDWhile Tesla has not publicly announced any second-life battery projects,other auto companies are embracing the solution.Mercedes Benz,for example,partnered with second-life battery provider Moment Energy in July 2022 to supply used EV batteries for Moment Energys off-grid energy storage proje
40、cts.The main issue holding second-life batteries back from mass adoption is safety:If we cant prevent new EV batteries from catching fire,how can we be sure that used EV batteries wont pose even more of a fire risk?Second-life battery tech companies are addressing this by using new tech to diagnose
41、battery health and prevent future safety hazards.For example,Titan AES uses ultrasound sensors to diagnose second-life batteries before they go into use in order to determine which ones might cause a fire.The company recently raised a$33M Series B round to scale its tech from investors including Sch
42、neider Electrics SE Ventures.Once second-life batteries are in operation,companies like Stabl Energy and Relectrify offer advanced battery inverters to stabilize battery performance.If an individual battery cell is performing poorly and may be a safety risk,the battery inverter redistributes power t
43、o other battery cells to prevent the bad battery cell from failing.14UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDMININGTo get ahead of rising raw materials costs and supply chain constraints,Tesla is actively developing its own source of lithium for its EV batterie
44、s.At its Battery Day event in September 2020,Tesla executive Drew Baglino said that Tesla was working on a new lithium extraction process that would decrease mining costs by 33%and that the company had already secured the rights to a potential lithium mine location in Nevada.The company detailed tha
45、t new process,known as direct lithium extraction,in a patent application.Instead of using lithium brine pools,which are only found in a handful of locations across the globe,Teslas direct lithium extraction process would use lithium clay.Lithium clays are found throughout the world,including across
46、plenty of sites in Nevada.American Battery Technology Company is using a similar method to Tesla and has a mining site near Tonopah,NV.The company was recently awarded a$115M grant from the US Department of Energy to develop the site.Other companies are focusing on improving conventional lithium bri
47、ne techniques.EnergyX and Lilac Solutions offer processes that they individually claim can double the recovery rate of lithium while decreasing the amount of water consumption by up to 95%.EnergyX received a$450M private equity investment from Global Emerging Markets in July 2022,while Lilac Solutio
48、ns raised a$150M Series B round in September 2021.In addition to new mining processes,some companies are looking to capture minerals from previously unexplored locations.Impossible Metals is working on mining battery-grade materials from the ocean bed using a new robotic collection system.The compan
49、y aims to deliver a proof of concept in early 2023.15UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDBattery materialsBecause Tesla designs and manufactures its own EV batteries,the automaker is able to experiment with new battery materials to improve battery performan
50、ce and energy efficiency.The company focuses on redesigning different components of the batteries,including the anode,cathode,and electrolyte.ANODEFor the anode,Tesla is looking to introduce new materials,mainly silicon,to improve EV battery performance,which translates to longer range lengths and f
51、aster charging for EVs.Traditional anodes rely on graphite,which doesnt perform as well as silicon,especially at lower temperatures and during fast charging.Startups developing silicon anodes are numerous and are some of the most well-funded companies in battery materials.Examples include Sila,Group
52、14 Technologies,Enovix,StoreDot,Enevate,and Amprius.Notably,Sila is the only company to have commercially shipped a new battery materials product in over a decade(via a partnership with fitness wearables startup Whoop).Niobium is another material that could replace graphite due to its long lifetime
53、and strong performance conditions under fast charging and lower temperatures.But the material is expensive and isnt available at scale,so companies in the field tend to be early-stage.Startups in this area include Echion Technologies and Nyobolt.16UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY IN
54、DUSTRY IS GETTING DISRUPTEDCATHODECurrent cathode materials like cobalt are the source of 2 major challenges for the EV industry:battery fires and unethical supply chains.The breakdown of the cathode can set off the initial stages of a battery fire,and much of the global cobalt supply chain comes fr
55、om“artisanal”mines in the Democratic Republic of the Congo that are known for their use of child labor.However,there are numerous materials that look promising for the future of battery cathodes,with each material being better-suited for a specific segment of the EV market.Tesla noted this in its Ba
56、ttery Day presentation,where the company outlined that future lower-end EV models will use lithium-ion phosphate(LFP)while higher-end EVs will use high-nickel-content cathodes.LFP batteries are inexpensive and much less likely to cause a battery fire than conventional cathode materials.High-nickel-c
57、ontent cathodes,while expensive,offer the best performance for EV range and charging capabilities.Both of these materials address unethical supply chain concerns because they lack cobalt.On the LFP front,China-based Phylion is a leader in the space,offering LFP batteries for micro-mobility and EVs.I
58、n fact,China makes the vast majority of LFP batteries.Mitra Chem is looking to change this by manufacturing LFP batteries in the US.17UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDCathodes that use only nickel are still in the development phase due to potential batte
59、ry fires.However,high-nickel-content cathodes use other materials like manganese to stabilize the nickel.Examples of startups using manganese with nickel for cathodes include China-based Microvast and Norway-based Morrow Batteries.Some startups are looking to split the difference between LFP and hig
60、h-nickel-content cathodes by using both at the same time.ONE(Our Next Energy)develops a dual cathode setup that contains both LFP and high-nickel-content cathodes.ELECTROLYTEBesides the cathode material causing safety concerns,the standard electrolyte material in lithium-ion batteries also plays a r
61、ole in battery fires due to its high flammability.To address these safety risks,companies are working on an inflammable electrolyte and separator material called a solid-state electrolyte that,when put into a battery,is known as a solid-state battery.While Tesla has yet to embrace solid-state batter
62、ies,other auto OEMs have placed bets on the material through partnerships and investments.A notable example is Volkswagens partnerships with and investments in the solid-state battery company QuantumScape.18UNBUNDLING TESLA:HOW THE ELECTRIC VEHICLE BATTERY INDUSTRY IS GETTING DISRUPTEDSimilar to sil
63、icon anode companies,solid-state battery companies saw significant investment in recent years,culminating in a handful of SPAC public listings.Examples of recent SPACs include QuantumScape,SES,and Solid Power.Flush with cash,these companies are working on scaling production capabilities.SES plans on
64、 completing a production plant in Shanghai by the end of 2023,while QuantumScape and Solid Power hope to reach commercial production by 2024.Solid-state batteries arent the only innovation in the category.Cuberg has been quietly working to address the flammability concerns of conventional liquid ele
65、ctrolytes.This approach has strong backing to it Cuberg was acquired by Sweden-based battery manufacturing giant Northvolt in 2021.The company expects to achieve commercial production by 2026,enabling new modes of electrification like electric vertical take-off and landing(eVTOL).If you arent already a client,sign up for a free trial to learn more about our platform.