1、The Battery Report 2023(Volta Foundation)Revision:20240401022023|BATTERY REPORT|Introduction|P.2Commercial milestones in battery development and manufacturing01 Industry02 AcademiaAcademic breakthroughs in fundamental battery science03 TalentSupply,demand,and insights on talent working in the field0

2、4 PolicyGovernment targets,incentives,regulations,and their implications05 PredictionsTrends we believe are likely to happen in the next 12 months“The battery is the technology of our time.”-The EconomistIn this annual report,we summarize what we consider to be the most significant developments in t

3、he battery industry in 2023.This report seeks to provide a comprehensive and accessible overview of the current state of battery industry,research,talent,and policy.We hope to catalyze in-depth conversations on the state of batteries and its trajectory for the future.We consider the following key di

4、mensions in our report:Disclaimer:The views expressed herein are solely those of the authors,and have not been reviewed or approved by any other organization,agency,employer or company.The primary purpose of this work is to educate and inform.The Content is for entertainment and informational purpos

5、es only and you should not construe any such information as investment,financial,or other advice.Data and information is from publicly available sources and often self-reported by the companies.The authors declare no conflicts of interest in producing this report.IntroductionSponsor the Battery Repo

6、rtThe Battery Report is a project by:Sponsor The Battery ReportSponsor the Battery Report2023|BATTERY REPORT|Introduction|P.4Thank youto our Members,Partners,and SponsorsThe Volta Foundation is an independent non-profit professional association dedicated to supporting the growth of the Battery Indus

7、try.01 Industry2023|BATTERY REPORT|01 Industry|P.501 INDUSTRY2023|BATTERY REPORT|01 Industry|P.|2023 marked a year of continued growth and calibration of the global battery industry-passenger EV sales topped 10M for the first time,representing 32%year-on-year growth in spite of higher interest rates

8、.The average price paid for a new EV has declined by 25%over the past year,thanks in part to an EV price war as manufacturers compete for market share,bringing the average price paid for a new EV to just 4%higher than the overall new car market average.The cost of lithium has dropped 80%since its pe

9、ak in late 2022,causing consternation for mining companies,but also contributed to lowering battery cell-level prices by 16%to$107/kWh.Major trends include a dramatic acceptance by nearly all major OEMs of the NACS charging standard.Cell formats trending towards large-format prismatic cells influenc

10、ed by continuing LFP adoption.7 TWh of battery manufacturing capacity has been planned globally before 2030,with China accounting for 68.5%of this capacity,and the majority of the North American and European capacity being focused on NMC chemistries.In terms of regulations,US and EU governments have

11、 outlined official guidance over the past year to ensure greater security in the sourcing of critical minerals and developing a domestic battery supply chain.BESS is a nascent yet rapidly growing market,opportunities and challenges remain for financing,integration,regulations,and battery chemistries

12、 to be developed to better support the growth of this segment.Advanced cell chemistries continue to make progress towards commercialization,prime examples include LMFP,Na-ion,Sulfur,and Li-metal chemistries,while innovations in mining,supply chain,manufacturing,software,and other enabling technologi

13、es continue to be the focus for commercial R&D and entrepreneurial energy in the space.01 INDUSTRY|Overview6OverviewNotable EventsIndustry Value ChainFinanceCell CostsCell&Pack ManufacturingApplicationsSafetyRaw MaterialsRecyclingSoftware&AnalyticsChemistry&Cell Components01 Industry2023|BATTERY REP

14、ORT|01 Industry|P.|01 INDUSTRY|Notable Events7OverviewNotable EventsIndustry Value ChainFinanceCell CostsCell&Pack ManufacturingApplicationsSafetyRaw MaterialsRecyclingSoftware&AnalyticsChemistry&Cell Components01 Industry2023|BATTERY REPORT|01 Industry|P.|Week 1Week 2Week 3Week 4Piedmont Lithium am

15、ends agreement with Tesla to supply spodumene concentrate.Stellantis and Archer Aviation expand partnership to manufacture electric vertical take-off and landing(eVTOL)aircraft.Nio announces roll-out of battery swap stations in the UK in 2023.LG Energy Solution and Honda Motor formally establish JV

16、to produce Li-ion batteries in the US.UKs Faraday Battery Challenge awards 27M of grants to various organizations for research-to-commercialization work8Notable Events|JanuaryBritishvolt is declared insolvent.UL Solutions and CATL sign MoU for strategic cooperation to create safer deployment and use

17、 of battery energy storage systems and EV batteries.24M is selected to receive$3.2M in funding from the US Department of Energy Advanced Research Projects Agency-Energy(ARPA-E).Ford partners with LG Energy Solutions on 30 GWh battery plant in Turkey,drops SK On.Nth Cycle introduces premium domestic

18、MHP(Mixed Hydroxide Precipitate)Product.ChargePoint and Stem partner to accelerate deployment of EV charging and battery storage solutions.Lotus Tech announces plans to go public in the US via SPAC.Notable EventsJanuary2023|BATTERY REPORT|01 Industry|P.|Our Next Energy(ONE)raises$300M at$1.2B valuat

19、ion,the latest unicorn in the battery industry.Redwood Materials receives conditional commitment for$2B Department of Energy loan for battery materials.Ionblox raises$32M Series B funding from Lilium,Applied Ventures,Temasek and Catalus Capital.Li-Cycle receives conditional commitment for$375M loan

20、from US DOE ATVM Program.Posco Chemical locks in$32.6B order from Samsung SDI to manufacture cathode materials for EV batteries.Nanograf raises$65M Series B for silicon oxide anodes.Tesla announces$5B factory in Mexico marking a push to broaden operations outside the US.Volkswagen announces five-yea

21、r plan to accelerate EV production and software strategy.GM invests$650M into Lithium Americas to develop Thacker Pass Mine.9Ford announces$3.5B partnership with CATL to build LFP battery plant in Michigan.Notable Events|FebruaryHina Battery in China becomes first to put sodium-ion batteries into EV

22、s.Stellantis invests$155M to buy a minority stake in a copper mine in Argentina.Arrival announces$50M equity capital commitment to strengthen balance sheet and reduce debt by 38%.Tesla orders$2.9B of battery materials from South Korea-based cathode producer L&F Co.EO Charging secures$80M equity inve

23、stment from Vortex Energy and Zouk Capital to expand EV fleet charging.Nano One is awarded$10M from Sustainable Development Technology Canada.Ford cuts Rivian stake from 11%to 1.15%.Umicore announces plan to source nickel from Terrafame.Week 1Week 2Week 3Week 4Notable EventsFebruary2023|BATTERY REPO

24、RT|01 Industry|P.|Week 2Week 3Week 4Amprius announces 500Wh/kg power cell aimed at aviation market.10Samsung SDI plans to build battery plant with GM.CATL delays plans to raise$5B in Switzerland as regulators in Beijing raise concerns.Volkswagen announces first North American EV Battery Plant in Ont

25、ario.US and Japan reach deal on vital minerals for EV batteries.Posco Future M announces plans to build NCA cathode facility in South Korea with 30,000 tpa production capacity.BMW Group announces new assembly site for high-voltage batteries in the Straubing-Bogen.Notable Events|MarchGotion pauses ba

26、ttery plant in Big Rapids Township,Michigan.pH7 Technologies receives$16M in a Series A for clean extraction and recycling of critical metals.Gotion and Edison Power partner on energy storage and battery recycling in Japan.Li-Cycle and KION Group form lithium-ion battery recycling partnership and Li

27、-Cycle announces new facility in France.Volkswagen pauses on battery plant in Europe,prioritizing North American factory.Cirba Solutions and Jacobs form strategic alliance to expand manufacturing capacity across North America for EV battery materials.Tesla cuts U.S.Model S and Model X prices between

28、 4%and 9%.American Lithium Energy secures$13.2M in grants from the California Energy Commission to build pilot lithium-ion manufacturing facility.Our Next Energy(ONE)announces plans to build$500M battery storage system manufacturing facility in West Virginia.Week 1Notable EventsMarch2023|BATTERY REP

29、ORT|01 Industry|P.|Week 1Week 2Week 3Week 4Sila introduces new Titan Silicon anode for EVs.Stellantis and BMW announce talks with Panasonic over new EV battery plants.Redwood Materials expands partnership with Volkswagen of America to collect more end-of-life batteries from consumer electronics.Pola

30、nd overtakes the US as the worlds second largest producer of lithium-ion batteries.Tesla confirms plans for second plant in Shanghai.Samsung SDI opens new battery research center in Shanghai.Volkswagen announces investment of$1.1B in new R&D and procurement center for EVs in Hefei,China.U.S.and Sout

31、h Korea sign MoU to expedite development of EV battery manufacturing in the US by South Korean companies.Samsung SDI and GM announce$3B joint venture for battery manufacturing.Novalith raises$23M to build processing plant using soda water to extract battery-grade lithium from ores more efficiently t

32、han existing techniques.Freyr announces plans to cut gigafactory ramp time by at least 50%in partnership with Siemens.Volkswagen announces plans to build EV battery ecosystem in Indonesia,partnering with Vale,Ford and Zhejiang Huayou Cobalt.11Notable Events|AprilElevenEs announces European LFP batte

33、ry plant,with 500 MWh/yr capacity by 2024.Japan provides$1.8B in subsidies for energy storage batteries.24M Technologies is awarded$3.8M contract from the United States Advanced Battery Consortium.6K Energy announces investment of$250M in new cathode plant in North America.Notable EventsApril2023|BA

34、TTERY REPORT|01 Industry|P.|Ford EVs slated to use Teslas supercharger network by early 2024.Microvast denied$200M grant from US Department of Energy after national security concerns.QuantumScape announces plan to target smartphone batteries.Tesla Giga Berlin starts production of Model Y with BYD ba

35、tteries.Thailand in talks with CATL and other battery manufacturers to build production facilities.Tesla breaks ground on$375M lithium refinery factory in Texas.GM and POSCO secure$224M from Canadas federal government to build battery materials facility.12Glencore and Li-Cycle announce plans for lar

36、gest battery recycling plant in Europe,capable of processing 50 to 70 ktpa of black mass.Hyundai and LG announce$4.3B plant in Georgia to build batteries for EVs.France opens first EV battery factory in partnership between TotalEnergies,Mercedes-Benz,and Stellantis.Form Energy breaks ground on$760M

37、battery plant with annual capacity of 550 MWh.Stellantis resumes construction of$3.7B battery plant after Ontario government increases financial support.Morrow Batteries raises$52M to continue development in southern Norway,first factory to open in Q1 of 2024.Energy and Pylon Technologies form JV to

38、 supply Europe with LFP batteries.EVE Power announces plans to build$1.1B cell plant in Hungary.Hozon to produce EVs in Thailand for Southeast Asian market.Honda and GS Yuasa establish JV for battery development.Toyota announces additional$2.1B investment for North Carolina battery plant.Ganfeng Lit

39、hium announces mass production of solid-state batteries.Notable Events|MayWeek 1Week 2Week 3Week 4Notable EventsMay2023|BATTERY REPORT|01 Industry|P.|Ford and SK On secure$9.2B loan to build 3 battery plants producing up to 120 GWh in the US,one in TN and two in KY.Lordstown Motors files for bankrup

40、tcy.Nobel laureate John Goodenough,whose work led to invention of Li-Ion batteries,passes away at 100.Panasonic to boost battery output at Teslas Nevada Gigafactory by 10%.Tata Group announces plans to build$1.6B EV battery plant.13Altris presents Prussian White cathode material with capacity of 160

41、 mAh/g.Notable Events|JuneCATL announces plans to invest$1.4B to build lithium extraction plants in Bolivia.ForgeNano raises$50M in Series C to build out battery production line.Stellantis and Galloo form JV to recycle EV batteries.Toyota unveils plans to make solid-state batteries for its EVs,aimin

42、g for 3.5M EVs by 2030.Saudi Arabias Ministry of Investment signs$5.6B deal with Chinese EV maker Human Horizons.Northvolt receives$400M investment from Canadian pension fund.Porsche announces$21.9B investment in development of EVs and software.Aston Martin and Lucid announce collaboration on new EV

43、s.Tesla announces that it has produced 10M 4680 battery cells at Giga Texas.RecycLiCo and Zenith Chemical announce$25M Li-ion battery recycling JV in Taiwan.Week 1Week 2Week 3Week 4Notable Events June2023|BATTERY REPORT|01 Industry|P.|Nikola discontinued operations at battery supplier Romeo Power af

44、ter buying the company for$144M in 2022.UK EV maker Arrival cancels planned SPAC.14Colombia announces plans to convert 290 MW coal plant to solar PV and battery storage facility.Gotion High-Tech signs strategic cooperation agreements with Siemens Digital Industrial Software and BASF.Li-Cycle and EVE

45、 Energy sign MoU to collaborate and explore lithium-ion battery recycling solutions.EU finalizes regulations targeting 50%lithium recovery from waste batteries by 2027.BYD announces plans to build battery and EV plant in India,targeting annual production of 100k EVs.Notable Events|JulyTesla announce

46、s that it has produced 479,700 EVs and delivered 466,140 EVs in Q2 of 2023.Mercedes-Benz picks Teslas charging standard for North American EVs starting in 2025.Fisker has sells$340M in convertible notes to support additional battery pack line.Tesla sues Cap-XX over EV over supercapacitors patented b

47、y subsidiary Maxwell Technologies.Graphite One awarded$37.5M DOD grant under the Defense Production Act.Tata announces plans to build EV battery plant in the UK.Stellantis and Samsung SDI sign MoU to build 34 GWh battery plant by 2027.Lion Electric opens EV plant with capacity to manufacture 20k ele

48、ctric buses.Posco announces investment of$92B through 2030 to transform its EV battery materials business.ProLogium and MAHLE sign MoU to develop next generation solid-state batteries.Enevate and JR Energy Solution announce joint venture to build electrode factory in the US.Week 1Week 2Week 3Week 4N

49、otable EventsJuly2023|BATTERY REPORT|01 Industry|P.|Lamborghini introduces its first EV model at 2023 Monterey Car Week.15Notable Events|AugustGM announces that all Ultium-based EVs will have vehicle-to-home charging.QuantumScape raises$300M from public offering.EVE Energy invests$422M in new batter

50、y plant in Malaysia.Proterra files for bankruptcy.LGES and Zhejiang Huayou Recycling partner on battery recycling JV.Fisker adopts NACS,giving customer access to Tesla Superchargers by 2025.John Deere invests$70M in offices and manufacturing in North Carolina.ICL Specialty Products breaks ground on$

51、400M plant to produce LFP cathode,30 ktpa by 2025.Northvolt raises$1.2B to expand to North America.CATL unveila Shenxing EV battery that can charge 400 km in 10 minutes.Ecopro BM,SK,and Ford invest$1.4B in new cathode facility in Quebec with capacity of 45 tpa.Accure raises$7.8M Series A2 to predict

52、 lithium-ion battery failures with AI.Xpeng acquires Didis smart EV unit for$744M.ENGIE acquires Broad Reach Power to expand energy storage operations.Novonix announces plans to build$1B graphite plant in Chattanooga.Redwood Materials raises$1B in Series D to expand battery materials operations in U

53、S.BYD acquires Jabils mobility business for$2.2B.Hyundai invests$400M for 5%stake in Korea Zinc to develop nickel value chain.Hyundai and LG invest additional$2B into Georgia battery plant for total investment of over$7.5B.Week 1Week 2Week 3Week 4Notable EventsAugust2023|BATTERY REPORT|01 Industry|P

54、.|16Notable Events|SeptemberGotion acquires 25%stake in Slovak EV battery startup Inobat.CATL announces plans to produce fast-charging Shenxing battery in Germany and Hungary.Tesla Shanghai sues chip and auto parts maker Bingling Intelligent Technology for IP infringement.KKR acquires 45%stake in en

55、ergy storage developer Zenobe for$1B.Lyten raises$200M Series B for lithium sulfur batteries.Gotion announces$2B battery plant in Illinois.Stellantis announces plans to expand global battery capacity to 400 GWh.Rimac partners with Eve Energy to use 46XX cells in battery packs.Verkor raises$2.14B for

56、 Dunkirk EV gigafactory.Toyota implements self-propelled assembly lines and massive die casting to catch up in EV race.Gotion and InoBat announce plans to build 20 GWh battery plant in Europe by 2026 to supply VW EVs.LGES raises$1B in bonds to finance for EV battery factories.BYD launches new$31k Do

57、lphin EV in Mexico.Northvolt announces plans for$5.2B battery factory in Quebec.Varco Energy secures$70M in debt financing from NatWest to fund BESS projects.SK Ecoplant and Ascend Elements announce JV to build battery$66M recycling facility in Kentucky,with capacity to process 12 ktpa of black mass

58、.US State Department announces plans to build battery factories in Africa for surging EV battery demand.Geely Automotives premium brand Zeekr files for IPO in the US.Week 1Week 2Week 3Week 4Notable EventsSeptember2023|BATTERY REPORT|01 Industry|P.|NIO completes 30 million global battery swaps,furthe

59、r proving the processs viability.Toyota invests additional$8B into North Carolina EV battery plant.17Electric truck maker Volta Trucks files for bankruptcy in Sweden.US EV sales surpass 300k in Q3 of 2023.LG Chem secures$2.15B cathode materials deal with Toyota for U.S.plant.Albemarle withdraws non-

60、binding offer to acquire Liontown resources.Umicore and AESC enter long-term supply agreement for EV battery materials in North America.American Battery Factory breaks ground on LFP gigafactory in Arizona.Nio files to expand the use of solid-state batteries to 11 more EV models.Factorial announces$5

61、0M battery manufacturing facility in Massachusetts.Notable Events|OctoberLGES invests$3B to supply Toyota with EV batteries.US Treasury Department allows EV tax credit to be used as point-of-sale rebate starting in 2024.GM agrees to include EV battery manufacturing under UAW agreement.Encorp and Nat

62、ron Energy announce hybrid power platform using sodium-ion batteries.Shanshan announces$1.35B synthetic anode plant in Finland with a capacity of 100 ktpa.Toyota and Idemitsu partner to manufacture all-solid-state batteries.Novonix demonstrates dry cathode synthesis process.EnergyX raises$50M in Ser

63、ies B led by South Korean conglomerate Posco.E3 Lithium announces 99.78%pure battery grade lithium hydroxide from DLE.Indian EV startup Ola Electric raises$384M,including$240M of debt,from Temasek and SBI.Stellantis invests$1.6B for 20%of Leapmotor to accelerate Leapmotors sales in China and Europe.

64、Week 1Week 2Week 3Week 4Notable EventsOctober2023|BATTERY REPORT|01 Industry|P.|Tesla introduces congestion fee for Superchargers.18Rivian announces$5B EV factory for next-gen R2 vehicles,creating 7,500 jobs in Georgia.Matrix Renewables acquires 3,280 MWh BESS portfolio from Emeren.US Department of

65、Energy announces$3.5B to strengthen domestic battery manufacturing.Stellantis and CATL sign MoU for production of LFP batteries in Europe.VW partners with Magna Steyr to revive Scout EVs by 2026 in$492M deal.Our Next Energy(ONE)cuts 25%of workforce.Lilium receives EU regulatory approval to design an

66、d operate its eVTOLs.Notable Events|November24M Technologies claims improvements in energy density with electrode-to-pack design.Stellantis announces new$3.2B battery plant with 25%pay hike under UAW agreement.Nio cuts 10%of workforce amid fierce competition.Volvo Battery Solutions acquires Proterra

67、 Powered commercial vehicle business line for$210M.Polestar partners with SK On battery cell modules for its upcoming Polestar 5 EV.BYD announces first European EV plant in Hungary.Lucid releases a vehicle-to-vehicle charging feature called RangeXchange.Northvolt announces 160 Wh/kg sodium-ion batte

68、ry for energy storage.Gotion InoBat JV signs MoU with Slovakia to build 20 GWh EV battery plant.LG and SK On lays off workers in Michigan due to sluggish demand for EVs.Toyota announces recycling agreement to source cathode and anode copper foil from Redwood Materials.EU announces$4.4B in grants for

69、 clean energy projects,including energy storage.Toyota admits it plans to make only 10k vehicles with solid-state batteries in 2030.Week 1Week 2Week 3Week 4Notable EventsNovember2023|BATTERY REPORT|01 Industry|P.|EU and UK delay tariffs on electric vehicles through 2026.19Panasonic and Sila sign sup

70、ply agreement to use Silas silicon anode material for EV cells.Our Next Energy(ONE)names Paul Humphries as CEO,replacing founder,Mujeeb Ijaz.Hancock and SQM acquire Azure Minerals for$1.1B.VinFast signs MoU with Marubeni to recycle used EV batteries.US Treasury announces rules for 45X clean energy m

71、anufacturing tax credit.Eramet and Vibrantz Technologies announce long-term supply agreement for manganese ore.LG Chem breaks ground on$3.2B cathode materials plant in Tennessee.Notable Events|DecemberEcoPro BM announces long-term supply agreement with Samsung for$33.5B worth of NCA cathode between

72、2024 and 2028.Nornickel increases forecast for global nickel surplus from 200 to 250 kt.AM Batteries raises$30M Series B led by Toyota Ventures.United Arab Emirates announces first battery recycling plant.Nth Cycle raises$44M Series B to scale metals recycling and refining.Generac invests$30M for a

73、minority stake in Wallbox.ZEEKR begins deliveries to new customers in Europe.TotalEnergies begins construction on 216 MW solar plant with 500 MWh of battery storage.Mullen announces that it has delivered 121 Class 3 trucks.NIO unveils$112k flagship ET9 EV.Thailand approves$970M in subsidies to boost

74、 local production.NIO receives$2.2B investment from Abu Dhabis CYVN.Lucids CFO,Sherry House,steps down.Rivian lays off 20 engineers from in-house battery cell development team.Wildcat Discovery announces US plant for nickel-free and cobalt-free cathodes.47.6%of new cars in EU are electric or hybrid.

75、GM and Ford lose tax credits on many EV models and are adjusting sourcing to regain eligibility.Week 1Week 2Week 3Week 4Notable EventsDecember2023|BATTERY REPORT|01 Industry|P.|01 INDUSTRY|Industry Value Chain20OverviewNotable EventsIndustry Value ChainFinanceCell CostsCell&Pack ManufacturingApplica

76、tionsSafetyRaw MaterialsRecyclingSoftware&AnalyticsChemistry&Cell Components01 Industry2023|BATTERY REPORT|01 Industry|P.|Circular Battery Value ChainSource:McKinsey Li-ion Battery Demand Forecast 203021Expansion of global battery value chain is unlocking significant economic potential across multip

77、le industries Circular Battery Value Chain1Active materials4Battery repair and refurbish3Battery application2Battery cell and pack5Mining and Battery recycling 6Battery 2nd life7Decentralized battery energy storage8Centralized battery energy storage9Vehicle to grid 10Smart charging11Urban EV12Shared

78、 E-mobilityIndustry Value ChainSponsored Content:BlackTeal Energy2023|BATTERY REPORT|Sponsored Content|P.22BB2023|BATTERY REPORT|01 Industry|P.|Source:L.E.K.Research23Battery Industry Value Chain&Profit Margin Profile Data from Chinese publicly listed companies financial report 2017-2022The growing

79、trend of vertical integration blurs traditional boundaries between upstream,midstream and downstream segmentsCell&EV manufacturing companies capture more sections of the value chain(midstream&downstream).Despite having lower net profit margins compared to component businesses,they still dominate thr

80、ough their financial strength and scale.Mining and Recycling,Electrolyte&separator,and equipment companies enjoy higher gross profit margins due to lower Cost of Goods Sold.However,mining&recycling companies have low net profit margins due to high operating expenses(e.g.high upfront capex,licensing,

81、permitting)There is a wide range of profit margins and revenue profiles across the battery value chainMarket:$58.4BCAGR:15.2%Market:$62BCAGR:8.75%Market:$25.4BCAGR:30%Market:$184BCAGR:18.5%Market:$74BCAGR:21.2%Market:$400BCAGR:26.5%2030 Total:Battery Industry Value Chain&Profit Margin ProfileIndustr

82、y Value Chain2023|BATTERY REPORT|01 Industry|P.|CAMElectrolyte&SeparatorMaterials ProcessingCell ComponentCell ManufacturingSystem AssemblyRecycling Raw Materials24AAMLithium ChemicalCobalt ChemicalCobaltpCAMNickel ChemicalNickelLithiumCellVehicle OEMsEnergy StorageRecyclingIncumbents And/Or Public

83、Companies With$1b Market Cap/Valuation*Incumbents And/Or Public Companies With$1b Market Cap/Valuation*estimated as of December 2023 Industry Value Chain2023|BATTERY REPORT|01 Industry|P.|Li-metal,Electrolyte,SeparatorAAMStartup And/Or Small Companies With$30m Valuation*Materials ProcessingCell Comp

84、onentCell ManufacturingSystem AssemblyRecycling Raw Materials25LithiumCobalt,NickelGraphiteLithium ChemicalCobalt,Nickel ChemicalpCAM Graphite and carbonOther battery chemicalsCAMElectrode Lithium-ion Battery Cell Sodium-ion Battery Cell Solid-state and Li-metal CellStartup And/Or Small Companies Wi

85、th$30m Valuation*estimated as of December 2023 Industry Value Chain2023|BATTERY REPORT|01 Industry|P.|01 INDUSTRY|Finance26OverviewNotable EventsIndustry Value ChainFinanceCell CostsCell&Pack ManufacturingApplicationsSafetyRaw MaterialsRecyclingSoftware&AnalyticsChemistry&Cell Components01 Industry2

86、023|BATTERY REPORT|01 Industry|P.|Categories Incumbent BatteryLithiumBattery StartupEV StartupEV ChargingKey DriversLower than expected demand from some legacy EV OEMs in H2 2023/negative sentiment for 2024Lower LCE spot price down 70%from 2022 highs High CapEx requirements and delays in commissioni

87、ng and scaling of plants Timeline to scale/achieve volume,lower than forecasted demandLow utilization,unforeseen maintenance issues,and poor user experienceConstituentsPublic Equity Market Performance27Despite passage of the Inflation Reduction Act,most public battery companies have traded down in 2

88、023 in context of the macro economic environment and the impact of higher interest rates on hard tech companies.Public Equity Market Performance(%change from 8/16/2022)Source:CapIQ(12/29/2023),Press Releases(1)Index weighted by market capS&PIncumbent BatteryLithiumBattery StartupEV StartupEV Chargin

89、gFinance2023|BATTERY REPORT|01 Industry|P.|Spac PerformanceSource:CapIQ 12/29/2023(1)Jan 2023,announced that Shell would acquire Volta(2)Nov 2023,Proterra sold to Volvo and Phoenix Motors 28SPAC Performance Battery related SPACs have performed in line with the broader battery equity capital markets.

90、Higher costs of capital driven by interest rates hikes have led investors to cycle out of pre-revenue companies with higher capital requirementsEnergy transition SPACs trading price relative to initial par value(1)(2)(%change from$10 SPAC par price)Finance2023|BATTERY REPORT|01 Industry|P.|DecreaseI

91、ncrease 5%Increase 10%Revenue Estimate Adjustments and Misses since 2022Many battery companies have been limiting communication to investors about the pace of growth,being cautious about the statements they make,leading to a disconnect between Wall Street analysts and company performance13 companies

92、 have seen an increase in their respective short interest as a%of public float,suggesting market participants have grown increasingly bearishChange in Short Interest Since Start of 2023(%of public float)4 companies have a short interest in excess of 20%,suggesting a highly pessimistic outlook by pub

93、lic marketsCurrent Short InterestIssues Facing Public Battery Companies29Limited communication to investors and bearish investor sentiment has dragged on battery stocksIssues Facing Public Battery CompaniesSource:CapIQ(12/29/2023),Wall Street Research,Press Releases(1)Chart reflects companies which

94、had revenue greater than zero for the period.“Revenue Revised Down”reflects a greater than 5%decrease in the analyst estimate in revenue 3 months prior to earnings release to the estimate the day of earnings.“Revenue Miss”reflects a greater than 5%actual revenue miss from the analysts estimates prio

95、r to quarterly reportingEV ChargingBatteryLithiumEV OEMBatteryEV ChargingEV OEMLithium(Short interest as%of public float)#of quarters Finance2023|BATTERY REPORT|01 Industry|P.|Volumes in the U.S.equity capital market rebounded in 2023 to$170bn off of a recent history lows of$100bn in 2022.The only b

96、attery related primary issuance were VinFasts and LifeZone Metals deSPACs.Climate tech venture capital fund raising dropped 40%in H123Secondary issuances generally favored ATM(at the market)facilities given the ability to sell shares into the market over time rather than selling large blocks through

97、 over-the-counterNotable M&A transaction include:Sep 2023May 2023Nov 2023(2)Select Equity Investment Into BatteriesSource:Deal Logic,Public Filings,Press Releases,CTVC|PMV:Post Money Valuation;GCP general corporate purpose(1)$1.2bn in in the over-the-counter market sale of 173,544,948 shares common

98、stock as well as$1.8bn sale of 265,693,703 shares of common stock to Ayar Third Investment Company(2)Reflects the sale of the battery business 30Public market performance and high interest rates provide a difficult equity capital funding backdropSelect Equity Investment Into Batteries TargetAcquiror

99、 Jan 2023Public EquityGrowth Equity$175mmAt the market offeringcapital strategy to bolster the balance sheetOct 2023$300mmFollowing-on offering Working capital and GCPAug 2023$125mmFollowing-on offering GCPMay 20233,000mmFollowing-on offeringWorking capital and GCPMay 2023$300mmSeries BPMV$1.2bnFeb

100、2023$1,000mmSeries DPMV$5.0bnAug 2023850mm/600mmSeries C/debt financingTotal raise 2bnSep 2023$200mmSeries BTotal raise$400mmSep 2023Finance2023|BATTERY REPORT|01 Industry|P.|As a result of the difficult equity market environment and the maturing business profile,corporate issuers have explored alte

101、rnative financing options,such as debt and green bondsConvertible bonds provide issuers with a low cost of capital and defer possible share dilution.Issuers of convertible bonds are able to issue at a discount to the respective vanilla bond,given the embedded equity optionalityPrivate credit has bee

102、n a growing capital base from alternative asset managers.2023 marked the announcement of several large mega fund private credit/flexible capital funds dedicated to clean transition.These new funds will likely serve as a source financing to support the large CapEx needs for the battery industry With

103、9,920GWh of projected battery gigafactory capacity by 2030 across 410 plans(up from 1,722GWh in 2022),there will be an increasingly large demand to access large quantities of low cost capitalSelect Credit Investment Into Batteries and EVsSource:Public Filings,Press Releases,31Convertible debt and gr

104、een bonds have broadened the access to capital for battery companiesSelect Credit Investment Into Batteries and EVs$1,725mm(1)3.625%Green Convertible Bond IssuanceUse:projects related to clean transportationOct 2023$1,200mmConvertible Bond IssuanceUse:European&North American expansionAug 2023$1,500m

105、m4.625%Green Bond IssuanceUse:Projects related to clean transportationAug 2023$340mm0.0%Convertible Bond IssuanceUse:GCP,Battery pack,future developmentJul 2023$150mm3.0%Convertible Bond IssuanceUse:manufacturing line in MalaysiaApr 2023$1,100mmConvertible Bond IssuanceUse:European battery manufactu

106、ringJul 2022$300mm3.5%/5.0%PIK toggle Convertible Bond IssuanceUse:Support growth initiativesAug 2022CAD 200mmConvertible Bond IssuanceUse:Battery factory outside of MontralNov 2023Finance2023|BATTERY REPORT|01 Industry|P.|Investor TypeEarly Stage VCCorporate VCLate Stage VC/Growth EquityPrivate Equ

107、ityInfrastructureSovereign Wealth Fund/PensionInvestment CharacteristicEarly-Stage venture investments into pre-revenue/pre-product fit companies Seed Series AEarly-Stage investments in pre-revenue companies.Likely synergies with VCs corporate parent.Corporate VC helps in validating new technologies

108、 Revenue generating companies pre-earnings with revenue backlogSeries B Series DControl investments into mature companies with defined cash flow profile and clear customer relationshipsAsset heavy project based financing supported by long term offtake contractPatient long term investors with a natio

109、nal mandate to progress climate sustainability Investor Base climate-related investment fundClean Energy TransitionTechnology VenturesClimate Innovation FundSolvay VenturesVale VenturesPrivate Capital Investors|Investor BAseSource:Pitchbook CTVC32$121bn of total private climate assets under manageme

110、nt(AUM)across 207 Early-stage VCs,Corporate VCs,Growth Equity,Infrastructure,and Private Equity funds since Jan 2021Private Capital Investors Investor BaseFinance2023|BATTERY REPORT|01 Industry|P.|Close/ReleaseSpring 2023Summer 2023Winter 2023Spring 2022Summer 2023Summer 2023Spring 2023Amount$4bnN/A

111、$1bn$7.3bn$1.5bn$700mm$500mmMandateInvest into a diversified global portfolio of yield and hybrid investmentsFocused on decarbonization as an overarching theme rather than a specific asset classPositioned to address the significant gaps that exist in the capital markets for climate and transition fi

112、nancingInvestment scope includes scaling battery technologies,EV fleet electrification and EV Charging,decarbonizing agriculture and steelThe funds mandate is“climate”which encompass decarbonization of sectors like transportation,food,and industryDeploy capital exclusively for emerging and developin

113、g marketssupporting the four key pillars that underpin COP28s Action Agenda:Energy Transition,Industrial Decarbonization,Sustainable Living and Climate TechnologiesInvests in energy transition,green mobility,sustainable fuels and sustainable molecules,and Carbon SolutionsGrowth-stage investments in

114、innovative climate solutionsFunds performance fee dependent on ability to deliver on greenhouse gas abatement goals Focused on hard to abate sectors which include energy,mobility,industry and buildings in order to generate outsized emissions abatement in the next decadeProvide growth capital to comp

115、anies that drive/enable the growth of renewable energy,the electrification of transport,the efficient use of energy and resources and the management/reduction of carbon emissionsFocused on real assets within the energy transitionfocused on investments in growth-stage companies that will seek to coll

116、ectively avoid or remove one gigaton of carbon dioxide-equivalent(CO2e)emissions from the Earths atmosphereGlobal ClimateEmerging Markets TransitionClean Energy TransitionMega Fund Private Capital AnnouncementsSource:Press Releases,CTVCMega-funds($500M+)account for 19%of funds in 2023 by count,but c

117、onstitute 70%of total AUMMega Fund Private Capital Announcements1GT climate33Finance2023|BATTERY REPORT|01 Industry|P.|01 INDUSTRY|Cell Costs34OverviewNotable EventsIndustry Value ChainFinanceCell CostsCell&Pack ManufacturingApplicationsSafetyRaw MaterialsRecyclingSoftware&AnalyticsChemistry&Cell Co

118、mponents01 Industry2023|BATTERY REPORT|01 Industry|P.|Manufactured cell costs declined through 2023 due to falling raw material pricesSource:CRU GroupNMC 811LFP2023 Battery Cell Costs352023 Battery Cell CostsCell Costs2023|BATTERY REPORT|01 Industry|P.|Cell costsCell costs expected to continue to de

119、cline through the decadeFuture Of Cell Costs36Future Of Cell CostsSource:1 CRU Group 2 BloombergNEF$65/kWh would enable 10 seconds/unitChallengesUneven stress,burr issues,and powder lossWound PrismaticRoll the slitted cathode,anode,and separator together by controlling speed,tension,etc.SPEED:30 par

120、ts/min*Based on a graphics by LG Energy Solution,modified with permission.Cell&Pack Manufacturing2023|BATTERY REPORT|01 Industry|P.|Source:LG Energy;BCG;RWTH PEM61Manufacturing Process Map|3.Formation Charging&DischargingElectrochemical activation.SEI is formed on the anodeDegassingPouch only.Air po

121、cket with gas(sacrificial gas bag)formed during aging is cut off inside of vacuum chamber.AgingBattery is stored at a certain temperature and humidity for an even electrolyte dispersion and SEI stabilizationCharging,Discharging,&AgingThe previous processes are repeatedQuality ControlEnd of line chec

122、k-capacity,resistance,voltage,and cosmeticChallengesslow throughput due to long time required;fire(most factory fires occur here)Challengesresidual gas inside the cell;seal quality;throughput(a lot of additional CAPEX)Challengesthroughput;factory footprintChallengesthroughputChallengescosmetic&varia

123、tion in capacity;yieldof total manufacturing costtimescrap rate41%5-25days9%Manufacturing Process Map|3.Formation*Graphics courtesy of LG Energy Solution.Reproduced with permission.Cell&Pack Manufacturing2023|BATTERY REPORT|01 Industry|P.|Source:LG Energy;RWTH PEM,RWTH PEM,62Connecting Battery Cells

124、Battery cells are connected after surface is cleanedChallengessurface cleaning;heat managementPack AssemblyThe modules are put in the battery pack and connectedApplying BMSA Battery Management System is applied to battery packModularizationThe cells are attached to the module caseChallengesavoidance

125、 of module short circuit and damagesChallengesensuring cable flexibility,Battery cells handlingChallengescorrect wiring and integration of the BMSFinal TestA series of electrical test including charge and discharge cycle are performed to ensure the highest qualityChallengestesting sequence,results a

126、nd accepted limits vary between manufacturers,resulting in lack of standardizationFinal IntegrationThe battery packs are then used in Electrical Vehicle(EV)and Battery Energy Storage System(BESS)Challengesbattery pack integration with other components in EV or BESS.Extreme climate conditions and use

127、 cases during the battery life cycleManufacturing Process Map|Pack AssemblyManufacturing Process Map|Pack Assembly*Graphics courtesy of LG Energy Solution.Reproduced with permission.Cell&Pack Manufacturing2023|BATTERY REPORT|01 Industry|P.|Battery QA/QC Hardware Inspection Solutions63Battery QA/QC H

128、ardware Inspection SolutionsCell&Pack ManufacturingLabManufacturingSponsored Content:Glimpse2023|BATTERY REPORT|Sponsored Content|P.64Glimpse is combining state-of-the-art hardware with cutting-edge software to turn cell computed tomography scanning into a fast and collaborative experience.Whether y

129、oure a cell producer or a cell buyer,experience the full scale of Glimpses end-to-end cell computed tomography scanning solution deployed on your premises.Learn more at glimp.seThe highest throughput X-ray powered platform to monitor your cell quality across factories,teams,and time 20-30X CHEAPERTO

130、P NOTCH IMAGE QUALITYNO HEAVY FILES2023|BATTERY REPORT|01 Industry|P.|pCAM-CAM ManufacturingAnalyzing the most expensive part of the battery bill of materialsSource:Argonne National Labs65pCAM-CAM ManufacturingCell&Pack Manufacturing2023|BATTERY REPORT|01 Industry|P.|pCAM-CAM Manufacturing Solutions

131、Innovations that are decreasing cost,complexity,and the environmental footprint of manufacturing CAMSource:6K,Nano One66pCAM-CAM Manufacturing Solutions6K Unimelt CAM Production ProcessNano One One-pot CAM Production Process Cell&Pack Manufacturing2023|BATTERY REPORT|01 Industry|P.|Source:Lithium Am

132、ericasInnovative Component Manufacturing Solutions67Lithium Extraction&Refining-Developing Battery Grade Li2CO3 From Sedimentary Lithium Economically&At ScaleLarge scale lithium extraction from clay has been unsuccessful using traditional processes even from high concentration sources.Processes from

133、 other mining industries were adapted for mineral benefaction.Conversion process adapted from hard rock spodumene.Innovative Component Manufacturing SolutionsCell&Pack Manufacturing2023|BATTERY REPORT|01 Industry|P.|Source:Chemical EngineeringInnovative Component Manufacturing Solutions68Lithium Ext

134、raction&Refining-Direct Lithium ExtractionStandard Lithium has partnered with Lanxess to selectively extract lithium from oil field brine and produce battery quality lithium compounds.In 2023 two feasibility studies were completed for separate projects in the Smackover Formation in Southwest Arkansa

135、s.Preliminary feasibility study highlights indicate economic feasibility based in part on a reusable,custom-formulated lithium-selective sorbent.Innovative Component Manufacturing SolutionsCell&Pack Manufacturing2023|BATTERY REPORT|01 Industry|P.|01 INDUSTRY|Applications69OverviewNotable EventsIndus

136、try Value ChainFinanceCell CostsCell&Pack ManufacturingApplicationsSafetyRaw MaterialsRecyclingSoftware&AnalyticsChemistry&Cell Components01 Industry2023|BATTERY REPORT|01 Industry|P.|Application Landscape|Part IApplications Matched to Preferred Performance Metrics for Key Battery Chemistries Part I

137、70Source:Battery Talk:Battery Application Break DownApplication Landscape|Part IApplications2023|BATTERY REPORT|01 Industry|P.|Application Landscape|Part II71Source:Battery Talk:Battery Application Break DownApplication Landscape|Part IIApplications Matched to Preferred Performance Metrics for Key B

138、attery Chemistries Part IIApplications2023|BATTERY REPORT|01 Industry|P.|ApplicationsSource:GlobalData(Authors(Michaels)note to contributors in speaker notes below)Key takeaway:EV sales growth slower but resilient amid macroeconomic headwindschart showing light duty automotive sales annually,split b

139、y powertrain type BEV/PHEV/HEV/ICE,overlay with BEV%-PhilippKey takeaway:Global BEV market reaches 10 M units,North America surpasses 1 M unitsCharts showing China,Europe,N.Am BEV volumes/%-N.Am growth outpaces that of China/Europe -PhilippKey takeaway:BYD catching up to Tesla-Chart showing top BEV

140、players-Philipp/Sam(Bloomberg news chart?)Customer analysis key takeaway and source needed-JD Power?-Philipp to investigatePV*BEV sales by region(mn vehicles)PV*BEV sales by OEM in 2023(000 vehicles)Battery-electric vehicle sales reached 10 mn units for the first time in 2023.China remains the large

141、st market with 6 mn sales.All regions posted substantial growth.Tesla and BYD remain the largest manufacturers.The latter overtook the former in the last quarter.*Showing light duty vehicles registered for personal use only.Light commercial vehicles were an additional 470k units in 2023.December 202

142、3 is partially estimated.Electric Vehicles|Passenger BEVs72BEV sales growth trend remains fully intactElectric Vehicles|Passenger BEVsApplications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Passenger BEVsElectric Vehicles|Passenger BEVsElectric vs ICE:Price Gap Decreases,Market Share Increa

143、ses The proportion of electric vehicle(EV)sales is experiencing a swift and steady increase in 2023.Concurrently,the average cost of an EV is on a downward trend,contrasting with the rising average price of conventional passenger vehicles during the pandemic period.Source:Argonne National Lab,Caredg

144、e73Applications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles:Passenger BEVsApplicationsSource:GlobalDataElectric Vehicles|Passenger BEVs74China Continues To Be the Powerhouse of EV AdoptionElectric Vehicles|Passenger BEVsUS&Europe Since the onset of the pandemic,China has experienced dramatic

145、 growth.In contrast,the growth trajectories in the US and Europe have been more gradual.Growth in China was in large part fuel by government incentives(similar to how the IRA could impact US growth).Applications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Passenger BEVsElectric Vehicles|Pass

146、enger BEVsSource:CRU Group,Autonews Europe75Cost differential for EVs,consumer appetite for SUV body styles,and skateboard battery topologies are driving this trend.Mini segment is disappearing in all markets,even China,but there are signs of an incoming resurgence:EV sizes&body types:market converg

147、ing towards mid-size SUV segmentApplications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Passenger BEVsElectric Vehicles|Passenger BEVsBEV trade flows:nations race to onshore BEV manufacturing,accelerated by policySource:CRU Group76Build where you sellDecisions to localize vehicle production

148、 to where they are sold,or export from another country,are being made on a model-by-model basis and are driven by factors including:Local demandPolicyCostEnvironmentalApplications2023|BATTERY REPORT|01 Industry|P.|Bloombergs Green Rating is a combined metric for a cars efficiency during travel and t

149、he resources required to manufacture the packs battery.Compact cars and some premium EVs excel while crossovers,SUVs,and trucks rank the lowest in Green Rating,mapping well with vehicle efficiency ratings.Electric Vehicles|Passenger BEVsElectric Vehicles|Passenger BEVsBloomberg Green Rating highligh

150、ts inefficiencies of trucks/SUVs at the vehicle levelSource:Bloomberg77Applications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Passenger BEVsElectric Vehicles|Passenger BEVsBattery pack capacities continue to increase but are starting to plateauSource:CRU Group78Capacities primarily driven

151、by range expectationsCapacities also driven by chemistry selection and vice versa-small batteries more conducive to LFP&Na-ionBut mini vehicles have small batteries and are small part of battery demandRightsizing will contribute to thrifting of raw materials(less material being used per kWh of capac

152、ity)One scenario is that cost and legislative pressures and ubiquitous fast charging will encourage rightsizing of batteries in the long termApplications2023|BATTERY REPORT|01 Industry|P.|ApplicationsSuspended production for ID.3 and Born in two plants for 2 weeks in October,due to weak demandFord(U

153、SA)Volkswagen(Germany)79Electric Vehicles|Passenger BEVsElectric Vehicles|Passenger BEVsPolestar(China)Lowers 2023 production guidance and will cut headcount by 10%,citing delayed production start for Polestar 3 and challenging industry environmentIdling one of three shifts for F-150 Lightning,citin

154、g multiple constraints such as supply chain issues.Also reducing output for Mustang Mach-E.Mercedes-Benz(USA)CFO says EV adoption rate lower than expected;US dealers complaining of slow-selling EVs piling up on lotsToyota(Global)Cuts EV sales forecast for FY24 by 32%,from 202k down to 123k,citing pr

155、ofit driveTesla(USA,global)CEO says high interest rates and macroeconomic situation making it difficult for consumers to afford new vehicles;Tesla is in no rush to build new Mexico assembly plantMay-23Oct-23Oct-23Oct-23Oct-23Nov-23Dec-23Mixed pullback in EV output;OEMs cite slow demand but reality i

156、s more complexGM(USA)Delayed production of Silverado and GM Sierra EVs to late 2025 citing EV demand and engineering upgradesHonda/GM(USA)Honda halting plans to develop smaller EVs with GM,citing cost and range challengesFord(USA)2024 production plan for F-150 Lightning cut by half(75k down from 150

157、k)Wave of production cutbacks and watering down of EV targets cited from legacy automakers burdened with ongoing transition to EVs,large capex commitments and profitability concernsIndustry is also dealing with interest rates,high inventories,workforce strikes(US),concerns over residual selling valu

158、e,and competitive environment from continuous price cuts and stronger pure-play manufacturersApplications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Light TransportElectric Vehicles|Light Transport2 Wheelers are the vehicle for decarbonization in several Asian marketsSource:McKinsey,TIME,BN

159、EF,Blume,ICCT,BCG,IQAir 80Two wheelers(scooters,motorcycles,mopeds)are defined as vehicles capable of going at speeds greater than 25 kmph.An alternate definition is L-category vehicles with 2 wheels as defined by UNECE.Two Wheelers are the primary mode of personal transport in China,South and South

160、-East Asia but account for 6t)will be increasingly electrified because of emissions legislation tightening and more favorable Total Cost of Ownership for non-diesel powertrainsSource:KGP83Key Trends RegulationsTightening of Heavy Vehicle CO2 legislation in North America(California ACT,ACF),EPA GHG 3

161、,European HDV CO2 Regulation driving BEV and FCEV applicationsESG/CSR,Zero Emission Pledges driving BEV construction and mining equipmentThere are no Off-Highway Machinery regulations in any major market globally,but California has a zero emission Executive Order and incentives driving BEVsLonger Ra

162、ngeHydrogen investment to drive Fuel Cell Range Extended BEV post 2030Longer range BEV with larger batteries(Long-Haul Class 8)coming to market 2023Total Cost of OwnershipThe financial profile of BEV in HDV applications is very favorable because the biggest factor of the Total Cost of Ownership(TCO)

163、is the cost to operate the vehicle,including the fuel costs.Applications2023|BATTERY REPORT|01 Industry|P.|Heavy Duty Vehicles(HDV)|Pack Size&DurabilityHDV|Pack Size&DurabilitySource:KGP-GlobalData Commercial Vehicle Powertrain Forecast November 2023,UNECE84Battery sizes in heavy vehicles will depen

164、d mainly on usage cycle and gross vehicle weightHeavy Duty Battery DurabilityDurability requirements for Heavy Duty will be considerably higher than for light duty,impacting chemistry,cooling,charging and warranty.High annual distances will require higher level(MCS)charging which will also impact du

165、rability.A UN battery durability regulation for both light duty(legislation drafted GTR 22)and heavy duty(proposals being developed under WP 29)is being developed.Heavy Duty battery durability starting point is GTR 22.Key metrics will included:%of SOCE(State-of Certified Energy)retained X years of S

166、ervice(varies by weight category 8-15 years)Y Mileage(km)HDV metrics also being considered:PTO Energy ThroughputTotal Energy Throughput Capacity Throughput Testing schedule Standardized Charging Cycle test method Unit Sales 2023/2030 Applications2023|BATTERY REPORT|01 Industry|P.|Heavy Duty Vehicles

167、(HDV)|Trends By Type Of VehicleHDV|Trends By Type of VehicleOff Highway Vehicles growing adoption of electrified propulsion systems,with some technology transfer from Commercial Vehicles facilitating adoptionSource:KGP-Off-Highway Research Global Non-Road Powertrain Forecast xEV Module November 2023

168、,CECE Summit 202385Largest machines account for 100kWh battery Batteries need high-cycle-life chemistries,with mix of energy/power for energy recoveryNumber of electric machine models available globally increased 50%between 2021 and 2023Typical Battery Capacity&Equipment SizeEquipment Types(Examples

169、)Power/VoltageTechnology TransferModel Availability10-50 kWh Handheld/Extra-CompactCompaction,Dumpers,Lawn care48V1 MWhExtra-LargeMining Dump Trucks,Marine,Rail1000V560 KWBespoke NRMMCE/Mining-32Others-3CE-Construction,AG-Agricultural,MH-Material HandlingApplications2023|BATTERY REPORT|01 Industry|P

170、.|Heavy Duty Vehicles(HDV)|Suppliers,Chemistry,Form FactorHDV|Suppliers,Chemistry,Form FactorThe HDV cell supply chain remains complex,with different suppliers for different platforms and end use applications.Chinese cell suppliers dominate currently with LFP prismatic cells used by many OEMs.Cylind

171、rical NMC used in a minority,mainly in Europe.EVEs joint venture with Daimler Truck,Paccar and Accelera(Cummins)is likely to be a major supplier towards 2030.Source:KGP86China dominates cell and vehicle supply in 2023 for Truck and Bus over 6t GVWxEVApplications2023|BATTERY REPORT|01 Industry|P.|Ele

172、ctric Vehicles|Cell DesignElectric Vehicles|Cell DesignForm Factors:mass market trending towards large-format cells,especially prismaticSource:CRU Group,company announcements87 Share of cell formats in BEVs,2023,%GWh basisLarge and small icons denote primary and secondary form factors respectively.A

173、pplications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Passenger BEVsElectric Vehicles|Passenger BEVsChemistry&form factor selection of OEMsOEMs increasingly adopting lower cost&energy-dense chemistries-impacting material usage and battery costsSource:CRU Group 1 288Chemistry influenced by

174、cell format and vice versaLFP is driving trend towards prismaticApplications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Cell DesignElectric Vehicles|Cell DesignForm Factor Update:New&Emerging PartnershipsSource:Company announcements:BMW 1,2,3,4,Tesla 5,Ford 6,GM 7,8,Toyota 9,Hyundai 10,1189

175、Applications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Charging PerformanceElectric Vehicles|Charging Performance In the US,highest charging speeds have been limited to expensive premium models that are not eligible for IRA incentives.Source:P3 Charging Index 2023/0690EPA Range added after

176、 10 min and 20 min of DC Fast ChargingTax Credit Eligible EVsNon-Tax Credit Eligible EVsDefinitions:P3CI-US=Real recharged range within 20 minutes/200 mi Applications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Charging InfrastructureElectric Vehicles|Charging InfrastructureNACS(North Americ

177、an Charging Standard)was adopted by nearly all major OEMsSource:ReutersJune2023July2023September2023October2023November202391November2022May2023August2023December2023 June 2023 Hardware manufacturers and CPOs:Unreliable charging infrastructure is the major reason OEMs have targeted access to the Tes

178、la Supercharger network in NA beginning in 2025The charging system will be standardized as SAE J3400Major charging hardware manufacturers and CPOs have also signed on to offer charging stations with NACS hardwareApplications2023|BATTERY REPORT|01 Industry|P.|Electric Vehicles|Charging Infrastructure

179、Electric Vehicles|Charging InfrastructureEuropes Alternative Fuel Instructure Regulation defines charging infrastructure developmentsEU Alternative Fuel Infrastructure Regulation(AFIR),adopted in September 2023,specifies mandatory infrastructure requirements for all EU member states along the intern

180、ational TEN-T network.The regulation covers both Light Vehicle and Heavy Vehicle electric charging and hydrogen refuelling requirements.The regulation is part of the EUs Green Deal Fit for 55 program.Source:Regulation(EU)2023/1804 on the deployment of alternative fuels infrastructure92Target DateSco

181、peCapacity RequirementDecember 31,2025TEN-T core*road network at 60km max-Recharging pool 400kW and at least one point 150kWDecember 31,2027TEN-T core*road network at 60km maxTEN-T comprehensive*road network at 60km max-Recharging pool 600kW and at least two points 150kW-Along at least 50%of the len

182、gth of the comprehensive road network each pool offers 300kW and at least one point of 150kWDecember 31,2030TEN-T comprehensive*road network at 60km max-Recharging pool 300kW with at least one point 150kWDecember 31,2035TEN-T comprehensive*road network at 60km max-Recharging pool 600kW and at least

183、two points 150kWTarget DateScopeCapacity requirementDecember 31,2025TEN-T networkIn each Urban node-Recharging pools for heavy-duty vehicles along 15%of the network,each direction,with minimum 1,400kW and one 350kW point-Accessible heavy-duty vehicle points totaling 900kW,with minimum 150kW eachDece

184、mber 31,2027TEN-T networkTEN-T core networkTEN-T comprehensive networkSafe and secure parking areas-Recharging pools for heavy-duty vehicles across 50%of the network length,each travel direction-Minimum 2,800kW power output with two points 350kW points-Minimum 1,400kW power output with one point 350

185、kW-Two publicly accessible heavy-duty vehicle stations,each with 100kWDecember 31,2030TEN-T core networkTEN-T comprehensive networkSafe and secure parking areas In each Urban node-Pools with a maximum of 60km apart,3,600kW,&two points 350kW-Publicly accessible heavy-duty vehicle pools in each direct

186、ion,maximum 100km apart,with 1,500kW and one point 350kW-At least four publicly accessible heavy-duty vehicle stations,each with a minimum of 100kW.-Publicly accessible heavy-duty vehicle points totaling 1,800kW,with individual points 150kWLight Duty Charging Pool Minimum requirementsHeavy Duty Char

187、ging Pool Minimum Requirements*The core network includes the most important connections linking major cities and nodes,and must be completed by 2030.It needs to meet the highest infrastructure quality standards.The comprehensive network connects all regions of the EU to the core network and needs to

188、 be completed by 2050Applications2023|BATTERY REPORT|01 Industry|P.|Electrified Aviation|FundingSource:McKinsey and Company,AAM Reality Index(SMG Consulting)93Electrified Aviation|FundingFunding towards passenger EVTOLs reduces significantly as incumbents progress towards certification;drones domina

189、te investments in 2023Funding for Passenger EVTOLsApplications2023|BATTERY REPORT|01 Industry|P.|Electrified Aviation|EVTOLsElectrified Aviation|EVTOLsBattery system capabilities improve,and EVTOL companies continue aircraft development closer to existing battery technologySource:S.Sripad et al.,The

190、 promise of energy-efficient battery-powered urban aircraft9420212023EVTOLs expected to go into production in the near future will use conventional Li-ion cells,with packs under 250 Wh/kg enabling aircraft certification and first-gen productsApplications2023|BATTERY REPORT|01 Industry|P.|Battery Ene

191、rgy Stationary Storage(BESS)Battery Energy Stationary StorageBESS is a nascent yet rapidly growing marketInvestment into battery energy stationary storage(BESS)has tripled to$5 billion in 2022 compared to 2021 with the global BESS market expected to reach$120-$150 billion by 2030.However,there is ri

192、sk and uncertainty around financiers,integrators,and battery chemistries.From cell to commission,the ecosystem is complex,with 50%+of the BESS value chain profit pool dominated by battery system manufacturing.Source:McKinsey95(Utility)Applications2023|BATTERY REPORT|01 Industry|P.|BESS|Battery Techn

193、ologyBESS|Battery TechnologySource:BloombergNEF,McKinsey96Residential energy storage products shifted towards LFP in 2023,consistent with top consumer preferences toward price,safety,&lifetime(warranty).Applications2023|BATTERY REPORT|01 Industry|P.|BESS|Battery Requirements ComparisonBESS|Battery R

194、equirements ComparisonKey Takeaways:Acceptance of lower charging rate(1C)Cycle life for BESS is crucial compared to EVsAcceptance of lower energy density(less constraints on footprint)versus EVs.Higher energy density is key for EVs,where the lighter the better.However,higher density batteries are un

195、likely to provide the long cycle life required for stationary storageSource:BloombergNEF97Battery Energy Storage System(BESS)prioritize lifetime over energy density and charging rate compared to EV applications.Applications2023|BATTERY REPORT|01 Industry|P.|BESS|Players:Cell Suppliers&IntegratorsBES

196、S|Players:Cell Suppliers&Integrators98Applications2023|BATTERY REPORT|01 Industry|P.|BESS|PartnershipsBESS|PartnershipsSource:BYD,CATL,EVE-Powin,Wartsila,Panasonic,LG,Samsung SDI,LG-Vistra,Fluence,Hitachi ABB,Toshiba,Voltstorage,Noon Energy,Form Energy,99*Non-exhaustive listApplications2023|BATTERY

197、REPORT|01 Industry|P.|BESS|Commissioning BESS|Commissioning100Over 6 GW of BESS commissioning delays in the US US BESS sites by status in Q3 2023Megawatt(MW)Megawatt hours(MWh)BESS in operation(Q3 23)13,477 MW38,337 MWhBESS installations(Q1-Q3 23)4,393 MW13,142 MWhBESS installations Q3 232,142 MW6,2

198、27 MWhBESS under construction8,134 MW23,000 MWheBESS under construction or in advanced development21,445 MW62,109 MWhBESS project delays6,160 MWe17,500 MWheCommissioning phase is a critical step in the value chain of BESSResponsibilities and risks are transferred from contractor to client Substantia

199、l financial risk linked to the commissioning phase of BESSTime pressure during commissioning causes errorsIncentive for fast commission,due to high penalties for delaysIn ERCOT,50%of revenue comes from the top 50 days according Modo EnergyCommissioning reports lack of battery detailKey Takeaway:Inte

200、rnal pressure is high to complete commissioning projects on time which can lead to compromises on performance and safety.Impact of commissioning delays is high on the project return-on-investments.Source:Clean Power,Modo EnergyApplications2023|BATTERY REPORT|01 Industry|P.|Key Takeaway:External fact

201、ors and operational irregularities can lead to cell-to-cell imbalance.Additional cell-level instrumentation and robust real-time data visibility is critical to identify and proactive address these problems.BESS|Commissioning BESS|Commissioning4 major challenges resulting in BESS commissioning delays

202、 101Source:Energy Storage NewsApplications2023|BATTERY REPORT|01 Industry|P.|Consumer Electronics-SmartphonesConsumer Electronics-SmartphonesBattery capacities and charging capability of flagship phones from each smartphone manufacturerPhone battery capacities range from 2400 mAh to 5050 mAhCharging

203、 power for phones ranges from 25 W to 240 W,achieving full charge between 60 minutes to as low as 9 minutes.The global market for batteries in consumer electronics is estimated at US$45.1B in 2022,and projected to grow by 30%to US$60.3B by 2030,at a CAGR of 3.7%over the analysis period.Source:Fast c

204、harging phones in 2023-Phonearena102Device manufacturerAppleSamsungGoogleXiaomiSonyHuaweiOppoVivoRealmeOnePlusNothingProductiPhone 15 Pro MaxS23 UltraPixel 8 proRedmi Note 12 ExplorerXperia 1 IVMate XSFind X5 ProiQ00 10 ProGT310TPhone 2Battery capacitymAh444005000450050004700460048004700M

205、ax charging power W254527224015045Applications2023|BATTERY REPORT|01 Industry|P.|Military&DefenseMilitary&DefenseUnique&Demanding Military ApplicationsSource:US Department of Defense103New Battery Technology Is Helping Battery Manufacturers Meet Mil SpecMilitary Specification(“MilSpec”)fo

206、r batteries is intended to ensure minimum capacity requirements in extreme operating conditions.Battery technology companies like South 8 and NanoGraf reduce or eliminate catastrophic failure when exposed to extreme temperatures or nail/projectile penetration.MIL-PRF-32383 Inspection&Test Requiremen

207、tsConformability(flexibility)test fixtureStandardized simplified battery labelApplications2023|BATTERY REPORT|01 Industry|P.|Military&DefenseMilitary&DefenseUS Military Vehicle Fleet ElectrificationSource:U.S.Army,National Academy of Sciences104Replacement strategies for tactical and non-tactical fl

208、eetsExecutive Order 14057 requires all non-tactical U.S.military(and all other federal)vehicles to be zero-emission by 2035.The US Defense Innovation Unit is working with potential vendors on standardized battery systems for electrification of multiple end-use defense platforms.The non-tactical flee

209、t is 174,000 while the tactical fleet is 250,000Applications2023|BATTERY REPORT|01 Industry|P.|Space ApplicationsSpace ApplicationsGrowing needs for energy storage in space exploration.Technology used depends on nature of mission profile.Source:(1)NASA(2)Virtue Market Research(3)E3S(4)Zhang,J.,et al

210、.(5)ESA(6)Singh,L.,et al.(7)NASA(8)IDA Org(9)Naito,M.,et al.(10)Guo,J.,et al.(11)NASA(12)Phys Org(13)NASA(14)NASA(15)Space FlightApplicationsAmbient PressureMission exampleCell chemistry exampleAvg.mission durationRadiationAvg.temperatureDesign challengesEarth101.3 kPaElectric vehicleGraphite+NCM8-1

211、2 yearsH-3,Be-7,C-14,Na-220.21mSv/year-30C to+40CCorrosionUpper atmosphere200 PaStratostatsGraphite+LCO100 daysHe,Li-through Fe ions Neutrons 1-10 MeV1.2 Neutrons/cm2/s,-20C to-60CLow temperatures,icing,pressure variationsLow earth orbit(LEO)10-6-10-9 PaISP satellitesGraphite+NCA or LFP7 years(many

212、operating past EOL)400-500 km/s Protons&Electrons 30/cm2/s-196C to+128CCalendar life,high cycle-lifeLunar3 x 10-9 PaLunar roverPu-238 RTG(radioisotope thermal generator)3 months design,31 months life(Jade Rabbit rover)Protons,Electrons 10-10000 MeV,1-10 Protons/cm2/s-130C to+120CExtended duration of

213、 hot and cold/dark periodsMars560 PaMartian roverGraphite+NCA90 days NASA design(Opportunity lasted 15 years)Protons,Electrons1-1000 MeV,100-1000/s-153C to+20CSealing under temperature variation,RTG radiationDeep space10-14-10-18 PaDeep space probesPu-238 RTG(radioisotope thermal generator)45+years(

214、Voyager)Protons,Electrons1-10,000 MeV100-10,000/s-270CCalendar life,RTG radiation and decreasing heatingCrewed missions require additional design considerations to protect humans from potential toxic thermal runaway byproduct gasses.Space cells must tolerate wide temperature ranges which can impact

215、electrolyte seal integrity due to thermal expansion rate differences.105Applications2023|BATTERY REPORT|01 Industry|P.|01 INDUSTRY|Safety106OverviewNotable EventsIndustry Value ChainFinanceCell CostsCell&Pack ManufacturingApplicationsSafetyRaw MaterialsRecyclingSoftware&AnalyticsChemistry&Cell Compo

216、nents01 Industry2023|BATTERY REPORT|01 Industry|P.|IncidentsIncidentsSource:UL Lithium-ion Battery Incident Reporting107Consumer products recorded the largest number of incidents,followed by micro-mobility productsMost of the incidents were reported in the USA,Europe,and ChinaMost of the incidents r

217、eported resulted in a fire,with a small fraction stopping at just swelling,venting,or excessive heatingThe total number of safety-related incidents decreased from 2022 to 2023Safety2023|BATTERY REPORT|01 Industry|P.|EV Regulations&StandardsEV Regulations&StandardsCertifications and standards for ele

218、ctric vehicles and micro-mobility devicesSource:(1)UL,(2)Cycling Weekly,(3)UL E-bike Standards108SafetyUL 2580ISO 6469-1UL 2271(Light Electric Vehicle)Batteries for Use in Micro-Mobility DevicesSAE J2929Batteries for Use in EVsGB 38031UNECE-R 100 Rev.3UN 38.3EN 15194(E-Bike)CertificationStandardPerf

219、ormance Testing2023 UpdateLegendUL 2849(E-Bike)UL 2272(E-Mobility Devices/E-Scooters)2023|BATTERY REPORT|01 Industry|P.|EV RecallsEV RecallsAuto industry battery recalls for safety issues continued through 2023Detailed root cause analysis are not typically made public.All batteries are assumed to ha

220、ve passed automotive industry mandated regulatory testing prior to shipment.109JanuaryVolkswagen ID4:12V battery fire riskMarchFord Lightning:battery defect fire riskAprilBMW:improper manufacturing of HV cell monitoring circuit in some hybridsMayMercedes:software recall related to battery safetyJune

221、Cadillac Lyric and Hummer EV:improperly welded battery connections(previously water ingress in 2022)Jaguar I-Pace:fire riskTesla:battery disconnect pyrofuse recallSeptemberPorsche and Audi:insufficient battery sealingOctoberFord Mach-E:power loss of HV batteryNovemberToyota RAV4:batteries move durin

222、g forceful turnsAugustNikola:all BEV semi trucks recalled due to battery fires;Volvo/Mack:short circuit riskSafety2023|BATTERY REPORT|01 Industry|P.|Stationary Storage|Regulations&StandardsStationary Storage|Regulations&StandardsCertifications and standards for grid-scale stationary storage systemsS

223、ource:Clean Power;2 WoodMackenzie-Energy storage technology trends report II;UL 110SafetyLegendComponentsUL 1973UL 1741IntegrationUL 9540UL 9540AInstallation of BESSNFPA 855CertificationStandardPerformance TestingABCIEC 62619Battery SystemsInverters&ControllersNFPA 111NECA 416IEC 62933-5-2Capacitors

224、2023 UpdateUL 2596UL 1974UL 810A2023|BATTERY REPORT|01 Industry|P.|Stationary StorageStationary StorageSafety incidents in grid-scale installations is trending downEPRI database shows 11 incidents in the US for grid scale systems,9 of which occurred during the operational phase within the first 2 ye

225、ars 17 incidents occurred in the US,2 in France,1 in Australia and 1 in Taiwan 1 The Inter-Agency Fire Safety Working Group was established in New York to ensure the safety and security of energy storage systems across the state of New York 2The number of incidents per year has remained steady despi

226、te the commissioning of 99 GWh of energy storage in 2023,roughly double the amount added in 2022,but most of these systems are still relatively young 3111Source:EPRI;2 PublicPower;3 BNEF Incident tracker(US)Safety2023|BATTERY REPORT|01 Industry|P.|Stationary StorageStationary StorageSources of safet

227、y Issues in grid-scale stationary storage systemsSystem level issues are the greatest contributor(47%)to quality underperformance,followed by cell(30%)and module integration(23%).While battery cell manufacturing is highly automated,BESS system assembly still requires a large amount of manual work an

228、d is prone to error as a result.Source:CEA/PV-magazine112LightCapacity testRTE testBOP:Balance of PlantIssue DistributionsSystem-LevelCell-LevelSafety2023|BATTERY REPORT|01 Industry|P.|Aviation IncidentsAviation IncidentsAviation safety incidents involving batteries in the USThese incidents in the a

229、viation industry were collected by the US Federal Aviation Administration(FAA)and consist of “events including smoke,fire or extreme heat”on flights to or from the US1Battery Pack/Battery is the category of the FAA with the highest number of recorded incidents1Most of the incidents in this category

230、involve either a power bank or a battery charger leading to a thermal event2The large majority(80%)of these incidents occur on passenger aircraft1.Staff in these aircraft are equipped with thermal containment bags to secure faulty devices2Source:FAA 1;DOT 2113Safety2023|BATTERY REPORT|01 Industry|P.

231、|ApplicationsSource:1NFPA,2Siemens,3ARUP Despite similar fire sizes,EVs present additional fire suppression challenges compared to Internal Combustion Engine(ICE)vehicles:Battery re-ignitionExplosion potential of flammable vent gasesToxicity potential from released gasesAccess to the interior of the

232、 battery enclosure for fire suppressionCurrent Research and Guidance on Mitigation Approaches Existing structuresOwner of structure should conduct a fire risk assessment to evaluate if introduction of EVs creates additional hazardsNew structuresAdequate spacingAdequate fire detection(gas,smoke,heat

233、detection)Suitable water suppression system and ventilationTrained and experienced fire responders with appropriate equipmentSourceParking Garages114Parking GaragesCodes and standards in adjacent sectors,such as parking garages,are trailing in development,giving rise to safety concerns.Ongoing resea

234、rch is addressing new safety challenges.Example of Proposed EV Parking design.3Safety2023|BATTERY REPORT|01 Industry|P.|01 INDUSTRY|Chemistry&Cell Components115OverviewNotable EventsIndustry Value ChainFinanceCell CostsCell&Pack ManufacturingApplicationsSafetyRaw MaterialsRecyclingSoftware&Analytics

235、Chemistry&Cell Components01 Industry2023|BATTERY REPORT|01 Industry|P.|Cell Chemistry|Timeline Summary116CathodeAnodeElectrolyteSeparatorNMCLCOLMOLFP20002005200252030LCONCALiNiMMOLMFPNa-IonSulfurGraphiteHard CarbonHV LNMOSoft CarbonLiTiOGraphite/SiSiLi-MetalOrganic ElectrolytesGel-Polymer

236、 ElectrolytesSolid-StatePolyolefinPolyolefin+CeramicCelluloseNon-WovenPolyolefin+PolymerPolyolefin+Ceramic+Polymer*500 Wh/kg are the cells are the goal of government agencies in the US,EU,and Japan*USA Battery 500*Japan Rising II(now Rising III)*Battery 2030 EU*Panasonic*CATL*Samsung *LG*Moli *BYDCe

237、ll Chemistry|Timeline SummarySource:Battery Talk:Battery Application Break Down 1/01/2024(Version 2.0)Timeline of Battery Cell Chemistry DevelopmentChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|*Cell design and components other than the cathode can make a very large difference in cell

238、performance metrics.For more details,please visit:Battery Talk:Battery Application Break Down 1/01/2024(Version 2.0)Cell Chemistry|ComparisonPerformance Metrics for Key Battery Chemistries117LegendGreatGoodAvgPoorBadCell Chemistry|ComparisonChemistry&Cell Components2023|BATTERY REPORT|Sponsored Cont

239、ent|P.Todays batteries,next-gen performanceExample:commercially popular 18650 battery cell Test conditions:20-min charge,10A discharge,25C temp,100%depth of discharge Best Step Charge158 cycles 79%end of lifeIontra Charge*500 cycles 79%end of life*No hotspots no dendrites healthy anode for efficient

240、 lifetime intercalationFollow this link for more information or to set up a call.Sensing and charging algorithm for all batteries and applications.Unlocks dramatically faster charge speeds,longer cycle life,and charging at cold temperature.Over 6 million hours of test data.Independent validation stu

241、dies.Sponsored Content|Iontra 1182023|BATTERY REPORT|01 Industry|P.|Cathode|Overview119Source:A Reflection on Lithium Ion-Nature,The Role of the Cathode in Lithium-Ion Batteries,Understanding Electrochemical Potentials of Cathode MaterialCathode|OverviewHigh Ni CathodeLFP/LMFPCobalt ReductionResearc

242、hers were working on cathode materials with higher nickel content,such as NMC(Nickel Manganese Cobalt)and NCA(Nickel Cobalt Aluminum).High-nickel cathodes aim to increase energy density and improve overall battery performance.Industry shifts towards high adoption of LFP and development in LMFP,which

243、 offers improved energy density compared to LFP while maintaining a low cost structure compared to high Ni&Co chemistries.Efforts were being made to reduce or eliminate the use of Co in cathode materials due to its high cost,environmental concerns,and supply chain issues.This involved developing cob

244、alt-free or low-cobalt cathodes.Key Trends&Areas of Development The importance of the cathode cannot be overstated for Lithium Ion Batteries.Cathodes are responsible for storing and releasing lithium ions during charge and discharge cycles,enabling the flow of electrons and ensuring a stable and con

245、sistent energy supply.However,cathodes face several challenges including limited energy storage capacity,slow ion diffusion(particularly through thicker cathodes),and greater cost(Nickel,Cobalt,Lithium Hydroxide/Carbonate)compared to other battery components.Solid State CathodeCoatings&StructuresRec

246、yclingSolid-state battery technology,including solid-state cathodes,was a focus area for research.Solid-state batteries have the potential to offer higher energy density,improved safety,and longer cycle life compared to traditional liquid electrolyte lithium-ion batteries.Researchers were exploring

247、advanced coatings and nanostructured cathode materials to enhance the stability of the cathode-electrolyte interface,mitigate side reactions,and improve overall battery performance.Sustainable practices,including recycling technologies for cathode materials,were gaining attention to address the envi

248、ronmental impact of lithium-ion batteries.Chemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|Cathode|Major Industry Players120AmericasEMEAAsia-PacificOperatingPlanned2030 capacity plan*:7,200 kt CAM4,900 kt pCAM2030 capacity plan*:1,100 kt CAM276 kt pCAM2030 capacity plan*:750 kt CAM130 kt

249、pCAM*as of January 2024Cathode|Major Industry PlayersChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|NMC|TechnologySLFP Strength Safety Good cycle lifeAbundance of ironLower CostsNMC Strength Energy densityLow temperature performancePowerStrong battery supply chainHigh recycle valueLFP W

250、eaknessWeightEnergy densityLow temperature performanceWeak material supply chain(material demand supply)PowerDifficult to read state of chargeLowest recycle valueNMC WeaknessCostSafetyNi/Co supply chainLFP OpportunityLow/mid-range/entry-level EVse-Bus,e-Bicycle Stationary storageCost sensitive appli

251、cations NMC OpportunityLong range/high-end EVse-Bus,e-Bicycle,e-MotorcyclePower tools/performance sensitive applicationsLFP ThreatNMCHigh-voltage LNMONa-ion batteryRegulations on energy densityIncreasing material costNMC ThreatLFPHigh-voltage LNMO due to cost and thermal stability Increasing raw mat

252、erial costWOT121Source:LFP Pros and Cons,PNNLs LFP vs.NMC Comparison,Eco Tree Lithiums LFP vs.NMC Comparison,BatteryBitsIn 2023 Nickel Manganese Cobalt(NMC)battery technology saw progress in energy density,safety,and cost-effectiveness.Ongoing research is aimed at optimizing cathode compositions,enh

253、ancing cycling stability,and exploring sustainable materials.Cutting-edge NMC battery research in 2023 centered on advanced cathode formulations,incorporating super-high nickel content for increased energy density.Overall,state-of-the-art NMC battery research is aimed at pushing the boundaries of pe

254、rformance,safety,and sustainability.Leading the charge in NMC battery production in 2023 were major players like CATL,LG Energy Solution,SK On,and Samsung SDI.NMC|TechnologyPros and Cons of Lithium Iron Phosphate(LFP)vs.Nickel Manganese Cobalt(NMC)Chemistry&Cell Components2023|BATTERY REPORT|01 Indu

255、stry|P.|NCA|Technology122In 2023,Nickel Cobalt Aluminum(NCA)batteries continued to be a prominent technology in electric vehicles and portable electronics.Development progress was made in optimizing electrode materials,enhancing energy density,and improving overall performance.Major players like Pan

256、asonic and Samsung SDI,the first of which supplies batteries to Tesla,contributed to the advancement and widespread use of NCA batteries in various applications.NCA batteries are primarily used for e-mobility applications,with power tools,e-bikes,and portable electronics making up the rest.Source:Ba

257、ttery Talk:Battery Application Break Down 1/01/2024(Version 2.0)NCA|TechnologyPros and Cons of Nickel Cobalt Aluminum(NCA)vs.Nickel Manganese Cobalt(NMC)SNCA Strength SafetyEnergy DensityNMC Strength Energy densityLow temperature performancePowerStrong battery supply chainHigh recycle valueNCA Weakn

258、essWeightCostSafetyNi/Co supply chainNMC Weakness-Cost-Safety-Ni/Co supply chainNCA OpportunityLow/mid-range/entry-level EVsPower ToolsPortable electronicsNMC Opportunity-Long range/high-end EVs-Stationary storage-e-Bus,e-Bicycle,e-Motorcycle-Power tools/performance sensitive applicationsNCA ThreatN

259、MCHigh-voltage LNMO Increasing Ni and Co material costNMC Threat-LFP-High-voltage LNMO-Increasing raw material costWOTChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|LCO|Technology123Source:LCO Overview,LFP Pros and Cons,LCO vs LFP,LCO Life Cycle,Congos Cobalt Controversy,Lithium Cobalt

260、Oxide batteries(LCO)have a relatively high cobalt content,which provides the high energy density and thermal stability for which they are known for.LCO has a relatively high voltage capability.The EV industry has long since shifted away from LCO,due to the cost of cobalt in the past.However,smartpho

261、nes,laptops,and other portable electronics depend heavily on LCO.LCO|TechnologyPros and Cons of Lithium Cobalt Oxide(LCO)vs.Nickel Manganese Cobalt(NMC)SLCO Strength-Energy density-Higher Voltage capability(up to 4.5)-Power-More Mature Technology than other cathode chemistries-Highest recycle valueN

262、MC Strength-Energy density-Low temperature performance-Power-Strong battery supply chain-High recycle valueLCO WeaknessLower Thermal Stability temperatureLow discharge current can lead to pack overheatlimited to a C rates due to overheatingshorter life spanHighest cobalt useCobalt cost and scarcity

263、NMC WeaknessCostSafetyNi/Co supply chainLCO OpportunityPortable and consumer electronicsIndustries that want 10+years of reliability dataHigh recycle Value in domestic industryNMC OpportunityLong range/high-end EVsStationary storagee-Bus,e-Bicycle,e-MotorcyclePower tools/performance sensitive applic

264、ationsLCO ThreatHigh Energy NMC811 and NCA for high performanceHigh-voltage LMNOIncreasing material cost of cobaltNMC ThreatLFPHigh-voltage LNMO due to cost and thermal stability Increasing raw material costWOTChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|LFP|Technology124Lithium Iron

265、Phosphate(LFP)batteries historically have been used in China for small and low-cost EVs.However,the past couple of years has seen LFP proliferate to the largest vehicles.Almost all major automakers have now outlined plans to make use of LFP.LFP is also the dominant chemistry used in energy storage s

266、ystems.Source:Battery Talk:Battery Application Break Down 1/01/2024(Version 2.0)LFP|TechnologyPros and Cons of Lithium Iron Phosphate(LFP)vs.Nickel Manganese Cobalt(NMC)SLFP Strength Safety Good cycle lifeAbundance of ironNMC Strength-Energy density-Low temperature performance-Power-Strong battery s

267、upply chain-High recycle valueLFP WeaknessWeightEnergy densityLow temperature performanceWeak material supply chain(material demand supply)PowerDifficult to read state of chargeLowest recycle valueCost(*2022)NMC WeaknessCostSafetyNi/Co supply chainLFP OpportunityLow/mid-range/entry-level EVse-Bus,e-

268、Bicycle Stationary storageCost sensitive applications NMC OpportunityLong range/high-end EVsStationae-Bus,e-Bicycle,e-MotorcyclePower tools/performance sensitive applicationsLFP ThreatNMCHigh-voltage LNMO Na-ion batteryRegulations on energy densityIncreasing material costNMC ThreatLFPHigh-voltage LN

269、MO Increasing raw material costWOTChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|LMFP|TechnologySource:CRU Group,takomabattery,125Lithium manganese iron phosphate(LMFP)offers improved energy density compared to LFP while maintaining a low cost structure.It is being pioneered primarily b

270、y Chinese manufacturers as an evolution of LFP.Initial variants are not pure LMFP but compounding with NMC.Initial optimisation decisions being made involve the manganese:iron ratio,production route(solid vs.liquid phase),and manganese chemical feedstock.LMFP|TechnologyPros and Cons of Lithium Manga

271、nese Iron Phosphate(LMFP)vs.Lithium Iron Phosphate(LFP)SLMFP StrengthEnergy densityCost per kWhAbundance and low cost of MnLess raw materials used per kWhEasier SoC estimationLFP Strength Better cycle lifeExisting supply chain in ChinaNo Mn neededLMFP WeaknessCycle life(depending on Fe:Mn ratio)Imma

272、turity of supply chain for LMFP CAM and new manganese chemicalsLFP WeaknessEnergy densityLow temperature performanceAbsence of supply chain outside ChinaDifficult to read state of chargeLMFP Opportunity-Mid-to-Long range EVs-Trucks and bussesLFP OpportunityLow/mid-range/entry-level EVse-Bus,e-Bicycl

273、e Stationary storageCost sensitive applications LMFP Threat-High-nickel NMC in long-range applications-High-voltage LNMO-LMR-Slower build-out of LMFP CAM-Mn chemical productionLFP ThreatNMCHigh-voltage LNMO Na-ion batteryWOTChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|126Source:Compan

274、y announcements(linked inline)LMFP|Notable EventsLMFP|Notable Events2023 Q12023 Q22023 Q32023 Q32023 Q32023 Q42023 Q4CALB launches new cell format with LMFP variantGeneral Motors invests in Mitra Chem and plans to co-develop cathode materials like LMFPWanrun starts small batch trial stage for LMFP p

275、roductionSamsung SDI unveils LMFP batteryRenault plans to use LMFPAug 2023Apr 2023Oct 2023Sept 2023Nov 2023May 2023Sept 2023Aug 2023Gotion launches long-format prismatic LMFP cell Astroinno L600-240 Wh/kg 525 Wh/L(190 Wh/kg on pack level).Gotion produces its own CAM.NIO establishes in-house battery

276、team to develop LMFP cellsRonbay plans LMFP CAM plant in South KoreaChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|LMFP Infrastructure/Supply Chain/Manufacturing127LMFP|Infrastructure/Supply Chain/ManufacturingSource:CRU Group,company announcementsManufacturers with announced or assumed

277、 plans to adopt LMFPLMFP|Infrastructure/Supply Chain/ManufacturingChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|LMO|Technology128Lithium Manganese Oxide(LMO)was one of the earlier commercialized LIB technologies with its strength in cost effectiveness and high power output.However,LMO

278、typically offers lower cycle life and thermal stability compared to LFP,which is known for its superior cycling stability and safety features.Recent trend in LMO material development is NMC/LMO blend which leverages the high energy density of NMC with the enhanced power capability of LMO.This blend

279、is suitable for applications that require both high capacity and good power delivery,such as in hybrid EV or certain portable electronics.Source:Battery Talk:Battery Application Break Down 1/01/2024(Version 2.0)LMO|TechnologySLFP Strength-Safety-Good cycle life-Abundance of ironLMO Strength CostSafe

280、tyPower capability(Fast charge capability)LFP Weakness-Weight-Energy density-Low temperature performance-Power-Difficult to read state of charge-Low recycle value-Cost(*2022)LMO WeaknessEnergy densityLife spanHigh temperature performanceLFP Opportunity-Low/mid-range/entry-level EVs-e-Bus,e-Bicycle-S

281、tationary storage-Cost sensitive applications LMO Opportunitye-Bicycle,e-scooterStationary storageCost sensitive applicationsLong range/high-end EVs(NMC/LMO blends)LFP Threat-NMC-High-voltage LNMO-Na-ion battery-Regulations on energy density-Increasing material costLMO ThreatLMFPHigh-voltage LNMO WO

282、TPros and Cons of Lithium Manganese Oxide(LMO)vs.Lithium Iron Phosphate(LFP)Chemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|129Current market conditions are demanding cheaper batteries for EVs at the same performance of modern day NMC811 batteries.CAM is major driver of cell cost account

283、ing for 50%of the costLithium Hydroxide(LiOH)or Lithium Carbonate(Li2CO3)account for 50%of the CAM cost excluding processing/overheadTo enable cheaper EVs,LFP is the near term solution to get the lowest lithium cost per kWhBeyond LFP,Manufacturers will need to turn to advanced chemistries,such as li

284、thium-sulfur(LiS),to sustain downward trends on cost enhancing performanceCathode|Lithium TradeoffsChemistry Lithium Wh&Ah Cost Map:Drive Towards Cheaper BatteriesCathode 51%Manufacturing Overhead 24%Anode 12%Separator 7%Electrolyte 4%Casing 3%LiOH 66%NiSO4 26%MnSO4 2%CoSO4 5%NaSO4 1%NH4OH 1%Li2CO3

285、68%Fe(NO3)3 22%NH4H2PO4 10%Cell Cost BreakdownNMC811 Cost BreakdownLFP Cost BreakdownSource:Battery Talk:Lithium in Batteries Part 1,Battery Talk:Lithium in Batteries Part 2,Battery Talk:Lithium in Batteries Part 3Cathode|Lithium TradeoffsChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|S

286、eparator|Technology130Lithium-ion battery separators physically separate the positive and negative electrodes while allowing the transport of lithium ions.The most commonly used lithium-ion battery separators are typically made of polyolefin materials(typically PE or PP)coated with ceramic.There are

287、 many other different types of separators used in lithium-ion batteries with different performance traits and trade offs.,and are broadly categorized below.Source:Battery Talk:Battery Application Break Down 1/01/2024(Version 2.0)Separator|TechnologySeparator TypeMaterialCharacteristicsPolyolefinPoly

288、ethylene(PE)and/or polypropylene(PP)Polyolefin separators are widely used due to their cost-effectiveness,chemical stability,and ease of manufacturing.They are commonly found in commercial lithium-ion batteriesCeramic-CoatedPolyethylene or polypropylene separators with a ceramic coatingCeramic-coate

289、d separators provide enhanced thermal stability and safety.The ceramic layer helps prevent thermal runaway by inhibiting the growth of internal shorts and dendritesCompositeCombination of different polymers,ceramics,or other materialsComposite separators leverage the strengths of multiple materials

290、to achieve a balance of properties,mainly to add electrochemical stability,prevent shorts,and inhibit growth of lithium dendrites.MicroporousOften composed of polyethylene or polypropylene with added fillers or ceramic coatingsMicroporous separators have a porous structure,allowing for efficient ion

291、 transport while maintaining good mechanical strength.The addition of fillers or ceramic coatings can enhance thermal stability and reduce the risk of thermal runawayGlass Fiber Glass fibers combined with a polymer matrixGlass fiber separators offer good mechanical strength and can be used in high-t

292、emperature applications.They are known for their resistance to puncture and excellent thermal stabilityNonwoven FabricNonwoven materials made of synthetic fibersNonwoven fabric separators provide good mechanical strength and are often used in flexible and lightweight battery designs.They can offer f

293、lexibility and conformability to different battery shapesComposite MembraneCombination of polymer and ceramic materialsComposite membrane separators aim to provide a balance between mechanical strength,thermal stability,and ion conductivity.They are designed to enhance safety and performance in lith

294、ium-ion batteriesChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|Anode|Overview131Source:Battery Talk:Battery Application Break Down 1/01/2024(Version 2.0)Anode|OverviewEnergy DensityCycle LifeCostSafetyRateCathode CompatibilityManufacturabilityEnvironmental ImpactAnode materials with hi

295、gher energy density can store more lithium ions,resulting in batteries with greater overall energy storage capacity.Different materials,such as graphite,silicon,and lithium metal,offer varying energy densities,and the choice depends on the specific application requirements.The number of charge-disch

296、arge cycles a battery can undergo without significant degradation is crucial for long-lasting and reliable energy storage.Anode materials must exhibit stability and durability over multiple cycles to ensure the batterys longevity.The cost of materials plays a crucial role in determining the overall

297、cost-effectiveness of the battery.Anode materials should be economically viable for large-scale production while maintaining acceptable performance levels.Safety is a paramount concern in battery design.Anode materials should minimize the risk of dendrite formation,which can lead to internal shorts,

298、overheating,and potential safety hazards.Stable anode materials contribute to the overall safety of lithium-ion batteries.Fast charging involves high charge and discharge rates,and the anode material must efficiently facilitate the rapid movement of lithium ions to and from the anode,which is an imp

299、ortant metric in applications such as electric vehicles and consumer electronics.Both the anode and cathode materials must be compatible to ensure efficient lithium-ion transport and maximize battery performance.The overall electrochemical compatibility of the materials contributes to the efficiency

300、 and reliability of the battery.The chosen anode material should be suitable for cost-effective and scalable manufacturing processes.Ease of processing and integration into battery production lines is a practical consideration for commercial viability.There is increasing emphasis on choosing anode m

301、aterials that are environmentally friendly and sustainable.The industry is exploring materials that minimize environmental impact during production,use,and disposal of lithium-ion batteries.The choice of anode material in lithium-ion batteries is a critical decision that depends on the specific requ

302、irements of the application and significantly influences the overall performance,safety,and cost-effectiveness of the battery.Graphite is a reliable and cost-effective option,while silicon and lithium metal offer higher energy density but face challenges related to stability and safety.LTO,while low

303、er in energy density,excels in terms of safety and cycle life.Several factors are considered when selecting an anode material:Chemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|Anode|Overview132Source:Battery Talk:Battery Application Break Down 1/01/2024(Version 2.0)Anode|OverviewGraphiteSi

304、liconLTOLi MetalDescriptionGraphite has been a traditional choice due to its stability,cost-effectiveness,and well-established manufacturing processesSilicon offers higher energy density than graphite but comes with challenges related to volume expansion.LTO offers lower energy density but longer cy

305、cle lifeLithium metal offers among the highest energy density but comes with challenges related to safety and cycle life,often due to dendrite formation.ProWidely used in lithium-ion batteries,stable,low cost,and exhibits good cycling performance.High theoretical capacity,leading to higher energy de

306、nsity compared to graphite.Exceptional cycle life,high rate capability,and excellent safety characteristics.Highest theoretical capacity,potentially leading to significantly increased energy density.ConLimited energy storage capacity,can hinder the development of high-energy-density batteries.Higher

307、 cost than graphite(per kg)and experiences significant volume expansion during charge/discharge cycles,leading to mechanical degradation and reduced cycle life.Lower energy density compared to graphite and siliconProne to dendrite formation during cycling,posing safety risks and reducing cycle life.

308、Ongoing research focuses on addressing these challenges.Common anode materials&performance tradeoffsChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|133Silicon Anode|TechnologySilicon-based materials can provide a huge improvement in energy density since 1 silicon atom can hold 4 lithium

309、atoms(compared to the incumbent graphite which takes 6 carbon atoms to hold 1 lithium atom.Silicon has a theoretical capacity of 3600 mAh/g compared to graphite which has 372 mAh/g.Downsides include large volumetric expansion(300-400%)in Li alloying/dealloying.This can cause solid electrolyte interp

310、hase(SEI)development through excess silicon exposure and can disintegrate the whole anode.As a result,it has been challenging to make silicon dominant anodes and only a sprinkle(3-8%)is generally used.Silicon Anode|TechnologySilicon OxideSilicon compositeMetallic SiliconComposition Composed of silic

311、on and oxygen Common variants include:silicon monoxide(SiO)or silicon dioxide(SiO2)Metallic silicon or Silicon oxide embedded in carbon matrix Other form factors include silicon nanowires,carbon coatings on silicon particles,or 3D structures Pure elemental siliconAdvantages Higher theoretical capaci

312、ties than graphite Less volume expansion compared to pure silicon,addressing some of the mechanical stress concerns Optimizes silicon/carbon matrix nanostructures to buffer the volume change of silicon Composite carbon networks increase electrical conductivity,and add adhesion and higher chemical st

313、ability Lowest manufacturing cost Highest energy density of silicon materialsChallenges Lower electrical conductivity compared to metallic silicon Reversible capacity can be limited due to formation of SEI layers Substantial volume expansion and contraction during lithiation and delithiation cycles

314、Mechanical stress and electrode pulverization Higher production costs than metallic silicon and most SiO Substantial volume expansion and contraction during lithiation and delithiation cycles Mechanical stress and electrode pulverization High capacity fade and reduced cycle lifeSilicon Anode Key Cha

315、llengesChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|134Source:Company announcements(each linked in source)Silicon Anode|Notable EventsSilicon Anode|Notable EventsJanuaryGroup14/Nexeon lawsuit CFebruaryIonblox:Silicon-sulfur batteries with Gelion Feb:32M Series B Nanograf 65M fundraisi

316、ngMarchAmprius signs a letter of intent to acquire 775K sq ft facility in ColoradoApril Group 14 begins construction of the worlds largest commercial factory for advanced silicon battery materials in WashingtonJuneEnevate partnership(production license)w/JRESAmprius walks away from DOE BIL$50M grant

317、OneD 45M funding series CSeptemberEnevate signs partnership with NantG PowerOctoberEnovix closes facility in Bay area,building facility in Penang(Malaysia)China announces a new set of export restrictions on Battery graphite products.NovemberStoredot Polestar to prototype vehicle with StoreDot materi

318、alSila Moses Lake factory ribbon cuttingJulyNexeon signs Supply Agreement with PanasonicDecemberCustomCells licenses Enervate technologySila signs Supply Agreement with Panasonic Chemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|Silicon Anode|Industry Players&Investments135CompanySila Nano

319、EnevateEnovixAmpriusGroup14IONBLOXNexeonOneDStoredotAdvanoLeydenjarCoreshellIonic MineralHQ/DateCA,USA2011CA,USA2005CA,USA2007CA,USA2008WA,USA2015CA,USA2017UK2006CA,USA2013Israel2012LA,USA2016Netherlands2016CA,USA2018UT,USA2020Employees*36878012Money Raised/Valuation$933M/3.3B$

320、202M/501M$414M/1.8B$622M/$441M$683M/3B$42M/80M$262M/352M$78/345M$269M/1.27B$40/Unknown$43M/Unknown$30M/Unknown$20M/UnknownCompany StageSeries FSeries EPIPE,IPOPIPE,IPOSeries CSeries BSeries DSeries CSeries DSeries ASeries ASeries ASeries BSi%50%70-100%100%100%50%80%5%to 50%5-75%100%60-90%80-100%Tech

321、nology RouteSi dominant porous microparticles with a rigid carbon shellSilicon microparticles up to 40um with a SiC/carbon shellSi particles coated in thin metal-semiconductor layer,3D cell architectureSi nanowiresElemental Si impregnated in an activated porous carbon scaffoldElemental Si and SiOx n

322、anoparticles wrapped in carbon matrix,with metal coatingSi nanoparticles wrapped in silicon oxide,silicon carbide shellsSi nanowires grown inside graphite using Cu catalyst to control sizeMetal coated Si nanoparticles with conductive matrix materialsSi nanoparticles with functionalized surfaces prod

323、uced from scrap silicon.Porous Si anode grown on the Cu substrate via PECVDMicron-sized Metallurgical Silicon.No Silane.Continuous Metallothermic Reduction of Silica to Si nanotubes starting with Halloysite FeedstockClaimed Performance800 Wh/L350 Wh/kg,charge in 5min to 75%900 Wh/L297 Wh/kg435 Wh/kg

324、,1200 Wh/L,1000 cycles/305 Wh/kg640 Wh/L400-450mAh/g3250 mAh/g of Si Nanowires5-min extreme fast charge350 Wh/kg at$90/kWh450 Wh/kg1350 Wh/L30%GED and VED Gain,750+cyclesAll Si electrode 3200 mAh/g,85%ICE 2500 mAh/g stable,Si/Gr Blend 15%Si substitution of Gr 750mAh/g 91%ICE 700 mAh/g Stable capacit

325、yTargeted ApplicationEV,Consumer ElectronicsEV,Consumer ElectronicsConsumer electronicsDefense,EVTOLConsumer electronicsEVTOLEV,Consumer electronicsEVEVEV,Consumer,ESSDefense,EVTOLEV,MobilityEV,Consumer Electronics,MilitaryPartnership/InvestmentMercedes,Whoop,CATL,TDK,Samsung,PanasonicRNM Alliance;L

326、GES,SamsungIntel,QualcommAirbus,US ArmyPorsche,ATL(TDK),BASF,Showa Denko,SKApplied Materials,LiliumWACKER,SK ChemicalsGM Ventures,Volta Energy TechnologiesBP,EVE,Daimler,Vinfast,Samsung,TDKMitsui KinzokuEIBZeon,Meyers ManxSoon to be publicSilicon Startups Continue Raising and Building Partnership wi

327、th Industry PlayersSource:Pitchbook,Intercalation Station Silicon Series(1,2,3,4),Battery Talk Case Study on Group14Silicon Anode|Industry Players&InvestmentsChemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|LTO|Technology136While graphite anodes are widely used in lithium-ion batteries,LT

328、O serves as an alternative,particularly in applications prioritizing safety,durability,fast charging,and power density over energy density.LTO is commonly used in mild hybrid vehicles for its high power density.Source:Global LTO Battery MarketLTO|TechnologySLTO Strength Power densitySafetyCycle life

329、Low temperature performanceNo SEI formation or Li-platingGraphite Strength-Energy density-Cost-Strong battery supply chainLTO WeaknessCostEnergy densityHigh temperature performanceGassing side reactionsGraphite Weakness-Cycle life-Safety-High/Low temperature performanceLTO OpportunityMild hybrid EVs

330、Electric busesHybrid energy storage systemsApplications with high-power demands and/or low environmental temperatureGraphite Opportunity-EVs,Stationary storage systemsLTO ThreatNa-ion batteryIncreasing material costGraphite Threat-Improvements on silicon anodes-Lithium metal-Limited supplyWOTPros an

331、d Cons of Lithium Titanate Oxide(LTO)vs.Graphite(C)Chemistry&Cell Components2023|BATTERY REPORT|01 Industry|P.|LTO|Industry Players137Source:Global LTO Battery MarketToshiba Corporation:has been a prominent player in the development of LTO anodes for lithium-ion batteries.The company has been involv

332、ed in manufacturing LTO cells and promoting their use in various applications,including electric vehicles and industrial energy storage.NEC Energy Solutions:is known for its energy storage solutions,and they have utilized LTO technology in certain battery systems.The company focuses on providing gri

333、d energy storage solutions and has deployed LTO-based batteries for various projects.Altairnano:now known as Energy Storage Systems(ESS),has been involved in the development of advanced energy storage technologies.They have worked on LTO anode materials for high-power and long-life applications.NEI Corporation:is a materials science company that has been active in developing advanced materials for