5 Many solid-state battery blueprints expand the use of lithium throughout the cell. Possible benefits of fully realized solid-state designs include rapid charging capabilities, increased range, longer lifespans, and improved safety. Solid-state batteries replace the liquid electrolytes and polymer gel separators used in current lithium-ion batteries with a solid separator. Several automakers and start-ups are racing to develop solid-state battery technology, the often-heralded next generation of EV battery technology. Solid-State Battery Tech Likely to Keep Lithium in Demand 4 It is important to note that all cathode chemistries mentioned in this section and captured in the chart below require lithium. 3 Together these three chemistries account for about 75% of the cathodes placed in EVs across all classes globally. Today, the three most common battery chemistries in EVs are LFP, NMC811, and NMC622. Convenient charging can cause the lesser range associated with LFPs to become a favorable tradeoff for comparably lower costs and superior longevity. However, legacy LFP technology is regaining market share due to the proliferation of charging infrastructure. Indeed, the range improvements that helped boost the popularity of EVs in recent years are largely attributable to innovation in nickel-based batteries. Nickel-based cathodes support higher energy densities, translating into higher speeds and range for EVs. 2 Currently, two of the main cathode archetypes are nickel-based and lithium iron phosphates (LFPs). Because cathodes determine range and account for most of the cost of the overall cell, EV batteries are often classified based on cathode contents. In most current designs, the cathode houses lithium during the battery’s idle state. The primary components of lithium-ion batteries are a cathode, an anode, a liquid electrolyte, and a separator. Put it all together and lithium-ion batteries can store considerable energy in a light package while featuring commercially viable recharging properties for EVs. This property is necessary for the intercalation reactions that manage charges within a battery. 1 Lithium is also ideal chemically because the metal readily sheds electrons under the right conditions. Compared to other rechargeable battery types, namely nickel-metal hydrides and lead-acid batteries, lithium-ion batteries offer greater energy density, lower self-discharge, and a longer useful lifespan. Nearly all pure EVs and plug-in hybrids on the market today require a lithium-ion battery of some sort. There is a market for lithium-ion substitutes, although we believe these technologies are unlikely to meaningfully disrupt demand for lithium.Ĭathodes Are Driving Demand for Lithium in Current Batteries.Solid-state, which could represent the next major innovation in battery technology, is likely to incorporate lithium in both the cathode and the anode.Lithium is a near ubiquitous ingredient in current lithium-ion battery cathodes.This piece is part of a series that dives deeper into this year’s iteration of our flagship research piece, Charting Disruption. We expect the growth of these technologies, particularly in the mobility space, to continue to create compelling opportunities for companies in the lithium and battery tech space. Beyond current use cases, lithium’s prominence in battery supply chains is likely to remain intact for next-generation technologies. However, there exists a common thread across commercially viable EV battery designs: lithium. ![]() EV battery chemistries vary widely, and battery makers continue to experiment with different combinations to optimize performance. Battery technology is top of mind as demand for consumer electronics, energy storage, and especially electric vehicles (EVs) surges.
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