Batteries now determine the auto industry’s destiny.
Automakers’ multi-billion-dollar electric vehicle portfolio plans depend on batteries. They help automakers differentiate their products. If batteries can be created efficiently, cost-effectively, and sustainably, the industry can move past its gas-guzzling, carbon-emitting past.
Benchmark Mineral Intelligence predicts the EV battery business will be worth $340 billion by 2030.
The insider examined white-hot EV battery technologies that give automakers the EV performance they need at the pricing their customers want. They looked at how automakers are getting adequate batteries, especially with climate law requiring domestic sourcing. They also spoke to entrepreneurs about recycling these batteries after use.
Watch Out For These Key Players
Automakers and companies just getting started in the electric vehicle market are placing their hopes in the assistance of dozens of businesses operating in the battery industry.
As a direct consequence of this, new startups are looking to address different aspects of the battery supply chain, such as the development of new chemical compositions. Established businesses are also adjusting their business strategies in order to get ready for the demand that is expected to emerge in the near future.
Automakers’ Lithium Strategy
Automobile manufacturers from all over the world are putting most of their eggs in the basket of electric vehicles. These wagers appear riskier in light of an impending shortage of electric vehicle batteries, notably lithium.
Looking to forming partnerships in order to guarantee a sufficient supply of lithium is one way, and making large investments in the sector is another.
A Battery Technology That is More Narrowly Focused
Range anxiety has been a reason some people are wary of electric vehicles. Battery chemistry and technology can improve range, performance, and safety. So Startups are testing the greatest tech to give their product and customers an edge.
Startups are trying everything to gain a competitive edge, including energy-dense solid-state batteries, swapping batteries, and technology that doubles Tesla’s range. We say good luck on that one!
Companies Seeking Funding Founds
As electric vehicle (EV) battery startups continue to be appealing to investors, Porsche led a Series C funding round that brought in $400 million for a business that makes lithium-silicon batteries.
The volatile nature of the macroeconomic environment over the course of the previous year has made it difficult for entrepreneurs across all industries to obtain capital at a time when it is very necessary for their companies.
Recycling Used Batteries
Battery materials, chemistry, and technology are important, although so is what to do with them after they’re no longer usable in cars.
One company working on EV battery recycling is Redwood Materials. Redwood was started by Tesla co-founder JB Straubel.
Other companies are testing reusing batteries for energy storage.