BatteryTech News & Updates – 2024 #30
Julian Renpenning
Scientific-Technological Marketing & Business Development | Battery Tech Enthusiast | B2B Marketing Expert | Consultant | Former Scientist, PhD, Postdoc
Hello fellow battery technology enthusiasts and experts. As always, below you will find a weekly summary of the latest developments in the global battery technology and electric vehicle market - Julian
???Farasis Energy Achieves Million-Mile Battery Breakthrough
Farasis Energy has announced a significant advancement in electric vehicle battery technology by successfully developing and testing cells that can last one million miles over 15 years while maintaining over 70% capacity. This breakthrough represents a major step forward in long-lasting battery solutions for both passenger and commercial electric vehicles. The company's NCM chemistry cells have undergone rigorous testing under real-world conditions, including rapid charge cycles and varying temperatures. The cells have a high energy density of up to 285 Wh/kg and can be charged to 80% capacity in as little as 20-30 minutes.
???LG Energy Solution Eyes Low-Cost EV Battery Production in Europe
South Korean battery giant LG Energy Solution (LGES) is in talks with Chinese suppliers to produce low-cost electric vehicle batteries for the European market. The strategic move comes as the global EV industry faces a slowdown in demand and new EU tariffs on electric vehicles made in China. LGES aims to match Chinese competitors' prices within three years by exploring joint ventures or long-term supply agreements. The company is considering Morocco, Finland and Indonesia as potential production sites for lithium iron phosphate (LFP) cathodes, a key component in lower-cost batteries.
???Addionics Raised $39 Million Series B to Advance Cost-Effective EV Battery Innovation
Addionics has raised $39 million in Series B funding led by GM Ventures and Deep Insight. The investment will accelerate the commercialization of Addionics' 3D current collector technology, which promises to improve the performance of electric vehicle batteries while reducing costs. The company's drop-in solution improves heat dissipation, charging speed, power output and stability in batteries. Addionics plans to begin commercial production by year-end and expand its global manufacturing capabilities, including the development of a U.S.-based giga-factory.
???Northvolt appoints Pia Aaltonen-Forsell as new CFO to Drive Growth
Swedish battery manufacturer Northvolt has announced significant changes to its senior management team, positioning the company for future growth and innovation in the sustainable battery sector. Pia Aaltonen-Forsell, formerly of Outokumpu, joins as the new Chief Finance Officer, while Matthias Arleth, with extensive experience in the automotive industry, takes on the role of President Cells. In a strategic move, Alexander Hartman, who previously led Northvolt's $15 billion financing efforts, moves to the newly created position of Chief Transformation Officer. The personnel changes come at a challenging time for Northvolt.
???Toyota Expands EV Strategy with New Battery Plant in Kyushu
Toyota Motor Corporation has announced plans to build a new electric vehicle (EV) battery plant in Kyushu, Japan's southernmost main island. The plant, to be operated by Toyota's subsidiary Primearth EV Energy, will be located in an industrial park in northern Kyushu. The strategic move is aimed at strengthening Toyota's EV supply chain and increasing its competitiveness against Chinese rivals in the Asian market. The initiative is part of Toyota's broader 5 trillion yen ($32 billion) investment in EV-related projects through 2030. The company is targeting annual global sales of 3.5 million EVs by the same year.
???Chile Secures US Tax Credit Deal for Lithium Battery Components
Chile has reached a landmark agreement with the United States that will allow lithium-based battery components produced in the South American country to qualify for tax credits under the US Inflation Reduction Act (IRA). The agreement, announced by Chilean Economy Minister Nicolas Grau, is expected to significantly increase the investment attractiveness of Chile's lithium industry. The agreement covers value-added lithium products, specifically cathodes, and positions Chile to move further down the battery supply chain. By leveraging its status as the world's largest holder of lithium reserves, Chile aims to attract international investors, particularly from the US and South Korea.
???EVE Energy and GZPTG New Energy Join Forces to Innovate Green Public Transportation
In a significant step towards sustainable urban transportation, 惠州亿纬锂能股份有限公司 and Guangzhou Public Transport Group New Energy Development Co., Ltd. (GZPTG New Energy) signed a strategic cooperation agreement on July 16, 2024. This partnership aims to accelerate the development of green transportation in Southern China by combining EVE Energy's expertise in battery technology with GZPTG New Energy's infrastructure and resources. The cooperation will focus on various aspects of battery technology, including R&D, sales, customer service and recycling.?
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?? Porsche Eyes Investment in Struggling Battery Maker Varta
Porsche AG is considering a significant investment in struggling battery maker VARTA AG as part of its restructuring efforts. Varta, which is facing financial difficulties, is exploring three options to avoid insolvency, including the potential investment by Porsche. The proposed deal could see Porsche acquire a majority stake in Varta's V4Drive subsidiary, which produces high-performance cells currently used in Porsche's electrified 911 GTS T-Hybrid. In addition, Porsche is considering participating in the financial restructuring of Varta AG as a whole.
?? Ultium Cells Slows Michigan Plant Construction Amid EV Market Challenges
Ultium Cells LLC , a joint venture between LG Energy Solution and 通用汽车 , is slowing construction of its third battery plant in Michigan. The move is part of a broader effort to curb investment in response to slowing EV demand. The slowdown includes delaying the delivery of equipment and materials for the Lansing-based facility. It follows GM's revised EV production forecast for 2024, lowering expectations from 300,000 to 250,000 vehicles. This development is in line with LG's April announcement to reduce capital expenditures due to sluggish EV market conditions.
?? Eramet Produces Battery Grade Li-Carbonate at Industrial Scale with Inauguration of DLE Plant in Argentina
French mining group Eramet has inaugurated its Centenario direct lithium extraction (DLE) plant in Argentina's Salta province, marking a significant milestone in sustainable lithium production. The plant, which is expected to be operational in November 2024, will produce 24,000 tons of battery-grade lithium carbonate per year at full capacity - enough to power 600,000 electric vehicles. Using Eramet's proprietary Direct Lithium Extraction technology, the plant will be 50% more efficient than traditional evaporation methods.?
??TaiSan Secures ￡1.3 Million for Innovative Sodium Battery Development
TaiSan , a UK-based battery materials start-up, has successfully raised ￡1.3 million in its latest pre-seed funding round. The funding, led by high-profile investors including EIT InnoEnergy and TSP Ventures , will support TaiSan's efforts to advance its quasi-solid state sodium battery technology, which aims to set a new standard in energy density for battery electric vehicles. The company has already secured partnerships, including memorandums of understanding with 12 global automotive OEMs, positioning it as a major player in the automotive industry.
?? AM Batteries Launches New Customer Success Center with $2.23M State Grant
AM Batteries , a leading developer of lithium-ion battery technology, has unveiled its new Customer Success Center, built with a $2.23 million grant from the Massachusetts Manufacturing Innovation Initiative (M2I2). The center is designed to enhance customer engagement by providing a state-of-the-art environment for testing and qualifying battery materials. The company's dry electrode technology enables more efficient battery production by eliminating traditional solvent recovery and electrode drying processes, reducing both the energy consumption and environmental footprint of battery manufacturing.?
?? Ateios Systems Introduces PFA-free RaiCore Electrode
Ateios Systems has unveiled a new development in battery technology with the introduction of the RaiCore electrode. This new product features a high voltage lithium cobalt oxide (HV LCO) composition and is the world's first rechargeable LCO battery without perfluoroalkoxy compounds (PFA-free), in line with current environmental regulations. The RaiCore battery demonstrates a remarkable 15-20% increase in energy density over traditional LCO batteries, while maintaining superior capacity retention. This improvement is coupled with the absence of PFAs, reducing the environmental footprint of these energy storage solutions.
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