Battery Technology to Diversify in Next Decade

For the longest time, lithium ion batteries have been utilized for stationary energy storage systems and vehicle electrification. However, new opportunities for other battery chemistries that don’t rely on nickel, cobalt or lithium are being created, as lithium ion’s production supply chain comes under growing scrutiny.

The need for energy storage solutions that are more affordable and suitable for the storage of energy for long durations also affords substitute energy storage technologies opportunities to grow in the market. While sodium-ion batteries may be particularly suitable for the electric car market, experts believe that alternative battery chemistry deployment will be especially notable outside the battery electric vehicle and electric vehicle segments.

In its new report, IDTechEx, an independent market research and analytics firm, predicts that the market for alternative battery chemistries for stationary storage will grow at a compound annual growth rate of about 60% in the 2022 to 2032 period.

Over the past five year or so, lithium ion batteries have been the primary technology used to store energy. However, for long-duration energy storage, more affordable systems will be needed for the economic storage of energy, which eliminates the need for high-value revenue streams. This demand will also facilitate the development of flow battery designs, such as those being made by StorEn Technologies Inc., that can be scaled more easily and battery chemistries which use iron, sodium and zinc.

The research firm also forecasts that by 2025, alternative chemistries such as Na-ion, secondary zinc-based chemistries, redox flow batteries and sodium-sulfur will make up more than 9% of the stationary storage market.

Experts also believe that substitutes to lithium as well as lithium ion technology itself will advance. Issues with maintaining longevity will be dealt with as well as lithium-metal and silicon development also being expected to shift demand from graphite. This can be seen by observing the increasing number of startups, which are focused on the commercialization of lithium-metal and silicon technology.

IDTechEx also predicts that in the next decade, the demand for silicon anode material will increase at a compound annual growth rate of roughly 45%. Supply risk alleviation and cost is expected to play a crucial role in facilitating the development of cathodes while anode development will primarily be driven by energy density and performance.It is also expected that LNMO and LMFP commercialization will further diversity materials utilized in lithium ion cells. Additionally, LFP will recapture market share while also expanding into new territories.

Apart from covering advanced battery technologies, the report also looks into technological and player developments.

NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn

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