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Battery technology is witnessing the biggest disruption in past 200 years, as renewable energy and green vehicles gain prominence. Investments worth~$14B has been put in automotive and energy industry stakeholders, alone in past two years.
When the first produced EV was launched in the market in 2010, the Lithium ion battery prices were ~$1,000-1,100/kWh. Owing to growth in volumes and technology improvement, prices have come down but they are still far from being called competitive. We believe that for EVs to compete effectively with gas powered vehicles, EV battery-pack prices should be ~ $60-70/kWh from $190-220/kWh at present.
Electric vehicle solid state batteries are preferred because of:
Solid state batteries are safer than traditional liquid electrolyte batteries due to the lack of flammable electrolytes
The electric vehicle solid state battery, can be charged up to 80% charge in just fifteen minutes.
Electric vehicle solid state batteries can be charged and discharged many times more than traditional lithium ion batteries without strain
To know more about Global Electric Vehicle Battery Market, read our report
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2023 Sept
Omega Seiki Pvt. Ltd
Brings advanced chemistry cells to India in collaboration with C4V of New York. As part of PLI scheme, C4V wants to become India’s first solid-state lithium-ion cell manufacturer
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Jan 2024
ProLogium
Solid-state battery technology have so far found applications in terms of micro batteries to power sensors and other very small semi-conductors. The solid-state batteries are still in testing phase and there is not clear roadmap to mass production. But, the sheer inefficiency of present day Li ion batteries has created a lot of interest in solid state battery market.
The most efficient Li ion battery at present i.e Tesla`s offers energy density of ~250Wh/kg. For solid state batteries to better that, it will probably need energy density of 400-450Wh/kg.
The electric vehicle solid state battery market also have a limitation in terms of fast charging, and it can charge quickly only to a certain degree. It is also to be noted that unlike liquid electrolytes, solid electrolytes do not deform easily. Thus, the preparation of ceramic or glassy electrolytes including assembly is a completely new and different process.
Toyota recently announced a solid state battery can provide a 500km range on a single charge and can be fully-charged in 10 minutes.
Fisker dropped the idea of an electric vehicle solid state battery market for their electric vehicles. “It’s the kind of technology where, when you feel like you’re 90% there, you’re almost there, until you realize the last 10% is much more difficult than the first 90,”- Fisker CEO Henrik Fisker
To know more about Global Automotive AGM Battery Market, read our report
Solid-state batteries, which store more energy, charge faster, and are safer than liquid lithium-ion batteries, could be a game changer for electric vehicles (EVs), speeding up the transition away from fossil fuel-powered vehicles.
Thin layers of solid electrolytes transport lithium ions between electrodes in solid-state batteries.
Lithium-ion (li-ion) batteries use liquid electrolytes and separators to keep the positive and negative electrodes from coming into contact.
Solid-state batteries are being employed in devices like pacemakers and smart watches.
They’ll probably be safer and more stable than liquid lithium-ion batteries, which have a volatile electrolyte that can catch fire at high temperatures. As a result, electric vehicles powered by lithium-ion batteries are more susceptible to fires and chemical leaks.
The German OEMs are way ahead in their research on this technology, followed by Asian OEMs and it has a lot to do with the declining popularity of Diesel as preferred fuel choice. The Detroit Big 3 are not so active in this space, apart from GM, which has partnered with Honda to develop “next gen electric car batteries”.
BMW and VW are leading the charge in electric vehicle solid state battery market development and has invested in Quantumscape- a solid state battery start-up. VW has currently invested $300 M in this startup. It wants to be the first to commercialize solid state battery production, preferably by 2020 or early 2020s. Renault- Nissan- Mitsubishi are targeting 2025 timeline.
Rivian too is focused on developing solid state batteries for their vehicles and plans to revolutionise the EV battery technology. Vietnamese automotive startup, VinFast, announced that it will manufacturer solid-state batteries to be used in its future line-up. VinFast is collaborating with Taiwanese solid-state battery manufacturer ProLogium to launch solid state batteries for EVs.
This joint venture will gain access to patents and be allowed to use ProLogium’s MAB solid-state battery packaging technology (Multi-Axis Bipolar + Technology) to produce CIM/CIP solid-state battery packs in Vietnam.Foxconn plans to commercialize solid-state battery technology by 2024.
The EV battery technology has continued to evolve. Lithium Titanate and Lithium-iron Phosphate, are prime examples and both are gaining importance in the EV battery market as they do away with cobalt. Other battery chemistry involving magnesium and Sodium are also gaining prominence as they offer better energy density than Li ion at a lower cost.
Fisker dropped the idea of solid state batteries for their electric vehicles. “It’s the kind of technology where, when you feel like you’re 90% there, you’re almost there, until you realize the last 10% is much more difficult than the first 90,”- Fisker CEO Henrik Fisker
General Motors and Honda Motor are intensifying their collaboration on electric vehicles. Both established and new battery firms should take notice. For their electric vehicles, the two will build solid-state batteries. In this case, solid state refers to a battery that does not have a liquid to facilitate the electrical charging.
Removing the liquid, along with other developments, might lead to cheaper, more powerful lithium-ion batteries that charge faster and are safer than today’s generation.
The Honda/GM alliance demonstrates how automakers are investing in technology. Honda and General Motors collaborate on a number of projects. GM will make electric vehicles for Honda, and the two companies are working together on a lower-cost, compact EV that will go on sale in the United States. Honda is also an investor in GM’s autonomous-driving company Cruise.
Coronavirus has affected almost all the sectors around the world. Among these, one of the sectors which has the most impact on it, is the automotive battery market.
Most top OEMs and other battery manufacturers suffered in the initial months of COVID-19 due to supply chain disruptions and multiple phases of lockdown imposed by the governments.
However, COVID-19 had a minimal impact on the solid battery market as the impact was mostly due to a small delay in research and development (R&D) time during the initial pandemic phase when the whole world went into lockdown. Meanwhile, the complex manufacturing process and high cost of solid state batteries also hindered the growth of the market.
During this pandemic, the demand for electric vehicles is higher in many countries so that the overall solid battery market wouldn’t be largely affected. The solid-state battery market is expected to be launched well after the pandemic, due to which there are no losses in the market.
The leading markets for electric vehicles such as China, US and Germany have invested significantly in the development of the solid state battery technologies as they store twice as much energy than lithium ion batteries.
The major factors such as increasing demand for electric vehicles around the world, higher battery capacity and EV range using solid-state car batteries and other features of SSB like higher battery life, higher energy density and better safety features compared to lithium ion batteries driving the growth of EV solid-state battery market.
A group of seven British organizations such as Faraday Institution, British Volt, Emerson & Renwick, Johnson Matthey, Oxford University, University of Warwick and UK Battery Industrialization Center has formed a consortium to develop solid-state batteries for electric vehicles.
This consortium will build a facility to develop prototypes and technologies for the mass production of solid-state batteries for reducing CO2 emissions, and delivering enhanced range & safety for EVs in UK – August 2021
Samsung SDI has been working on all-solid-state batteries with Samsung Advanced Institute of Technology and Samsung R&D Institute Japan for developing and manufacturing large-size solid-state battery cells in 2025 and having the prototypes ready by the end of 2023 – June 2023
Solid Power unveiled its solid-state platform technology by introducing its new 77kWh solid-state battery. Solid Power received a large funding capital from Ford and BMW of US $130 million to adopt this technology into their electric vehicles.This battery is around 44% smaller and 35 kg lighter than conventional lithium-ion batteries and increase the electric vehicle range by around 14-16% – May 2023
Omega Seiki, a part of Anglian Omega Group of companies, has joined with New York based company C4V to introduce solid-state batteries with 400 Wh/kg for electric vehicles and the renewable sector in India – April 2023
Toyota announced its rechargeable solid-state battery development and its prototype car, which will be launched in the second half of 2021. The electric vehicle using this solid-state car battery will ensure a range greater than 500 miles on a single charge and recharge this EV battery fully in 10 minutes – March 2023
CATL announced their development of solid-state battery use in EVs in the upcoming years. This solid-state batteries will come with battery densities of 200 Wh/kg, 300 Wh/kg and 350 Wh/kg – January 2023
QuantumScape released its performance data for its solid-state battery technology based on a prototype developed. It takes 15 minutes for 80% charge of the battery and has a longer range than conventional lithium-ion batteries which can operate at a wider temperature scope – December 2020
The world’s first swappable solid state EV battery prototype has been unveiled by Gogoro, the firm behind what has become the de facto standard for swappable batteries in light electric vehicles.
ProLogium Technology, a solid state battery industry leader with experience in Lithium Ceramic Batteries, collaborated on the battery’s development (LCBs).
The new battery prototype relies on ProLogium’s solid state battery cell technology for energy storage and employs Gogoro’s proprietary battery management system and physical case/connection.
The new solid state battery prototype was introduced by Gogoro, a Taipei-based battery and electric vehicle business, with Taiwanese journalists being the first to test the new battery in Gogoro’s electric scooters.
Gogoro is known for its interchangeable battery technology. Over one million of the company’s lunchbox-size batteries have been developed, which can be swapped out in seconds at thousands of battery swap stations to immediately “recharge” light electric vehicles such as scooters and motorbikes.
Gogoro makes its own best-selling electric scooters, but large companies like Yamaha collaborate with the company to use Gogoro batteries in their own electric scooters.
The new solid state Gogoro battery pack, which is still under development, is reported to be capable of increasing Gogoro’s existing 1.7 kWh per battery capacity to a whopping 2.5 kWh. With a 40 percent increase in energy density, the range would expand by the same amount.
Nissan has launched its first solid-state battery electric vehicle. According to Nissan, solid-state batteries will cost $75 per kilowatt-hour in 2028 and $65 thereafter. EVs are equivalent to gas-powered automobiles at these prices. Solid-state batteries have the potential to change the electric vehicle industry by cutting costs and improving performance in today’s market.
These solid-state batteries charge faster and offer almost twice the energy density of current lithium-ion batteries, allowing for increased range, lower weight, and faster recharging.
Nissan unveiled a prototype production plant in Yokohama, Japan, where it aims to produce solid-state batteries for electric vehicles. The company wants to set up a prototype production line at its Yokohama plant, with materials, design, and manufacturing techniques for prototype production on the line to be explored. Nissan plans to release its first electric vehicle with all-solid-state batteries.
In principle, all-solid-state batteries may charge faster, store more power, and last longer than lithium-ion batteries, which are now used in most electric vehicles. Nissan plans to employ the batteries in all of its vehicles, including pickup trucks, in the future. The batteries should help make electric vehicles much more inexpensive, eventually putting them on par with gasoline-powered vehicles.
The EV solid state battery industry has seen a range of partnerships and acquisitions as global automakers including Toyota, Hyundai, and Volkswagen AG have joined forces with solid state battery developers.
Since the leading Japanese automaker Toyota announced investment in the development of hydrogen fuel cell cars, the company has made several acquisitions and partnerships related to solid state battery development.
The company’s subsidiary, Panasonic, announced an investment in solid state battery developer Solid Power. Allowing access to patents and a profusion of cash investments, Toyota has made it clear that it plans to be a leader in the development of solid-state batteries in the coming years.
Hyundai has also made several key investments and acquisitions in the solid state battery space, ranging from the purchase of Hydrogenics in 2020 for $35.5 million, to the company’s current partnership with UK-based business Autofactur.
Hyundai is also in the process of collaborating with Honda and Volkswagen, aiming to create a joint venture, with each company committing to the venture and will focus on developing solid state batteries for electric vehicles.
Volkswagen AG, another leading automotive manufacturer, has also partnered up with QuantumScape. Volkswagen is also a participant in the European Union’s PACE project, pledging 1 billion euros to support battery development initiatives.
The number of partnerships and acquisitions increasing in the EV solid state battery industry is a clear sign that automakers are moving away from lithium-ion battery technology and focusing on solid state battery technology as the way of the future.
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QuantumScape reported revenue of over $1.5 billion in the second quarter of 2021 as they spent $130 million- $160 million in the research and development (R&D) areas. The revenue from the second quarter will fully fund their QS-0, start QS-1 production at 1Gwh scale and contribute capital to the subsequent 20 GWh expansion of their QS-1 facility.
Ilika reported a turnover of 2.3 EUR million in the second quarter of 2021. This is due to their extended collaboration with Stereax Energy solutions to develop and commercialise its thin-film miniature solid-state batteries for powering medical devices and industrial wireless sensors in hostile environments, as well as progressing its development of large format Goliath cells for electric vehicles(EV) and cordless appliances.
Hitachi Zosen reported a 6.4% increase in the second quarter of 2021 with net sales of 80,434 million yen as compared with the second quarter net sales of 75,567 million yen in 2020.
Samsung SDI reported very strong financial results in the second quarter of 2021 with record quarterly revenue up 30% year-on-year and operating profit growth of 184% year-on-year. This revenue increase is due to significant sales growth of automotive and ESS batteries in major European cities and in the US.
Till 2013, Japanese battery manufacturers had ~71% of the global automotive EV battery market. By H1 2018, their share had come down to 39%, so what exactly happened in the past 5 years? Well, the EV boom happened in China and the local Chinese players expanded their share from less than 5% then to ~27% now.
All thanks to the protectionist policies of the Chinese government, which allowed only EVs with domestically manufactured batteries eligible for incentives, it drove all foreign companies out of the market.
South Korean players like LG Chem and Samsung SDI also gained ~22% market share in this period. This unexpected development prompted the Japanese government to step in and create a new consortium for solid state battery research, in order to develop the solid state battery market.
Continental, world’s second biggest automotive tier-1 supplier is holding off its battery investments till some sizable progress is made in the solid state battery market. In the next few years, we expect some new players entering the market , depending on how viable the production is.
