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Li-ion batteries compared to lead-acid offer improved discharge and charge efficiency, longer life(10X), light-weight(50% savings), non-hazardous, easy to maintain and offer deep cycle ability while maintaining power. Lithium Iron Phosphate batteries are undoubtedly more expensive than lead-acid batteries but their cost can be easily recovered in the long run.
Lithium batteries being lightweight, are also incredibly powerful. They can hold their charge for much longer duration without a drop in voltage, allowing boat owners to take longer trips without recharging.
But, there is also inherent danger associated with Lithium batteries. Unlike flights, restrictions on devices that use lithium-ion batteries or Lithium-ion batteries as an energy storage device have not extended to passenger boats. It was only in Dec 2019 that three California members of Congress introduced federal legislation that requires small passenger boats to have at least two escape exits, strong fire alarm systems and create mandatory safety rules for the handling and storage of phones, cameras etc powered by lithium-ion batteries.
Marine Lithium batteries will get a boost after more electric and hybrid boats hit the market. Volvo Penta is already working on electric drive systems for land-based vehicles,which could be improvised and passed on for marine applications. In 2018, it set itself a target of introducing hybrid or fully electric drivetrain options to all its marine products by 2021.
Since, hybrid and electric boats are at-least 5 years away from becoming mainstream,the biggest addressable market segment for marine lithium battery suppliers is the boat refurbishing market.
In case of ferries, which have a closed loop operation and quick turn around time, an all-electric system could payback for additional cost in as little as six years.
In Nov 2019, South Korea’s HMM joined Getting to Zero Coalition which includes Maersk, MAN and Euronav to develop the first CO2-free vessel before 2030.
As of May 2020, there are more than 300 cruise ships worldwide, many of them run on cheap and polluting HFO. therefore, they are looking at various ways to cut down emissions. Hurtigruten is currently building three hybrid expedition cruise ships at Norway’s Kleven Yard.