A nontraditional battery making significant gains in performance could revolutionize the energy storage industry, resulting in a cleaner, more resilient electrical grid.
As detailed by Reuters, cost-effective lithium iron phosphate (LFP) batteries are supercharging the development of energy-storage projects in places like Northern England, where Fidra Energy obtained a 55-acre piece of land to build a 1.45-gigawatt energy storage facility.
However, Fidra Energy CEO Chris Elder explained that his team had trouble making "the economics work" before improved LFP batteries entered the scene, cutting the project cost in half. Now, battery installations at the Thorpe Marsh storage site should commence in 2026, and recent advancement means they could last up to 20 years rather than 10 or 15.
Fidra Energy isn't the only entity investing in LFPs, which have disrupted the industry for nickel and cobalt — expensive mined metals used in traditional batteries. According to the International Energy Agency, LFPs have become the "rising star" of the battery industry.
In China, two-thirds of EVs sold in 2023 used LFP chemistry. Tesla also appears to have gone all in on a proprietary LFP formulation that could slash electric vehicle costs for consumers.
"You've seen a truly monumental shift lower for nickel and cobalt in the intensity of commodity use in battery demand," Martin Jackson, head of battery raw materials at commodities consultancy CRU, told Reuters.
With solar and wind being a significant piece of the clean energy puzzle — at least for now, as researchers are eyeing fusion as one potential always-on power source — strengthening energy storage systems is essential to ensure power is available when the sun isn't shining or the wind isn't blowing.
The emergence and growth trajectory of LFPs are promising signs for a market making many long-term investors wary of dirty energy projects as countries transition to clean or low-carbon power to limit the economically disruptive rise of global temperatures and boost energy security.
"Beyond economics, LFPs address supply chain ethics, avoiding child labor risks tied to cobalt mining in Congo," PS Lee, head of the department of mechanical engineering at the National University of Singapore, wrote on LinkedIn. "... As nations race to decarbonize, LFPs are the new kingmakers — displacing traditional chemistries and reshaping global supply chains."
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