300 Miles In 5 Minutes

Lithium-ion batteries are the key technology of the next decade, the world’s next biggest commodity and an essential factor in the widespread market adoption of EVs. StoreDot’s Dr Doron Myersdorf explains why.

- Dr Doron Myersdorf

Goldman Sachs estimates that the market will be worth around £30bn ($40bn) by 2025, with China as the nation dominating global capacity. Today, according to Bloomberg New Energy Finance (BNEF), Asian companies make up 83% of the worldwide manufacturing capacity of EV batteries, far surpassing that of any other territory.

However, the European Union recently implemented a ‘battery action plan’ to incentivize its member nations, and the Indian government also seeks to move its own dependence away from Asia. However, as governments and corporations around the world increasingly turn their focus to, and provide incentives for, the battery market, the United States has fallen behind, with its current battery manufacturing capacity dependent mostly on Tesla Panasonic’s technology or other Asian manufacturers.

A global commodity race