18th Nov 2022
Benchmark Minerals crunch the numbers: There is a need to increase battery production thirty-fold from today’s levels by midcentury to reach Elon Musk’s forecast of 300 terawatt-hours of needed global battery capacity.
Production of Lithium-ion batteries will need to increase from 0.6 TWh a year to 20 TWh by 2050 to transition the global transportation and energy systems away from fossil fuels. The cost of building the world’s battery capacity would only be 5% of the almost $100 trillion estimated by the International Energy Agency and others needed to reach net zero emissions by 2050 at a cost of $3 to $5 trillion.
2022 keynote presentation- Targeting Tonnage: the global battery arms race and the path to 300TWh – is now live and free to view soon on YouTube.
Electric vehicle battery technology is undergoing rapid development. As the awareness of their benefits increases and our economy more widely embraces electric vehicles, the demand for energy storage is increasing globally.
This unprecedented development has resulted in strong investment and government policies aimed at providing incentives for battery manufacturers to meet this growing need. Unfortunately, these subsidies are adding another layer to the current problem of raw material oversupply as well as causing environmental concerns.
Substantial action is needed immediately. We decided to delve into this topic from a supply chain perspective and what did we discover?! These issues will be examined at length but suffice to say there are ways batteries, and their supply chain can be made better so that the transition to electric vehicles happens on time and as sustainably as possible
BMW will invest more than $1 billion to expand its power battery production facility in China, as the German luxury carmaker continues to increase its bets on the world's largest new energy vehicle (NEV) market.
The BMW Group will significantly expand power battery production at its production base in Shenyang, Liaoning province, in northeast China, and signed a contract with the local government on November 11, according to a news release.
The new power battery project is being invested by BMW Brilliance, BMW's joint venture in China, with a total investment of about 10 billion yuan ($1.4 billion).
The project is another major investment by BMW Brilliance after the total investment of RMB 15 billion in the Lydia plant.
(Image credit: BMW)
Panasonic’s decision to source cathode material from a US-based recycler is a major step forward for America’s battery supply chain.
The company will use Redwood Materials, a US battery recycler, as its source for cathode material for its upcoming Kansas battery plant—the first gigafactory in the country ever to use US-produced cathode material rather than imported Asian imports.
The deal comes three months after the passing of President Joe Biden’s Inflation Reduction Act, which includes significant incentives for US-based cathode production. The act makes it easier and more cost-effective for companies like Panasonic to bring their manufacturing back to America.
This is not the first time that a company has announced plans to use local resources following the passing of this legislation: last month, Panasonic signed an agreement with Canada’s Nouveau Monde Graphite for supply of anodes
The announcement that Saudi Arabia is launching its own electric vehicle brand, Ceer, is part of the country's strategy to diversify its economy by investing in promising growth industries.
Ceer will be run by Foxconn, a Taiwanese company known for manufacturing Apple products. The company will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the Middle East region including sedans and sports utility vehicles.
Saudi Arabia has a 61 percent stake in Lucid Group through its Public Investment Fund (PIF), which makes it the majority owner--but this new venture shows that the oil-rich country has bigger ambitions when it comes to electric vehicles