This is an instructive graph. Of course, showing the improvement...

This is an instructive graph. Of course, showing the improvement in cathode weight being rather important. The other thing to note is just how high the weight of the Lithium becomes as batteries become more efficient.

First cycle efficiency becomes more important as other weights are reduced. In the first cycle, effectively a portion of the Lithium gets permanently trapped, no longer moving, no longer being a functional part of the battery. Lithium lost in the first cycle is dead weight.

The company has been noting first-cycle efficiency in presentations with good reason.