AEV shooting star 2023, page-16

When it comes to batteries, most people think of the mineral lithium, and there’s a good reason why. According to the International Energy Agency (IEA), in 2022 lithium nickel manganese cobalt oxide (NMC) remained the dominant battery chemistry with a market share of 60%.

Lithium iron phosphate (LFP) had just under 30%, while nickel cobalt aluminium oxide (NCA) had a share of ~8%.

The IEC said lithium iron phosphate (LFP) cathode chemistries have reached their highest share in the past decade, driven by the preferences of Chinese original equipment manufacturers (OEMs).

Now for a quick chemistry 101. According to the IEA, LFP batteries differ from other chemistries by using iron and phosphorus instead of nickel, manganese, and cobalt found in NCA and NMC batteries.

However, they have a lower energy density compared to NMC batteries. The IEA said another drawback of LFP batteries is their phosphorus content, which is used in food production.

If all batteries were LFP, they would account for nearly 1% of current agricultural phosphorus, which the IEC said could potentially lead to conflicting demands for phosphorus as battery demand grows.

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