General data, page-357

https://www.linkedin.com/pulse/global-battery-industry-rechargeable/

The demand for nickel

Despite lithium often taking the headlines, it’s nickel that’s perhaps the most important metal to the EV revolution. Elon Musk once said that Tesla batteries should be called “nickel-graphite”, not lithium-ion, underlining just how important it is to the production of EV batteries.

Nickel is an integral part of the cathode in lithium-ion batteries, and it’s valued because it increases the energy density of the EV battery and, therefore its range. The International Energy Agency (IEA) estimates that demand for nickel in EVs and battery storage may increase as much as 20 times by 2040, putting even more pressure on the already squeezed supply.

There’s been a lack of significant nickel sulphide ore discoveries in recent years, the grade with the purity needed for EV batteries. This has led to a nickel deficit for the last 2 years, with the probability of another one for 2023. It's also encouraged producers to look for alternative ways to process the lower grade ore into the quality needed for EVs – including mixed hydroxide precipitate (MHP).