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Battery costs with Aaron Wade (Head of Battery Costs @ CRU Group)
Oct 31, 2024
Aaron Wade, Head of Battery Costs at CRU Group, shares his expertise in battery technology and costs. He sheds light on the factors driving significant declines in battery prices, including lithium trends and innovative cell chemistries like LFP. The discussion covers the competitive landscape of battery manufacturing, the effects of the Inflation Reduction Act, and the challenges in the supply chain. Wade also explores future market dynamics and the critical role of recycling in sustainable battery production.
43:27
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Quick takeaways
- The significant reduction in lithium prices has had a direct and dramatic impact on overall battery costs, highlighting the need for competitive pricing in energy storage.
- Advancements in battery cell chemistry, such as the rise of lithium iron phosphate, reflect the industry's dual focus on both cost reduction and enhanced performance.
Deep dives
Current Trends in Battery Pricing
Battery prices have significantly decreased, now falling between $50 to $70 per kilowatt hour, largely due to a substantial drop in lithium prices, which have returned to around $15 per kilogram. This is a dramatic change from 2022, when the cost of lithium surged to around $70 to $80 per kilogram, considerably increasing battery production costs. The current pricing landscape illustrates a strong correlation between lithium costs and overall battery prices, with lithium comprising a major component of cathode expenses. As supply stabilizes and new suppliers emerge, competitive pricing is expected to continue, although other factors will also influence costs.
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