169. 2025 State of play in the battery universe - Feb25

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Feb 17, 2025

Aaron Wade, Business Development Lead at Gaussion and Project Director for the Volta Foundation, dives deep into the booming battery industry. He discusses the pivotal role of China in battery production and the rise of lithium iron phosphate (LFP) technology. Aaron elaborates on the supply chain dynamics, the anticipated changes in battery chemistries like sodium-ion, and the ongoing challenges of recycling. The conversation also touches on market consolidation and how innovative designs are shaping the future of electric vehicles and energy storage solutions.

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INSIGHT

Battery Market Growth and LFP Dominance

The battery market grew by 50% in 2024, reaching 1.5 terawatt-hours.
LFP batteries now dominate, comprising 59% of production, mostly for EVs.

INSIGHT

Lithium Price Drop and Overcapacity

Lithium prices dropped 20% in 2024 despite 50% market growth, easing supply concerns.
Increased production, especially from Africa and China, led to overcapacity and lower profit margins.

INSIGHT

Shifting Material Demands

The rise of LFP batteries has reduced reliance on nickel and cobalt, easing supply fears.
Efforts to reduce copper use in battery packs and wiring are underway.

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2024 has been another exceptional year for the battery industry. We have invited Aaron Wade to discuss the various technological and economic aspects of this rapidly expanding universe. Aaron is a rising star in the battery world. Not only is a key member of the Volta Foundation, but he is also Business Development Lead at Gaussion, a U.K. start up that improves charging capacities in batteries.
The Volta Foundation just released its monumental 516 pages report, covering industry, technology, research, government policy, standards. It is a must read for anybody in the industry.
Link to the Volta Foundation report: https://volta.foundation/battery-report-2024

With Aaron, we talk about the pivotal role of China, the evolution of the supply chain (do we have enough minerals? Spoiler Alert: Yes), the chemistries, the form factors, recycling and second life. We discuss industry consolidation among the leading suppliers. We dive into the rise of LFP, the divergence between EV and ESS industries, and the expected evolutions of technologies (sodium ion, solid state, semi solid state), Finally we debate about the prices of cells, packs and systems.
A great conversation to assess the current state of play in this ultra dynamic sector.
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Beside the Volta Foundation, the 2 must read reports which came out a few weeks ago

Ember when it comes to Electricity European Electricity Review 2025
Nat Bullard when it comes to Climate and Decarbonisation

https://ember-energy.org/latest-insights/european-electricity-review-2025/https://www.nathanielbullard.com/presentations

Aaron Wade is the Business Development Lead for Gaussion, enhancing battery performance through magneto-enhancement, and a project director for the Volta Foundation. He was previously the head of battery costs at CRU, helping clients understand the ever changing world of battery cost and technology. Aaron has a PhD from University College London, researching the degradation of battery chemistries using X-ray imaging. Gaussion develop magnetic-enhancement components as a bolt-on for all batteries, unlocking faster charging and longer lifetimes. The solution is chemistry and form factor agnostic, and can result in up to 6x faster charging and up to 8x longer lifetimes.