The price of nickel increased from <$20,000 per ton in March 2021 to almost $50,000 per ton in March 2022. In conventional Li-ion batteries, high nickel chemistries are preferred for premium vehicles due to their extended range, while nickel-free chemistries such as LFP are preferred for value vehicles due to their lower cost. High nickel cathode is about $8,000 per ton, while LFP cathode is about $2,000 per ton.
However, we don’t have to be stuck with that choice when we switch to Li-Metal. Li-Metal offers a step change improvement in energy density compared to Li-ion.
- LFP Li-Metal (new value vehicles) can deliver similar energy density (slightly higher) as high nickel Li-ion (old premium vehicles) at a much lower cost
- High nickel Li-Metal (new premium vehicles) can enable new applications such as electric vertical take-off and landing (eVTOL)
Not to mention LFP is an intrinsically safer and more stable cathode material than high nickel, less prone to oxygen release at high temperature, leading to better safety and longer life.
This is game-changing for the industry.
