Want to know where batteries are going? Look at their ingredients

 illuminem summarizes for you the essential news of the day. Read the full piece here in MIT Technology Review or enjoy below

🗞️ Driving the news: Batteries are emerging as a central technology to tackle climate change, set to transform both transportation and energy storage sectors
• The rapidly increasing demand for EVs worldwide and the growing average capacity of these batteries are about to trigger a huge demand for battery manufacturing materials

🔭 The context: The International Energy Agency's recent report shows a rapid growth in EV sales, which comprised 14% of global new vehicle sales in 2022 and will reach 18% in 2023 
• Simultaneously, EV batteries are getting larger worldwide, and batteries' potential role in grid storage is also on the rise

🌎 Why does it matter for the planet: The increasing demand for battery materials like lithium, copper, and nickel highlights the urgency of sustainable mining and recycling practices to minimize environmental impact while moving towards net-zero emissions

⏭️ What's next: Most of the world's top 10 EV makers have already signed long-term deals to secure raw materials, with some investing in mining and refining
• As a response to cost and ethical concerns, manufacturers are shifting towards low-cobalt options

💬 One quote: "I think we’re going to keep seeing new, exciting options in the battery world, in part because of these materials constraints. Iron-based batteries could play a major role in grid-scale storage, for example, and we could also see more sodium-based batteries in cheap EVs soon." (Casey Crownhart, climate reporter)

📈 One stat: Lithium demand is projected to increase approximately tenfold between now and 2040 to meet the demands of EV production for a net-zero emissions future
• Additionally, lithium iron phosphate batteries, which contain no cobalt, have grown from a small fraction of the EV battery market to about 30% in just a few years

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