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Evolution","industrial-evolution","article/industrial-evolution",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":733,"featured":50,"reporter":734,"_editable":738,"component":739,"seo_title":553,"categories":740,"visibility":747,"author_company":49,"featured_image":748,"seo_description":733,"author_full_name":49,"author_job_title":49,"formattedDate":753,"formattedArticleDate":754},"3b29a1bc-9613-42b1-8a7c-97928a697247","2017-02-06 00:00",[],[561],{"slug":562,"name":563,"content":564},"didi-bostock","Didi Bostock",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Editor - Energy Transition & Economics",{"filename":567},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":571,"content":572},"doc",[573,580,585,590,593,603,606,614,617,625,628,637,640,649,652,661,664,672,675,684,687,696,699,707,710,719,722,730],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579},"The lithium ion battery megafactories are being built and low cost, abundant cells are on their way. As a result, the way we store and use energy is about to fundamentally change. ","text",{"type":574,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":579},"During June and October of 2016, The Benchmark World Tour travelled to 11 cities in Europe, Asia, Australia, US, and Canada to host seminars for major players in the lithium ion supply chain. Over 730 delegates heard from Benchmark’s analysts, guest speakers and public companies looking to be a part of the industry’s future. ",{"type":574,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":579},"Here, we outline some charts that stood out from the upstream and downstream portions of the supply chain.",{"type":574,"attrs":591,"content":592},{"textAlign":49},[],{"type":574,"attrs":594,"content":595},{"textAlign":49},[596,598],{"text":597,"type":579},"Raw material supply markets in the lithium-ion battery supply chain will need to go through significant growth to meet projected demands. This chart shows the relative sizes of the total supply of these critical materials globally in 2015. ",{"text":599,"type":579,"marks":600},"Source: Benchmark Mineral Intelligence",[601],{"type":602},"italic",{"type":574,"attrs":604,"content":605},{"textAlign":49},[],{"type":574,"attrs":607,"content":608},{"textAlign":49},[609,611],{"text":610,"type":579},"With increased demand for anode material, the tightness of supply, especially in quality material, will see prices rise but the ranges widen out to 2020. The widening gap between transacted prices is anticipated by Benchmark due to the price difference between quality, consistent material that can be used by the battery majors and the lower quality product that cannot. ",{"text":599,"type":579,"marks":612},[613],{"type":602},{"type":574,"attrs":615,"content":616},{"textAlign":49},[],{"type":574,"attrs":618,"content":619},{"textAlign":49},[620,622],{"text":621,"type":579},"The Benchmark Lithium Price Index takes into account the prevailing prices and volumes of lithium carbonate and hydroxide – the key battery raw materials – and weights it back to 2007. The softening of carbonate prices in H2 2016 is starting to show on the index curve, but no price crash is anticipated. ",{"text":599,"type":579,"marks":623},[624],{"type":602},{"type":574,"attrs":626,"content":627},{"textAlign":49},[],{"type":574,"attrs":629,"content":630},{"textAlign":49},[631,633],{"text":632,"type":579},"Sourcing the majority of raw material from the Democratic Republic of Congo aside, cobalt’s by-product issue often slips under the radar. With over 75% of material being source from nickel and copper mines, and with these industries presently in significant oversupply and experiencing cutbacks, cobalt for batteries is coming under more strain. ",{"text":634,"type":579,"marks":635},"Source: Benchmark Mineral Intelligence, LME",[636],{"type":602},{"type":574,"attrs":638,"content":639},{"textAlign":49},[],{"type":574,"attrs":641,"content":642},{"textAlign":49},[643,645],{"text":644,"type":579},"While Tesla gets the headlines, the majority of new lithium ion battery production capacity is being constructed in China.",{"text":646,"type":579,"marks":647}," Source: Benchmark Mineral Intelligence",[648],{"type":602},{"type":574,"attrs":650,"content":651},{"textAlign":49},[],{"type":574,"attrs":653,"content":654},{"textAlign":49},[655,657],{"text":656,"type":579},"Consistency of lithium ion battery raw materials is one of the biggest problems the industry is vying to overcome. Whether it’s the anode, cathode and separator components, all input materials need to be consistent and not change significantly from one batch to the next. Outline is how separators – which have the same label on the package – can vary significantly on performance. ",{"text":658,"type":579,"marks":659},"Source: Boston Power",[660],{"type":602},{"type":574,"attrs":662,"content":663},{"textAlign":49},[],{"type":574,"attrs":665,"content":666},{"textAlign":49},[667,669],{"text":668,"type":579},"Mainstream lithium ion battery manufacturers are increasing production capacities to meet significant new demand. Outlined here is Boston Power’s plans to construct two of the 14 lithium ion megafactories that Benchmark Mineral Intelligence is tracking. ",{"text":658,"type":579,"marks":670},[671],{"type":602},{"type":574,"attrs":673,"content":674},{"textAlign":49},[],{"type":574,"attrs":676,"content":677},{"textAlign":49},[678,680],{"text":679,"type":579},"Shipments of lithium in battery cells for use in vehicles have gone through the roof with 2016 seeing this new market beginning to come of age. ",{"text":681,"type":579,"marks":682},"Source: Yano Research",[683],{"type":602},{"type":574,"attrs":685,"content":686},{"textAlign":49},[],{"type":574,"attrs":688,"content":689},{"textAlign":49},[690,692],{"text":691,"type":579},"While the total cost of owning an EV in China is still significantly higher than a gasoline equivalent, the falling economics of pure battery powered vehicles is expected to see increased uptake in the country, even outside of government driven consumption. ",{"text":693,"type":579,"marks":694},"Source: UBS",[695],{"type":602},{"type":574,"attrs":697,"content":698},{"textAlign":49},[],{"type":574,"attrs":700,"content":701},{"textAlign":49},[702,704],{"text":703,"type":579},"Pure battery powered electric vehicles are the best fit into a low carbon ecosystem due to their “well-to-wheel” efficiency, a way of including the production and distribution of the fuel that powers the car. ",{"text":693,"type":579,"marks":705},[706],{"type":602},{"type":574,"attrs":708,"content":709},{"textAlign":49},[],{"type":574,"attrs":711,"content":712},{"textAlign":49},[713,715],{"text":714,"type":579},"No longer is the energy storage market compartmentalised into innovation, generation and distribution, there are many different business models emerging and quite some dynamics regarding market positioning. ",{"text":716,"type":579,"marks":717},"Source: Boston Consulting Group",[718],{"type":602},{"type":574,"attrs":720,"content":721},{"textAlign":49},[],{"type":574,"attrs":723,"content":724},{"textAlign":49},[725,727],{"text":726,"type":579},"For energy storage to become a major part of the energy grid system we use today, there are three main actors or groups of players that will influence the future: Renewable energy generators, grid operators and residential users –private households and small business ",{"text":716,"type":579,"marks":728},[729],{"type":602},{"type":574,"attrs":731,"content":732},{"textAlign":49},[],"The lithium ion battery megafactories are being built and low cost, abundant cells are on their way. As a result, the way we store and use energy is about to fundamentally change. During June and October of 2016, The Benchmark World Tour travelled to 11 cities in Europe, Asia, Australia, US, and Canada to host […]",[735],{"slug":562,"name":563,"content":736},{"job_title":565,"image":737,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3b29a1bc-9613-42b1-8a7c-97928a697247\", \"id\": \"\"}-->","article",[741,744],{"slug":742,"name":743},"batteries","Batteries",{"slug":745,"name":746},"critical-minerals","Critical Minerals","private",{"id":49,"alt":749,"name":749,"focus":749,"title":749,"source":749,"filename":750,"copyright":749,"fieldtype":751,"meta_data":752,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/016fe13466/bm-screen-shot-2017-02-06-at-151914.png","asset",{"alt":749,"title":749,"source":749,"copyright":749},"Feb 06, 2017","6th February 2017",[],[],1792773946239]