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lithium ion revolution in four charts","the-lithium-ion-revolution-in-four-charts","article/the-lithium-ion-revolution-in-four-charts",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":674,"featured":50,"reporter":675,"_editable":679,"component":680,"seo_title":553,"categories":681,"visibility":690,"author_company":49,"featured_image":691,"seo_description":674,"author_full_name":49,"author_job_title":49,"formattedDate":696,"formattedArticleDate":697},"0667c806-65f4-4711-ae18-9a714951e2b1","2017-01-26 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",[573,580,585,590,597,602,607,612,615,620,625,630,635,638,643,648,653,656,661,666,671],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579},"Energy storage has become a fundamental pillar of a fourth industrial revolution and central to its commercialisation is low cost, abundant lithium ion battery cells. Here, Benchmark Mineral Intelligence outlines four charts that show the macro trend that is starting to the supply chain","text",{"type":574,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"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. Benchmark Mineral Intelligence predicts that at least 180GWh of new capacity is under construction between now and 2020 with a significant amount being brought on-stream within China.",{"type":574,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":579},"Deadlines of some major lithium ion cell manufacturers within the country have now been moved forward to the end of 2018 and the impact on raw materials will be significant. As part of our industry leading World Tour 2016 series of seminars, Benchmark Mineral Intelligence has outlined four must read slides that explain the story.",{"type":591,"attrs":592,"content":594},"heading",{"level":593,"textAlign":49},3,[595],{"text":596,"type":579},"1. The lithium ion battery industry is young…",{"type":574,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":579},"Commercialisation in the niche battery sector takes a long time. It is only in the last ten years that the lithium ion battery has taken off owing to its uptake in smartphones, laptops and tablets – what the Japanese battery industry refers to as ICT. This is despite the chemistry being invented in the 1970s and first being commercially used in the early 1990s via its use in the Sony Walkman.",{"type":574,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":579},"Benchmark believes we are now entering a fourth phase of battery commercialisation with pure electric vehicles (EVs) and utility storage markets coming of age. The move into pure or 100% battery powered EVs is critical as the battery cells are much larger, and will soon average 60kWh and higher. This is compared to the Prius Plug-in Hybrid which has a 4.4kWh lithium ion battery. Welcome to the era of the advanced lithium ion battery.",{"type":574,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":579},"… rechargeable battery industry is just getting started",{"type":574,"attrs":613,"content":614},{"textAlign":49},[],{"type":591,"attrs":616,"content":617},{"level":593,"textAlign":49},[618],{"text":619,"type":579},"2. China is driving new lithium ion demand",{"type":574,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":579},"While the Tesla Gigafactory 1 is no doubt the catalyst behind the rapid and significant change in the battery industry, it is not the primary driver of demand.",{"type":574,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":579},"Benchmark Mineral Intelligence data shows that 70% of new lithium ion supply is coming from China where at least 7 battery megafactories are under construction. Over $20bn has been committed to expanding production capacity between 2016 and 2020 which will take the industry from 63GWh in 2015 to 180-220GWh capacity in 2020, assuming the Gigafactory 1 is at a 50GWh level.",{"type":574,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":579},"… The lithium ion megafactories are coming",{"type":574,"attrs":636,"content":637},{"textAlign":49},[],{"type":591,"attrs":639,"content":640},{"level":593,"textAlign":49},[641],{"text":642,"type":579},"3. Production costs continue to fall",{"type":574,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":579},"The introduction of megafactory scale is the main driver of cost reductions in the battery industry. According to Benchmark Mineral Intelligence forecasts, lithium ion battery production costs are set to fall 15-20% a year for the next five years – the rate of decline is increasing. It is important to note that raw material price decreases – if any are agreed – will not have any meaningful impact on bringing down the cost of lithium ion cells. The majority of the cost reduction will come from megafactory scale.",{"type":574,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":579},"… And battery cell costs are falling",{"type":574,"attrs":654,"content":655},{"textAlign":49},[],{"type":591,"attrs":657,"content":658},{"level":593,"textAlign":49},[659],{"text":660,"type":579},"4. Convergence of disciplines breeds rapid change",{"type":574,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":579},"Energy storage is forcing convergence between historically separate industries of energy, automotive and technology. Abundant, low-cost lithium ion batteries are set to change the vehicles we drive and the energy we consume at peak times, a trend that will have wide-reaching implications for all three sectors.",{"type":574,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":579},"… Tech industries evolve, force convergence of mult-billion dollar industries",{"type":574,"attrs":672,"content":673},{"textAlign":49},[],"Energy storage has become a fundamental pillar of a fourth industrial revolution and central to its commercialisation is low cost, abundant lithium ion battery cells. Here, Benchmark Mineral Intelligence outlines four charts that show the macro trend that is starting to the supply chain The lithium ion battery megafactories are being built and low cost, […]",[676],{"slug":562,"name":563,"content":677},{"job_title":565,"image":678,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0667c806-65f4-4711-ae18-9a714951e2b1\", \"id\": \"\"}-->","article",[682,685,688],{"slug":683,"name":684},"batteries","Batteries",{"slug":686,"name":687},"critical-minerals","Critical Minerals",{"slug":689,"name":8},"lithium","private",{"id":49,"alt":692,"name":692,"focus":692,"title":692,"source":692,"filename":693,"copyright":692,"fieldtype":694,"meta_data":695,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/ce735a26c9/bm-cropped-cropped-cropped-background1.png","asset",{"alt":692,"title":692,"source":692,"copyright":692},"Jan 26, 2017","26th January 2017",[],[],1792773946282]