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Quinn","you-cant-go-all-around-the-world-and-secure-the-rights-to-all-the-sodium-qa-with-faradion-ceo-james-quinn","article/you-cant-go-all-around-the-world-and-secure-the-rights-to-all-the-sodium-qa-with-faradion-ceo-james-quinn",{"_uid":547,"date":548,"tags":549,"editor":562,"content":572,"excerpt":743,"featured":51,"reporter":744,"_editable":748,"component":749,"seo_title":543,"categories":750,"visibility":766,"author_company":49,"featured_image":767,"seo_description":743,"author_full_name":49,"author_job_title":49,"formattedDate":771,"formattedArticleDate":772},"bd3989db-311c-4219-8a34-4e6cebb9be83","2023-07-13 00:00",[550,553,556,559],{"slug":551,"name":552},"faradion","Faradion",{"slug":554,"name":555},"qa","Q&A",{"slug":557,"name":558},"sodium-ion-2","Sodium ion",{"slug":560,"name":561},"sodium-ion-batteries","Sodium Ion Batteries",[563],{"slug":564,"name":565,"content":566},"matthew-bird","Matthew Bird",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Senior Editor - Supply Chains & Data Visualisation",{"filename":569},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":573,"content":574},"doc",[575,592,597,602,607,612,619,624,629,634,639,644,649,654,659,664,669,674,683,688,693,698,703,708,713,718,723,728,733,738],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579,582,590],{"text":580,"type":581},"UK startup Faradion has been working on ","text",{"text":583,"type":581,"marks":584},"sodium ion batteries",[585],{"type":586,"attrs":587},"link",{"href":588,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://source.benchmarkminerals.com/article/sodium-ion-2030-pipeline-capacity-hits-150-gwh-as-cathode-trends-emerge","url",{"text":591,"type":581}," for over ten years, since it was founded in 2011. In late 2021 it was bought by the Indian conglomerate Reliance Industries for £100 million.",{"type":576,"attrs":593,"content":594},{"textAlign":49},[595],{"text":596,"type":581},"Sodium ion batteries are emerging as an alternative battery technology to lithium ion, especially for energy storage applications. They’ve also been installed in electric vehicles in China. ",{"type":576,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":581},"Benchmark expects sodium ion batteries to take around 5% of the ESS market by 2030, whilst it is only expected to take 1% of the EV market by 2030.",{"type":576,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":581},"While China is the world’s largest producer, Reliance has plans to invest £25 million in Faradion and it wants to build an energy storage battery factory in India. Reliance, which is led by Mukesh Ambani, is listed in India with a market capitalisation of $226 billion. ",{"type":576,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":581},"Benchmark Source sat down with Faradion’s chief executive James Quinn to learn more. ",{"type":613,"attrs":614,"content":616},"heading",{"level":615,"textAlign":49},4,[617],{"text":618,"type":581},"Can you give us an overview of Faradion’s technology?",{"type":576,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":581},"We use a layered oxide cathode. We were really one of the first ones to champion that sodium ion technology in particular, and then also the layered oxide. In terms of our anode, it’s a hard carbon anode. You know, we don’t use graphite. There’s a number of sources of it, but it’s primarily coconut shells. So it’s certainly a more sustainable technology than unless there’s a global pandemic on coconuts or walnuts or other nuts then we should be ok. ",{"type":613,"attrs":625,"content":626},{"level":615,"textAlign":49},[627],{"text":628,"type":581},"So there’s no cobalt, no copper. Obviously, no lithium, no graphite. So what kind of cost is the bill of materials, what’s the cost difference? ",{"type":576,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":581},"Well, we see at the gigawatt hour level about a 24% to 32% lower cost than LFP. And I didn’t really comment on the electrolyte, but electrolytes is a NaPF6 (sodium hexafluorophosphate.) So as opposed to an LiPF6 [with LFP]. It is available and we can buy it today, but it’s not produced in the kind of volume we would like it – both for the hard carbon and for the electrolyte. ",{"type":613,"attrs":635,"content":636},{"level":615,"textAlign":49},[637],{"text":638,"type":581},"And if you translate the costs into dollars per kilowatt hour what do you think you are roughly?",{"type":576,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":581},"I think one thing is first of all you need to use lower cost materials, two you need volume and three you need to optimise those materials. One thing we’re working on is to reduce nickel content. So we think there’s room for improvement. We think as we get into volume we will certainly be sub- $50 a kilowatt hour for the bill of materials.",{"type":576,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":581},"We think the technology’s got legs as well –  as you increase the energy density, the dollar per kilowatt hour comes down as well. So there’s a number of knobs to turn there.",{"type":613,"attrs":650,"content":651},{"level":615,"textAlign":49},[652],{"text":653,"type":581},"You were bought by Reliance – a huge company. Will they enable you to scale up? ",{"type":576,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":581},"Absolutely – what we do really well is innovate and advance the technology. What Reliance does really well is to build really big cost effective factories.",{"type":613,"attrs":660,"content":661},{"level":615,"textAlign":49},[662],{"text":663,"type":581},"What’s the status of the upstream side for sodium ion batteries?",{"type":576,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":581},"I don’t really see that as a big issue. You have sodium chloride primarily –  we basically use the term it’s harvested versus mining. You do desalination, there’s abundance of the material but there’s also a broad range of sources of the material as well, and it’s not limited to any particular country or region. It’s pretty much anywhere. And, it’s approximately $200 to $300 a tonne for sodium, whereas you know what the lithium prices are… You don’t get something for nothing. I mean, there are some challenges in terms of finding ways to continue to increase the energy density and be able to advance the technology. ",{"type":576,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":581},"But I think we’re getting there. And by the way, I don’t think this is “one size fits all” – there’s not going to be a total winner and everything is going to be LFP or NMC or, or even sodium ion. I think you’ll see a broad range of uses and applications for it. It’ll be very application specific.",{"type":576,"attrs":675,"content":676},{"textAlign":49},[677],{"type":678,"attrs":679},"image",{"id":49,"alt":680,"src":681,"title":49,"source":49,"copyright":49,"meta_data":682},"","https://a.storyblok.com/f/287943243085208/a5365fd213/bm-image-25.png",{},{"type":613,"attrs":684,"content":685},{"level":615,"textAlign":49},[686],{"text":687,"type":581},"What is the niche that sodium ion batteries fill that lithium based batteries can’t fill? ",{"type":576,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":581},"If it’s big, heavy, stands still, moves slow, or goes fast, you’ll see sodium ion technology.So it’s pretty much where you see lithium, you’ll see you’ll see sodium ion.  As you’re bringing in new technology in the market, you can’t be all things to all people. Faradion is focused on stationary energy storage, large scale BESS systems, telecom, commercial, residential, ESS-type application. So I think we’re in a unique position with Reliance because Reliance they have a massive captive demand. Reliance has the largest oil refinery in the world and the largest retail business in the world, they have one of the largest telecom companies in the world. So it’s a massive business and they have massive demand.",{"type":613,"attrs":694,"content":695},{"level":615,"textAlign":49},[696],{"text":697,"type":581},"So will energy storage be the “hero application” for sodium ion? ",{"type":576,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":581},"You know, you don’t need the highest energy density. In my own personal view, I think the stationary energy storage market, especially large scale BESS, is going to be a multiple larger market than EV. But EV is going to consume a lot of lithium, it’s going to consume a lot of that supply. And you’re going to need, you know, alternative technologies. I think Winston Churchill had said that for energy security, you need technology differentiation, material differentiation, and geographic differentiation. And I think sodium ion provides a lot of those types of benefits.",{"type":576,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":581},"I think we’re in a much better position than we were with lithium ion in terms of sodium. You can’t go all around the world and secure the rights to all the sodium right? Or buy all the coconut trees in the world. So I think we’re in a much better position, because it is so widely available. And there’s a lot of benefits to that: it’s lower cost, it’s more sustainable. It’s not limited to particular countries or regions. ",{"type":613,"attrs":709,"content":710},{"level":615,"textAlign":49},[711],{"text":712,"type":581},"Sodium ion is safer to transport, can you talk about that? ",{"type":576,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":581},"That’s really interesting. As you know when you travel in a plane, you have to always take out your lithium ion batteries if you’re going to check a bag and that’s because they can become unstable and catch fire. ",{"type":576,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":581},"They always have to have a 30-40% state of charge. With sodium ion we can completely discharge to zero volts and so you are shipping under less onerous conditions. And you can install it at zero volts and then power it up and power it down. So there’s huge advantages for that. ",{"type":576,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":581},"The reason is because we with the hard carbon anodes we can have a broader selection of electrolytes so we’re able to use a really, really low volatility high flashpoint electrolyte. And because we also don’t have copper, what happens is under certain conditions it starts to dissolve the separator and then starts to short with the copper and then that’s what ends up catching fire and becomes unstable. You cannot use this electrolyte in lithium ion so it gives us a bit of a unique position. ",{"type":613,"attrs":729,"content":730},{"level":615,"textAlign":49},[731],{"text":732,"type":581},"Will you be targeting other markets?",{"type":576,"attrs":734,"content":735},{"textAlign":49},[736],{"text":737,"type":581},"I think if you can be competitive in India, with this technology with a company like Reliance, you can be competitive anywhere. It’s one of the lowest electricity prices in the world. ",{"type":576,"attrs":739,"content":740},{"textAlign":49},[741],{"text":742,"type":581},"They have massive captive demand, which means massive buying power in terms of batteries so they can get them at very low cost. So sodium ion has to be a competitive technology in India to work well with Reliance in order for us to make Reliance successful, but then that means it will be incredibly competitive in every other market.","UK startup Faradion has been working on sodium ion batteries for over ten years, since it was founded in 2011. In late 2021 it was bought by the Indian conglomerate Reliance Industries for £100 million. Sodium ion batteries are emerging as an alternative battery technology to lithium ion, especially for energy storage applications. They’ve also […]",[745],{"slug":564,"name":565,"content":746},{"job_title":567,"image":747,"bio":570,"linkedin":571},{"filename":569},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bd3989db-311c-4219-8a34-4e6cebb9be83\", \"id\": \"\"}-->","article",[751,754,757,760,763],{"slug":752,"name":753},"batteries","Batteries",{"slug":755,"name":756},"battery-technology","Battery Technology",{"slug":758,"name":759},"ess","ESS",{"slug":761,"name":762},"ev","EV",{"slug":764,"name":765},"new-energy","New Energy","private",{"id":49,"alt":680,"name":680,"focus":680,"title":680,"source":680,"filename":768,"copyright":680,"fieldtype":769,"meta_data":770,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b168a502d3/bm-jim-headshot-colour.jpg","asset",{"alt":680,"title":680,"source":680,"copyright":680},"Jul 13, 2023","13th July 2023",[],[],1784816655351]