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Why New Battery Tech Will Revolutionize The Transportation Industry
New battery technology will unlock huge applications for electric mobility
New battery technology has long been the ambition among automotive manufacturers. Industry players are hopeful that improved tech will bring improved energy density, longer lifespans, and faster recharging.
As a result, automakers have plowed billions into promising new technologies – and solid-state batteries in specific. Recently, Ford and BMW invested a combined $130 million into Colorado startup Solid Power (in addition to an earlier investment by Ford). Volkswagen put $300 million into startup QuantumScape, which has now grown to a valuation of over $9 billion after going public at $3.3 billion in 2020. Toyota, generally skeptical of electric vehicles, has filed over 1,000 patents for solid-state technology.
While the industry waited for battery tech breakthrough, lithium-ion batteries have steadily improved. Tesla made headlines with their new 4680 cells, which they claim will bring a number of benefits from increased range to reduced cost. Oddly enough, current passenger cars have improved to the point that new tech may not be necessary. Take the recent Hyundai Ioniq 5 for example: with 500 km of range, the vehicle can charge in less than 20 minutes…
