Innovations in new battery technology address critical challenges, such as improving energy density, extending battery lifespan, and reducing reliance on scarce resources.
Why is battery technology important?
Battery technology can help reduce global carbon emissions and improve air quality. Manufacturing the next generation of batteries will boost employment and contribute to a more sustainable world. 2020 brought the world more than its fair share of seismic changes.
As battery costs continue to decline and new chemistries emerge, applications in industries such as aerospace, healthcare, and telecommunications are likely to expand. Battery technology will play a crucial role in achieving a sustainable and clean energy future.
Their battery technologies have increased the range of electric vehicles and accelerated the transition to sustainable transportation. In the renewable energy sector, the Hornsdale Power Reserve in South Australia, featuring Tesla's lithium-ion battery technology, has become the world's largest lithium-ion battery energy storage system.
These improvements in recycling contribute to a more sustainable lifecycle for batteries. Moreover, the shift towards alternative components, such as organic batteries, sodium-ion batteries, and solid-state batteries, is gaining momentum, representing 10%, 20%, and 15% of the market, respectively.
The third important point: Batteries have been getting better over the decades. The reason we don't notice is that our devices have been getting faster, more powerful and more power-hungry at the same time. Heck, if you could put a modern iPhone battery into a 1995 phone, it'd probably go a year on a single charge.
Why should we invest in battery technology in 2020?
In 2020, investments and value creation in green transportation and energy surpassed US$1 trillion. Battery technology can help reduce global carbon emissions and improve air quality. Manufacturing the next generation of batteries will boost employment and contribute to a more sustainable world.