LFP batteries use lithium iron phosphate (LiFePO₄) as the cathode material. They are highly safe, with excellent thermal stability and long cycle life. Because of their low cost, high safety, low toxicity, long cycle life and other factors, LFP batteries are finding a number of roles in vehicle use, utility-scale stationary applications, and backup power. In recent years, significant progress has been made in enhancing the performance and expanding the applications of LFP. A lithium iron phosphate battery, often called an LFP battery, is a type of rechargeable lithium-ion battery that uses iron phosphate as its cathode material instead of the cobalt or nickel compounds found in most laptop and phone batteries. They are chemically stable, long-lasting, and highly cost-efficient.