CATL, along with its subsidiary Shenzhen Dynanonic, signed an settlement with the Jiang’an county authorities in Sichuan province in China to construct a brand new lithium iron phosphate (LFP) cathode supplies plant.
The funding is sort of vital – roughly $280 million – and the plant needs to be accomplished inside three years (we guess that no less than a part of it would begin manufacturing a lot earlier).
“CATL has invested closely in LFP battery manufacturing. Apart from the growth of connections with downstream purchasers, CATL has been actively transferring in direction of an upstream place to achieve a supply of captive LFP cathode supplies. This is able to grant the corporate a powerful basis to take care of the approaching adjustments to the worldwide Li-ion battery market.”
The dimensions of the funding in LFP cathode supplies signifies that such a lithium-ion battery has a promising future in electrical automobiles.
In line with Roskill, LFP accounted for about 20% of the worldwide lithium-ion market in 2020. In China, particularly, LFP expanded by 21% year-over-year to 24.4 GWh. The forecast for 2021 is – 25% share for LFP, globally!
Because the LFP is without doubt one of the least costly lithium-ion batteries, they don’t include cobalt, and have loads of benefits, together with lengthy cycle life, they’re very compelling for a number of purposes. Certain, the vitality density is way behind another sorts, however the cell-to-pack method improved the general vitality density to some extent the place even the entry-level Tesla Mannequin 3 Customary Vary Plus is now provided with CATL’s LFP batteries.
Apparently, in November 2020, the Model 3 with LFP batteries were the most popular MIC Model 3 in China.