EV batteries without lithium? Swedish company says, yes

Swedish battery maker Northvolt has introduced its first sodium-ion product which doesn’t use lithium, nickel, cobalt, or graphite, potentially reducing reliance on scarce materials.

Author

Future Money
November 23, 2023

Five Second Summary:

Swedish battery maker Northvolt has introduced its first sodium-ion product which doesn’t use lithium, nickel, cobalt, or graphite, potentially reducing reliance on scarce materials.

The Companies:

  • Northvolt AB

What's Happening:

  • Northvolt has developed its first sodium-ion product

  • The sodium-ion cell, designed initially for energy storage, offers a "best-in-class" energy density of over 160 watt-hours per kilogram.

  • The next step for Northvolt is designing EV ready sodium ion batteries

  • The technology relies on a hard carbon anode and high-sodium Prussian white cathode, which could be a cost-effective and sustainable alternative to conventional batteries.

Numbers + Facts:

  • Northvolt has raised more than US$9BN in equity and debt and secured over US$55BN in orders from automotive clients like BMW, Volvo Cars, Polestar, and Volkswagen.

  • The sodium-ion cell boasts a "best-in-class" energy density of more than 160 watt-hours per kilogram.

  • The new sodium-ion technology is designed to deliver longer-duration energy storage than alternative battery chemistries at a lower cost.

  • Northvolt has electric vehicle (EV) battery production in Sweden and is planning new factories in Germany and Canada, with plans of eventually going public.

Looking Ahead:

  • While critical minerals remain a major focus for governments and companies for now, new technologies could address some of the drawbacks of mining scarce materials.

  • Northvolt thinks the technology's better safety profile at high temperatures makes it particularly appealing for energy storage in markets such as India, the Middle East, and Africa.

  • Decarbonisation efforts via EVs in these areas could be hampered by weather in addition to infrastructure difficulties.