The electric vehicle (EV) industry is experiencing significant growth, but a key challenge remains—cost. A significant portion of the expense arises from the batteries used in EVs, particularly lithium-ion batteries (LIBs), which account for about 50% of the overall vehicle price. These batteries are efficient and dependable, yet they are made from costly metals such as cobalt and nickel. Fortunately, a group of researchers led by Hailong Chen from Georgia Tech may have discovered a way to significantly reduce EV prices and lessen the environmental impact of battery manufacturing.
New Cathode Material
The team's innovation focuses on a novel cathode material created from iron chloride (FeCl3), which is a far more affordable and sustainable option compared to conventional cathode materials. While traditional cathodes are expensive and depend on scarce resources, the researchers assert that FeCl3 costs only 1-2% of the price of these materials, all while providing comparable energy storage performance. Chen believes this advancement could drastically change both the EV market and large-scale energy storage solutions, significantly lowering costs.
Impact on EV Pricing
Utilizing FeCl3 could lead to a 30-40% reduction in the total cost of lithium-ion batteries. This reduction could help bridge the price gap between electric vehicles and internal combustion engine (ICE) vehicles, addressing one of the primary reasons consumers hesitate to switch to electric powertrains.
Georgia Tech via ScienceDaily
