“Our cells should be called Nickel-Graphite, because primarily the cathode is nickel, and the anode side is graphite with silicon oxide.”
– Elon Musk, Tesla Inc. CEO
Battery raw material Cathode composition
Battery Industry
Battery Cathodes
NMC Cathode chemistry for
lithium-ion batteries continues to dominate in 2040
The Li-ion battery market is growing at exponential rates, fuelled by the rapid expected global uptake of electric vehicles, which are dominated by Nickel-rich cathode batteries.
- Trend towards Ni-richer chemistries with lower Cobalt content
- Transition from NMC622 to NMC811
- 20% vs. 10% Cobalt
- Nickel making up the shortfall
- Low energy density of LFP makes it less attractive
A nickel market deficit is approaching
- Lack of recent global nickel exploration and discoveries – coupled with geopolitical challenges will restrict supply going forward
- The unprecedented increase in the adoption of EVs to dramatically increase demand
- Sustained elevated price environment expected by most market commentators
