Market For Lithium-Ion Batteries Booming Based on Growth of Electric Vehicles (EV)
Palm Beach, FL – January 27, 2021 – Over the last few years, the demand for lithium-ion battery has been rising at an ever increasing rate. The lithium-ion battery market growth is driven by surge in need for smartphones and other electronics devices and increase in electric vehicles are some of the key factors that significantly drive the growth of the global lithium-ion battery market. Implementation of stringent government regulations to control increasing pollution levels is further expected to augment the market growth. However, high price of lithium-ion batteries is anticipated to restrain the market growth. Lithium-ion batteries can be recharged hundreds of times and are more stable than other types and have a higher energy density, voltage power and lower self-discharge rates than other rechargeable batteries. This increases power efficiency as a single cell has more charge retention than other forms of batteries. These features are, in turn, expected to fuel the growth of the Li-ion battery market size. A report from Allied Market Research projects that the global lithium-ion battery market is projected to hit $129.3 billion by 2027, at a CAGR of 18.0% from 2020 to 2027. Active stocks in the markets this week include Workhorse Group Inc. (NASDAQ: WKHS), Altair International Corp. (OTCPK: ATAO), Fisker Inc. (NYSE: FSR), Electra Meccanica Vehicles Corp. (NASDAQ: SOLO), XPeng Inc. (NYSE: XPEV).
The Allied Market Research report said: “Various components such as cathode, anode, electrolytic solution, and others (foils, binders, and separators) are covered within the scope of the report. The cathode segment was the highest contributor to the market. This is attributed to the fact that cathode is widely used in the manufacturing of lithium-ion batteries. In addition, it is used to build positive electrodes for battery cells. Cathode materials, such as lithium cobalt oxide, lithium iron phosphate, lithium ion manganese oxide battery, and lithium nickel manganese cobalt oxide (are used in manufacturing of lithium-ion batteries. “
Altair International Corp. (OTCPK: ATAO) BREAKING NEWS: ALTAIR PROVIDES UPDATE ON LITHIUM EXTRACTION AND BATTERY RECYCLING TECHNOLOGY – Altair International Corp. (the “Company” or “Altair”) is pleased to provide an update on its previously announced partnership with St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) (“St-Georges”) a Canadian public company engaged in the development of new Lithium extraction technologies.
On December 1, 2020 the two companies entered into a Binding agreement that would allow Altair access to St-Georges’ patent-pending Lithium processing technology for Altair’s Nevada based Stonewall project and most importantly bring together the two companies to jointly develop a patentable industrial scale process for Electric Vehicle Lithium-ion battery (LIB) recycling.
As the global Electric Vehicle (EV) market heats up over the coming decade, the demand for battery metals is expected to outpace current production. Even with increased energy density and charge cycles, Lithium based batteries for EVs, laptops, phones and other mobile devices will create cumulative waste challenges both in the environmental footprint of production and end-of-life LIB disposal.
Altair and St-Georges recognize that new optimized recycling technologies will offer valuable solutions to both a waste-management and battery metal supply. Selective, economic and responsible metal extraction of spent LIBs will be an integral part of the multi-billion dollar green economy and play a crucial part in the future of EV dominance.
At present our two companies are working diligently to complete a long-form partnership agreement before the end of the month. As well, St-Georges has named Paul Pelosi, Jr, a member of Altair’s Advisory Board, to the position of President of EVSX Corp, the subsidiary that St-Georges has dedicated to the development of our recycling technology program. Read this entire release for the Altair International news at: https://www.financialnewsmedia.com/news-atao/
Other recent developments in the markets include:
Workhorse Group Inc. (NASDAQ: WKHS ), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, recently announced that it has received a purchase order for 6,320 C-Series all-electric delivery vehicles from Pride Group Enterprises (“Pride”), a premier Canadian and U.S. based, privately held company with businesses in transportation equipment retail, wholesale, rental, leasing and logistics. The order is split between Workhorse’s C-1000 and C-650 models and is subject to various production and delivery conditions.
Inventory financing is being provided by Hitachi Capital America (“Hitachi Capital America” or “HCA”) as part of the Company’s previously announced strategic partnership with HCA. Initial delivery of the vehicles may begin by July 2021 and will run through 2026. The delivered vehicles will be distributed through Pride dealerships for fleet use.
Fisker Inc. (NYSE: FSR) designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions – recently announced it will partner with Magna for the joint development of FI-Pilot, which will be first applied on the Fisker Ocean SUV, planned for launch in Q4, 2022. This unique partnership will result in the creation of an advanced and scalable domain controller architecture that will support a range of technologies and customer convenience features for the Ocean.
This unique partnership will result in the creation of an advanced and scalable domain controller architecture that will support a range of technologies and customer convenience features for the Ocean. “We are developing the FI-Pilot technologies to deliver unique features for our Fisker Ocean customers,” said Fisker Chairman and Chief Executive Officer, Henrik Fisker. “With state-of-the-art hardware and software packages, Fisker will deliver a new type of mobility experience that will stay relevant to the customer through the lifecycle of the vehicle. We will announce further product details closer to our launch in Q4 next year. Customers can expect FI-Pilot to deliver innovative and industry-unique features that are being created to enhance the mobility experience expected from a modern, premium electric vehicle.”
Electra Meccanica Vehicles Corp. (NASDAQ: SOLO) a designer and manufacturer of electric vehicles including its flagship SOLO EV, is expanding its retail network to three new West Coast locations. Slated to open in March, the new direct-to-consumer retail locations will be located at The Village at Corte Madera, CA, Los Cerritos Center in Orange County, CA and La Encantada in Tucson, AZ, offering shoppers the ability to learn more, explore the vehicle and place reservations onsite. These additions bring ElectraMeccanica’s retail location count to a total of 13 in 10 major markets.
“As we gear up for the first SOLO EVs to hit the road, we will be accelerating our successful, direct-to-consumer ‘Drive SOLO’ retail plan to further engage and inform potential customers,” said ElectraMeccanica CEO Paul Rivera. “We are continuing to enter new markets strategically where interest in and demand for electric vehicles are greatest. Our new and existing retail locations will provide a unique opportunity for potential customers to learn more about driving SOLO.
XPeng Inc. (NYSE: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, recently released a major over-the-air (OTA) upgrade for its P7 sedan customers in China. The most comprehensive OTA upgrade in the Company’s six-year history, with the largest number of new and optimized functions, this OTA upgrade will deliver a new version of XPeng’s operating system, Xmart OS 2.5.0, to XPeng P7 customers.
The new Xmart 2.5.0 version will bring over 40 new functions and 200+ optimized features to P7 customers in China, covering multiple modules, including autonomous driving assistance, full-scenario voice assistance, smart audio and music cockpit, in-car App ecosystem, and personalized settings. Since the P7’s launch in April 2020, 31 new functions have been added through five major OTA upgrades so far.
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