EV batteries could become a $340 billion market: Startups are racing to build them
Batteries are key to automakers’ multi-billion-dollar plans to create
electric vehicle lineups over the next several years.
Aly Song/Reuters
Batteries are key to automakers as they electrify their lineups over the next several years.
The battery industry is full of opportunities, from new technologies to supply to recycling.
Here’s a look at the many startups racing to lead in the battery space.
The future of the auto industry hinges, now more than ever, on batteries.
Batteries are critical to automakers’ multi-billion-dollar plans to create electric vehicle lineups over the next several years. They’re important as automakers seek to differentiate themselves and their offerings from one another. And they’re crucial as the industry seeks to put its gas-guzzling, carbon-emitting past behind — but only if batteries can be developed in efficient, cost-effective, and environmentally sustainable ways.
There’s also money to be made: The EV battery market could hit $340 billion by 2030, according to Benchmark Mineral Intelligence.
At Insider, we’ve looked at white-hot EV battery technologies that give automakers the EV performance they need at the price their customers want. We’ve investigated how automakers are securing enough battery supply, especially amid the call for domestic sourcing brought on by requirements in President Joe Biden’s climate bill. And we’ve talked to startups working to recycle these batteries well after they’re spent.
Below, you can read more about battery startups to watch, the battery metal shortages the industry is facing, and how automakers are navigating this important part of their business. You can also read more on the types of battery technologies that are winning in the industry.
Key players to watch
Automakers and nascent EV manufacturers are relying on dozens of outfits in the battery space to help them out.
As a result, new startups are emerging to tackle various bits of the battery chain, from supply to new chemistries. Established companies are also pivoting their business strategies to prepare for the upcoming demand.
Read more:
Automakers’ need for EV tech has flipped a long-standing power dynamic — and these 18 battery outfits are reaping the benefits
Automakers are betting on range and performance to win the electric vehicle wars. These 17 battery startups could reap the rewards by delivering an energy breakthrough.
4 startups that investors and the auto industry are betting on to help the electric-vehicle-battery industry navigate a massive supply shortage
The booming electric car battery business saw $3.6 billion in VC last year. Meet 14 of the industry’s best-funded startups — and how they plan to juice players like Rivian and GM.
Investors bet big on 11 electric-car companies in 2021. Here’s what those deals signal for 2022.
Slow charge times are driving away potential electric car buyers. These 5 startups are creating the fast charging batteries that could win them over.
6 top startups propelling the electric car boom with new alternatives to expensive lithium-ion batteries
5 EV battery startups poised to challenge Panasonic and LG Chem for dominance of a $129 billion market
Securing enough supply of EV battery materials, especially lithium, is top of mind for auto executives. Startup Lithium Americas could help.
Lithium Americas
Shortages
The crisis in Ukraine shed a light on the impact that a shortage of a key battery metal — nickel — could have on the auto business. Cobalt and lithium are starting to be a crisis for the industry, too.
Securing enough supply of these materials is a huge problem standing in the way of the industry’s electrification plans. Automotive execs need massive amounts of materials at the right price that can be secured in an environmentally- and financially-responsible way.
It’s not easy, and getting this part of the EV supply chain right is perhaps the toughest challenge facing battery execs today.
Read more:
The supply-chain crisis is slamming EV startups, such as Rivian and Lucid, and giving big automakers an edge in the race to go electric
3 ways EV startups can overcome the supply-chain crisis and win over consumers, according to a former Tesla Gigafactory exec
Tesla, GM, Rivian, and more are dependent on the $360 billion battery business for their ambitious EV plans — but battery makers are struggling to churn out enough supply
Spiking nickel prices could add $2,000 to the cost of every electric car — and the pain may hit Rivian and Lucid way harder than Ford and GM
Elon Musk said he isn’t working on the $25,000 electric car right now. That means rival Lucid might beat Tesla to it.
Lucid’s CEO reveals how his startup walloped Tesla in the EV range wars: ‘It’s almost nothing to do with the battery’
The CEO of
Rivian, for example, has warned the looming battery shortage will make the
chip shortage feel like it’s “a small appetizer.”
Rivian
How automakers are navigating the lithium problem
Automakers across the globe are betting their entire futures on electric products. But those bets look riskier with a looming EV battery supply shortage, particularly in lithium.
Some are pursuing partnerships to secure enough supply of lithium. Some are making huge investments in the space. Some think their approach to batteries could help them surpass range records to date. And some worry the impact of these shortages will only get worse.
Read more:
Elon Musk says the soon-to-be $34 billion lithium business needs new players to rein in ‘insane’ costs. Here’s how top startups are tackling the industry’s nastiest challenges.
Booming electric-car production is creating a mad dash for lithium. Meet 13 startups angling to cash in on a supply-chain weak link that may soon be worth $34.3 billion.
Rivian, Ford, and GM are desperate to lock up vanishing lithium supplies as they shift to electric cars. Experts say these 4 moves can win them a race being led by their Chinese rivals.
Electric car makers are racing to secure a vanishing supply of lithium as prices spike. Experts say players that execute these 4 strategies will win — and those who don’t may never catch up.
Rivian CEO warns the looming EV battery shortage will make the chip shortage feel like ‘a small appetizer’ for what’s to come
Startup Ample says its battery tech could solve
Uber’s biggest
electric car challenge.
Ample
Specific battery technologies
Range anxiety is just one of the reasons customers are hesitant to go electric. But a battery’s chemistry and technology can help bolster range, performance, and even vehicle safety. So startups in the space are experimenting with the best tech that can give their product — and their customers — a leg up.
Energy-dense solid-state batteries, hot-swapping batteries on the go, and technology that claims to double a Tesla’s range are all on the table as startups pursue every way to get a competitive advantage in the business.
Read more:
Rivian, GM, and Ford are desperate for batteries that set their electric cars apart. Here’s how their ‘secret sauce’ recipes stack up.
A startup that says it cracked the code on electric car batteries is poised to help automakers master a nasty challenge: a snarled supply chain
A Michigan startup doubled a Tesla’s range by customizing it with a special battery
How solid-state batteries can unseat lithium-ion, according to an exec at a startup backed by Ford and BMW
A top battery startup just tapped a Tesla veteran to lead manufacturing. Here’s her plan to dominate EVs.
Startup cofounders reveal their plan to solve the EV industry’s crucial cost problem by remaking the lithium-ion battery
Porsche led a $400 million Series C round into a startup making lithium-silicon batteries as EV battery startups continue to be attractive to investors.
Porsche
Startups raising rounds
The uncertain macroeconomic environment over the past year has been challenging for startups in every sector as they look to raise funds at a critical time for their businesses.
But companies in the world of batteries are still bringing in a ton of capital these days, and the industry expects that to continue. That’s because automakers are going to need a variety of solutions for their battery needs in the coming years. Startups are raising across battery chemistry, mining, and even swapping.
Read more:
Here’s the 13-page pitch deck that the mining startup claiming it can solve a crisis for electric-car makers used to raise a $16 million Series A from Playground Global
Bill Gates already poured millions into this startup racing to figure out how to get more lithium for the EV industry. Now he’s in for a second round of investment as lithium scarcity becomes critical.
Porsche’s plan to go electric hinges on delivering the performance its buyers expect. It just led a $400 million investment into the little-known EV battery startup that could make it work.
Read the 11-slide pitch deck startup Liminal used to scoop up $8 million to help electric car makers avoid costly battery recalls — and get ahead of Tesla
Uber’s biggest electric car problem could be solved by the startup that’s gotten $50 million from Blackstone this year
Battery makers are crucial to automakers transitioning to electric vehicles. Check out the 10-page pitch deck that persuaded Renault to back one startup’s $119 million round.
Auto companies need millions of electric-vehicle batteries in the coming years, and
battery recycling is a key way to return materials back into the supply chain.
Ford
Battery recycling
Battery materials, chemistry, and technologies are crucial — but so is figuring out what to do with these batteries once they can’t be used in a vehicle any longer.
Recycling is taking off, and companies are working hard to ensure the materials put into an EV battery get returned to the auto supply chain.
But that’s not the only option. Various stakeholders are experimenting with repurposing or refurbishing these batteries for second-life use cases, like energy storage.
Read more:
Automaker needs for EV materials mean battery refurbishment is taking off. Meet 10 outfits poised to cash in on the alternative to battery recycling.
Automakers desperate for EV materials have made battery recycling a booming business. Now the battery-refurbishment industry is taking off, too.
Bill Gates just poured more money into a car-metal-recycling startup. Here’s an exclusive look at the 12-slide pitch deck that won over him and investors at Assembly Ventures.
Giants like Tesla, GM, and Ford are going to be desperate for EV materials in the next decade. The 4 startups are betting they can cash in by recycling old batteries into new ones.
