According to Fastmarkets’ research team, the energy density for Chinese battery maker Contemporary Amperex Technology’s (CATL) sodium-ion battery is 160Wh per kg and Chinese sodium-ion battery manufacturer HiNa Battery Technology’s is 145Wh per kg. This is compared with energy density of 255Wh per kg and 160Wh per kg for CATL’s latest nickel–cobalt–manganese and lithium-iron-phosphate batteries (LFP).
Northvolt’s sodium-ion battery is based on a hard-carbon anode and a Prussian White-based cathode, and the Swedish battery manufacturer plans to be the first to industrialize and commercialize Prussian White-based batteries.
“Our next step is to present these batteries to customers during 2024, and then gradually establish and scale up production throughout the following years,” Northvolt told Fastmarkets.
The company is still in the process of finding partners to scale up this technology.
Northvolt’s sodium-ion battery technology is primarily designed for energy storage system (ESS), with a potential application for electric vehicles in the future.
“The low cost and safety at high temperatures make the technology especially attractive for ESS in the upcoming markets including India, the Middle East and Africa,” the company said in a statement.
Sodium-ion batteries have a lower cost and are less reliant on critical raw materials such as nickel, cobalt and lithium, which makes sodium-ion batteries an attractive alternative to lithium-ion batteries like lithium-iron-phosphate, nickel-cobalt-manganese and nickel-cobalt-aluminum batteries.
However, the decline in lithium chemical prices since late 2022 amid slowdown in electric vehicle growth has sparked a debate on the need for sodium-ion batteries as an alternative battery to lithium-ion batteries.
Fastmarkets’ weekly assessment of lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range exw domestic China was 141,00-150,000 yuan per tonne on November 16, down from 590,000-605,000 yuan per tonne on November 17, 2022.
Fastmarkets’ research team has forecast that the global sodium-ion battery usage for ESS is 0.1% in 2023 and will reach up to 9% by 2033. Currently, 70-80% of the battery used for ESS is LFP, with 95% of the overall batteries for ESS being lithium-ion batteries.
Keep up to date with the latest lithium prices, data and forecasts on our dedicated lithium price page.
