EV batteries could become a $340 billion market: Startups are racing to build them

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.

source : https://www.autoblog.com

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