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Highlights
- The increased utilisation of portable gadgets and advancement in technology has stimulated the use of batteries.
- The industry is looking for alternatives that can be utilised in the manufacturing of batteries to minimise shortcomings of LIBs.
- Sodium is becoming quite popular among battery manufacturers for making new-age batteries.
The world is transitioning towards green energy and mobility solutions as countries aim to achieve carbon neutrality in upcoming decades. Electric vehicles along with renewables provide the best combination to achieve the 2050 net-zero commitments. In the current era, we have witnessed the electrification of almost everything, ranging from toothbrushes to electric vehicles.
The increased utilisation of portable gadgets and advancement in technology has stimulated the use of batteries and in turn battery metals. Lithium-ion batteries (LIBs) are being used predominantly as the power source for a diverse range of gadgets and vehicles.
Related Article: 5 Hot Lithium (Li) stocks on ASX
Despite various commercial vehicles, electric cars, portable gadgets, and electric bikes gaining ground, their limited range, high prices, and unsupportive infrastructure are delaying a rapid turnover.
Limitations of LIBs
The extensive search for securing a reliable supply of critical and rare earth metals to power batteries has slowed the mega-scale electrification plan. Furthermore, limitations of LIBs coupled with the global chip shortage have derailed the projected growth plan.
Source: © Malpetr | Megapixl.com
The industry is looking for alternatives that can be utilised in the manufacturing of batteries to minimise shortcomings of LIBs and other popular batteries which are currently holding the charge for electrification.
Related read: Three ASX-listed undervalued lithium stocks
For electric vehicles and tech gadgets to come into more widespread use, batteries must become more economical, powerful, sustainable, and durable.
Sodium batteries are geared up to dethrone LIBs
Several automakers and battery players are trying hard to get a breakthrough in battery technology. Battery players are working to create more efficient, powerful, and longer-range batteries by exploring more and more options to sustainably replace lithium from batteries.
Sodium is becoming quite popular among battery manufacturers for making new-age batteries as it is positioned near lithium in the periodic table holding similar properties.
Related Article: 7 ASX listed lithium shares that are up considerably in the last one year
Sodium-ion batteries (SIBs) can provide a critical advantage to the customers by providing a cost-effective and sustainable solution. Additionally, Sodium-ion batteries offer increased safety too. However, the energy density of these batteries is lower than that of LIBs. However, this issue is likely to improve in the future with more research and development in the area.
Can SIBs replace LIBs?
Though it is quite hard to predict the future of SIBs, but various battery manufacturers are exploring this opportunity for their upcoming products in the market. Here are a few key factors that could drive the momentum of SIBs:
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Bottom Line
Sodium-ion batteries are becoming more popular among battery players due to the easy availability of sodium relative to lithium and other operational benefits.
