Energy storage technologies touch many aspects of our lives, from powering our personal handheld devices to boosting the reliability of intermittent renewable energy sources. While many types of energy storage technologies exist to meet these market demands, batteries have emerged as the most popular option due to their scalability.

Lithium-ion batteries (LIBs) specifically dominate the energy storage space due to their high energy density and long life. Since their commercialization in the 1990s, continuous developments improved LIB technology to the point that production costs are dominated by raw materials prices themselves.¹