(Reuters) – Several companies plan to open production facilities for lithium iron phosphate (LFP) batteries or components in North America and Europe by 2025, as the alternative to nickel-cobalt-manganese (NCM) cells begins to take root outside China. Main story:
Here are some runners and riders:
OUR NEXT ENERGY (ONE)
Headquarters: Novi, Michigan
Founded: 2020
Status: Private
Products: LFP battery packs and cells
Highlights: Founder Mujeeb Ijaz, a battery veteran with stints at Ford, A123 and Apple, says ONE plans to begin LFP cell and pack production in the United States by the end of 2022. Investors include BMW, Flex and Breakthrough Energy Ventures.
MITRA CHEM
Headquarters: Mountain View, California
Founded: 2021
Status: Private
Products: LFP cathodes
Highlights: Co-founders Vivas Kumar, William Chueh and Chirranjeevi Gopal aim to start pilot production of LFP cathodes this year. Investors include Social Capital and Fontinalis.
24M
Headquarters: Cambridge, Massachusetts
Founded: 2010
Status: Private
Products: LFP and NCM cathodes and cells
Highlights: Co-founded by Yet-Ming Chiang, Throop Wilder and Craig Carter, MIT spinout 24M has drawn investment from Volkswagen, which will manufacture next-generation lithium-ion batteries using its cell technology. Norwegian battery startup Freyr also has a licensing agreement with 24M.
KORE POWER
Headquarters: Coeur d’Alene, Idaho
Founded: 2018
Status: Private
Products: LFP and NCM cells
Highlights: Co-founders Lindsay Gorrill and Paul Coombs are aiming to make LFP and NCM cells at a new plant in Buckeye, Arizona, starting in 2024. A key investor is Novonix, a Halifax-based battery materials supplier.
AMERICAN BATTERY FACTORY
Headquarters: American Fork, Utah
Founded: 2021
Status: Private
Products: LFP batteries
Highlights: Co-founders Paul Charles and Zhenfang Ge say the company intends to build a network of LFP cell factories in the United States, and will provide specifics later this year. ABF was incubated by Ge’s Lion Energy.
FREYR
Headquarters: Mo i Rana, Norway
Founded: 2018
Status: Public
Products: LFP batteries
Highlights: The Norwegian startup, which went public in 2021, says it plans to build LFP batteries at a new plant near its HQ, starting in 2024, with plans to construct a battery factory in the United States by 2030. Mining giant Glencore is an investor.
FOXCONN
Headquarters: Taipei, Taiwan
Founded: 1974
Status: Public
Products: LFP batteries
Highlights: Also known as Hon Hai Precision, Foxconn will build electric vehicles (EVs) for Lordstown Motors and Fisker at a former General Motors plant in Ohio. Foxconn is also developing LFP batteries and has discussed partnering with Vietnam’s Vinfast, which plans to build an EV plant in North Carolina.
CATL
Headquarters: Ningde, China
Founded: 2011
Status: Public
Products: LFP batteries and cells
Highlights: Contemporary Amperex Technology Ltd, the world’s largest EV battery maker, expects to open an LFP production facility in Erfurt, Germany, this year. Key investors include Foxconn and Honda Motor.
GUOXUAN/GOTION
Headquarters: Hefei, China
Founded: 2006
Status: Public
Products: LFP batteries and cells
Highlights: Chinese battery maker Guoxuan, also known as Gotion, plans to open an LFP battery cell plant in Salzgitter, Germany, in 2025 with partner and investor Volkswagen. It has announced plans to build a similar facility in the United States.
SVOLT
Headquarters: Changzhou, China
Founded: 2018
Status: Private
Products: LFP batteries and cells
Highlights: A spinout from China’s Great Wall Motor, Svolt expects to open an LFP battery cell plant in Germany’s Saarland in 2023. A key customer in Europe is Stellantis.
BYD
Headquarters: Shenzhen, China
Founded: 1995
Status: Public
Products: LFP batteries and cells
Highlights: China’s BYD has yet to announce a location or start date for its planned European LFP battery plant. Customers include Tesla and Toyota. Warren Buffett was an early investor.
VINFAST
Headquarters: Haiphong, Vietnam
Founded: 2017
Status: Subsidiary
Products: LFP batteries and cells
Highlights: A subsidiary of conglomerate Vingroup, VinFast and sister company VinES Energy Solutions are planning to build LFP batteries in Vietnam and at a new plant in North Carolina.
ELEVENES
Headquarters: Subotica, Serbia
Founded: 2010
Status: Private
Products: LFP batteries
Highlights: ElevenEs has said it plans to construct an LFP plant near its Subotica headquarters in mid-decade.
(Reporting by Paul Lienert in Detroit and Hyunjoo Jin in San Francisco; Editing by Pravin Char)
