What is a lithium iron phosphate EV battery?

That’s where the new lithium iron phosphate (LFP) EV battery comes in. The iron phosphate part of an EV battery replaces more expensive materials like nickel and cobalt. Unlike the supply chain for conventional lithium-ion batteries, LFP batteries can rely on domestic sources (see more LFP background here ).

Will lithium iron phosphate batteries surpass ternary batteries in 2021?

Lithium iron phosphate batteries officially surpassed ternary batteries in 2021 with 52% of installed capacity. Analysts estimate that its market share will exceed 60% in 2024.

What is the difference between a lithium ion battery and a LFP battery?

The LFP battery uses a lithium-ion-derived chemistry and shares many advantages and disadvantages with other lithium-ion battery chemistries. However, there are significant differences. Iron and phosphates are very common in the Earth's crust. LFP contains neither nickel nor cobalt, both of which are supply-constrained and expensive.

How many jobs will a new battery plant create in Illinois?

The roughly $2 billion project is set to create 2,600 jobs and begin production in 2024. The plant will produce battery cells, battery packs like the kinds used in electric vehicles and large-scale energy storage systems. Gov. JB Pritzker on Tuesday called the development "the most significant new manufacturing investment in Illinois in decades."

What is the battery capacity of a lithium phosphate module?

Multiple lithium iron phosphate modules are wired in series and parallel to create a 2800 Ah 52 V battery module. Total battery capacity is 145.6 kWh. Note the large, solid tinned copper busbar connecting the modules together. This busbar is rated for 700 amps DC to accommodate the high currents generated in this 48 volt DC system.

Does Joliet have a battery factory?

Earlier this summer, Canadian manufacturer Lion Electric opened a 900,000 square foot factory in Joliet. The plant will focus on building electric buses and trucks and the company says it will eventually have a production capacity of 20,000 vehicles per year. But the state has also had some misses when it comes to battery manufacturing.