Editor’s note: This is the second of two parts examining developing battery technologies.
Emerging battery technologies, particularly innovations in fast charging and energy density, may be the key to reigniting consumer interest and driving the industry forward.
Credit: A. Krebs
In the past few months, automakers that once championed the transition to electric vehicles have taken a more cautious approach. Ford recently announced it would slow the pace of investments in new battery-powered models. General Motors postponed the launch of new EVs, including a Buick model and a new battery plant, and Volvo scaled back its goal of having an all-electric fleet by 2030. Even Mercedes-Benz, a company long associated with luxury and innovation, pushed back its five-year electrification target.
At first glance, these announcements appear to be significant setbacks for the U.S. goal of reducing carbon emissions in the transportation sector, which remains the most significant contributor to the nation’s greenhouse gasses. While the Biden administration has proposed regulations to accelerate the shift to electric vehicles, automakers struggle to meet these ambitious targets due to lagging EV sales and the high costs associated with EV production.
Why are automakers hesitating?
Several factors are contributing to this slowdown. First and foremost, gasoline-powered vehicles remain significantly cheaper than their electric counterparts. Despite tax incentives and government subsidies, EVs are often out of reach for the average consumer, especially considering that early adopters—typically wealthier buyers—have already switched to electric. For many middle-class families, the upfront cost of an EV remains prohibitive, and with rising inflation, consumers are more cautious about making large purchases.
Regulatory flexibility is another factor slowing the EV transition. In 2023, the Biden administration finalized a rule that would push automakers to make two-thirds of their fleets electric by 2032. However, the rule gives companies more time to meet pollution reduction targets, effectively reducing the pressure to scale up EV production rapidly. This has led automakers to slow their pace, taking advantage of the breathing room offered by relaxed emissions goals.
New battery technologies could reverse the trend
Source: StoreDot
Despite these setbacks, the future of electric vehicles is encouraging. One significant development in the EV space is the advancement of extreme fast-charging (XFC) battery technology, a potential game-changer that could reduce consumer concerns about range and charging time—two of the largest obstacles to adoption.
This year, the United States reached a significant milestone—nearly 11,000 public fast-charging sites are in operation. Bloomberg forecasts that, in 2032, the number of public fast-charging stations will exceed the number of gas stations in the United States.
StoreDot’s Myersdorf
StoreDot, an Israeli battery startup, already demonstrated the benefits of new technology: a silicon-dominant XFC battery that can charge 100 miles of range in just five minutes. StoreDot successfully demonstrated the technology in a partnership with EV manufacturer Polestar, charging a 77 kWh battery from 10 percent to 80 percent in only 10 minutes. Unlike typical fast charging, which usually degrades battery life, StoreDot’s solution promises no degradation, even after 2,000 consecutive XFC cycles.
In a recent interview with EPSNews, StoreDot’s CEO and co-founder Doron Myersdorf emphasized the significance of this technological leap, stating, “Our batteries are designed to offer drivers a truly worry-free experience. With the ability to charge 100 miles in just five minutes, we’re addressing one of the biggest concerns for consumers—charging anxiety.” Myersdorf further highlighted that StoreDot’s XFC batteries maintain consistent performance without degradation, even with extreme fast charging, a critical advantage over competing technologies.
This kind of innovation addresses a critical issue that has plagued the EV market: “charging anxiety.” Consumers are used to refueling gasoline-powered cars in minutes, and the idea of waiting 30 minutes or more at a charging station is a significant deterrent. StoreDot’s XFC technology could bridge this gap, offering a seamless charging experience akin to traditional refueling and potentially removing one of the most significant psychological barriers to EV adoption.
StoreDot plans commercial availability next year, and a semi-solid 400 Wh/kg battery to charge 100 miles of range in 3 minutes by 2028.
Economic and environmental benefits
In addition to consumer convenience, fast-charging batteries hold significant promise for the economy and the environment. As more manufacturing facilities for XFC batteries come online, economies of scale could drive down the costs of EVs, making them more affordable for the average consumer. This would, in turn, increase demand, providing a much-needed boost to the EV market.
Source: StoreDot
Moreover, the environmental benefits are immense. Each year of delay in widespread EV adoption means more fossil fuel-powered cars on the road, pumping emissions and delaying progress toward carbon neutrality.
Myersdorf underscored the environmental potential of this innovation, explaining, “We’re not just focused on fast charging; sustainability is at the core of our roadmap. From reducing cobalt usage to maximizing recyclability, StoreDot is committed to minimizing the environmental impact of EV batteries.” He added that the longevity of their XFC batteries, which can handle over 2,000 cycles without degradation, contributes to a more sustainable life cycle by extending battery life and delaying the need for recycling.
Targeting price parity
While fast-charging technology could help address charging anxiety, another essential factor is price parity with fossil fuel-powered vehicles. According to a report by the International Council on Clean Transportation, EVs with a 400-mile range could reach price parity with gasoline cars by the early 2030s. For models with shorter ranges, that tipping point could come even sooner.
StoreDot’s XFC technology could accelerate this timeline. By utilizing existing lithium-ion battery production facilities and avoiding the need for expensive new infrastructure, StoreDot’s batteries are cost-effective, further driving down the price of EVs. As production costs continue to fall, the gap between gasoline-powered cars and EVs will shrink, making electric vehicles more attractive to consumers.
In the interview, Myersdorf pointed to the scalability of StoreDot’s solution, noting, “One of our key advantages is that our technology is fully compatible with existing lithium-ion manufacturing lines. This means we can scale quickly and cost-effectively, helping automakers meet demand without needing to overhaul their production infrastructure.” He believes this will be crucial in accelerating the transition to EVs, particularly as automakers strive to balance costs with consumer expectations.
Slower but stronger transition
While recent announcements from automakers suggest that the EV transition is slowing down, new technologies offer hope for a faster recovery. By addressing key concerns such as charging time and battery longevity, fast-charging technology could help revitalize consumer interest in electric vehicles and drive the industry toward widespread adoption.
The road to an electrified future may be longer than initially anticipated, but it is still possible. As battery technologies continue to improve and costs decrease, the electric vehicle market will reach new heights, delivering on its promise of a cleaner, more sustainable transportation system for America and the world.
Myersdorf optimistically said, “We’re on the verge of a tipping point in the EV market. As fast-charging technology becomes more widespread and prices continue to drop, we’ll see a surge in adoption. The future is electric—it’s just a matter of time.”
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