The battery works by having lithium ions enter and exit the positive and negative electrodes through the electrolyte and polymer membrane, thus achieving charging and discharging functions.
In terms of raw materials, the main cathode materials for lithium iron phosphate batteries are phosphorus, iron, and lithium.
Iron accounts for 4.75% of the Earth's crust, ranking fourth; lithium accounts for 0.0065% of the Earth's crust; the world's proven lithium (lithium carbonate) reserves are 128 million tons, and the resources are 349 million tons; phosphorus accounts for 0.12% of the Earth's crust.
Lithium iron phosphate batteries have abundant raw materials in nature, and compared to lithium batteries containing precious metals such as cobalt, they are cheaper and have a clear cost advantage.
Numerous advantages, superior safety
Lithium iron phosphate batteries are highly safe, have a long lifespan, large capacity, are lightweight, have no memory effect, excellent high-temperature performance, and are environmentally friendly.
In terms of safety, the cathode material is crucial in energy storage lithium-ion batteries, directly affecting the battery's safety, energy density, and other core performance characteristics, thus limiting the overall performance of the battery.
The cathode material of lithium iron phosphate batteries has an olivine crystal structure with stable and strong PO bonds and a decomposition temperature of 600℃, resulting in high safety. Correspondingly, lithium iron phosphate batteries also have high safety, which is one of the core factors that enables their widespread application in the energy storage field.
Regarding long lifespan, taking Xingying Technology's successfully mass-produced 155Ah long-life lithium iron phosphate energy storage battery as an example, its cycle life exceeds 6,000 cycles, which translates to a lifespan of approximately 25 years.
In terms of capacity, the energy density of common lead-acid batteries on the market is generally 50~70Wh/g, while the energy density of lithium iron phosphate energy storage batteries can reach 135-170Wh/g, which is much higher than that of ordinary batteries.
In terms of weight, lead-acid batteries weigh three times more than lithium iron phosphate batteries of the same specifications and capacity.
In terms of environmental friendliness, lithium iron phosphate batteries generally do not contain heavy metals, therefore they are non-toxic and pollution-free. However, incidental pollution during the production process and pollution from discarded batteries are unavoidable.
In addition, lithium iron phosphate batteries have a wide normal operating temperature range of -20 to 75°C; they have no memory effect, and even when the battery is frequently fully charged and not fully discharged, the capacity will not drop rapidly below the rated capacity value. They can be charged and used at any time, regardless of the amount of charge.
There are many risks, but the cost-effectiveness is high.
Lithium iron phosphate batteries are large in size, have low compaction density, high patent costs, poor low-temperature performance, and also face the risk of short circuits caused by elemental iron.
First, during the preparation of the cathode material for lithium iron phosphate batteries, elemental iron may be generated under high temperatures. Elemental iron can easily cause micro-short circuits in the battery, leading to the risk of combustion or even explosion.
Secondly, for the same capacity, lithium iron phosphate batteries are larger than lithium-ion batteries such as lithium cobalt oxide, and do not have the advantage of miniaturization.
Meanwhile, lithium iron phosphate batteries have low tap density and compaction density, poor low-temperature performance, and are difficult to operate normally at 0°C, which is a significant limitation on their application range.
Finally, and very importantly, the University of Texas holds the basic patents for lithium iron phosphate batteries, while Canadians have applied for a patent for carbon coating.
In the production and R&D of lithium iron phosphate batteries, these two fundamental patents are unavoidable, and the patent royalties in the cost will be a large figure.
However, considering both the advantages and disadvantages of lithium iron phosphate batteries, they still offer the best cost-performance ratio among energy storage lithium batteries.
Source-grid-load-storage, with wide applications
Lithium iron phosphate batteries are widely used in the field of energy storage, and are widely applied in energy storage on the generation side, grid side and user side.
In recent years, the production and installed capacity of lithium iron phosphate batteries have increased significantly.
In 2021, my country's lithium iron phosphate battery production and installed capacity were 219.7 GWh and 154.5 GWh, respectively. In the first half of 2022, they were 206.4 GWh and 110.1 GWh, respectively.
The significant increase in the production and installed capacity of lithium iron phosphate batteries is partly due to the booming energy storage market in recent years.
In 2021, the global installed capacity of energy storage was approximately 203.5 GW, and it is projected to increase to 362 GW by 2025. Among these, the penetration rate of lithium iron phosphate batteries will reach 85%, at which time the production and installed capacity of lithium iron phosphate batteries will see a significant increase.
In terms of large-scale energy storage on the power generation side and the grid side, affected by extreme weather in recent years, countries around the world have introduced relevant policies to encourage the construction of energy storage power stations, communication base stations, and supporting energy storage facilities for large-scale power plants such as photovoltaic, wind power, and hydropower in order to achieve dual carbon targets.
In terms of residential energy storage, the market explosion was entirely accidental. Due to the ongoing conflict between Russia and Ukraine and the continuous rise in energy costs in Europe, the European residential energy storage market has experienced abnormal growth. It is difficult to determine what the future holds, but for the time being, it is more beneficial than harmful to a number of lithium battery companies.
In this booming residential energy storage market, companies such as EVE Energy, Penghui Energy, Haichen Energy Storage, Sino-Belgian New Energy, and Times United have all made relevant moves and successively launched large cylindrical lithium iron phosphate batteries.
Examples include EVE Energy and Penghui Energy's 40135 series large cylindrical lithium iron phosphate batteries, and Haichen Energy Storage's 46800-46300 series large cylindrical lithium iron phosphate batteries.
Abundant natural resources and a constellation of brilliant stars
The lithium iron phosphate energy storage market has broad prospects, and many well-known domestic and foreign companies have made investments in it.
According to incomplete statistics from Vico.com, companies in my country that have deployed lithium iron phosphate energy storage include: CATL, Guoxuan High-Tech, Hezhong Technology, EVE Energy, Penghui Energy, Times United, Defang Nano, Longpan Technology, Haichen Energy Storage, Zhongbi New Energy, Hubei Wanrun, Hunan Yuneng, and Xingying Technology.
