Electric Vehicle
Status quo: perhaps the largest growth industry of "green" transition. For this reason it is especially susceptible to greenwashing. Consider the connection between Elon Musk and Rupert Murdoch, who sat together at the 2023 Superbowl, broadcast on FOX (owned by Murdoch) and featuring a barrage of EV commercials.[1] James Murdoch, son of Rupert, has been on the Board of Directors at Tesla, Inc. since 2017. [2]
Challenges
- Entanglement with car culture
- Dependence on Lithium mining
Opportunities
Cobalt and Lithium Ion Batteries
To achieve mass adoption of electric vehicles at the levels projected will require that EV batteries become cheaper and are able to achieve longer ranges between charges. Prices of lithium-ion battery packs have steadily decreased as EV manufacturers seek to achieve cost parity with internal combustion vehicles. Measured in price per kilowatt-hour, the production cost of lithium-ion battery packs has fallen 89 percent from $1,200/kWh in 2010 to $132/kWh in 2021. Production costs are projected to reach the all-important mark of $100/kWh by 2024, at which point EVs will achieve cost parity with gas-powered cars.9 Equally important to cost in accelerating EV adoption is the range the car can travel between charges. To increase range, batteries require higher energy densities, and only lithium-ion chemistries using cobalt cathodes are currently able to deliver maximum energy density while maintaining thermal stability. To understand why requires a brief review of how batteries work.
Batteries provide portable sources of electrical energy by rebalancing a chemical imbalance between a cathode (positive electrode) and an anode (negative electrode). The cathode and anode are separated by a chemical barrier called an electrolyte. When the cathode and anode are connected to a device, this creates a circuit, which results in a chemical reaction that generates positive ions and negative electrons at the anode. An opposite reaction takes place at the cathode. Nature always seeks balance, so the positive ions and negative electrons in the anode travel to the cathode, but they take different paths to reach their destinations. The ions flow directly through the electrolyte to the cathode, whereas the electrons flow through the external circuit to the cathode. The electrons are unable to travel through the electrolyte because its chemical nature acts as a barrier and forces them to pass through the outer circuit / device. This flow of electrons creates the energy that powers the device. As a battery generates electrical power, the chemicals inside it are gradually “used up.” A rechargeable battery, on the other hand, is one that allows a change in the direction of flow of electrons and ions using another power source that pushes everything back to the starting point. Different materials have different abilities to release, attract, and store electrons and ions, and this is where lithium and cobalt enter the picture.
Lithium-based chemistries became the dominant form for rechargeable batteries because lithium is the lightest metal in the world, which has obvious benefits for consumer technology and electric vehicle applications. Cobalt is used in the cathodes of lithium-ion batteries because it possesses a unique electron configuration that allows the battery to remain stable at higher energy densities throughout repeated charge-discharge cycles. Higher energy density means the battery can hold more charge, which is critical to maximize the driving range of an electric vehicle between charges.
The three primary types of lithium-ion rechargeable batteries used today are lithium cobalt oxide (LCO), lithium nickel manganese cobalt oxide (L-NMC), and lithium nickel cobalt aluminum oxide (L-NCA). Lithium accounts for only 7 percent of the materials used in each type of battery, whereas cobalt can be as high as 60 percent. Each battery chemistry has its strengths and weaknesses.