Since 2010, the price of lithium-ion batteries has fallen by a factor of 10, which has led to a boom in electric car production in the US and around the world. But as most car buyers know, electric vehicles are still unaffordable for most Americans.
But a number of companies are developing new battery technologies that they hope will make EVs cheaper and more efficient.
Cuberg, a Silicon Valley startup that emerged from Stanford University in 2015, is pursuing a lithium metal battery that, according to co-founder and CEO Richard Wang, could be twice as energy-dense as standard lithium-ions. Its first customers are in the aviation industry, but electric battery giant Northvolt, which has contracts with Volkswagen and BMW, has just taken over the company to use Cuberg’s batteries in cars as well.
If Cuberg and Northvolt can scale their technology as fast as they hope, within the decade we could see lithium-metal batteries powering small planes and electric vehicles.
Watch the video to learn more.