The global lithium-ion battery market is expected to grow by a factor of five to 10 in the next decade. Reaching aggressive targets for electric vehicles (EVs) and battery-based energy storage system production relies on materials such as lithium and rare earth metals. However, material shortages could stall the manufacturing of some clean energy technologies, which is concerning from a climate perspective.
Energy storage capacity is critical for the clean energy transition away from fossil fuels as renewables are an intermittent power source. For example, energy storage systems at utility-scale wind farms and solar plants enable these facilities to deliver power when demand is high but renewable energy supply is low. Likewise, batteries for EVs are critical for phasing out the use of the internal combustion engine.
Can the supply chain keep up with the soaring demand for EVs and…