The battery manufacturing technology is rapidly evolving by the day to offer the features required to facilitate the shift to a more sustainable way of storing and using power. In this process of the development of new technologies, Lithium Iron Phosphate (LFP) is the one that is gaining popularity among consumers today. Recently, Tesla changed its battery chemistry and made a shift to LFP battery with an aim to increase vehicles efficiency and make them cheaper.
Roughly speaking, affordable lithium-ion batteries typically have between 500 and 3000 life cycles. While premium Lithium Iron Phosphate LFP batteries can last anywhere from 3500 to over 4000 cycles.
LFP batteries are manufactured by using lithium iron phosphate (LiFePO4) as the cathode material and a graphite carbon electrode with metallic backing as the anode material. LFP works similar to other Li-ion batteries. But phosphate used in the battery is a non-toxic material as compared to others such as cobalt oxide or manganese oxide. Thus, it is a safe source of power. Besides, it is also free from any polluting agents, thus it a perfect fit for the world which is striving to create a green environment.
Moreover, LFP batteries come with a plethora of advantages and offer the best solution to the challenges the segment is facing. Let’s take a deep dive into the features to understand why it is called the future of power storage.
Advantages of LFP Battery
Better lifecycle- LFP batteries run longer than other Li-ion batteries, with around 1,000 to 10,000 cycle. Because of this extended lifecycle, it can be used for various applications. It is especially beneficial for solar power setups where replacing batteries is costly as well as difficult. Such setups require batteries capable of giving efficient performance even after more cycles.
High performance- The energy density of LFP batteries is around four times higher than other Li-ion batteries. The self-discharge rate is low which means LFP batteries retain power for a longer time. The charging frequency don’t affect this quality. Due to these features, the batteries offer high performance.
Safety- LFP batteries are known for their stability and safety qualities. They don’t get affected by conditions like overcharge or short circuit. Also, the incombustible feature makes these batteries the safest chemical composition.
Environmentally sustainable- As LFP batteries don’t contain any toxic substance, they are safe for environment. The chemicals inside the batteries do not degrade or cause any leakage, thus leaving no impact on the environment.
Fast charge- Besides maintaining a low self-discharge rate, LFP batteries charge faster than any other batteries. This very feature makes it fit for all sorts of applications. It helps in reducing downtime and increasing efficiency.
Good temperature performance- LFP batteries can give best performance even in higher temperature, around 350 to 500 degrees. This high-temperature resistance of the batteries makes them suitable for geographies of high temperature. They don’t explode even in overheat or overcharged conditions.
Besides these advantages, LFP batteries offer solution to many difficulties associated with other batteries such as extra weight. They are light-weight batteries. As the most reliable solution, these batteries can fuel the shift to electric vehicles and help us achieve the goals of making transportation sector clean. Besides, they can support the transition of different other sectors like solar to more sustainable ones. More importantly, the cost of LFP batteries create a favourable environment for the adoption of battery powered services.
With these advantages, LFP batteries present a promising future for the battery segment. It will help in getting rid of cobalt and manganese which are costly as well as rare. The manufacturing segment is trying hard to find the substitute of these elements. Iron is not only cheaper but also available in large amount on the earth. It makes the composition sustainable for a longer time.
One of the research suggests that continued cost declines, nickel supply constraints, and improving EV efficiency should continue to propel the market share of LFP cells from roughly 33% in 2021 to 47% by 2026.