Many energy storage technologies are fundamentally “materials-dependent”; they are enabled directly by, or designed around, a particular material or materials. Society's acute dependence on materials has increased in recent years as these technologies tap into an ever broader range of the periodic table and, therefore, into a broader set of underdeveloped and complex supply chains. In particular, growth in lithium-ion battery (LIBs) materials for the transportation and electricity sectors has led to extensive discussion of whether raw materials supply will meet the material requirements for these batteries. This presentation will cover balance between supply and demand for the metal content associated with compounds used in LIBs. We investigate the supply of nickel, cobalt, and lithium over the next 10 years and overlay scenarios of projected demand for LIBs over the same time period. We find that nickel has sufficient supply to meet the anticipated increase in demand for LIBs, but that there may be challenges in rapidly scaling the use of materials associated with lithium and cobalt in the short term. Due to long battery lifetimes and multiple end uses, recycling will play a modest role in filling the gap in short-term supply. We also explore the risks associated with the geopolitical concentrations of these elements, particularly for cobalt. Based on this initial screening, we perform a more detailed assessment of how cobalt supply may develop in the future particularly based on the byproduct nature of primary cobalt extraction from nickel and copper.
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