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FLORIDA, 2 June 2023: Solid-state batteries are the subject of global R&D efforts due to increasing demand and their superior characteristics compared to conventional Li-ion batteries.
These batteries are more reliable, secure, and have higher energy densities. They find applications in electric vehicles, consumer electronics, medical devices, and other industries. The growing demand from various sectors and ongoing research to reduce costs are expected to drive the growth of the solid-state battery market.
Global valuation projected by Fact.MR
According to a report by Fact.MR, the market is projected to reach a valuation of USD 1,497.1m by 2033, growing at a CAGR of 28.6%. Notable companies in the sector include Phenom Resources Corp., Energy Fuels Inc, Lockheed Martin, The Chemours Company, and Glencore plc.
The report outlines the market outlook for the next decade. In the short term (2023-2026), consumer preference for solid-state batteries is expected to drive market growth. In the medium term (2026-2029), the demand for solid-state batteries will be fueled by the growing electric vehicle industry.
In the long term (2029-2033), market players’ efforts will create significant growth opportunities through product development and pricing strategies. The historic growth rate for the solid-state battery market was 22.3%, and it is estimated to grow at a CAGR of 28.6% from 2023 to 2033.
Phenom signed MoU
Phenom Resources Corp. has recently signed a Memorandum of Understanding (MOU) with a Japanese vanadium solid-state battery company. Under the MOU, Phenom will acquire a 5% equity interest in the company and commit to providing 20% of its future Carlin Vanadium Project production concentrates to the Japanese company.
In return, Phenom will receive 5% of the Japanese company’s issued and outstanding shares. Phenom’s interest will remain non-dilutive until the Japanese company’s market valuation exceeds USD 500m, ensuring a minimum 3% interest. The market valuation of the Japanese company currently stands at USD 62.47m (CDN 83.85m).
The Japanese company’s vanadium solid-state battery offers superior performance and lower costs compared to vanadium redox flow batteries (VRFB) in the large capacity battery market. Their battery enables rapid charging in minutes, uses a smaller amount of vanadium, has a long cycle life, and operates at extreme temperatures without performance loss. With a vision to become the leading provider of high-performance, low-cost utility-scale batteries, the Japanese company plans to utilize vanadium from Phenom’s Carlin Vanadium resource in Nevada. They have secured 14 patents and are entering the testing phase with European power companies.
Conclusion
Solid-state batteries are gaining attention globally, and their market is projected to experience significant growth. Phenom Resources Corp. has signed a promising MOU with a Japanese vanadium solid-state battery company, positioning themselves strategically in the expanding utility-scale battery market. The innovative features and performance of the vanadium solid-state battery hold the potential to disrupt the industry and address battery supply chain gaps in the USA and beyond.
