LFP-based batteries will contribute to the proliferation of electric vehicles and backup batteries due to their low cost, low toxicity, long-term stability and well-defined performance.
LFP Secondary Battery
LFP Market
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The United States is supporting the battery industry for electric vehicles. Currently, LFP cathode material production capacity is very limited, but several companies are building production facilities that will supply batteries for the growing electric vehicles market within a few years.
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Most of the new entrants to the U.S. market are large, vertically integrated, international companies with experience in producing LFP materials, and plan to manufacture LFP battery cells as a first step and then localize cathode material production capacity in the near term.
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Guangxi Nowphene Energy Storage Technology
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Guangxi Nowphene Energy Storage Technology is a company that produces raw materials for LFP cells in Guangxi, China.
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The main business is to produce ferric phosphate for cathode materials in power batteries and energy storage batteries.
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Nowphene currently has a production capacity of 60,000 tons and is expected to increase to 285,000 tons by the end of 2023.
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As a leading ferric phosphate manufacturer in China, Nowphene will supply ferric phosphate to the proposed company in the US, ensuring cost advantage and stable raw material supply in the US.
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