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The trend of decarbonization of the global automotive sector has been the main factor driving the research on novel battery materials, owing to their prominence as a key enabling technology for the electrification of the transportation sector.
Li-ion batteries have become synonymous to EVs in the last 10 years. Nickel cobalt aluminum oxide (NCA), nickel manganese cobalt oxide (NMC) and lithium iron phosphate (LFP) are the widely used Li-ion battery chemistries today. These battery chemistries paved way for the massive reduction of battery pack costs, down from more than $1000/kWh in 2010 to $110-120 per kilowatt-hour in 2020.