May Newsletter 2025
- Battery Associates
- 5 days ago
- 8 min read
Dear battery enthusiast,
Welcome to Battery Associates’ May newsletter. We have summarised some of the month’s most relevant news, highlighting recent developments and updates in the battery space.
B.A's Battery Newsletter:
Battery Industry Highlights
BA Exclusive Summary: LMFP vs LFP – Evolving Cost and Performance Landscape (2022–2025)
Company Member News
Looking for Sponsors for Battery Day 2025
New Battery Insiders Podcast: In conversation with Frank Blome, CEO of PowerCo SE
Battery Associates’ Events & Updates
Battery Industry Highlights
In this section, we summarise relevant battery news from the past month.
On 20 May, CATL debuted on the Hong Kong Stock Exchange (code 3750), raising HKD 35.5 billion (~USD 4.6 billion) by offering 135 million shares at HKD 263 each. Shares opened at HKD 296, a 12.55% increase. The IPO attracted investors from 15 countries, including sovereign funds and insurers. Proceeds will support CATL's global zero-carbon initiatives, including battery-swapping networks and a factory in Hungary.
B.A Commentary: CATL’s swift 128-day IPO, the largest globally in 2025, underscores strong investor confidence in its zero-carbon strategy. Despite U.S. blacklisting, CATL commands a 37.9% global EV battery market share and maintains key partnerships with Tesla and BMW, reinforcing its industry dominance. IPO proceeds will support European expansion and battery-swapping technologies. Over the past decade, CATL has invested over RMB 70 billion (≈USD 10 billion) in R&D, with more than 43,000 patents granted or filed globally. It has led the industry in new patent filings for five consecutive years and operates six global R&D centres.
On 20 May, BMW and Solid Power initiated on-road testing of all-solid-state battery (ASSB) cells in a BMW i7 prototype in Munich. The ASSB cells, with sulfide-based electrolytes, promise higher energy density and compactness over current technologies. This milestone stems from their partnership since 2016, which has been bolstered by BMW's 2021 investment and a 2022 agreement to deepen their collaboration. BMW plans to operate a solid cell prototype line at its CMCC in Parsdorf.
B.A Commentary: BMW's real-world testing of ASSB cells marks a step toward commercialising next-gen battery technology. The collaboration with Solid Power aims to address challenges such as cell expansion and thermal management. By integrating these cells into existing Gen5 modules, BMW leverages its current electric vehicle (EV) architecture while exploring advancements. This initiative aligns with industry trends focusing on enhancing energy density and safety in EV batteries.
On 13 May, General Motors and LG Energy Solution announced plans to commercialise lithium manganese-rich (LMR) prismatic battery cells for future electric trucks and SUVs. These cells offer 33% higher energy density than leading lithium iron phosphate (LFP) cells at comparable cost. LMR technology reduces reliance on expensive cobalt and nickel by utilising more affordable manganese. Pre-production is set for late 2027, with full U.S. production by 2028.
B.A Commentary: General Motors began researching lithium-rich (LR) battery technology in 2015. Now, through its joint venture with LG Energy Solution Ultium Cells, the company is preparing to commercialise the technology, promising over 400 miles of range and lower production costs. By leveraging manganese-rich chemistry, GM and LG aim to reduce their dependence on scarce and costly materials, such as cobalt and nickel. This advancement aligns with industry trends toward sustainable, cost-effective EV solutions and could significantly accelerate mass adoption. |
On 15 May, Toronto-based lithium battery recycler Li-Cycle filed for bankruptcy protection in Canada and also initiated U.S. bankruptcy proceedings under Chapter 15. Despite securing a USD 475 million loan from the U.S. Department of Energy in November 2024, the company has faced persistent cost overruns and technical challenges. Li-Cycle has entered into a USD 10.5 million debtor-in-possession financing and received a stalking horse bid of at least USD 40 million from its largest secured creditor, Glencore.
B.A Commentary: Li Cycle suspended its construction at its Rochester Hub in September 2023. Originally budgeted at USD 485 million, project costs ballooned from USD 850 million to USD 1 billion. Despite a USD 475 million DOE loan approval in 2024, funds remain undisbursed due to unmet financial prerequisites. The Rochester Hub was envisioned as North America's first commercial hydrometallurgical battery resource recovery facility, with a planned processing capacity of 35,000 tonnes of black mass per year, yielding up to 8,250 tonnes of lithium carbonate and 72,000 tonnes of mixed hydroxide precipitate (MHP) annually. |
On 19 May, Rio Tinto and Chilean state miner Codelco formed a joint venture to develop the high-grade Salar de Maricunga lithium project. Rio Tinto will invest up to USD 900 million for a 49.99% stake, including USD 350 million for studies, USD 500 million for construction, and a USD 50 million bonus if production begins by end-2030. The project will utilise Direct Lithium Extraction (DLE) technology and aims to be Chile’s first major lithium development outside the Atacama in over 40 years.
B.A Commentary: In April 2023, Chile unveiled its National Lithium Strategy, asserting majority state ownership over lithium reserves and mandating public-private partnerships for all new projects. State-owned companies, particularly Codelco and ENAMI, will lead exploration and development, with the government retaining a minimum 51% stake in strategic ventures. As part of the strategy, Chile also mandated the use of Direct Lithium Extraction (DLE) for all new lithium projects to enhance sustainability and reduce environmental impact. |
BA Exclusive Summary
LMFP vs. LFP – Evolving Cost and Performance Landscape (2022–2025)
Lithium Manganese Iron Phosphate (LMFP) batteries were initially hailed as an attractive upgrade to LFP cells, offering superior energy density while maintaining lower lithium content. In 2022, LMFP held a clear cost advantage, being approximately 11–12% cheaper than LFP. This edge was largely attributed to its lower lithium content, which was especially beneficial during a period when lithium carbonate prices surged past $70,000 per ton.
However, the economic landscape shifted dramatically by 2024 when lithium prices crashed to $21/kg. As a result, LFP—previously disadvantaged due to its high lithium intensity—experienced a significant cost reduction. In contrast, LMFP’s other input materials, such as manganese, and the complex synthesis steps remained costly. This shift eliminated LMFP’s earlier advantage. By 2025, LFP emerged as the more cost-competitive option, with LMFP becoming 10–15% more expensive per kilogram. The cost gap that had been $13/kWh in LMFP’s favour in 2022 narrowed to just $5/kWh by 2023 and reversed entirely by 2025
Despite losing its cost edge, LMFP continues to offer higher energy density than LFP, which remains one of its primary advantages. This makes it suitable for mid-range EVs that require more power in a compact format. However, LMFP’s cycle life, averaging around 2,000 cycles, is comparable to that of NMC batteries but falls short of LFP’s more robust 2,000–6,000 cycle range. This limitation, coupled with its synthesis complexity and rising relative cost, makes LMFP less suitable for ultra cost-sensitive or high-durability applications.
Company Member News
Industries Excellence
Siemens & IndX: Battery Impact Day - Engineering Industries eXcellence | June 26th 2025
Join IndX for a dynamic, hands-on event that brings together industry professionals, digital experts and innovators to explore the latest in battery supply chain transparency, digital transformation and regulatory readiness. The day will begin with an immersive Impact Tour showcasing the transformation from the physical to the digital world, followed by targeted sessions on the Battery Digital Thread, the Battery Passport and the use of AI in battery manufacturing. In the afternoon, participants will dive into interactive groups to tackle real-world challenges. Limited seats, register today.
Ingun
As the capacity of modern battery cells increases, especially in large cylindrical and prismatic formats, the required current-carrying capacities also increase. Ingun unveils their latest innovation in battery formation technology that solves precisely this problem– the BCP 65x and 69x probe series, with compact design, excellent current-carrying capacity, and reduced spring force. This series is designed to meet the demanding needs of mid to high-current applications, ranging from 50A to 300A.
Don’t miss the chance to connect with their team at the upcoming trade fairs in Europe, Asia and North America. Learn more about their innovative solutions at www.ingun.com/battery
Register for the BatteryMBA May 2025 Cohort
BatteryMBA’s next cohort started on 8th September 2025, which will offer a combination of in-depth technical and business knowledge on a range of battery topics aligned with the sector's dynamic growth. We are still taking registrants this week.
BatteryMBA alumni have affiliations with Tesla, Farasis Energy, JLR, Airbus, Hitachi High-Tech Europe, Schlumberger, Bertrandt Group, AMTE Power, the University of Birmingham, the European Parliament, and many others.
The course includes a battery-focused case study track (with case studies from leading business schools). If you have any queries, reach out to us via email at info@battery.mba. Need-based partial scholarships and group discounts are available.
Looking for Sponsors for Battery Day 2025!
Battery Day 2025 will be held on Thursday, 25th September 2025, bringing together industry leaders for discussions on key battery innovations. Last year, the event featured 6 panel discussions, 8 deep dives, and 4 keynotes, attracting 1000+ registrants from over 55 countries.
As a sponsor, you’ll enjoy benefits like prominent logo placement on our website and marketing materials, a dedicated email to registrants, and social media mentions. We’re also happy to explore custom sponsorship options to suit your needs.
Our three major themes for Battery Day 2025 are:
Battery energy storage systems (BESS)
Next-generation batteries and battery innovations
Manufacturing, gigafactories and cost reduction strategies
Please get in touch with Clara today to enquire about sponsorship packages at clara.leepaget@battery.associates.
Battery Insiders Podcast
Battery Associates runs a podcast called Battery Insiders, which covers the role of batteries for sustainable development and battery-relevant topics featuring a range of battery experts and enthusiasts.
In conversation with Frank Blome, CEO of PowerCo SE
In this exclusive battery insiders podcast conversation, Simon Engelke interviews Frank Blome, CEO of PowerCo SE, discussing his journey in the electric vehicle industry, the evolution of battery technology, and the strategic direction of PowerCo. Blome shares insights on the challenges and innovations in battery production, including the development of solid-state batteries and cost management strategies. He highlights the importance of building a sustainable battery ecosystem in Europe, discusses the future of stationary batteries and shares experiences of managing global operations and future outlook for PowerCo.
Battery Associates’ Events & Updates
Spotlight on Recent Events : Highlights from The Battery Show Europe 2025
Over three days in Stuttgart, we had the pleasure of reconnecting with BatteryMBA alumni, ambassadors, and partners, while also meeting new faces who share our passion. Meaningful conversations emerged on real-world challenges and what it actually takes to build a sustainable ecosystem in today’s landscape.
A standout moment was our founder Simon Engelke’s talk on Navigating Battery Industry Risks, which sparked valuable dialogue around resilience and growth in the sector.
Couldn’t make it? Here’s a short recap video capturing the energy from the event.
Thank you to everyone who stopped by and made this such a memorable experience. We’re excited for what’s ahead.
Advanced Automotive Battery Conference
23-26 June 2025 | Mainz, Germany
Each year, AABC Europe brings together a global audience of battery technologists and their key suppliers for a must-attend week of development trends, breakthrough technologies and predictions of the market for years to come. The event will include unparalleled coverage of the research and development that helps drive outcomes and supports the next generation of electric vehicle batteries.
Dr. Simon Engelke’s talk on industry risks on 25 June at 4pm CET will cover critical issues, such as raw material access, financing, cell sourcing, warranties, second-life suitability, battery fires, and grid stability.
Battery Associates services
Battery Associates offers consultancy, innovation, and education services on a wide range of topics. Please get in touch if you're interested in any of our services!
About Battery Associates
Battery Associates (B.A) is a community-driven company on a mission to accelerate sustainable battery innovation - join us!
B.A operates as a global network that unites battery experts (BatteryPRO), a platform for innovative projects (BatteryLAB), and a facilitator of training programmes for aspiring battery leaders (BatteryEDU). B.A's educational programmes notably includes BatteryMBA, a 12-week programme training aspiring battery leaders.
We are rapidly becoming a reference community for battery enthusiasts who want to tackle pressing environmental and energy-related challenges. Battery Associates currently unites battery experts working across the battery value supply chain, based in over 20 countries. We're growing, join us in our work!
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