Our Next Energy Inc. (ONE), a Michigan-based energy storage technology firm, has unveiled its latest lithium iron phosphate (LFP) battery pack, Aries II. This battery matches the range and mass of the prevalent nickel cobalt manganese (NCM) pack, a common choice for electric passenger vehicles, with a mere 6% difference.
Why It Matters
Traditionally, LFP batteries have been considered inferior to NCM batteries in terms of range and energy density. NCM has dominated the electric vehicle market in the U.S., being seen as the sole option for providing vehicles with extended range. ONE’s achievement in bridging the energy density difference highlights LFP’s potential as a sustainable alternative.
Key Points
- Aries II boasts an energy density of 263 Wh/L and 162 Wh/kg, showing improvements of +34% and +23% over the leading LFP pack benchmark.
- The Aries II costs 25% less than equivalent NCM batteries, as it contains no nickel or cobalt. This also minimizes the risk of thermal runaway.
- LFP chemistry is considered safer due to its resistance to self-oxidation, unlike the NCM chemistry which is more susceptible to thermal runaway.
- LFP also benefits from a more abundant supply chain. Iron, a primary component, comprises 5% of the earth’s crust, while nickel and cobalt make up less than 0.01%.
- ONE’s design innovations in Aries II enable it to deliver over 350 miles of range for standard passenger electric vehicles.
Bottom Line
ONE’s Aries II signifies a revolutionary shift in the electric vehicle battery landscape. With its enhanced energy density, affordability, and safety features, LFP batteries are set to challenge the dominance of NCM batteries in the electric vehicle market. Production of Aries II, ensuring full IRA compliance, is anticipated to kick off in late 2024 at ONE Circle, located in Van Buren Township, Michigan. For additional details, interested parties can visit one.ai.
