ICL’s $400m LFP Plant Is a Bet on Lower-Cost EV Demand

Construction work has started on ICL’s $400m LFP plant in St Louis. The Israeli company is betting that LFP batteries will gain ground among consumers due to its cheaper costs vs NMC etc.

statement: “LFP is one of the fastest-growing sectors of the battery industry, as this technology offers superior safety at a lower cost and with a longer life. By 2031, E Source forecasts global demand for iron phosphate-based cathode active materials will reach more than 3 million tons, for a market value of more than $40 billion, due to a shift toward the safer and lower-cost cathode materials used in more affordable EVs and in energy storage solutions.”