Applications: Stationary Energy Storage (Industry)

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Leading Cell Chemistries & Market Share in BESS Lithium versus alternative chemistries global market share

Lithium-ion batteries (>90%) batteries remain the dominant technology

Lead-acid batteries (<5%) persist in legacy & cost-sensitive applications

Flow batteries (<2%) continue to be of interest for long-duration energy storage applications, with a pipeline of projects entering development phase

Sodium-ion batteries (<1%) are garnering increased industry attention, with early commercial milestones achieved, including the first grid- and C&I-scale deployments BESS market share within lithium chemistries

LFP is the leading chemistry for stationary storage applications:

LFP held the majority market share of ~85% held the majority due to its superior safety profile, longer cycle life, and cost-effectiveness compared to other lithium-ion chemistries

2020 - 2025: Increasing LFP capacity additions, at the expense of NMC market share

LFP accounts for over 80% of new deployments across utility-scale and C&I sectors

NMC persists in legacy installations, with its market share dropping to 33% Source: Future Market Insights; BloombergNEF (Distinguished Partner); company announcements

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