Energy Transition

Driving the future | Exploring breakthroughs in EV battery technology

byPrashant Kumar

The electric vehicle (EV) and plug-in hybrid EV markets are experiencing significant growth in North America, Europe and China. The surge in demand has prompted notable advancements in battery technology to cater to the expanding market.

Manufacturers prioritize various battery characteristics such as affordability, energy density, charging speed, battery lifespan and safety. These factors play a crucial role in determining the consumer appetite for electric vehicles. Recent strides in battery technologies have significantly improved these characteristics, with the energy density of commercial batteries increasing from under 100 watt-hours per liter (Wh/L) in 2008 to more than 700 Wh/L in 2023 (Figure 1), and technologies surpassing 1,000 Wh/L in the final stages of development today.


Notably, lithium-based battery technologies, specifically lithium-nickel-manganese-cobalt and lithium-iron-phosphate, currently command nearly 90% of the market share. New technologies like solid-state batteries are promising step changes in cost, size and energy density. Toyota claims to have achieved a breakthrough in solid-state battery technology and aims to commercially produce ~500-mile EVs by 2026.

These ongoing developments underscore the dynamic nature of EV battery technologies, continually enhancing accessibility and sustainability. Battery technology developers’ commitment to innovation places them on a trajectory toward more efficient, cost-effective and environmentally friendly EVs.

Highlights from Energy Transition Research

  1. Energy transition – A layered landscape of U.S. opportunities – A colorful and interactive map highlighting the most influential components of the U.S. energy transition through multiple layers. From hydrogen and CCUS projects to transmission lines and EV charging stations, to high water stress and biodiversity risk areas, this interactive document provides a sophisticated view of the risks and opportunities that make up the future of energy.
  2. Energy transition and power – Deal volume squeezed by higher rates – This energy transition and power quarterly M&A review utilizes our energy transition M&A platform, which has captured more than 5,000 deals across 100 countries spanning power (generation, distribution, storage and integrated assets) plus alternative fuels, CCUS, equipment manufacturing, EVs and mining of energy transition metals.
  3. Interconnection cost trends – Queued up and nowhere to go – In this report, we analyze the costs of connecting to the grid in five ISOs using five years of historical data to identify interconnection cost thresholds that determine project success in the queue. Extending our analysis to the entire U.S., we then evaluate the 10 largest developers by categorizing their development portfolios as high or low risk of successfully progressing through the interconnection queue.

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About Enverus Intelligence®| Research
Enverus Intelligence® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts, and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. EIR is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser. Click here to learn more

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Prashant Kumar

Prashant joined Enverus in May 2018 on the Intelligence Team. Since then, he's also worked in product development and research on new energy trends and the energy transition. He earned a degree in Applied Petroleum Engineering from UPES University in India.

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