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According to foreign media, due to the amazing development speed of the battery industry, some battery technologies may be outdated before entering the market. A team of scientists from San Francisco to Shenzhen is experimenting with new chemical processes to improve traditional lithium-ion batteries and try to find new ways to store electric energy for future use. Investors in these projects began to worry that they might have chosen the wrong technology.

This has changed the debate on "stranded assets" dramatically. So far, the term has often been used to refer to fossil fuel projects that may not be profitable due to tighter pollution controls. In the future, the manufacturing method of energy storage equipment will change dramatically, which means that the investment in the battery industry may also be unprofitable, even if the battery is the core of changing the operation mode of the energy system.

James Frith, an energy storage analyst at Bloomberg NEF, said, "If you suddenly want to change to a technology that provides higher energy density, then people will want to adopt this method quickly, which may mean that they will have to invest in remanufacturing equipment again. Worse, you may have to redesign the entire factory."

According to the data of Cleantech Group, in the first half of this year, the investment in start-ups developing new batteries increased to more than $1.5 billion, almost twice the amount in 2017. Volkswagen Group, Hyundai Motor and Renault Nissan Mitsubishi Alliance have all invested in battery companies. Japan's New Energy and Industrial Technology R&D Organization announced that it will cooperate with many universities and manufacturers to invest 90 million dollars in the research of solid-state devices.

Peter Carlsson, founder and CEO of NorthVolt, said, "At present, there is a lot of money invested in battery research, which will eventually bring technological progress. We are building a production platform to have the ability to continue to develop and evolve." NorthVolt Battery, headquartered in Stockholm, is investing 4 billion euros (4.6 billion dollars) to build a battery manufacturing plant in Northern Europe.

Not all technologies will succeed. Across the battery industry, thousands of different systems are being tested by large manufacturers, start-ups and universities. Even the lithium-ion batteries used in most electric vehicles and mobile phones have different manufacturing processes. Fluence is an energy storage supplier headquartered in the United States. TJ Winter, its chief manager, said, "Lithium electrons have different types, different chemical reactions, and even their composition methods in chemical reactions are different. It took us quite a long time to screen and develop projects."

With more models being electrified by automobile manufacturers and more and more energy storage units being used in households and enterprises, the competition in the battery industry is becoming increasingly fierce. According to the prediction of Bloomberg NEF, by 2030, the demand for battery capacity will increase from the current 100 GWh to 1784 GWh. About US $16.7 billion will be spent on equipment installation in traditional battery plants worldwide, and another US $42 billion will be put into use in 2022.

According to the International Energy Agency, lithium-ion batteries will still be the main power source of electric vehicles and storage devices in the next 10 years. The organization said in its latest Electric Vehicle Outlook report that new technologies may enter the market after 2025. As a result, the existing lithium ion technology may no longer be popular, and new projects may not meet the needs of existing enterprises. However, some investors may end up using batteries that are not economical. Jeff JeffChamberlain, CEO of Volta Energy Technology Investment Fund, which focuses on next-generation storage technology, said: "The bandwidth used to manufacture lithium batteries worldwide is very huge

The process of extending batteries from laboratory to market is slow and expensive. To save cost and weight of the battery pack, scientists are replacing expensive metals such as manganese and nickel with more abundant substances such as sulfur and oxygen. Conamix, a New York startup, recently raised $2 million to try to make cobalt free batteries. Cobalt, a rare earth metal, is a key component of charging, but it is mainly mined in the war-torn Democratic Republic of the Congo. Jeff McDermott, executive partner of Green Technology Capital Consulting Co., Ltd., said that other technologies "may not be able to achieve scale because of the low price of lithium electronics. Lithium ion batteries will undoubtedly bring pressure on other technologies in terms of price. There will be only a few technologies competing with lithium electronics, not dozens, because battery technologies need scale production to reduce costs."

In the past three years, Equinor, Norway's largest energy company, has been screening start-ups focusing on energy storage, but has not invested in any developer so far. Bala Nagarajan, director of Equinor's internal energy venture capital fund, said, "Energy storage is our priority. It is still necessary to make technological improvements in the use of clean energy and electric vehicles. Is it possible that our future investment in storage technology will fail? The answer is yes."

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