Interest and investment in lithium iron phosphate (LFP) battery cells and materials, used to power electric vehicles, continue to climb in the United States. LFP is a lower-cost competitor to nickel cobalt manganese cells.
Seven companies have committed more than $14 billion in future LFP manufacturing facilities in the U.S., with others, including Tesla (TSLA.O) and Rivian (RIVN.O), reportedly considering similar investments.
Here is a look at some of the announced LFP projects.
FORD
Ford Motor (F.N) is planning to open a $3.5 billion LFP manufacturing plant in 2026 in Marshall, Michigan, using technology licensed from China’s CATL (300750.SZ).
GM
General Motors (GM.N) has announced a $3 billion LFP plant in Fort Wayne, Indiana, with partner Samsung SDI (006400.KS), to open in 2026.
LG ENERGY SOLUTION
South Korea’s LGES (373220.KS) plans to add LFP production later this year to its Holland, Michigan, battery cell plant as part of a $1.7 billion expansion.
GOTION
Chinese battery maker Gotion (002074.SZ) has announced a $2.4 billion project to make battery materials in Big Rapids, Michigan, starting in 2025.
FREYR
Norwegian battery startup Freyr (7XN.F) expects to open a $1.7 billion battery plant outside Atlanta, using technology from Aleees and 24M. It has not specified a start date.
OUR NEXT ENERGY
Michigan startup ONE plans to start pilot production of battery cells late this year at a $1.6 billion plant in Van Buren Township.
ICL
Israel’s ICL Group (ICL.TA) has announced it will build a $400 million battery materials plant near St Louis, Missouri, to open in 2024.
