21 Next Generation Battery Technology Companies

As the demand for reliable and sustainable energy sources continues to grow, there is an increasing focus on producing more efficient batteries. Next generation battery technology companies are at the forefront of developing advanced batteries that are more efficient, cost-effective, and environmentally friendly. These companies are working on a wide range of technologies, including lithium-ion, solid-state, and flow batteries, among others.

A huge part of next generation battery technologies is the market share of batteries for electric vehicles (EVs). According to Reuters, the auto industry has invested $1.2 trillion globally in the development of EVs as of January 2023. Some notable players in this industry include Tesla, Inc. (NASDAQ:TSLA), General Motors Company (NYSE:GM), and Ford Motor Company (NYSE:F). A report by the International Energy Agency estimates that the battery usually accounts for 30% to 40% of an EV’s total value. Furthermore, according to McKinsey’s global market outlook report for 2030, the demand for Li-on batteries is expected to see 33 percent annual growth to reach a value greater than $400 billion by 2030 with a market size of 4.7 TWh. The mobility sector is supposed to account for more than 80% of the total market including 4,300 GWh of the total market size. China accounted for more than half of the growth of the EV market in 2021 and is estimated to account for 40% of the total Li-on demand in 2030. However, the EU and the United States are expected to show the highest growth due to recent regulatory changes and this implies that the number of battery factories will also increase by around 150 by 2030.

Several companies are leading the charge in the development of next-generation battery technology. Tesla, Inc. (NASDAQ:TSLA), for instance, has been a pioneer in the development of advanced lithium-ion batteries for electric vehicles and energy storage systems. The EV market is supposed to see the next generation of vehicles to hit the market around 2025 with new technologies such as the silicon carbide IPG5 inverter which can help extend an EV’s range by over 7%. A large driver of this market is also sustainability, as battery electric vehicles (BEVs) have 77% lower emissions in Europe and 88% lower emissions in the United States as compared to internal combustion engine vehicles. With a larger focus on the reduction of carbon footprints, BEVs could play an instrumental role in mobility.

In addition to established players, many startups are also emerging in the next-generation battery market. These startups are developing innovative battery technologies, such as solid-state batteries, which have the potential to provide higher energy density, faster charging times, and improved safety. Some of the notable startups in this space include QuantumScape Corp (NYSE:QS), Solid Power, Inc. (NASDAQ:SLDP), and FREYR Battery (NYSE:FREY).

In October 2022, the Bidden-Harris Administration awarded a $2.8 billion grant to twenty companies, some of which are battery startup companies, in order to boost the production of EVs in the country through the U.S. Department of Energy. The reason for this is that China dominated the supply market of materials used to produce batteries including lithium, graphite, and battery-grade nickel. The country aims to invest more than $9 billion to reach its goal of EVs making up half of all new vehicles sold by 2030.

Overall, the next-generation battery technology market is rapidly evolving but, with significant potential for growth and innovation. These advancements have the potential to revolutionize the way we store and use energy, leading to a more sustainable and efficient future.

Photo by Kumpan Electric on Unsplash

Let’s now take a look at 21 next generation battery technology companies.

Our Methodology

The process for selecting the top 21 next-generation battery technology companies involved a comprehensive analysis of various factors, including market share, financial performance, and innovation. We first identified a list of major players in the next-generation battery market, based on top company picks from several different financial websites. Following that, we ranked the 21 next-generation battery technology companies based on the revenue generated in 2021.

Next Generation Battery Technology Companies

21. Solid Power, Inc.

Revenue as of 2021: $2.71 million

Solid Power, Inc. is a battery start-up based in Colorado, USA.  It was founded in 2011 and has since been focusing on the production of innovative solid-state battery cells. The company is backed by Ford Motor Company and BMW and went public in December 2021.

The advantage it has over rival competition such as QuantumScape Corporation is that the company aims to license its technology to other battery manufacturers as the technology is compatible with current manufacturing technologies.

Solid Power, Inc. has received funding amounting to $381.6 million from investors, including Samsung Ventures, BMW, Ford Motor Company, and Volta Energy Technologies. It has already generated $2.71 million in revenue in 2021. For 2022, it is expected that the revenue will have exceeded the revenue guidance of $5 million, and forecasts have suggested that it could be as high as $8 million.

20. Amprius Technologies, Inc. (NYSE:AMPX)

Revenue as of 2021: $2.77 million

Amprius Technologies, Inc. is a producer of lithium-ion batteries and silicon nanowire anode technologies based in California, United States. It aims to demonstrate the large-scale manufacturing of silicon nanowire anode electrodes via direct silane gas-to-electrode manufacturing by installing a factory with the capability to use the company’s ultra-high-density battery technology. It aims to produce cells that are 50% higher in energy density while also having lower costs than graphite cells. Amprius Technologies, Inc. received $50 million from the Department of Energy as it is leveraging silane gas which is abundant in the United States.

19. Novonix Limited

Revenue as of 2021: 3.92 million

Novonix Limited is a producer of battery materials and services for the lithium-ion battery market of North America and is based in Brisbane, Australia. It saw a YoY revenue growth of 61% in 2022 and is expected to see a continued increase with a CAGR of 66.7%. Its subsidiary, NOVONIX Anode Materials LLC was formed in 2017 and has the technology to produce synthetic graphite with 60% lower carbon intensity for the EV and energy storage sectors. It is building its first mass production facility in the United States with the capacity to produce 10,000 metric tons of battery-grade synthetic graphite per year. The project also plans to build an additional plant in Chattanooga which will produce 30,000 metric tons of graphite per year and is to use raw materials primarily sourced domestically along with a domestic supply chain. Novonx Limited received $150 million from the Department of Energy in the United States to go ahead with this project.

18. Ascend Elements

Revenue as of 2021: N/A (Estimated <$5 million)

Ascend Elements is another manufacturer of battery materials and is based in Massachusetts, United States. The company uses recycled elements from spent lithium-ion batteries in an attempt to create a cleaner and more sustainable supply chain. The company plans to establish a facility named Apex with the capacity to produce sustainable and low-cost cathode materials by separating them from spent lithium-ion batteries. It aims to produce enough material for 250,000 EVs annually. It was awarded two grants with a total valuation of $316 million by the United States Department of Energy.

17. American Battery Technology Company

Revenue as of 2021: N/A (Estimated $7 million)

American Battery Technology Company (ABTC) is a company aiming to produce battery metals with low environmental impacts and low costs to meet the increasing demand for batteries in the US. Based in Nevada, United States, the company plans to build a commercial-scale facility that will produce battery cathode grade lithium hydroxide using lithium-bearing sedimentary resources that are based in Nevada. It plans to thus expand the lithium resource base in the United States and has secured more than 10,000 acres of sedimentary resources already. The company has received $57.7 million in funding from the Department of Energy to meet its aim of increasing the supply of battery materials in the United States.

16. 6k Inc.

Revenue as of 2021: N/A (Estimated $20 million)

6K Inc. is a manufacturer of next generation battery materials, particularly NMC811 and Lithium Iron Phosphate. Its plant has a capacity of 3,000 tonnes per annum which is expected to be ready for production in 2025 and expected to increase to 10,000 tonnes per annum by 2026. The company is known for its microwave plasma processing technology UniMelt. This enables the plant to produce NMC811 while exhaling 70% fewer greenhouse gases compared to traditional battery material production factories of a similar scale as it uses 10% of the water and 30% of the energy used while also generating zero waste. Due to the benefit it could provide in terms of sustainability, the company received a $50 million award from the Department of Energy.

15. Group14 Technologies

Revenue as of 2021: N/A (Estimated $27.2 million)

Group14 Technologies is a battery storage technology company that works on silicon-carbon composite materials used in lithium-ion batteries based in Washington, United States. The silicon-carbon composite replaces the graphite in lithium-ion battery anodes to reduce costs and environmental impact per unit basis. Its signature product is a micronized silicon-carbon powder known as the SCC55 which has 5 times the capacity of conventional graphite and extended first-cycle efficiency. Group14 Technologies plans to build two modules that can manufacture 2,000 tons of SCC55 per year. The company received an award of $100 million from the US Department of Energy in order to fund these modules.

14. Cirba Solutions

Revenue as of 2021: N/A (Estimated $27.8 million)

Cirba Solutions is a battery recycling and solutions company based in North Carolina, United States. The company has 7,000 partners and is one of the oldest battery recycling firms worldwide. The firm was granted $75 million in 2022 by the Department of Energy in the United States to recycle lithium-ion batteries in its Lancaster facility which will have enough battery-grade minerals to supply more than 200,000 EVs per annum.

13. Membrane Holdings LLC – ENTEK

Revenue as of 2021: N/A (Estimated $30 million)

ENTEK is a manufacturer and provider of battery separator lines, extruders, and engineering services based in Oregon, United States. It also produces hand-held electronics, extrusion systems, and membranes used in clothing. It is the country’s only manufacturer of wet-process separators that are in higher demand for EVs. It is planning on creating a new battery separator facility that will provide high-capacity battery separator lines that eliminate the use of methylene chloride and trichloroethylene while also incorporating recycling systems for waste streams. The firm was granted $200 million by the Department of Energy to help establish its new plant.

12. Koura Global

Revenue as of 2021: N/A (Estimated $49 million)

Koura Global is a manufacturer and supplier of fluoro products based in Boston, United States. It is a part of Orbia Advance Corporation, S.A.B. de C.V. in its fluorinated solutions business group. The company is planning to build the United States’ first lithium hexafluorophosphate (LiPF6) manufacturing plant in Louisiana. As LiPF6 does not have any large-scale products in the United States and degrades over time thus making it an expensive import. The company plans on building a plant to produce up to 10,000MT of LiPF6 per annum which is enough to support over a million EVs per year. It aims to incorporate vertical integration and recycling into the process to become competitive with foreign imports and has been granted $100 million by the United States Department of Energy to help with this goal.

11. FREYR Battery

Revenue as of 2021: N/A (Estimated $61.2 Million)

FREYR Battery is a battery manufacturer based in Norway. It was founded in 2018 and specializes in the development and production of high-performance, low-cost, and sustainable lithium-ion batteries for electric vehicles and energy storage systems. The company is building a vertically integrated supply chain, with plans to establish its own battery cell production facility and recycling capabilities in Norway.

FREYR Battery aims to provide a competitive alternative to existing battery manufacturers in Asia and North America, offering a reliable and locally produced source of batteries for European markets. The company has already secured several high-profile partnerships with automotive and energy companies, including Alussa Energy Acquisition Corp. and the Volkswagen Group.

While it is not generating revenue yet and generating operating losses due to its expenditure on research, it aims to begin production by 2023 on its battery agreements with Honeywell. Furthermore, as of June 2022, it had $488 million in cash, which will cover its spending for the next few years. It is considered to be a consensus strong buy, according to Wall Street analysts, and FREYR Battery’s average price target could lead to an upside potential greater than 108% for investors.

FREYR Battery, if successful, could establish partnerships with major players like Tesla, Inc. (NASDAQ:TSLA), General Motors Company (NYSE:GM), and Ford Motor Company (NYSE:F).

10. ICL-IP America Inc.

Revenue as of 2021: N/A (Estimated $77 million)

ICL-IP America Inc. is a producer of industrial chemical products based in Missouri, United States. The company plans to build a plant that will use a domestic supply chain to produce high-quality lithium iron phosphate (LFP) cathode powder for lithium batteries. The plant is aimed to have two production lines with the capacity to produce 15,000 tonnes of LFP powder per annum. The project is expected to be 60 months long and ICL-IP America Inc. was granted $197.3 million from the United States Department of Energy to help with the funding.

9. Sila Nanotechnologies

Revenue as of 2021: $103 million

Sila Nanotechnologies is an engineered materials company that focuses on optimizing production efficiency and energy storage performance. Its signature product is its silicon anode material and is building a factory in Washington with a projected capacity of 20 gigawatt-hours production rate by the time it is completed in 2026. This will be enough to provide for 200,000 EVs per year, making it the largest silicon anode production facility in the world. It has already signed agreements with Mercedes-Benz Group AG to be its first commercial customer. Sila Nanotechnologies received $100 million from the United States Department of Energy for the construction of this facility.

8. Microvast Holdings, Inc (NASDAQ:MVST)

Revenue as of 2021: $151.98 million

Microvast Holdings, Inc. is another manufacturer of EV battery systems and storage systems that is based in Texas, United States. Incorporated in 2006, the company works with a variety of batteries including lithium iron phosphate, lithium titanate oxide, and versions 1 and 2 of nickel manganese cobalt. It also provides battery solutions for commercial and heavy-duty vehicles.

The company was recently awarded a $200 million grant by the U.S. Department of Energy to build a separator manufacturing facility. Thus, the company working with General Motors to produce separator technology to improve EV charging and battery life. As of the third quarter of 2022, Microvast Holdings, Inc.’s order backlog increased to $140.6 million, a 167% increase on a year-over-year basis to $140.6 million. In the third quarter of 2022, it also received $110 million in project financing that will help it meet this backlog. The company saw a growth in revenue of 90% in the same quarter as well.

7. Contemporary Amperex Technology Co., Limited

Revenue as of 2021: 18.95 billion

Contemporary Amperex Technology Co., Limited is a battery manufacturing company based in Ningde, China. It was founded in 2011 and is now one of the world’s top 3 largest battery manufacturing companies. Being a Tier 1 battery producer, it is a supplier to the largest number of original equipment manufacturers, including Tesla, BMW, Honda, Volkswagen, Hyundai, and Daimler. It specializes in the production of lithium-ion batteries and is expected to grow parallel to the growth of the EV market. As of the first half of 2022, the company had a global power battery market share of 34.8%, the highest in the world.

According to the company, its net profit for the quarter ending in September 2022 was almost triple that of the year earlier. It is also ranked in Forbes’ top 100 in terms of market value and top 500 in profits globally. Contemporary Amperex Technology Co. Ltd has shown consistent quarterly growth over the past year, growing from $7.1 billion in the first quarter of 2022 to $14.17 billion in the third quarter of 2022 while having TTM EBITDA margins of around 12.5%. The company saw its earnings grow by 158.3% over the past year, and this growth is expected to continue with a CAGR of 24.56% per year.

Contemporary Amperex Technology Co. Ltd, like Tesla, Inc. (NASDAQ:TSLA), General Motors Company (NYSE:GM), and Ford Motor Company (NYSE:F) is expected to leverage the growth of the EV market in the coming years.

6. LG Energy Solution, Ltd.

Revenue as of 2021: $32.91 billion

LG Energy Solution, Ltd. is a chemical company based in Seoul, South Korea. was founded in 1947 and currently has 29 business locations in 15 countries. The company is one of the world’s largest producers of lithium-ion batteries, with a focus on providing advanced battery solutions for electric vehicles, energy storage systems, and mobile devices. The company also produces other chemical products, such as petrochemicals, electronic materials, and pharmaceuticals. As of the first half of 2022, the company had a global power battery market share of 14.4%, the second highest in the world.

LG Energy Solution, Ltd. has a market capitalization of over $60 billion as of February 2023. In 2021, the company reported a total revenue of approximately $29.3 billion, an increase of 23.6% from the previous year. Its net income was approximately $2.3 billion in 2021, a significant improvement from a net loss of $292 million in 2020. The company’s operating margin also improved to 11.4% in 2021 from 8.4% in the previous year, reflecting strong operational efficiency. LG Chem Ltd.’s financial stability is further demonstrated by its healthy liquidity position, with a ratio of 1.73 as of September 2021.

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Disclosure: None.  21 Next Generation Battery Technology Companies is originally published on Insider Monkey.