Asia is currently the center of battery manufacturing for electric vehicles and all major manufacturers are based on the continent. According to Loup FundsGene Munster, America could catch up.
Focus USA: Munster expects electric car battery manufacturing to accelerate over the next decade, the venture capitalist said on Twitter on Tuesday. One of the reasons US production is increasing is that currently about 99% of EV batteries come from Asia.
The Inflation Reduction Act provides a tax credit of $35 per kilowatt hour for battery cell manufacturers and $10 per kilowatt hour for battery module manufacturers, he said.”It is likely that battery manufacturing in the US will be a very profitable business for decades to come,” Munster said.
Also read: BYD, backed by Warren Buffett, makes EV battery manufacturing an all-Chinese affair, advances LG Energy
Here is a roundup of domestic battery manufacturers who can take advantage of this opportunity:
Albemarle Corporation (NYSE:ALB). The North Carolina-based company is the world’s largest supplier of lithium, which is used in battery manufacturing.
Quantumscape Corporation (NYSE:QS): This company develops solid-state batteries, which have a higher energy density and can be charged faster than lithium-ion batteries.
Romeo Power, Inc. (NYSE: RMO): Romeo Power, which has been agreed to be acquired by truck maker Nikola Corporation (NASDAQ: NKLA), focuses on the design and manufacture of lithium-ion battery modules and packs for commercial vehicle applications.
Microvast Holdings, Inc. (NASDAQ: MVST): Texas-based Microvast manufactures battery systems for electric vehicles and energy storage systems. The company offers a range of cell chemistries such as lithium titanate oxide, lithium iron phosphate and nickel manganese cobalt. It also manufactures battery parts.
fryer battery (NYSE: FREY): This Norwegian company is working on the production of environmentally friendly battery cells and plans to set up large-scale battery cell production in Vaasa, Finland and the United States.
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