Cobalt Information
What is Cobalt?
Price is up 145% in a Year
Demand is Exploding
Lithium batteries are used in electronic devices, electric vehicles and energy storage. With today’s technology, 75% of lithium batteries use cobalt. Although lithium has grabbed the headlines, cobalt is actually the tougher challenge for battery suppliers. The latest technology is also shifting in favor of using cobalt. If Nickel-Cobalt-Manganese and Nickel-Cobalt-Aluminium chemistries are set to dominate for all-electric vehicles (EVs), then cobalt will become even more critical than before. The big driver of demand for lithium batteries is, unsurprisingly, electrical vehicles. CRU Group expects global electric car and plug-in hybrid vehicle sales to top 17 million in 2030. That compares with sales of 778,000 EVs in 2016. The World Energy Council expects that every sixth car sold in 2020 will be electric. Volkswagen (VLKAY) believes that EVs will make up 25% of vehicles sold from its own line in 2025. Norway already has announced a ban on the sale of fossil fuel-powered cars by the same year.