Part 5/8:
The battery industry is reportedly making significant strides in safety practices and standards. Many modern utility-scale batteries now utilize lithium iron phosphate (LFP) technology, which is safer and less prone to fires compared to the nickel manganese cobalt (NMC) technology used by LG Chem's batteries. Approximately 80% of utility-scale batteries now employ LFP technology, leading to the phasing out of older, less secure options.
Experts in the field highlight the difference in thermal stability between NMC and LFP batteries, emphasizing that the latter can handle higher temperatures without risk of ignition. As the industry progresses, numerous businesses are re-evaluating their battery sourcing solutions to prioritize safety.