Since their commercialization in the 1990s, rechargeable Li-ion batteries have dominated the market of the rechargeable battery industry powering everything from portable electronic devices to electric cars. Researches across the globe are looking at the dwindling supply of Lithium and feverishly looking for a solution to keep the world connected, safe, and environmentally friendly. Magnesium rechargeable batteries solve the plethora of issues present in Li-ion batteries; Notably, cost, availability, safety, storage capacity, functionality, environmental impact.
Due to the dwindling supply of Lithium, cost becomes an issue. This restraint not only affects the everyday rechargeable batteries we utilize but affects large scale rechargeable power projects. Using Magnesium (Mg) as the main element of rechargeable batteries is a much more cost-effective solution. Not only our everyday-use electronics will benefit, but a cost-effective solution will open the door to more innovations in rechargeable batteries. These innovations range from storage capacity through functionality.
Magnesium rechargeable batteries lower cost will open up larger markets, allowing rechargeable batteries to compete in large scale power projects to store power for homes, even rechargeable power sources for grid power and nuclear power plants. Li-ion batteries’ cost has inhibited this development until recently as Mg is becoming a significant power contender.
Magnesium rechargeable batteries boast a higher energy density, taking half as much volume to store energy when compared to Li-ion rechargeable batteries. Mg will pave the way for longer battery life and larger scale rechargeable power projects; for instance, grid-based energy storage projects.
Mg’s stability solves many safety issues found in Lithium-ion rechargeable batteries. For instance, Mg rechargeable batteries are not prone to breaks in its internal structure, which causes Li-ion batteries to explode or catch fire.
Utilizing Mg in the transportation Industry has a healthy impact on the environment. Electric cars power source can hold more energy in a smaller rechargeable battery, which reduces weight. Weight reduction lowers emissions. In addition to the energy benefits, Mg will be used in many automotive parts that further reduces weight and positively affecting emissions.
While Mg is much more abundant than Lithium, China controls the Lion’s share of available Mg. This could hinder U.S. advancements in this technology due to a higher-price from export taxes, and supplier’s willingness to export. REE-Magnesium Inc. is operating the largest Mg mine on the northern continent, which will provide Mg in abundance to various U.S. markets. In partnership with CVMR, REE-Magnesium Inc. will supply Mg to fuel the future of this innovative element.