Fans and detractors of NMC agree it started with a major cost advantage. That’s because it rode the tremendous growth of the electric vehicle industry.
Home energy storage is still a new and relatively expensive product category. Americans installed around 7,000 home batteries per quarter last year, according to energy research firm Wood Mackenzie. That same year, Americans bought nearly 300,000 electric cars, according to Platts.
In the early days, using LFP would have meant roughly doubling the cost of batteries and taking up extra space for a home installation, said Aric Saunders, EVP for sales and marketing at home battery startup ElectrIQ. ElectrIQ designed its first two product generations around NMC batteries.
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