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Thursday, May 2, 2024

Battery costs have fallen by more than 90% in recent years

 "Battery storage in the power sector was the fastest growing energy technology in 2023 that was commercially available, with deployment more than doubling year-on-year. Despite the continuing use of lithium-ion batteries in billions of personal devices in the world, the energy sector now accounts for over 90% of annual lithium-ion battery demand."

In 2023, there were nearly 45 million EVs on the road – including cars, buses, and trucks – and over 85 GW of battery storage in use in the power sector globally. 

Source: IEA, 2024