Many industry observers — including myself — believe that we are currently in the middle of an electric vehicle (EV) revolution, possibly the biggest revolution in motoring since Henry Ford’s first assembly production line back in 1913.
As we already know, choosing an EV can help reduce our carbon footprint: studies have found that while, on average, petrol cars emit around 128g of tailpipe carbon dioxide (CO2) emissions per kilometre, with diesel vehicles close behind at 127g/km, pure EVs emit almost zero CO2 emissions.
Even though the upfront cost of an EV can often be higher than a petrol or diesel car, this is soon offset by lower running costs over the lifetime of the vehicle. When we factor in the cost of fuel and servicing — of which EVs need much less — many types of EVs are already cheaper than the petrol or diesel alternatives. EVs also come with additional economic incentives, as they often enjoy the lowest vehicle tax rates, while several cities around the world offer free parking for EVs.
Just as the internet in the 1990s, the EV market today is growing exponentially: as things stand now, we could be passing the tipping point where EV sales will very soon overwhelm conventional petrol and diesel cars. Last year, global EV sales raced forward, rising by 43% to a total of 3.2 million, despite overall car sales slumping by almost a fifth during the COVID-19 pandemic.
The surge in EV sales comes at a phase in which we are witnessing massive improvements in the motors that drive EVs, the computers that control them, charging systems and car design. But I would say that the most significant change in EV performance is largely thanks to the improvements in the non-beating heart of the vehicles: the EV batteries themselves.
One of the most impressive changes is taking place in price: only a decade ago, it cost over $1,000 per kilowatt hour of battery power, while now the cost is nudging a tenth of that. This is probably the most significant milestone for EVs: when they start to become cheaper to buy than conventional internal combustion cars.
At the same time, developments in EV batteries’ energy density (the amount of power you can pack into each battery) continue to run, making EV batteries last longer and providing considerable advantages to vehicle range and charging capacity.
StoreDot, a pioneer of 5-minute extreme fast charging (XFC) EV battery technology, last month announced a new framework agreement with its strategic battery manufacturing partner EVE Energy to support the commercialisation of its silicon-dominant anode XFC FlashBattery for EVs. The first samples will be available from this year, with plans for mass production via conventional lithium-ion battery manufacturing lines by 2024.
My venture capital fund Singulariteam invested in StoreDot back in 2017, and it is truly inspiring to see the company’s immense innovation and progress, as well as its ambitions for the EV sector as a whole.
With prices continuing to tumble, and EV batteries’ power improving drastically, conventional car users are running out of excuses. If you have been thinking about switching to electric, it’s time to think no more!