Compared to the technological advancements in other fields, the progress in the battery industry has only been moderate. Right now, battery and storage technologies are crucial for delivering significant advances in a wide range of industries, from renewable power to EVs. The rise of the global electric-vehicle market would not be possible without the advancement of battery technology; thereby driving the growth of battery tech companies worldwide.
According to a report, battery applications are expected to become a $90B+ (approx €77B) market by 2025. The need for better battery technology has catapulted many players, leading to an enormous boom in investments, as companies try to build key positions in the market.