Lithium Iron Phosphate Batteries Drive Market Boom ...Middle East

The energy storage sector is booming. As lithium iron phosphate (LFP) batteries increase in performance and drop in price, large-scale energy storage projects are taking off en masse. In fact, the growth of the energy storage sector now outpaces the growth rate of electric vehicle sales. For now, electric vehicles still dominate overall battery demand, but energy storage is growing so rapidly that the sector is expected to make up about a fifth of the market in the next five years, according to a forecast by Rho Motion, an energy transition consultancy.…

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