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<title> I. Introduction
With Buffett's stake in BYD, Wang Chuanfu has become the latest in China's richest. The concept of new energy battery not only set off a round in the capital market turmoil, but also ordinary people can be implanted in the hearts of the root.
However, as the risk of development of the industry's most sensitive investment institutions, in the new energy battery industry's investment has become very conservative and sluggish so far in the new domestic investment in the field of energy the battery case and the amount of investment is extremely limited. In order to help new investors in the energy field to better grasp the entire battery industry in the development of new energy, and tap the potential investment opportunities, clear the group of special launched the "New Energy Battery Industry Chain and Analysis of Investment Opportunities" report.
Second, lithium iron phosphate battery principles and characteristics of
1, lithium iron phosphate battery structure and working principle of
Batteries generally include: anode, cathode, electrolyte, separator, cathode lead, negative lead, the center terminal, insulation materials, safety valves, seals, PTC (positive temperature control terminal), the battery shell and so on. One cathode material, anode material, electrolyte, as well as the different membrane processes, or different pairs of cell performance and price have a decisive impact.
Commonly referred to as lithium batteries, based on a variety of materials containing lithium battery cathode material, currently on the market lithium-ion battery cathode material of lithium cobalt oxide is mainly (LiCoO2), lithium manganese oxide (LiMn2O4), plus a small number of uses Lithium Nickel (LiNiO2), and binary / ternary polymer as cathode material for lithium-ion batteries. Lithium iron phosphate batteries is lithium iron phosphate (LiFePO4, referred to as LFP) battery cathode material for lithium-ion battery, its internal structure as shown in Figure 1: the left is the structure of olivine LiFePO4 as a battery anode from the cathode foil and the connection, the middle is the polymer membrane, which separates the positive and negative, but the lithium-ion Li + through the electronic e-can not be on the right is a carbon (graphite) to form a battery anode from the copper foil and the negative terminal of the battery connection . Battery between the upper and lower end of the battery electrolyte, the battery from the metal shell, aluminum-plastic composite film or plastic case sealed package.
LiFePO4 battery works are: battery charging, the cathode material of lithium ion de-out, through the electrolyte through the diaphragm into the cathode material; battery discharge when the anode in lithium-ion and from off out through the electrolyte, Back to the cathode through the membrane material. (Note: The lithium-ion battery is a lithium ion charging and discharging due to return migration, when named, so the lithium-ion battery also known as "rocking chair battery")
2, lithium iron phosphate battery performance and characteristics of
2.1 The advantages of lithium iron phosphate battery
1, long service life: long-life lead-acid battery cycle life of about 300 times the maximum also 500 times, while the lithium iron phosphate power battery at room temperature, 1C charge and discharge cycle 2000 times, capacity retention rate of 80% or more; are lead acid batteries five times, four times the nickel-metal hydride batteries are lithium cobalt oxide batteries four times the lithium manganese battery 4-5 times.
Second, high security: a combination of phosphate bond strength than the traditional structure of transition metal oxide chemical bond strong, so the structure is more stable, and easy to release oxygen. Lithium iron phosphate batteries in high temperature stability up to 400 or more to ensure that the internal battery of high security; will not overcharge, overheating, short circuit, the impact on explosion or combustion.
Third, environmental protection and does not require rare metals: lithium iron phosphate battery does not contain any (other than lithium), or heavy metals, rare metals, non-toxic (SGS certification), non-polluting, in line with European RoHS requirements for environmental protection battery.
4, charge speed, low self-discharge, no memory effect: Lithium iron phosphate battery fast charge and discharge high current 2C, under the dedicated charger, 2C charging the TOSHIBA PA3384U-1BAS Laptop Battery within 30 minutes can be filled with 95% of the starting current of up to 2C , but now there is no such performance of lead-acid batteries.
5, small size, light weight: product design can be lightweight, volume-capacity lead-acid battery is the same as 2 / 3, but also small compared with nickel-metal hydride battery; the weight of lead-acid battery is the same size 1 / 3, Ni-MH battery 2 / 3;
6, the battery voltage is high monomer discharge platform stabilization: In order to 3.2V, low series, battery packs and high reliability; battery pack, high reliability, can be used for high current charging and discharging of high-power high-rate discharge characteristics: 10C charge-discharge efficiency of 96 %, and capacity retention rate of over 90% can be realized 10C discharge;
To sum up, compared to conventional iron phosphate lithium battery cells and other lithium batteries, has its own distinct advantages, Table 1 and Table 2, its performance and traditional batteries and lithium batteries to compare
Can be seen in comparison with conventional batteries, lithium iron phosphate batteries only in a certain price at a disadvantage, other indicators of significant edge. However, if we consider the battery life, lithium iron phosphate battery price is the lowest.
Lithium iron phosphate addition to Tap Density, g capacity of slightly less than two indicators, other indicators account for a great advantage, especially in the cycle performance, environmental protection, security, performance, cost of raw materials and applications to use areas.
2.2 The disadvantage of lithium iron phosphate battery
1, poor conductivity, lithium-ion diffusion is slow. High-rate charge and discharge, the actual specific capacity is low, this problem is restricting the development of lithium iron phosphate industry, a difficult point. Lithium iron phosphate is so late, there is no reason for a wide range of applications, which is a major problem.
2, tap and lower density. General can only achieve 0.8-1.3, low tap density lithium iron phosphate can be said that a significant drawback, and this determines its small battery, such as cell phone batteries, there is no advantage, so the scope of its subject to a certain extent. Even if it's low cost, good safety performance, good stability, high cycles, but if the volume is too large to replace only a small amount of lithium cobalt oxide. However, this shortcoming will not be prominent in power batteries. Therefore, lithium iron phosphate is mainly used to produce power battery.
3, consistency problem is serious. Single lithium iron phosphate battery life is currently more than 2,000 times, but the consistency of the battery produced poor, thereby affecting the use of battery performance and overall life expectancy, so the car used in power there are some obstacles.
4, low-temperature performance of lithium iron phosphate batteries bad. Lithium iron phosphate material's inherent characteristics, to determine their inferior low temperature performance of lithium manganese oxide cathode materials, and other. Under normal circumstances, for the batteries alone, its capacity at 0 ? to maintain rate of about 60 ~ 70%, -10 ? when 40 ~ 55%, -20 ? ~ 40% when 20. This obviously can not meet the low-temperature performance of dynamic power use requirements.
5, manufacturing costs are high. Lithium iron phosphate has safety, environmental protection, cycles of higher benefits is not in doubt, but the current production costs are relatively lead-acid batteries, lithium manganese batteries is higher, mainly due to: 1) material physical properties, and other lithium battery materials difference between the larger, its size is small, tap density, large specific surface area of materials processing performance is not good, coating low, resulting in battery costs; 2), lithium iron phosphate battery is only 3.2V, low power than other lithium about 20%, single cell to multi-purpose 20%, resulting in the composition of the increase in the battery more.
As technology advances, lithium iron phosphate material of these shortcomings are gradually being resolved, its price has also gradually improved, gradually expand the scope of application, we believe, lithium iron phosphate battery technology has entered a rapid stage of development, is driving the whole industry, the cultivation of import from the market has entered a period of rapid growth stage.
Third, lithium iron phosphate SONY VGP-BPS5 Laptop Battery industry chain analysis
3.1 The lithium iron phosphate battery industry chain structure
3.2 The lithium iron phosphate material
Raw materials, lithium iron phosphate industry is a resource-based industries, the basic lithium resources around the world have large share of the company enclosure, we believe that lithium resources in the venture capital industry has lost the value of strategic entry. Phosphorus compounds belonging to the traditional chemical consumables, already has a very mature vendor. In contrast, high-quality source of iron compounds, not an absolute advantage in the domestic suspense of suppliers, there are some investment opportunities, investors can focus Shenzhen Shuo Tian Technology, Hefei, Yaron and other leading companies in this field.
3.3 The lithium iron phosphate cathode materials for domestic manufacturers of
At present lithium iron phosphate material internationally well-known manufacturers mainly the United States A123, the Phostech Canada and the United States Valence. These companies have developed a very mature production technology, with the largest production capacity of 5,000 tons / years. Chinese enterprises have been launched since 2001 on the lithium iron phosphate material development, after six years, the university first final in 2007, broke through the lithium iron phosphate technology from the laboratory to pilot production technology a series of technical and engineering issues, and in improving the allied processes, making lithium iron phosphate battery safety has been a greater degree of improvement and ensure that laid the lithium iron phosphate product serialization and scale industrial basis. Overall, domestic R & D of lithium iron phosphate level and the degree of industrialization and international basic synchronization. In the capacity of the material suppliers in China with foreign makers about the price is lower than abroad, but slightly inferior material processing performance and stability. At this stage there are about more than 50 manufacturers of battery materials, in which the only real access to the industrialized mass production in Tianjin Stellan, Peking University first, Suzhou Heng are awaiting dozen. Although the supply capacity of the enterprise truly one of the few, but showed that the Chinese enterprises to seize opportunities for development of the lithium battery, so that China Li-ion battery industry in the power of walking in the world. Table 4 lists in detail the top 10 domestic enterprises and their development of LFP materials:
4, sum up
Lithium iron phosphate battery market is a huge market, pure cathode material, can reach tens of billions of global scale, the size of batteries downstream industries, the scale can be more than 500 billion. Meanwhile, China in this industry, whether in technology, equipment, raw materials and markets there is a certain accumulation, with a strong foundation for the development of this industry. Point in time, we believe that the next 2-3 years, lithium iron phosphate batteries will likely have a significant technological breakthrough to boost the market breakthrough. From the venture capital perspective, in the lithium iron phosphate Dell INSPIRON 9400 Laptop Battery industry chain, we believe that cathode material, diaphragm, electrolyte some of the unique advantages of enterprises will be cause for concern.
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