As the demand for grid-scale energy storage accelerates across the globe, the battery energy storage system (BESS) market has largely been dominated by lithium-ion chemistries. Lithium iron phosphate (LFP) in particular captured market share from other lithium-ion variants such as nickel manganese cobalt (NMC) by providing several key incremental advantages. LFP offered higher cycle life and a higher thermal runaway onset temperature, along with lower auxiliary power requirements. These advantages were major factors that enabled it to overcome disadvantages in energy density, since LFP had nearly half the energy density of NMC at its advent.
