Honeywell signed a contract with the U.S. Department of Energy for a $27.3 million grant to produce a critical component of lithium-ion batteries used in hybrid and electric vehicles.
The grant is intended to help Honeywell become the first domestic supplier of high-purity lithium hexafluorophosphate (LiPF6), a conductive salt that is one of four critical components in rechargeable lithium-ion batteries. Lithium-ion batteries are becoming more popular for use in a variety of applications because they are lighter and smaller than other batteries, hold their charge well, and can handle the numerous charge and discharge cycles required by modern electronics and vehicles.
The grant was awarded as part of the American Recovery and Reinvestment Act of 2009 and is designed to accelerate the market introduction and penetration of advanced electric drive vehicles, reducing fuel consumption and vehicle emissions of greenhouse gases.
According to independent market research published by Avicenne, a leading market research firm, demand for lithium-ion batteries is expected to grow more than 40 percent, from $7.2 billion in 2010 to $10.1 billion in 2015, driven by demand for plug-in hybrid and all-electric vehicles.
For more information, read the press release or watch a video about how Honeywell is enabling better batteries for cars.
