Increase In Recreational Vehicle Popularity Becoming a Big Boon for Lithium Battery Market

PALM BEACH, Fla., April 20, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary – Lithium-Ion Batteries for recreational vehicles need to be exceptionally durable, reliable and powerful. Recreational vehicles (RVs) battery is an energy storage device that provides electric input energy to power the vehicle electric components. Recreational Vehicles (RVs) Batteries are an integral part of the recreational vehicle that supports the various electric vehicle internal as well as external component. Growing electrification and increasing recreational activities across the globe are the key factors are expected to influence the demand for Recreational Vehicles (RVs) Batteries in the near future. Lithium-based recreational vehicles (RVs) batteries have high density and improved capacity as compare to lead acid and other type of batteries. Lithium based batteries are anticipated to gain traction during the forecast period. In addition the demand of recreational vehicles (RVs) batteries are directly influenced by the changing momentum of the recreational vehicle industry. A report from Allied Market Research projected that the global recreational vehicles batteries market was valued at $0.43 billion in 2020, and is projected to reach $0.69 billion by 2030, registering a CAGR of 5.1%.  The report said: "Factors such as changing outlook of the leisure & recreational activities and rise in electrification activities, are expected to drive the growth of the recreational vehicles (RVs) batteries market. However, unstable supply of raw material restraints the market growth. On the contrary, strong distributors and dealers network entering into agreements and contracts with recreational vehicle manufacturers are projected to offer lucrative growth opportunities for the market players."  Active companies in the markets today include:  Expion360 Inc. (NASDAQ: XPON), QuantumScape Corporation (NYSE: QS), Microvast Holdings, Inc. (NASDAQ: MVST), FREYR Battery (NYSE: FREY), ESS Tech, Inc. (NYSE: GWH).

Allied Market Research continued: "Leisure and recreational activities have been gaining traction in recent years across the globe as every individual is focusing toward the positive lifestyle for stress management. Weather situations, geopolitics situations and change in consumer spending outlook are the key factors that support recreational activities across the globe. Moreover, citizens across the globe have focused toward living healthier lifestyles, driving growth for active and outdoor recreation sector. According to the Bureau of Economic Analysis, U.S. published data, the U.S. has witnessed outdoor recreation economy that accounted for 2.1% ($459.8 billion) of gross domestic product (GDP) for the nation in 2019. The recreational activities are gaining momentum and it is expected to gain traction in the upcoming years. Recreational vehicles are widely used for recreational purposes across the globe. The changing public lifestyle and growing health concern is anticipated to support the growth of recreation activities in the recent years. The increase in recreational activities is expected to in turn support the growth of recreational vehicles, which in turn is projected to support the growth of recreational vehicle battery in the near future."

Expion360 Inc. (NASDAQ: XPON) BREAKING NEWS: Expion360 Reaches New Heights, Achieving UL1973 Compliance for Recreational Batteries - Expion360, Inc., an industry leader for lithium batteries and accessories for recreational vehicles, outdoor, marine, residential, and industrial, announced today it has completed UL 1973 compliance on its 60-120Ah batteries.

Because of the growing demand for lithium batteries, they were added to the 2020 edition of the RV Industry's adopted, American Standards Institute (ANSI) Low-Voltage Standard.  To be included in RV products, lithium batteries must be listed by a third-party listing agency recognized by the RV Industry Association.  The listing agency gives their independent stamp of approval which addresses thermal run-away, having a management or protection system to provide safety in situations of high/low voltages and temperatures, limiting high current output, and cell balancing.

"The cornerstone to all our battery designs is safety.  Meeting the UL 1973 compliance was imperative in our continual success and a milestone for Expion360," stated John Yozamp, CEO.  CONTINUED…  Read the Expion360 (XPON) full press release by going to:  https://investors.expion360.com/news

In other news and developments of note in the markets this week: 

QuantumScape Corporation (NYSE: QS), a leader in developing next-generation solid-state lithium-metal batteries for use in electric vehicles, recently announced its expansion into the Asia-Pacific region with an office in Kyoto, Japan. The new property will feature a state-of-the-art laboratory for battery research and development.

QuantumScape is developing solid-state lithium-metal battery technology that is designed to deliver a combination of high energy density, or driving range, coupled with fast charging capabilities that are difficult to achieve with conventional lithium-ion battery chemistries. The company has a close partnership with Volkswagen Group and has established agreements with two other major global automakers.

Microvast Holdings, Inc. (NASDAQ: MVST), a leading global provider of next-generation battery technologies for commercial vehicles, recently announced the introduction of two new lithium ion battery cells to its product portfolio, as well as upgraded Gen 4 battery packs.

The new 48Ah and 53.5Ah NMC Li-ion battery cells were specifically designed to meet diverse technical requirements for powering commercial and specialty vehicles, where optimal battery design is challenging due to inherent tradeoffs between power and energy inputs. Both new pouch cells are available in the same dimensions and can be integrated into Microvast's new Gen 4 battery packs. This flexibility offers customers the ability to choose between standardized cells designed for either high-power or high-energy requirements without changing the powertrain design, thereby offering customers a one-stop solution for a wide range of applications.

FREYR Battery (NYSE: FREY), a developer of clean, next-generation battery cell production, recently announced that the Research Council of Norway, Innovation Norway, and Siva have granted $11 million (NOK 100 million) through the Norwegian Green Platform initiative (the "Green Platform") to a consortium of companies, including FREYR. The initiative is intended to provide a platform to establish sustainable battery production.

The consortium of companies will, together with SINTEF and the Institute for Energy Technology, initiate the project "Sustainable Materials for the Battery Value Chain." The companies will work together to reduce their respective environmental footprints along the entire value chain, from the production of active battery materials to cell production, modeling of battery downgrading, safety and recycling.  The Green Platform provides companies and research institutes with support for research- and innovation-driven energy transformation. The project has been thoroughly evaluated, both by national and international experts.

ESS Tech, Inc. (NYSE: GWH), a U.S. manufacturer of long-duration batteries for utility-scale and commercial energy storage applications, recently announced the expansion of its operations into Europe to meet strong demand in the region for the company's long-duration energy storage (LDES) solutions.

ESS is scheduled to begin European deployment of its long-duration batteries during the second half of 2022. The European region is expected to require up to 20 TWh of long-duration energy storage if it is to meet UN climate change goals of Grid Net-Zero by 2040¹. With the transition to renewables set to accelerate following the Russian invasion of Ukraine, the use of LDES will also reduce the dependency of European countries on gas-powered generation of electricity.

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