The single most important challenge facing humanity today is climate change. Life as we know it will forever change if the transition to renewable energy does not occur soon. This transformation from fossil fuels to renewables must take many different forms across different sectors of the economy. In the transportation sector, policymakers and activists have focused on electrifying vehicles.
While much progress has been made, there are two fundamental issues impeding this transition. First, the cost of electric vehicles remains too high for mainstream adoption. While governments have tried to incentivize consumers to purchase electric vehicles (EVs) through tax credits, switching from gas-powered cars to EVs continues to be a major financial challenge for many.
Second, the performance capabilities of electric vehicles are still a significant challenge. While much innovation has occurred, safety, range, and charging time are concerns that many drivers have about switching to EVs. How will all of these challenges be overcome?
Solid-state batteries could hold the answer. A breakthrough in solid-state batteries, which is close to occurring, would revolutionize the EV industry forever, allowing EVs to drive farther on a single charge, charge faster, and cost less.
Ilika plc (LON:IKA) is a pioneer in solid state battery technology enabling solutions for applications in Industrial IoT, MedTech, Electric Vehicles and Consumer Electronics.
