Good morning,
TDK Corporation’s new solid-state battery, with an energy density that’s 100 times greater than what now powers everything from hearing aids to smartwatches, is further proof that battery makers are on the front lines of innovation. Breakthroughs in one category often spur new developments in another, and the Japanese Apple supplier’s new all-ceramic product could spur innovation in other areas.
Batteries are the workhorse of the energy transformation. The speed of innovation reflects how much energy they can store, how quickly they charge, how much they cost to produce, their environmental impact, and how easily we can access the raw materials to make them. Where they are located also matters, of course, as the world’s biggest battery manufacturers, BYD and CATL, happen to be based in China. Both are expected to ship lithium-iron-phosphate (LFP) battery cells that charge from zero to 100% in 10 minutes this year, with CATL’s Shenxing Plus boasting it will give electric vehicles a range of more than 620 miles on a single charge.
In addition to being on the front lines of innovation, Chinese battery makers are also on the front lines of politics. Republicans in Congress have urged Biden to ban CATL imports, for example, arguing that it uses forced labor—a charge CATL denies. (CATL is working with automakers like Tesla and Ford.)
There are a number of other names worth putting on the radar. I recently spoke with Rick Luebbe, CEO and co-founder of Group14 Technologies, a global manufacturer and supplier of advanced silicon battery materials that is working with leading EV makers and consumer electronic cell manufacturers worldwide. “What’s really transformational is the ability to charge really fast,” he notes. “Think about what it does to enhance aviation, heavy trucking, industrial applications, medical devices, consumer electronics and every place we currently use energy storage.”
Luebbe compares the current anxiety about batteries to the anxiety the U.S. Faced in the 1970s when it was reliant on foreign oil and prices set by OPEC. Now, the U.S. Produces more energy than it consumes, making it a net exporter. That’s the goal of government and private-sector attempts to achieve energy independence. Companies like Group14 have cracked the code on silicon batteries, and there will be more to come. Stay tuned and, as always, I would love to hear your thoughts.
Diane Brady
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TOP NEWS
Nvidia on top
Nvidia is now the world’s most valuable public company, after its shares closed at a record high on Tuesday. The chipmaker is now worth $3.34 trillion, overtaking Microsoft’s market cap of $3.32 trillion. Nvidia’s GPUs are key to running the complex AI models underneath services like OpenAI’s ChatGPT. Bloomberg
A TikTok complaint
The Federal Trade Commission is referring a complaint against TikTok to the Justice Department, saying it has “reason to believe” the ByteDance-owned social media platform is about to violate the law. The agency is concerned about potential violations to child privacy. TikTok, which is currently fighting legislation that could lead to a U.S. Ban, said it was “disappointed” by the agency’s move. Reuters
Bullish on Vietnam
Vietnam reported disappointing GDP growth for the first quarter of the year, due to a slowing global economy and an anti-corruption crackdown. But Techcombank CEO Jens Lottner is optimistic about the country’s prospects, thanks in part to its aspirational consumers and growing middle class. Techcombank, with $3.2 billion in annual revenue, ranks No. 114 on Coins2Day’s inaugural Southeast Asia 500 list. Coins2Day
AROUND THE WATERCOOLER
McDonald’s wants to add 100 million active users to its loyalty program by 2027. Here’s how the C-suite plans to do just that by Sheryl Estrada
Major study from Stanford workplace guru reveals that hybrid work cuts attrition by 33% and has no negative impact on getting promoted by Orianna Rosa Royle
Why Bic, the maker of ballpoint pens and shaving sticks, identifies as a tech-forward company by Phil Wahba
Why the CEO of GE Appliances is welcoming the public into the company’s R&D lab by Coins2Day Editors
France’s soaring debt problem could lead to calls to leave the EU, a top bank warns by Paolo Confino
She quit her job at Airbnb and took her kids on an ‘adult gap year.’ Now she’s CEO of TaskRabbit by Emma Hinchliffe and Joseph Abrams
This edition of CEO Daily was curated by Nicholas Gordon.
