Replacing traditional fuel-powered vehicles with battery-powered options is essential to reduce carbon dioxide (CO₂) emissions.

The demand of battery-powered electric vehicles (EVs) continues to rise in harmony with governments (e.g., the European Union, Canada) prohibiting the use of combustion engines in the future.

At the same time, renewable energy sources like wind and solar require storage capacities for electricity. Batteries are currently the most scalable materials in which to store excess electricity, and the market has been growing strongly as countries begin to invest in energy storage solutions.