There is roughly 20 times more graphite than there is lithium in a lithium-ion battery — a misnomer if ever there was one.
Graphite is the anode material in lithium-ion batteries, the same ones that power our smart phones, laptops, vacuums and power tools.
From 2006 to 2016, the lithium-ion battery market grew 22% annually, and today 35% of all graphite finds its way into energy storage. Most of the rest is used in furnaces for steelmaking.
The next growth wave for graphite should come from elevated demand for electric vehicles (EVs) and electricity grid storage.
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