1+e|Jz2021Revision: 20220218012Intercalation | Volta FoundationBz+a;f6+BIntercalationintercalation.coVolta Foundationvolta.foundation7-(Z7-$3Intercalation | Volta FoundationXF-zAk52021*3+e|J0G?,FBzX9+e.D0Jo1,(|8*6N#zk?;G6: 10G6J+e0fFP,vJG0;.1G6.D0*.p+e0,_0.d19G6M0r)BNJ,?1G6o1o-7%#?y1G6N#Z0+e|J,CIntercalation and Volta Foundation5FfCS : pE,?&j65Z?&Z4+44jLkF(hFFN,k?-,j663pE+X,80$+a-(8|zp965X5Fz=XY,0Disclaimer: The views expressed herein are solely those of the authors, and have not been reviewed or approved by any other organization, agency, employer or company. The primary purpose of this work is to educate and inform. Data and information is from publicly available sources and often self-reported by the companies. The authors declare no conflicts of interest in producing this report. 1oJ410G6J5Intercalation | Volta FoundationJ| ?+eJ+|!XEFOA$Q7-G$,+e_EM&.n,-7_A5.uCO,.D*1+e,3R/GJK2J/+e1yN,k?,C5+eE1*8Ct1JW? Q,$5#17-$CtCtO+eMK(,B?02:2E1)Z+eE,Ct&Industryk?CJ+|1K65Ct+OfFPK.156Intercalation | Volta Foundation&| Q1 2021Jan Mar)HEFJ+XE32035M)M&nEEnevate(XEE=Ct1L810075sVolvoX2030M+eF!W-6FJE-$State AidA(POEM Ct3.5B !WsSila Nano 1L5.9 5s+XCt+e+eE+efFPvMicrovast(FJESPAC:2Ford3X20252905s+eF8PP0WZVN(X5-$jjDKN(j*FPZ+e+e1NorthvoltfC*D/W,K2H+eMK(Cuberg2F9L+WGnPower Day#k/j,_0ABIndustry(DalhousieW,83+&K5Storedot 356Ju+e,0;g0;78XNLJVJSYXCEYVJ5Y_XMJSYXApr JunMay%WY./J(OrocobreGalaxy(l405s,8BYDF3j+eE*0(w+eK2-.MK(Oxis Energy3.dSolid Power(313005s,BE=CtCt5/(PVolta Energy Technologies|J*1+e,vJFSk Innovation/(08Ct(BlueOvalSK+XX2025*060GWh,+eVolvo3!W#b+efFPvdNorthvolt(E8AX2026N50GWh,7-MB*63-+efFPvFVerkor(XQW7-+eME8&Custom Cells308Ct(+O(!fF,+eCE+eAscend Elements+(E8AX2022fY+X$,K2/+e&| Q2 20217-030*330Wh/kg,+eE+eB:A;6F_QE5s,.As44CiIndustry8Intercalation | Volta FoundationJul SepAug&*J/+eANMaYYMX0E1L5sQSXCt7G310r(wE5+e,3_48dAlbermarle38-$AZ,K2fM0rForm Energy3+XW? Q+e57-,J0D+e&| Q3 2021GMl185s,NCMK2/+eSKG14308Ct(+X*FPG14.u.,+O*-$COL:m+eOj(Lilium$?8Z0(Azul15A/(B:3X0,8Ct+e1V_NJVB:GCt5sRedwood Materials(3+OK1!Sila Nano34XWHOOP7-v+X.uCO;J3759/GJK29s+e,+e5=23#NMxJ+e780+OIndustry9Intercalation | Volta FoundationL DecNov&| Q4 2021IndustryC3A(C107EE+X0E=Factorial Energy3fN-E()C,H+CtStellantisLG32024*FP40GWh,8Ct+e&X$G0l5s,+ef*Northvolt3AX*Vasteras,.DCt750075sJohnson Matthey39?AF0*!J+e5lX2021F0!;L6%1325s/WG36vUmicore+efFPv24MF9K2vVulvanE8AMitra ChemF5-/GJK2+eJXAE=Ct920005s=CtFREYR+e(0ZMb=,7-3+5ESSv931GWh,+e8|JC| ExE|J99/k#q+e_D4EXx:X02IndustrySource: 11Intercalation | Volta Foundation|JCCE+e8K2+e_2030 Nx,E5+efFPv&9OSDILGSK,Z+e6X65-70 5s/kWh,93$Z(,4680+e6F0!L*1+e_2CeD#JZfFPW0;:*+eCX,+O+HG-$+O!P,1F9K2+eF61F1yJ+e_J/_,6Jn:Lf61IndustrySource: cost assessment & benchmark data, Bloomberg, IHS Markit, Energy Monitor1. High-volume production of 8 GWh/a with dedicated facility Note: Cost values tabulated by P3 Consulting, unless otherwise specified.Cell Cost Developments for Passengers Cars until 2030 1BNEF: 61,+60DUNLW12Intercalation | Volta Foundationj114W(M0u6(WW7-L-pWG_,#)|JM0F+XM,6#_AH$!*+eCX+|M7Q+eCX$+r,W7-#B*1+e81y!Fj.+e1JM0?j*#6X 44C #CT 5jLN#1yJ/!ALN+e)=A(0W0HF#q0;,6+euL)Lq604LZCR&L$g :,NL|JC| (W6+e+e8(W6X2021|JG?Industry;-Ray and Neutron13Intercalation | Volta Foundation8XM_c|JC| 7-F+eX=+XN+Xj7-F(LCOS) 42W+X+e2j1y9-p0,+e+X+e1y?+X,+e0Q+e7-_6|JC| /GJK2LFP/GJK2#FhCY6XEO+evXE);5?.1WJohn GoodenoughVNA.K. 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$110.76M$95.63M$43.19M$42.18M$22.99M$19.88M $13.21M $12.05M $10.73M $10.26M $9.30M$5.86M $5.71M$5.00M $4.64M$4.99M $2.81M$2.44M$2.21M $2.20M$1.00M$6.42B $3.21B $990.00M $490.29M $172.68M $120.49M $100.26M $93.81M $85.00M $22.60M $14.63M $12.54M$5.00M $3.70M $3.85M $2.77M $2.02M $1.57M35Intercalation | Volta FoundationIndustrySource: Data from Pitchbook, Market Map by Volta FoundationE1Ct:+e7-+e5+X5-: $1.91B; !W#b: $124.81ME1Ct:+e7-+e5+X#b: $199.02ME1Ct: +e7-+e5+X: $77.71MCt| +e7-+e5+X=Ct*GPitchbookGk2021v4XA$570.28M $365.00M $256.61M $140.00M $113.52M $137.00M$92.38M $61.44M $42.10M $32.73M $24.17M $23.24M$24.61M $15.00M $7.57M$5.03M$1.92M$46.26M $13.04M $9.48M $9.46M $8.32M $8.22M$7.53M $5.49M $4.51M $4.00M$3.07M $2.69M$108.74M $15.55M $69.61M $3.13M $2.00M $65.18M $6.27M $1.39M $1.37M36Intercalation | Volta FoundationIndustrySource: Data from Pitchbook, Market Map by Volta FoundationE1Ct:u+e_=5-: $2.79BE1Ct:u+e_=!W#b: $675.65MCt| u+e_u+e=Ct*GPitchbookGk2021v4XA$955.62M $631.19M $400.00M $275.73M $139.77M $90.45M$70.08M $45.61M $28.63M $25.64M $24.47M $16.21M$11.94M $11.79M $11.08M $9.00M $8.75M $5.30M$5.19M $5.02M $3.16M $2.75M $2.25M $1.60M$1.64M$1.25M$1.01M$177.42M $174.67M $66.23M $47.54M $30.35M $29.61M$27.90M $18.10M $16.99M $12.47M $10.61M $10.11M$8.86M$8.13M $5.80M $4.74M $4.68M $4.00M$3.17M $2.85M $2.78M $2.25M $2.21M $1.50M$1.45M $1.24M37Intercalation | Volta FoundationIndustrySource: Data from Pitchbook, Market Map by Volta FoundationE1Ct:u+e_=#b: $681.80M : $240.56ME1Ct: 0Gf: $1.89BCt| u+e_=+e0Gf=Ct*GPitchbookGk2021v4XA$285.73M $232.07M $67.75M$26.16M$14.60M$11.58M $195.00M $7.00M $22.75M $6.05M $5.55M $4.21M$11.18M $9.59M$7.54M$4.70M $3.00M $2.00M$2.00M $1.31M $1.06M$824.64M $579.50M $173.60M$132.85M$37.00M $34.01M $17.61M $16.60M $15.68M $49.97M$2.60M$2.25M$2.19M38Intercalation | Volta FoundationIndustrySource: Data from Pitchbook, Market Map by Volta FoundationE1Ct:+eE+e*|5-: $35.54B !W#b: $4.13BCt| +eE+e*|2=Ct*GPitchbookGk2021v4XA$23.09B $15.35B$2.70B$1.18B$1.14B $357.79M$315.00M $292.75M $180.99M $152.70M $146.00M $109.04M$105.30M $100.00M $56.75M $50.23M $40.60M $32.14M$22.33M $15.00M $14.80M $13.02M $10.00M $10.00M$7.50M $7.40M$5.75M$5.00M $4.54M$4.43M$4.07M$4.50M $3.20M $2.67M $1.80M$1.25B $936.93M $621.65M $519.01M $324.23M $127.43M$125.00M$71.56M $44.96M $21.55M $14.67M $14.18M$8.77M $7.50M $5.70M$5.67M$5.00M $5.12M$4.98M $3.90M $3.46M$3.00M$2.21M$2.04M$1.82M $1.36M$1.30M $1.03M39Intercalation | Volta FoundationIndustrySource: Data from Pitchbook, Market Map by Volta FoundationE1Ct:+eE+e*|#b: $11.21B : $696.67MCt| +eE+e*|2=Ct*GPitchbookGk2021v4XA$4.37B$1.71B $1.66B $1.52B$673.92M$500.00M$376.99M$182.50M$100.00M $50.00M$35.04M$11.85M$21.17M$18.87M$10.10M$7.11M $5.00M$3.65M$3.00M$2.50M $1.50M$335.00M$206.77M$72.96M$58.62M $20.23M $2.09M$1.00M40Intercalation | Volta Foundation2021X48-$N,k?#kCCt65(VCCVCCorp)Ct| Ct650?Industryjj1CBMS x1d(41xeOJ*Investors listed VC, CVC or Corporate investors for top deals in each 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