BloombergNEF estimates that lithium-ion battery prices, which averaged $1,160 per kilowatt-hour in 2010, were $156 per kWh in 2019 and could drop below $100 per kWh by 2024.

Historically, lithium-ion battery solutions could not compete with lead-acid and propane batteries in industrial applications because of their cost.

However, the supply of lithium-ion batteries has rapidly expanded, leading to an eighty-five percent (85%) price decline since 2010, according to BloombergNEF data, referenced by Flux Power Holdings.

The sharp decline in the price of lithium-ion batteries has made these energy solutions more cost-competitive.

In turn, Flux Power Holdings highlights that affordability has enabled customers to move away from lead-acid and propane-based solutions for power lifting equipment to lithium-ion-based solutions with more favorable environmental and performance characteristics.

The company believes that its position as a pioneer in this field and its extensive experience in providing lithium-ion-based energy storage solutions will enable it to take advantage of this shift in customer preferences.

Lithium-ion

Lithium metal itself accounts for well under 5% of the cost of Flux Power Holdings’ containers.

This company designs, develops, manufactures and sells a portfolio of advanced lithium-ion energy storage solutions for the electrification of a range of industrial business sectors including material handling, airport ground support equipment (GSE) and other commercial and industrial applications.

Flux Power Holdings believes that its mobile and stationary energy storage solutions offer its customers a reliable, high-performance, cost-effective and more environmentally friendly alternative to traditional lead-acid and propane solutions.

Its modular and scalable design allows different configurations of lithium-ion batteries to be combined with its patented wireless battery management system to provide the required level of energy storage and real-time monitoring of pack performance.