Ann: US$52M Term Sheet Signed for New York Battery Plant, page-85

As mentioned previously, 80% of a batteries cost is in its raw materials. IM3 chemistry is both cobalt and nickel free.

With standard producers being pained by high cobalt prices and striving for reduced amounts in the mix, was only a matter of time before increased use of nickel filtered through to the material level:

“China is now the the largest market for passenger EV battery nickel...
The price of nickel is up more than 20% in 2019 as stocks held in warehouses around the world registered with the London Metal Exchange fall to multi-year lows.“(1)

It seems NCM battery producer are  caught in a catch 22 situation - it’s either cobalt or nickel, with the result being increased material costs as the market swings either way.

Is clear why being cobalt and nickel free contributes to reduced battery costs and healthy profit margins.

1. http://www.mining.com/chinese-electric-vehicle-makers-gorging-nickel/