A Lithium Ferrophosphate Battery (or LFP Battery) is a type of lithium-ion battery (Li-I Battery) that uses lithium iron phosphate (LiFePO4) as the cathode material to store lithium ions, and typically use graphite as the anode material. A LFP battery allows a high current rating, low cost, high safety, low toxicity, good thermal stability, and a long lifecycle (charge/discharge cycles) that is used in medium-power traction applications (robotics, E-mobility, etc.) or heavy-duty traction applications (marine traction, industrial vehicles, etc.). (Refer to the Secondary Battery (or Rechargeable Battery)
Reference Definition by Wikipedia: As of September 2022, LFP type battery market share for EV's reached 31%, and of that, 68% was from Tesla and Chinese EV maker BYD production alone. Chinese manufacturers currently hold a near monopoly of LFP battery type production. With patents having started to expire in 2022 and the increased demand for cheaper EV batteries, LFP type production is expected to rise further to surpass lithium nickel manganese cobalt oxides (NMC) type batteries in 2028.
Related Definitions in the Project: The Energy Storage System (ESS) and Battery; Renewable Energy
