Phillips 66 (PSX) - Get Report and Faradion, one of the U.K.-based companies behind the first demonstration of a sodium-ion powered vehicle, have launched a technical collaboration to develop lower-cost and higher-performing anode materials for sodium-ion batteries.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225005110/en/
Phillips 66 Senior Engineer Liang Zhang is shown testing small batteries to evaluate Phillips 66 carbon products as sodium-ion battery anode materials. (Photo: Phillips 66)
Sodium-ion battery technology has an inherent advantage over other power-storage technologies because it uses low-cost materials that are sustainable and widely available. Carbon is the preferred anode material for the batteries, and the collaboration is expected to leverage Phillips 66's experience developing specialty carbon materials and Faradion's work as a leader in sodium-ion battery technology.
"Our world-class research team is working on various energy production and storage technologies that could help meet the world's growing energy needs while advancing a lower-carbon future," said Ann Oglesby, Vice President, Energy Research & Innovation at Phillips 66. "We're pleased to put some of our resources into play with Faradion as it works to bring game-changing technology to market using our high-performing anode materials."
A diversified energy manufacturing and logistics company based in Houston, Phillips 66 has filed numerous patent applications on battery-related technology.
Faradion's technology provides similar performance to conventional chemistries while avoiding use of expensive materials such as cobalt and replacing lithium with the more sustainable and abundant sodium while giving better safety and thermal stability.
"This agreement brings together Phillips 66's strengths in hard-carbon anode material and Faradion's sodium-ion technology for a high-performance, sustainable next-generation energy storage technology," said James Quinn, CEO of Faradion. "Our aim is to further accelerate large-scale industrialization of Faradion's safe, low-cost sodium-ion energy technology. We are looking forward to Phillips 66 supporting Faradion's growth in the rapidly expanding battery market and to jointly contribute to the transformation of the global energy market."
In 2015, Faradion demonstrated the world's first sodium-ion battery powered vehicle when it launched an e-bike battery demonstrator in collaboration with Williams Advanced Engineering and Oxford University. The company's comprehensive intellectual property portfolio comprises multiple patent families focusing on cell materials, cell infrastructure, pack design, safety and transportation.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of Dec. 31, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Faradion is the world leader in sodium-ion battery technology that provides low cost, high performance, safe and sustainable energy. Its proprietary technology delivers leading-edge, cost effective solutions for a broad range of applications, including mobility, energy storage, back-up power and energy in remote locations. Faradion's patented zero-volt capability enables the safe transportation and maintenance of sodium-ion batteries. The wide operating temperature range, high energy density and fast charge/discharge capability combine to offer a next generation, drop-in solution. Its sodium-ion batteries contain no cobalt, no lithium and no copper, resulting in a safe and sustainable, cost-effective, high performance technology. For more information, visit www.faradion.co.uk or follow us on Twitter @faradion_uk.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements as defined under the federal securities laws. Words and phrases such as "is anticipated," "is estimated," "is expected," "is planned," "is scheduled," "is targeted," "believes," "continues," "intends," "will," "would," "objectives," "goals," "projects," "efforts," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continued ability of Phillips 66 to satisfy its obligations under our commercial and other agreements; the volume of crude oil, refined petroleum products and NGL we or our equity affiliates transport, fractionate, terminal and store; the tariff rates with respect to volumes transported through our regulated assets, which are subject to review and possible adjustment by federal and state regulators; fluctuations in the prices for crude oil, refined petroleum products and NGL; the continuing effects of the COVID-19 pandemic and its negative impact on the demand for refined products; changes in governmental policies relating to crude oil, refined petroleum products or NGL pricing, regulation, taxation, or exports; liabilities associated with the risks and operational hazards inherent in transporting, fractionating, terminaling and storing crude oil, refined petroleum products and NGL; curtailment of operations due to accidents, severe weather (including as a result of climate change) or natural disasters, riots, strikes or lockouts; the inability to obtain or maintain permits, in a timely manner or at all, and the possible revocation or modification of permits; our ability to successfully execute growth strategies; the operation, financing and distribution decisions of our equity affiliates; costs to comply with environmental laws and safety regulations; failure of information technology due to various causes, including unauthorized access or attacks; changes to the costs to deliver and transport crude oil, refined petroleum products and NGL; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; the failure to complete construction of capital projects on time and within budget; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues; our ability to comply with our debt covenants and to incur additional indebtedness on favorable terms; changes in tax, environmental and other laws and regulations; and other economic, business, competitive and/or regulatory factors affecting Phillips 66 Partners' businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 Partners is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225005110/en/