Compared with 2021, the price of raw materials used for lithium batteries continued to rise in 2022, with the price of positive electrode material LiCoO2 increasing by over 200% and electrolyte prices increasing by over 150%. Meanwhile, the supply of negative electrode materials continued to be tight, resulting in a substantial increase in comprehensive costs.   

In addition to cobalt, other raw materials of lithium-ion batteries have also increased sharply since the fourth quarter of last year, such as lithium carbonate, lithium hydroxide, and some solvents and additives, which has driven the prices of cathode materials and electrolytes of lithium-ion batteries to rise by varying degrees.  

Raw material prices' increasing has been a hard challenge for NXE Power, but NXE will try every effort to go through this hard period with customers.