As a key component in lithium-ion batteries, cobalt has become an important commodity in the growing electronics and electric vehicle markets.
As the demand for electric vehicles increases over the coming decades, so, too, will the demand -- and the price -- for the raw materials required to produce them. Increased demand for elements such as lithium and cobalt will lead to potential supply bottlenecks over the course of the next several years. And while the media has touted the potential of lithium -- as the eponymous component of lithium-ion batteries -- to be the raw material that powers the gradual transition away from fossil fuel-reliant transportation, it has understated the significance of one element in the equation: cobalt. Lithium-ion batteries require lithium, yes, but they also require something else. Under the constraints of present technology, that something is more often than not cobalt. ...
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