Superlattice Power, Inc. (SLAT) is among the many companies entering the market for rechargeable lithium batteries used to power commercial and residential properties along with new hybrid vehicles. The company’s lithium-powered technologies allow it to turn vehicles ranging from scooters to cars into zero-emissions vehicles. With fuel prices surging to new highs recently and more consumers becoming environmentally conscious, Superlattice’s products could be coming to market at just the right time.
In July, Superlattice made a major announcement regarding a move toward development of a new cathode material which will be incorporated to a lithium ion polymer battery that significantly increases operating voltage range and energy density. The company’s new lithium ion polymer battery consists of a new cathode material has the potential to enable electric vehicles to drive up to 200 miles without charging. The current range is 120 miles to 140 miles. Ultimately, the company hopes to develop lithium batteries that are disposable and more affordable than their current counterparts.
The North Carolina-based company said in May it would enter a vehicle in the Progressive Automotive X Prize competition that focuses on electric vehicles. Two versions of the vehicle are said to be in the works, one an extended-range electric vehicle which would offer 220 miles per gallon to go along with its 150 to 180 mile range, and a fully electric version which would sell for a cheaper price.
Demand for alternative fuels and modes of transportation is only expected to increase in the coming years and Superlattice Power could be uniquely position to exploit that demand. As evidence of that demand increase, Mitsubishi Motors. Corp, the Japanese car giant, said earlier this week it will open a lithium battery factory in 2009 to meet demand.
The company has a market value of $177.1 million. Its shares, which closed to today at $1.54, have traded between 34 cents and $2.55 in the past year. Demand for lithium batteries is expected to increase fivefold over the next several years, according to industry sources.
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