| Summary: | The lithium-ion battery is one of the most critical technologies for energy storage in many recent and emerging applications. However, the cost of lithium-ion batteries limits their penetration in the public market. Energy input is a significant cost driver for lithium batteries due to both the electrical and thermal energy required in the production process. The drying process requires 45~57% of the energy consumption of the production process according to our model. In Iceland, it is possible to use geothermal steam as a thermal resource in the drying process. The most feasible type of dryer and heating method for lithium batteries would be a tray dryer (batch) using a conduction heating method under vacuum operation. Replacing conventional heat sources with heat from geothermal steam in Iceland, we can lower the energy cost to 0.009USD/Ah from 0.054USD/Ah based on average European energy prices. The energy expenditure after 15 years operation could be close to 1.03% of total expenditure using this renewable resource, down from 7~11% in other European countries. According to our profitability model, the internal rate of return of this project will increase from 9%~11% in other European countries to 27% by replacing the energy source. The impact on carbon emissions amounts to 393.4-215.1g/Ah lower releases of CO2 per year, which is only 3-5 % of original carbon emission compared to traditional energy sources in other countries.
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