The Global Solid-State Battery Market Currently Estimated to be Valued At $120 Million

Published May 31, 2023

Palm Beach, FL - May 31, 2023 News Commentary Solid-state batteries are the focus of R&D activities worldwide, as demand is rising & expanding and is projected to continue for the next decade at least. Compared to conventional Li-ion batteries with liquid electrolytes, solid-state batteries are more reliable, secure, and possess greater energy densities. They are used in various applications, including electric vehicles, energy harvesting, consumer electronics, medical devices, wireless communication, and others. Growing demand for solid-state batteries from end-use verticals and rising research and development efforts aimed at lowering battery costs are anticipated to accelerate solid-state battery market growth during the assessment period. Further, the prominent factors exploiting the solid-state battery demand are the rising use of electronic devices, the growing utilization of battery energy storage systems, and the surging electric vehicles industry. A recent report from Fact.MR projected that the global solid-state battery market is estimated to be valued at US$ 121.0 million in 2023 and to grow at a CAGR of 28.6% to reach a valuation of US$ 1,497.1 million by the end of 2033. Active Companies from around the markets with current developments this week include: Phenom Resources Corp. (OTCQX: PHNMF) (TSX-V: PHNM), Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), Lockheed Martin (NYSE: LMT), The Chemours Company (NYSE: CC), Glencore plc (OTCPK: GLNCY).

The report discussed their outlook for the coming decade, saying: "Short Term (2023-2026): Consumer preference for solid-state batteries over traditional ones is likely to supplement the market growth. Medium Term (2026-2029): Solid-state battery is witnessing high demand due to the growing automotive industry, especially electric vehicles. Long Term (2029-2033): Efforts led by market players are set to create ample growth opportunities for market growth. For instance, noble product development coupled with a pricing strategy is likely to drive the market in a long run. According to the Fact.MR analysis, the historic growth rate for the solid-state battery market was 22.3% and is estimated to grow at a CAGR of 28.6% during the forecast period from 2023-2033."

Phenom Resources Corp. (OTCQX: PHNMF) (TSX-V: PHNM) BREAKING NEWS: Phenom Signs MOU with Japanese Vanadium Solid-State Battery Company Phenom Resources Corp. (OTCQX: PHNMF) (TSX-V: PHNM) (FSE: 1PY0) ("Phenom" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding (MOU) to gain a 5% equity interest in a private Japanese battery company, that is advancing its revolutionary fast charging low-cost vanadium solid-state battery (VSB) business world-wide.

The non-binding MOU describes the principles and proposed terms and conditions of an Off-Take Agreement between MK Plus Co., Ltd. (MK Plus) and Phenom whereby Phenom will commit to providing 20% of its future Carlin Vanadium Project production concentrates to MK Plus at fair market value. In exchange for this commitment, MK Plus will, on signing a Definitive Off-Take Agreement, issue to Phenom 5% of MK Plus's issued and outstanding shares. Phenom's interest will be non-dilutive until MK Plus's market valuation exceeds US$500 million after which Phenom's interest in MK Plus may be diluted but will not fall below 3%. Currently, MK Plus's market valuation is CDN$83.85 million.

According to MK Plus, their vanadium solid-state battery provides higher desired performance at a lower cost over vanadium redox flow batteries (VRFB) in the large capacity battery market. They claim:

1) Rapid charging in minutes (C-rate of between 100 and 300 versus C-rate of 20 in VRFB), achieving massive charging speeds 100 times faster.

2) Use one tenth of the amount of vanadium than VRFB use for an equivalent charge.

3) Have +100,000 deep cycle life without heat dissipation (no fire risk) or degradation (long life).

4) Have been tested at ambient operating temperatures between 100oC and -40oC without loss of performance.

MK Plus's vision is to be the #1 provider of high-performance, stationary, low-cost utility-scale batteries that are made 100% in North America with vanadium from Phenom's Carlin Vanadium resource in Nevada. With 14 patents world-wide for its battery technology, they have progressed through a 12-year R&D period including thorough third-party testing. They are now providing scaled-up modules to European power companies for customer testing next month. MK Plus has established multiple subsidiaries including the USA, France and Austria with plans to expand further world-wide.

Paul Cowley, President & CEO of Phenom states, "We are very pleased to have built a relationship with MK Plus over the last 2 years that has culminated in this MOU and bring this new technology to the USA to address battery supply chain gaps. The extraordinary features of their vanadium solid-state batteries can be highly disruptive to the utility-scale battery market which is forecasted to expand 30 times by the end of this decade. In my visit to MK Plus's facilities in Japan last week I witnessed firsthand the impressive rapid charging. To own 5% of this unique and progressive Japanese battery company with their aggressive growth potential just prior to their power customer testing is timely and significant for us. We see this MOU as a start to a strong and growing relationship with MK Plus."

"The stationary battery market is projected to be double the size of the EV battery market by early 2030's and that is where vanadium redox flow batteries have their advantage over lithium batteries. As pointed out above, MK Plus's vanadium solid-state battery is superior again to the VRFB. Additionally, MK Plus believes that because of the rapid changing of their battery, there is potential to enter the EV space a few years down the line but are initially focused on the bigger market where they have a clear advantage ", continues Paul Cowley. "MP Plus sought out and prioritized Phenom's vanadium resource in Nevada as the ideal target and relationship in the USA for MK Plus's initial global growth plans by securing future vanadium feed in the USA." Read this and more news for Phenom Resources at:

In other industry developments and happenings in the market this week:

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) recently reported its financial results for the quarter ended March 31, 2023. The Companys Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (SEC) and may be viewed on the Electronic Document Gathering and Retrieval System (EDGAR) at, on the System for Electronic Document Analysis and Retrieval (SEDAR) at, and on the Companys website at

Financial Highlights Were:

As of March 31, 2023, the Company had a robust balance sheet with $143.61 million of working capital (versus $116.97 million at December 31, 2022), including $43.83 million of cash and cash equivalents, $60.44 million of marketable securities, $38.00 million of inventory, and no debt. At current commodity prices, the Companys product inventory has a value of $52.53 million; During the three months ended March 31, 2023, the Company realized net income of $114.26 million, or $0.72 per share, primarily due to: (i) a net gain of $116.45 million on the sale of the Companys Alta Mesa in situ recovery (ISR) project in Texas; (ii) a net gain of $10.76 million on the sale of 300,000 pounds of uranium (U3O8) to the U.S. Uranium program; (iii) a net gain of $0.32 million on the sale of 79,344 pounds of vanadium (V2O5); (iv) increased expenses associated with preparing four (4) of our uranium mines for production; (v) expenses associated with developing commercial rare earth element (REE) separation capabilities; and (vi) a non-cash mark-to-market loss on investments accounted for at fair value of $2.96 million.

Lockheed Martin (NYSE: LMT) recently announced that it is on the team that has won a contract from NASA to develop and demonstrate a human landing system for the Artemis program under the agencys Human Landing System program. The goal of the program is to rapidly develop a sustainable human lunar lander and perform a crewed demonstration flight to the lunar surface for Artemis V.

Led by Blue Origin, the National Team that will develop and build the lander also includes Draper, Boeing, Astrobotic and Honeybee Robotics. Congratulations to Blue Origin on this achievement. Lockheed Martin is excited to be part of Blue Origins National team and we are looking forward to building humanitys first Cislunar Transporter, said Kirk Shireman, vice president of Lunar Exploration Campaigns at Lockheed Martin Space. We value Blue Origins thoughtful approach to developing human-rated flight systems and are thrilled to be part of a diverse team that combines innovation, deep experience and a strong industrial base.

The Chemours Company (NYSE: CC) recently announced a capacity investment in its low global warming potential (GWP) Opteon 1100 foam blowing agent and Opteon SF33 specialty fluid. The expansion will triple capacity of the ultra-low GWP, hydrofluoroolefin (HFO) solution, enabling customers and value chain partners to meet the escalating demand for sustainable and efficient HFO-1336mzzZ-based fluids.

Chemours has entered into an agreement with Zhejiang Juhua Group, Ltd. to produce the additional volume of HFO-1336mzzZ. Chemours expects startup to begin in late 2025, followed by full-scale production in early 2026. Our customers utilize Opteon 1100 and Opteon SF33 to deliver superior performance in a variety of critical applications. Chemours is excited to meet the growing business needs of our customers with low GWP products that support the health and sustainability of our planet, said Joseph Martinko, President of Thermal & Specialized Solutions at Chemours. As consumers and regulators around the globe seek step-change reductions in CO2 emissions, access to this technology will contribute to achieving both sustainability and performance targets across construction, electronics, appliance, critical cleaning, carrier fluid, and many other applications.

Li-Cycle Holdings Corp. (Li-Cycle or the Company), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, and Glencore International AG, a wholly-owned subsidiary of Glencore plc (OTCPK: GLNCY) (LON: GLEN), a leading producer, recycler, and marketer of nickel and cobalt for the production of lithium-ion batteries, have recently signed a Letter of Intent to jointly study the feasibility of, and later, develop a Hub facility in Portovesme, Italy (the Portovesme Hub). The Portovesme Hub would produce critical battery materials, including nickel, cobalt and lithium from recycled battery content.

The Portovesme Hub will leverage Li-Cycle's state-of-the-art hydrometallurgical technology and is expected to be the largest producer of sustainable battery-grade products in Europe. Located in Sardinia, Italy, the Portovesme metallurgical complex consists of a lead-zinc smelter and hydrometallurgical facility which first started operations in 1929. The Portovesme site has substantial existing infrastructure, including access to a port, utilities, processing equipment from the hydrometallurgical plant and an experienced workforce.

DISCLAIMER: FN Media Group LLC (FNM), which owns and operates and, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNMs market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated twenty five hundred dollars for coverage of Phenom Resources Corp. news by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as may, future, plan or planned, will or should, expected, anticipates, draft, eventually or projected. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a companys annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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