Researchers at MIT have developed an advanced approach to manufacture lithium-ion batteries than can bring many changes to the rechargeable battery industry.

Yet-Ming Chiang, a MIT-based scientist, made a public announcement of his latest startup called 24M, which has debuted a lithium-ion battery manufacturing process than can reduce costs and increase efficiency.

Chiang explains that the new battery composition is based on a semi-solid material, which eliminates the bulk from the battery and reduces the weight. Throop Wilder, the CEO of 24M, suggests that they can cut down the time that is needed to manufacture the battery by 80 percent and cost by up to 50 percent with the help of the novel technology.

The electric vehicle market is gaining popularity but the cost involved in making such cars remain one of the main factors that deter users from buying electric vehicles. The new lithium-ion battery may revolutionize the electric car market and accelerate the use of electric vehicles.

Battery is one of the most important and expensive components of an electric vehicle and companies such as Tesla and Chevrolet are also finding ways to reduce the cost of batteries in their electric cars. Reduced cost of battery will automatically decrease the cost of an electric car, which will result in mass adoption of electric vehicles.

Latest report suggests that Tesla's upcoming Model 3 is expected to have a price tag of $35,000, which is way cheaper than the company's existing Model S, which will help increase the car sales. Tesla is estimating that its car sales figures will reach 500,000 by 2020, which is probably due to the reduced cost of battery in the car.

Air pollution is a growing concern in many developed regions of the world. Activists and governments are taking steps to reduce carbon dioxide (CO2) emissions to reduce pollution. Mass adoption of electric vehicles will take governments a step closer to reducing CO2 emissions.

The efforts by the team behind 24M are being applauded by many experts in the battery industry.

"If I were to place my own dollars on something not being hype, it would be Yet-Ming Chiang's product," says Venkat Viswanathan, a battery researcher at Carnegie Mellon University. "Having said that, it is very, very ambitious."

The electric car industry is still way behind before majority of people start accepting electric cars. Developments by companies such as 24M will help the industry to allow mass adoption of electric cars in near term.

Photo: Eneas De Troya | Flickr

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