Battery Developers Maxwell, Automotive Energy, Panasonic, Valence Get New Report Card Grades

(Part 1 of 3)
(Part 2 of 3)
(Part 3 of 3)

It’s been seven months since Michael Millikin, editor of the authoritative automotive web site Green Car Congress, handed out his first set of report card grades to leading developers of lithium-ion car batteries for the coming generation of electrified transportation. Millikin is back, ready to tell EnergyTechStocks.com the new grades he’s just handed out to the nine original members of his class, plus three newcomers he thinks show a lot of potential.
Two of the original nine showed enough promise to have their grades raised. Six of the other seven got the same grade as last time, while the seventh got another “incomplete.” Two of the three new class members – one from the United States, the other Japan — started off with an “A,” while the third – a new kid from Germany – started off with a “B.”
It’s important to keep track of the progress advanced battery developers are making because much is expected of the coming generation of “mild” hybrid and “plug-in” hybrid vehicles. With global oil supplies being stretched ever tighter by sharply rising demand, especially in China and India, the need for vehicles that can run on electricity keeps growing. Mild hybrids, which don’t plug in but provide better mileage than current hybrid cars are the next step, to be followed by vehicles that run on electricity supplied from an ordinary electrical outlet. Both, but especially plug-ins, promise to reduce nations’ gasoline consumption and enhance their energy security. Both also are weapons in the global war against greenhouse gas emissions (GHG).
Let’s read the roll, four names at a time, starting with:
A123 Systems – This private Massachusetts company got an “A” in the first marking period and does so again. In fact, the way Millikin described A123’s recent work, it sounded as if the company nearly got an “A+.” In an interview, Millikin highlighted that A123 has added people and has expanded its commercial relationships. Millikin reiterated his personal belief that if and when A123 goes public, it will be a huge success.
Altair Nanotechnologies – Although Millikin thought Altair might improve its grade, this small public company once again got only a “B+.” Millikin said the company still needs to improve its commercial relationships with automakers, which in his opinion will be just as crucial to the success of a lithium-ion car battery developer as its technology. Millikin added that he continues to believe that Altair’s technical performance is good.
Compact Power – Compact once again got an “A,” but Millikin served notice that this company needs a deal with an automaker for a commercial demonstration of its technology. Compact is a Troy, MI-based subsidiary of Korean battery manufacturer LG Chem.
EEStor – The mystery man in Millikin’s class once again got an “incomplete.” While most professors wouldn’t allow a student to have back-to-back incompletes, Millikin said, “What they’re trying to do is difficult.” He actually gave EEStor credit for keeping its mouth shut instead of issuing glowing press releases about itself. Being silent makes Millikin think, “They’re making a serious effort.” According to press reports, EEStor is working on a new method for making ultracapacitors, which are battery-like devices that may wind up in electric vehicles instead of, or in combination with, lithium-ion batteries.
Let’s continue calling the roll of “Professor” Mike Millikin’s class of 12 leading developers of lithium-ion battery and ultracapacitor technology for the coming generation of mild hybrid and plug-in hybrid vehicles. (The latter will run on electricity from an electrical outlet, while the former is an improved version of non-plug-in hybrids now on the road.) Yesterday Millikin, who runs the authoritative automotive web site Green Car Congress, handed out his second semester grades to A123, Altair Nanotechnologies, Compact Power and EEStor. The next group of four includes two noteworthy newcomers.
Ener1 – Congratulations to this small Florida-based public company on raising its grade from a “B+” to a full “A.” Ener1 raised its grade through a demonstration of its technology and through a new deal with Norwegian electric vehicle manufacturer Think. “Very good” progress, Millikin said, emphasizing again that for any lithium-ion developer to make it big, that firm is going to need both great technology and strong commercial relationships. All in all, Millikin indicated, Ener1 is a company to watch closely.
Hitachi – This is the first of Millikin’s new class members and it starts out with an “A” based upon the recently-announced deal between Hitachi Vehicle Energy Ltd., a subsidiary, and General Motors. The deal calls for Hitachi to supply the lithium-ion battery system for a second-generation version of the GM Hybrid System that GM plans to put into production. Millikin emphasized that with this deal for a mild hybrid, Hitachi achieves production volume still not evident in others’ plug-in battery development.
Johnson Controls – Just as the private firm A123 nearly pulled off, this giant manufacturer of energy efficient products and systems almost got an “A+” from Millikin, and just may the next time around. For now, Millikin is content giving Johnson Controls another “big A,” as he put it. He said the company’s second semester achievements included firming up its deal with Mercedes-Benz on a number of new mild hybrid models to be introduced starting in 2009.
Lithium Technology Corp. – Here’s the second new member of the class, from Germany, and it starts out with a “B.” Millikin said he was impressed by the company’s new line of lithium-ion batteries that target the electric vehicle (EV) and commercial vehicle markets. As Green Car Congress, Millikin’s web site, has reported, Lithium Technology utilizes large-format technology that allows for the development of safer battery systems with a significantly lower number of cells.
This final group of lithium-ion battery developers includes another new classmate, Valence Technology, plus a company that really improved its performance, Automotive Energy Supply Co., according to “Professor” Mike Millikin of the authoritative web site Green Car Congress.
Maxwell Technologies – This small public California-based company again got an “A” for its work with ultracapacitors, which are battery-like devices that ultimately may be used in combination with, or instead of, lithium-ion batteries. Millikin reiterated what he said seven months ago that Maxwell “clearly is a leader in ultracpacitors.” But he also sounded a warning. He said Maxwell must drive down the cost of its ultracapacitor pack. Asked whether he thinks the company will be successful, Millikin said only, “Maybe,” thus implying that Maxwell’s “A” could be in jeopardy the next time around.
Automotive Energy Supply Co. – This company, a joint venture between Nissan Motor and NEX Corp. that is only a little over a year old, jumped from a “B” to an “A-.” Millikin explained that the firm is benefiting from Nissan’s strong new emphasis on electrified transportation. It is further benefiting from “Project Better Place,” a joint Nissan-Renault plan for the mass market introduction of plug-in hybrid vehicles in Israel. These cars reportedly will use lithium-ion batteries made by Automotive Energy Supply that will have driving performance similar to a 1.6-liter gasoline engine.
Panasonic EV – Millikin again gave this joint-venture company an “A,” although he indicated that it needs to start doing more. Panasonic EV is a joint venture between Matsushita and Toyota and, according to Millikin, has the most established lithium-ion chemistry, plus a tailor-made commercial relationship. But while classmates including A123, Hitachi, Lithium Technology and Automotive Energy Supply all made strides over the last several months, nothing happened with Panasonic, Millikin said.
Valence Technology – The third new member of the class starts off with a lot of momentum, earning a full “A” from Millikin. He emphasized Valence’s new deal with Tanfield Group Plc of Great Britain under which Valence will manufacture and supply lithium phosphate battery packs for Tanfield’s all-electric commercial delivery vehicles. The vehicles will be made by Tanfield unit Smith Electric Vehicles, the world’s largest manufacturer of electric vans and trucks. Given that Smith plans to expand production, including from its first U.S. manufacturing facility, Valence, despite being a newcomer to the class, has very bright prospects, Millikin suggested, making it yet another battery developer investors will want to watch closely.

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