The world's first lithium battery was invented by a researcher from Exxon Mobil Corporation in the 1970s and commercialized by Sony in 1991, and has been in use for decades.

　　Lithium batteries have already occupied an overwhelmingly leading position in the battery market. As the planned new lithium battery production plant goes online in the next five years, this leading advantage will expand. Since 2010, the investment in the construction and operation of battery production plants has reached billions of dollars, which will continue to improve lithium battery technology and reduce costs.

　　According to Bloomberg New Energy's survey data, the price of lithium batteries averaged US$1,160 per kilowatt-hour in 2010, dropped to US$176 per kilowatt-hour in 2018, and may fall below US$100 in 2024.

　　This trend makes more energy storage projects adopt lithium battery technology. Manufacturers like Tesla and Dynegy have begun to connect lithium battery energy storage systems to the grid. Although these energy storage systems can usually only supply power for up to 4 hours, they are an important part of the energy Internet.

　　Lithium-ion battery (LIB) has become the main energy storage solution in modern social life. Among them, lithium iron phosphate batteries are a perfect replacement for lead-acid batteries, and they are the first choice for grid-connected peak shaving, off-grid energy storage, photovoltaic energy storage, UPS, data center and other industries.