Blockchain Press Releases
The Electrifying Divide in Battery Chemistries for Construction EVs
BOSTON, July 6, 2023 /PRNewswire/ — The success of electric vehicles in the construction industry will largely be determined by battery prices being low enough that the total cost of ownership is cheaper than diesel alternatives. IDTechEx’s new report, “Electric Vehicles in Construction 2023-2043“, shows that there is a battery price tipping point, under which it will be cheaper over the vehicle lifetime to operate an EV. Selecting the right chemistry then will be imperative for getting a low enough vehicle price. So why is a clear dichotomy seen between the batteries being deployed in China compared to Europe?
Electric vehicles in construction are an emerging market. Despite this, IDTechEx has built a database of more than 100 example makes and models across seven different construction vehicle categories. However, with lots of vehicles still yet to be released, only 49 database entries have confirmed chemistry information. With Europe and China being more established markets for electric construction vehicles, conclusions about battery chemistry trends from OEMs in these regions can be made. What is obvious at this early stage is that Europe heavily favors NMC, while China has chosen LFP.
Battery Requirements in Construction Vehicles
So why would one select NMC, LFP, or even lead acid, for that matter? Electrifying construction equipment is a fascinating and nuanced topic. The priorities for a battery are huge capacities at low costs. With some of these machines being gargantuan, and usually requiring concrete counterbalances to handle the massive loads they encounter, battery weight isn’t so much of an issue. Power density is also not much of a priority. Unlike electric cars, construction vehicles do not tend to have large spikes in power demand and are more likely to operate at a steady rate for a long time. As an example, the Tesla Model S has a ~60kWh battery and ~210kW motor power, meaning its battery must be able to deliver a peak of 3.5C (power divided by capacity). This is a typical requirement of road cars; hence, they tend to favor power-dense chemistries like NMC. By contrast, the Volvo L25 electric (an electric compact loader) has a battery capacity of 40kWh and a maximum motor power of 36kW, so the battery is only required to discharge at a maximum of 0.9C, well below road car expectations.
The same is true when you move to the really big stuff. The XCMG XE270E is a 27-tonne excavator leviathan with a battery capacity of 525kWh, but its motor is a measly 140kW (~0.27C). In fact, research in IDTechEx’s report, “Electric Vehicles in Construction 2023-2043“, shows that the vast majority of electric construction vehicles have a peak discharge requirement of less than 1C, with one quarter of vehicles requiring less than 0.25C peak discharge.
A low peak discharge requirement can be fulfilled by lead acid batteries, which is likely why it had a brief moment in the sun in the early days of construction electrification. The European examples that used lead acid were mainly from the mid-2010s, at which point lithium-ion technologies were still scaling and were much more expensive than lead acid. However, these vehicles were seriously limited, with low endurance and slow recharge times, making their use a challenge. Lead acid was quickly replaced with lithium-ion as it became more financially viable.
Both NMC and LFP offer the required performance for construction, happily coping with the peak discharging requirements and having high enough volumetric and gravimetric densities to fit in the machines. Speaking broadly, NMC tends to be a higher-performance battery than LFP, with better energy and power densities but coming at a premium. It would make sense then for the industry to select LFP. It offers all the needed performance while helping minimize the premium of building an electric vehicle, the number one priority for electric construction vehicles. Why, then, does the European market mostly use NMC?
Why is NMC dominant in Europe and LFP in China?
The best explanation is that it has been a case of availability. Most of the electric construction development so far has used battery pack suppliers, such as Northvolt, Forsee and Volta, and most of their products use NMC. IDTechEx’s research finds that over 75% of the offerings from European and North American pack manufacturers use NMC. These companies have been supplying a range of industries, including heavy-duty road vehicles like buses and trucks. These vehicles will have quite high peak power to deal with acceleration events, hills, etc. and will likely suit NMC better. IDTechEx speculates that this is why Europe has been mostly choosing NMC so far, but with battery pricing being a key factor in the success of electric construction vehicles, it is likely that there will be increased LFP uptake in the future.
Meanwhile, in China, LFP is already the dominant chemistry choice. China already has a good supply of LFP solution. This has risen as its vehicle fleet has rapidly been electrified, and it needed a cheap solution that could provide acceptable energy density (vehicle range) and keep the vehicle affordable. By contrast, European and North American electric vehicle markets have focussed on maximizing vehicle range, normally opting for the more expensive NMC and anticipating consumers will be more comfortable with the additional cost. This is good news for China’s electric construction industry, which has been able to build very large batteries relatively quickly and deploy some huge machines, such as the XCMG example already mentioned.
Unfortunately, there is not much data concerning which North American or APAC-based OEMs favor battery chemistries. This is mostly because OEMs in this region are only just beginning their electrification journeys. North America is a prime example; giants of the industry CAT and John Deere have made a recent push with electric construction vehicles showcased at BAUMA 2022, CES 2023, and CONEXPO 2023. However, these are still some years away from production, and battery chemistries are yet to be confirmed. However, an educated guess would suggest that CAT will likely use NMC for similar reasons to Europe.
Sodium ion, a Future Candidate?
Another possible contender for the construction industry is sodium-ion. This is an emerging chemistry and does not have an established market yet. The key thing to know is that sodium-based solutions can be produced at lower costs than lithium ones, but they will not have the same performance. In this respect, they share the qualities of LFP. The issue is that they are not yet a scaled solution, so they are more expensive than both LFP and NMC while having worse performance. Sodium, therefore, does not make sense in the construction industry for the time being. However, when scaled and delivering the promised price reduction, it could be a prime match for the needs of this nuanced market.
The electric construction industry is still nascent, with few vehicles in series production. However, if recent activity and announcements are to be believed, then the number of machines available in the next few years is going to explode. In IDTechEx’s report, “Electric Vehicles in Construction 2023-2043“, a 10-year CAGR of 37% is forecasted, with the electric construction machine industry growing to a value of US$150 billion in 2043. All of this growth is going to give rise to a significant battery demand, and whether it be NMC, LFP, or perhaps even Na-ion, the evolution of this industry is going to be electrifying.
IDTechEx Mobility Research
IDTechEx is actively researching autonomy and electrification and has just released a new report, “Electric Vehicles in Construction 2023-2043”. Find out more about this report, including downloadable sample pages, at www.IDTechEx.com/EVConstruction.
This research forms part of the broader mobility research portfolio from IDTechEx, who track the adoption of autonomy, electric vehicles, automotive semiconductors, battery trends, and demand across land, sea and air, helping you navigate whatever may be ahead. Find out more at www.IDTechEx.com/Research/EV.
About IDTechEx
IDTechEx guides your strategic business decisions through its Research, Subscription and Consultancy products, helping you profit from emerging technologies. For more information, contact [email protected] or visit www.IDTechEx.com.
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DUBAI, UAE, Nov. 21, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to reaffirm its commitment to providing ease of access to digital assets for eligible P2P users in Africa at zero fee. Connecting buyers and sellers at no cost, Bybit P2P continues to be the benchmark for cost-effective and convenient trading experiences.
Since its launch in Jan. 2022, Bybit P2P has consistently provided a user-friendly platform for users seeking a safer way to participate in the digital asset class. The services are offered at no costs for merchants and takers in P2P transactions:
- Merchants: Merchants may post advertisements on Bybit P2P for free.
- Takers: Users may place an order through advertisements listed on the P2P platform at no costs. The offer stands across all fiat trading pairs. Third-party fees may incur depending on the payment method chosen, as the payment providers may charge a transaction fee.
P2P Fee Structure (Africa)
|
Taker Fee (Sell Page) |
Maker Fee (Sell Page) |
|
|
Bybit |
0 % |
0 % |
|
Competitor B |
0.5% on completed orders for certain trading pairs |
0 % |
In addition, Bybit has launched an exciting P2P Coupon Giveaway Campaign from now to Jan. 15, 2025. As part of this initiative, users can earn a share of up to 20,000 USDT in rewards by completing tasks such as depositing $100 or trading $50,000 through Bybit P2P. The rewards will be in the form of Bybit P2P coupons to be redeemed in the next purchase, making the zero-fee transactions an even better deal for winners.
“Bybit’s steadfast commitment to contributing to financial inclusion comes in all forms, and keeping our P2P services free for as long as we can, and for as many users as possible, is one of the ways to support the crypto community,” said Joan Han, Sales and Marketing Director at Bybit. “When users come to our platform with the hopes of generating income on their assets, we want to play a supportive role in helping them reach their personal financial goals,” she added.
P2P on Bybit offers an intuitive and cost-effective peer-to-peer trading platform, facilitating the buying and selling of two users’ holdings at an optimal, agreed-upon price between them. With Bybit P2P, users stand to benefit from Bybit’s enterprise-level security and advanced features including comprehensive built-in KYC and KYB verification mechanisms, rigorous asset management protocols, and 24/7 customer service.
Find out more about the event and eligibility at Bybit P2P.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
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TAIPEI, Nov. 21, 2024 /PRNewswire/ — KryptoGO, a leading Web3 infrastructure provider, offers an innovative wallet solution to help businesses offer secure and stable crypto payment services without the need for costly in-house development. With its Wallet as a Service (WaaS), KryptoGO enables enterprises to quickly integrate efficient and cost-effective crypto payment solutions while focusing on their business operations.
Why Choose KryptoGO’s Wallet Solution?
Developing a secure, multi-chain crypto wallet from scratch presents significant challenges, including extensive security measures, maintaining fast and reliable transaction speeds, and controlling development and operational costs. A recent PwC global CEO survey highlighted that security concerns, regulatory issues, and operational complexities are key barriers for businesses adopting digital asset solutions. Additionally, Coinbase’s report states that 87% of Fortune 500 executives cited a lack of clear regulations as a significant obstacle in their digital asset investments. KryptoGO’s WaaS addresses these issues by providing a white-label wallet service that businesses can easily integrate, ensuring strong performance and compliance.
Competitive Advantage: Speed and Cost Control
KryptoGO has optimized transaction speeds and minimized costs through extensive benchmarking and performance evaluations. On the TRON blockchain, KryptoGO delivers transaction notifications within 1.2 seconds and reduces transaction fees by at least 20% compared to other wallets. These advantages stem from the team’s expertise in blockchain development and data index optimization, ensuring faster, more efficient, and dependable transactions.
Success Story: Ocean Wallet
One of KryptoGO’s notable successes in customizable, white-label wallet solutions is Ocean Wallet. In less than two months, Ocean Wallet was able to launch a fully functional, competitive crypto wallet app without needing to hire any developer. With KryptoGO’s flexible solution, Ocean Wallet was able to tailor its features to meet the specific needs of its target audience—stablecoins payments in the TRON ecosystem. By leveraging KryptoGO’s expertise, Ocean Wallet was able to deliver a seamless wallet experience with the ideal functionality to support its unique business model, achieving fast market entry and providing seamless crypto payment solutions at the lowest possible cost.
Building the Future of Crypto Payments
For businesses looking to enter Web3 quickly and efficiently, a customizable wallet solution is the key. KryptoGO’s Wallet as a Service enables corporates to adopt crypto with minimal development resources. If you’re also interested in how KryptoGO can support your Web3 business needs, please contact us or visit www.kryptogo.com.
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Blockchain Press Releases
KuCoin Partners with Dubai Sports Council for the Open Padel Cup for Government Institutions
DUBAI, UAE, Nov. 21, 2024 /PRNewswire/ — KuCoin, a leading global crypto exchange, in collaboration with the Dubai Sports Council, has announced the Open Padel Cup for Government Institutions as the Title Sponsor during a press conference held on November 19th, 2024. Scheduled from December 13 to 15, the Open Padel Cup Championship invites all government institutions across the UAE to participate. To promote amateur participation, professional players registered with clubs or the UAE Padel Association are not eligible, ensuring over 300 Emirati amateurs can take part in this competition.
Padel has been gaining traction in Dubai as a fun and engaging way to promote a healthy lifestyle and enrich the local sports culture. The Dubai Sports Council has recently spearheaded the Padel Cup Tournament initiative, partnering with KuCoin for the event, which is organized by Royal Griffin Event and hosted at JUST PADEL facilities.
As the title sponsor, KuCoin has expressed strong confidence in the economic prospects of the Middle East, particularly the UAE and Dubai, especially regarding the immense potential of the cryptocurrency market. Over the past few years, KuCoin has established many meaningful partnerships in Dubai’s vibrant city and has been actively involved in various local activities. Last year, KuCoin sponsored the COP28 Global Climate Change and Green Blockchain Summit and hosted the “KuCoin Green Future Charity Gala Dinner,” supporting various charitable causes.
At the press conference, Harry Chan, the representative from KuCoin highlighted the synergy between sports and blockchain technology, noting that both fields emphasize collaboration and innovation. Padel is a sport that requires high levels of teamwork and strategic thinking, aligns with the decentralized cooperation and innovative spirit of blockchain technology. “We believe that through activities like the Open Padel Cup for Government Institutions, we can better communicate the core values of blockchain technology to the public and inspire more innovative ideas,” said the KuCoin representative, and “help bring in and connect global responsible companies and talents”. This event marks the latest in a series of collaborations by KuCoin in Dubai, underscoring its long-term commitment to the Dubai market.
Fawzia Faridoun, Director of the Community Sports Department at the Dubai Sports Council expressed pleasure in partnering with KuCoin to promote the city’s sports culture and healthy lifestyle, looking forward to deeper cooperation in the future.
About KuCoin
Launched in September 2017, KuCoin is a leading crypto exchange and financial technology platform with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement, KuCoin offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 37 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of November 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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