UK company Faradion, the pioneers of the first sodium-ion powered vehicle, and Phillips 66 (NYSE: PSX) have launched a new technical collaboration to develop lower-cost and higher-performing anode materials for sodium-ion batteries.

UK company Faradion, the pioneers of the first sodium-ion powered vehicle, and Phillips 66 (NYSE: PSX) have launched a new technical collaboration to develop lower-cost and higher-performing anode materials for sodium-ion batteries.

Sodium-ion battery technology has an inherent advantage over other power-storage technologies because it uses low-cost materials that are sustainable and widely available. Carbon is the preferred anode material for the batteries and the collaboration is expected to leverage Phillips 66's experience developing specialty carbon materials and Faradion's work as a leader in sodium-ion battery technology.

"Our world-class research team is working on various energy production and storage technologies that could help meet the world's growing energy needs while advancing a lower-carbon future," said Ann Oglesby, Vice President, Energy Research & Innovation at Phillips 66. "We're pleased to put some of our resources into play with Faradion as it works to bring game-changing technology to market using our high-performing anode materials."

A diversified energy manufacturing and logistics company based in Houston, Phillips 66 has filed numerous patent applications on battery-related technology.

Faradion's technology provides similar performance to conventional chemistries while avoiding use of expensive materials such as cobalt and replacing lithium with the more sustainable and abundant sodium while giving better safety and thermal stability.

"This agreement brings together Phillips 66's strengths in hard-carbon anode material and Faradion's sodium-ion technology for a high-performance, sustainable next-generation energy storage technology," said James Quinn, CEO of Faradion. "Our aim is to further accelerate large-scale industrialisation of Faradion's safe, low-cost sodium-ion energy technology. We are looking forward to Phillips 66 supporting Faradion's growth in the rapidly expanding battery market and to jointly contribute to the transformation of the global energy market."

In 2015, Faradion demonstrated the world's first sodium-ion battery powered vehicle when it launched an e-bike battery demonstrator in collaboration with Williams Advanced Engineering and Oxford University. The company's comprehensive intellectual property portfolio comprises multiple patent families focusing on cell materials, cell infrastructure, pack design, safety and transportation.