Benchmark Mineral Intelligence today announced the commercial launch of its new 314Ah lithium iron phosphate (LFP) cell price for energy storage applications. The announcement comes as global LFP battery cell prices show signs of recovery, following a marked rebound in lithium carbonate costs and tightening supply conditions across the battery materials market.

Benchmark’s Head of Research, Iola Hughes commented:

“The launch of our new BESS LFP cell price comes at a time of increasing importance for the storage market with demand set to grow significantly over the next five years. Significant declines in cell price and innovation in system design over recent years have resulted in system price more than halving in the last two years. As manufacturers standardised around this cell format,  large-scale storage projects continue to become more commercially viable.”

During the first nine months of 2025, battery demand from the battery energy storage system (BESS) sector recorded the strongest year-on-year growth among all major demand segments, rising 36% and increasing its share of total battery demand from 16% to 17% YTD. 

LFP cells designed for electric vehicle (EV) applications generally meet higher energy-density and performance standards than those used in stationary storage systems, resulting in greater production costs and a sales premium. By contrast, LFP cells for BESS applications typically trade at a 10-15% discount.

In recent years, BESS-specific cell offerings have expanded rapidly. With material innovations driving down LFP costs, producers are now targeting further savings through the use of larger-format cells. Whereas 280Ah prismatic cells were once the industry benchmark, the sector has rapidly transitioned towards 314Ah formats since 2023.

At present, 314Ah cells command a premium over 280Ah models, despite lower $/kWh level production costs. This reflects superior performance characteristics and stronger market demand. Meanwhile, 280Ah cell prices continue to decline, even as manufacturers curtail output in response to weaker sales.

Data Snapshot:

  • BESS battery demand has increased 36% YTD
  • Falling BESS cell price has caused system prices to more than halve in the last two years
  • China accounts for 50% of demand YTD, with the US market at 22%

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Notes to Editors

Benchmark Mineral Intelligence provides mine to grid battery supply chain intelligence- from upstream raw materials through to batteries, electric vehicles, charging and energy storage. In 2024, Benchmark acquired downstream intelligence leader Rho Motion creating the world’s largest dedicated expert analyst team, specialising in energy transition supply chains.

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Media Enquiries

For interview requests or additional commentary, Iola Hughes, and CEO- Andrew Miller are available for interview.

Please contact hansell@benchmarkminerals.com.