US battery start-up Bedrock Materials has announced a pause in its sodium-ion battery development, returning most of its capital to investors. Co-founder and CEO Spencer Gore stated that sodium-ion batteries struggle to compete with lithium-ion counterparts due to declining lithium prices and advancements in battery technology. Efforts to enhance energy density presented technical and environmental challenges, yielding no significant improvements over existing lithium iron phosphate chemistries.

Launched from Stanford University, Bedrock Materials emerged from stealth last year, raised $9 million in seed funding, and headquartered in Chicago, Illinois. The company also received incentives under Illinois’ Reimagining Electric Vehicles Act, which Gore confirmed will be refunded.

While sodium-ion offers cost and environmental benefits as a more abundant and independent alternative to lithium-ion, a Stanford study suggests it could only achieve cost competitiveness with low-cost lithium-ion variants by the 2030s through increased energy density and reduced material intensity.