Going Far Beyond an Idea
When 2022 began, our company was known as “Feasible.” Our focus was on proving the value of EchoStat® in collaboration with leading OEMs and battery manufacturers that were looking for innovative ways to improve cell quality and safety. As we grew and gained experience, it became clear that a new name was needed to accurately reflect our progress. The word “liminal” refers to the threshold of change; to us, it represents the tipping point in the transition to a clean energy future in which electric vehicles are accessible for every driver. 2022 brought major growth for our company at an exciting and necessary rate. As co-founder Andrew Hsieh put it, “we’ve grown from being a research and development-focused company and have matured into a commercially prepared, fully industrialized partner and supplier.” So when we talk about our commitment to reaching a tipping point and crossing a threshold in EV adoption, our achievements in 2022 position us with strong and growing momentum going into 2023.
Growing Our Team to Meet Demand
While our rebranding and renaming represent our evolution into a factory-ready company, 2022’s most important transformation happened within our walls. Liminal’s team more than doubled in size over the last year as we hired individuals with diverse backgrounds and levels of experience into all areas of the company from engineering and product to business development. Our engagements with auto manufacturers and OEMs have skyrocketed with the impact made by our presence at important industry events like NAATBatt and Battery Show North America. Seeing our technologies and solutions evolve firsthand made a big impression on our existing partners, who are more excited than ever to implement our industry-leading solutions. Yet, with all this growth and evolution, the culture and mission of Liminal are stronger than ever. As Hsieh observed, “Our company values of trust, curiosity, and empathy not only describe how we commit to working together as a team, they also describe how we commit to working with and for our customers and partners.”
What’s Next for Liminal, EV Adoption
In the coming year, Liminal will deploy our first factory-integrated EchoStat® systems and will see the continued growth of our team and our customer and partner base. It will be another exciting year for us and for the battery industry as a whole. We believe a few notable trends will continue to shape the future of EV batteries in the year ahead.
Rising Consumer Acceptance
There’s a growing demand for EVs from the consumer base at large. A July 2022 Consumer Reports survey found that 36% of Americans planned to buy or lease an EV, or were seriously considering it—especially if certain concerns were addressed, such as charging access, vehicle range, and purchase price. In Europe, EV sales already represent more than 15% of new vehicles sales, almost doubling in market share from a year ago.
Interest and Investment
Governments across the globe have enhanced and improved public policies and investments to support the adoption of electric vehicles and the electrification transition across many other industries. Additionally, global private investment in batteries and EVs reached nearly $10 Billion in 2022. This momentum has led to the announcement of thirteen new battery production facilities underway in the U.S.
Battery Supply and Quality Challenges Continue
Unfortunately, in the face of this demand, supply challenges will persist, particularly regarding raw materials. According to Bloomberg NEF, battery prices have surged by 7%, where they are expected to remain for at least another year. EV battery production is time- and labor-intensive, and the lead time for new mines coming online can be up to a decade. There needs to be a breakthrough in production cost to drive mass-market EV adoption. We can’t rely on status quo tools and techniques to reduce costs, and Liminal is addressing a critical but often overlooked issue in the EV industry: the need for advanced battery inspection technology. All of these trends and proof points support one thing: Liminal’s commitment to evolving battery insights, empowering manufacturers, and making safe, high-quality EVs accessible to every driver.