Nikhil Kamath Discusses Battery Innovations and India’s Manufacturing Prospects with Industry Leaders
In an episode of the People by WTF podcast, investor Nikhil Kamath met with EnerVenue Chief Executive Henning Rath and HiNa Battery Executive Chairman Kun Tang to discuss the global battery ecosystem, safety issues surrounding lithium chemistries, and the potential for domestic battery manufacturing in India.
What Happened
During the conversation, the participants evaluated the operational challenges of lithium-iron-phosphate (LFP) batteries, which currently power the majority of global electric vehicles. Rath explained the phenomenon of thermal runaway, wherein an internal reaction accelerates uncontrollably once a battery hits critical temperatures. Tang stated that over 14,000 LFP battery fires occurred worldwide in 2025, pointing out that such safety incidents occur primarily among smaller, tier-two producers rather than top-tier manufacturers like CATL and BYD, which maintain stricter production standards.
The discussion also evaluated alternatives to lithium-based systems:
- Sodium-Ion Cells: Tang highlighted sodium-ion chemistry, noting that HiNa Battery deployed a 100-megawatt-hour energy storage installation. He explained that sodium costs approximately one-tenth of lithium and is less prone to thermal runaway at current densities, though lower energy density currently restricts its use to stationary storage, scooters, and three-wheelers.
- Nickel-Based Storage: Rath detailed EnerVenue’s nickel-hydrogen technology, adapted from NASA designs, which uses a water-based electrolyte to eliminate thermal runaway risks and is rated for 30,000 cycles, specifically targeted at stationary power applications.
- Solid-State Status: Tang placed solid-state battery technology at level four on a nine-level commercial readiness scale, indicating it remains far from commercial manufacturing.
Key Highlights
- Henning Rath identified three overlapping global cycles—electrification, manufacturing, and artificial intelligence infrastructure—that are outrunning supply chains.
- Rath noted that pairing renewable generation with battery storage became cheaper than fossil fuel power across broad parts of the world starting in 2023.
- When asked whether to start an electric vehicle manufacturer or a battery company in India, Rath recommended establishing a battery venture decoupled from lithium and rare earth supply chains, targeting India’s two-wheeler and three-wheeler segments.
- China’s development of companies such as BYD was attributed to state-backed venture models that funded numerous firms to produce a small group of market leaders.
Why This Matters
The transition toward electrification and data centre expansion is creating massive demand for energy storage, especially as facilities look to replace diesel backup generators with safer battery chemistries. For countries aiming to expand manufacturing, relying on non-lithium chemistries such as sodium-ion or nickel-based systems presents an opportunity to build energy storage infrastructure using domestically accessible raw materials rather than relying heavily on imported mineral supply chains.
What to Watch Next
Future developments outlined in the discussion include the adoption of sodium-ion power within light electric mobility fleets and grid storage projects, alongside the ongoing transition of AI data centres toward stationary battery backup systems.
Frequently Asked Questions
Why are sodium-ion batteries being considered as an alternative to lithium?
According to HiNa Battery’s Kun Tang, sodium-ion batteries rely on materials like sodium, iron, and phosphate that can be sourced locally by most nations. They cost roughly one-tenth the price of lithium and resist thermal runaway at current energy densities, making them viable for stationary storage and short-range vehicles.
What is the current commercial readiness of solid-state batteries?
Tang evaluated solid-state battery technology at approximately level four on a one-to-nine industry readiness scale, stating that while the chemistry is well-documented in research, it remains distant from mass commercial production.
Source: NewsVoir / The Tribune