Why are battery prices so high right now? (Project Finance)

Does anyone know why battery prices are so high right now? I've spent the week gathering quotes from battery companies for a BESS project I'm working on and I am consistently getting $230 to $260/ kWh (LFP). In 2021, we were paying ~$180/ kWh.

I know that lithium prices were high in 22 and 23, but current prices are right around what they were in 21, so what gives? The only reason I can think of is that the Chinese suppliers have multi-month long lead times, but other than that I'm stumped.

 

interesting. I’m new to this space but I’ve seen decreased prices in the last couple months of the company’s I’m looking at due to decreased lithium prices and improved capital efficiencies

 
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