They have a new class of cathode that uses 89% nickel.

Cathodes can make up roughly half of the materials costs for the entire battery, with cobalt being the priciest element. Cobalt is $28,500 per ton and it makes up 10% to 30% of most lithium-ion battery cathodes.

"Cobalt is the least abundant and most expensive component in battery cathodes," Manthiram said. "And we are completely eliminating it."

There are many groups competing to make the best cobalt-free battery.