This could further increase the demand for silver and tax an already strained silver supply.

According to an article in the latest edition of Silver News published by the Silver Institute, replacing lithium with argyrodite could produce safer, longer-lasting batteries.

"The main advantage to using argyrodite is that it allows a battery to be 'solid state' meaning there are no electrolyte liquids in the battery as there is with lithium cells. The liquids make batteries sensitive to high temperatures which not only cause gradual degradation but can also produce what engineers classify as 'thermal catastrophes' – fire and explosions."

Lithium batteries are used in many applications, including electric vehicles (EVs).

Argyrodite is made up of silver, selenium and tin. It provides a stable structure where silver atoms can move around, which, in turn, helps to produce an electric current.

Duke associate professor of mechanical engineering Olivier Delaire said the race is on to come up with an alternative to lithium batteries.

"Every electric vehicle manufacturer is trying to move to new solid-state battery designs, but none of them are disclosing which compositions they're betting on. Winning that race would be a game changer because cars could charge faster, last longer and be safer all at once."