NBC News is reporting that Nikola Motors claims to have found the “Holy Grail of batteries,” promising to double the range of electric vehicles and the number of recharge cycles, while cutting costs in half.

Nikola is not going into much detail about how the new technology works, as it has been developed by a company Nikola is in the process of acquiring. They have alluded to the fact that the technology is a refinement of the current lithium-ion standard, rather than a complete replacement of it.

The new method seems to involve “removing the binder material and electric current collectors used in today’s lithium-ion cells.” According to company founder and chief executive Trevor Milton, this reduces the size and weight, while also making the batteries “more conductive,” which gives them faster charging times.

According to NBC News, Nikola’s testing has resulted in batteries that can sustain 2,000 charging cycles, which is twice the current industry standard for electric vehicles. This translates to roughly 1.5 million miles before a truck would need battery replacements.

Nikola isn’t eyeing just the electric vehicle market, however. They believe the technology could revolutionize cellphones, tablets and other consumer devices. Battery capacity and lifespan continues to be troublesome bottlenecks for the electric vehicle market, as well as consumer devices. If Nikola is successful in bringing its tech to market, this could usher in a new wave of innovation.