Lithium-ion battery capacity fading dynamics modelling for formulation optimization: A stochastic approach to accelerate the design process

•The model is linked to known physicochemical degradation processes and material properties.•Aging dynamics of various battery formulations can be understood by the proposed model.•Large number of experiments will be reduced to accelerate the battery design process.•This approach can describe batteries under various operating conditions.•The proposed model is simple and easily implemented.