High-rate lithium ion batteries can play a critical role in decarbonizing our energy systems both through their underpinning of the transition to use renewable energy resources such as photovoltaics and electrification of transport. Their ability to be rapidly and frequently charged and discharged can enable this energy storage technology to play a key role in facilitating future lowcarbon electricity networks and thereby limit emissions that may result from transport electrification if fossil fuels are required for battery production and charging. This decarbonizing transition will require lithium ion technology to provide increased power and longer cycle lives at reduced cost. Rate performance and cycle life are ultimately limited by the materials used and the kinetics associated with the charge transfer reactions, ionic and electronic conduction. We review materials strategies for electrode materials and electrolytes that can facilitate high rates and long cycle lives and explore the new opportunities that may arise in embedded distributed storage via devices that blur the distinction between supercapacitors and batteries.