Yes, it is possible.
The energy contained in lithium-ion batteries is about 40 kilojoules. This is twenty times the energy released by a bullet from a Kalashnikov rifle and is roughly equivalent to 10 grams of explosive material. Part of this energy is converted into heat, which is dissipated externally.
However, if the battery has a defect and overheats, chemical reactions may begin inside it, accompanied by the release of increasing amounts of heat and gases.
In the best case, the battery will simply swell, and in the worst case, an explosion will occur. Nevertheless, not all accumulated energy will be released instantly, and this will not lead to serious injuries.
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