The IFR32700 is LiFePO4, Lithium Iron Phosphate, a different chemistry than typical lithium ion. It has less energy density, and exhibits a flat voltage curve over the discharge, averaging ~3.2V. From HKJ’s test of the G65:
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LiFePO4 has advantages and disadvantages. It is very robust and can tolerate abuse, has a flat discharge curve, delivers high current, and has a very high cycle life of 2000+ cycles.