Energy storage technologies can act as flexibility sources for supporting the energy transition, enabling the decarbonisation of the grid service provision and the active engagement of the customers (both prosumers and consumers), opening for them new business opportunities. Within storage technologies, Lithium-ion (Li-ion) batteries represent an interesting solution for dealing with the majority of these services. In this context, this study addresses an evaluation of economic, environmental and geopolitical risks with reference to the critical raw materials used in the manufacturing of Lithium Iron Phosphate (LFP) Li-ion batteries. The assessment entailes grid and prosumer services that these batteries can provide. The exploited economic indicator is the Levelised Cost of Storage, whereas six environmental indicators are used for environmental impact estimation. Cycle stages accounted for in the analysis are the manufacturing and use phases. Finally, the evaluation of the impact of critical raw materials is performed by deploying a Supply Risk indicator, which is instead assessed considering every single material and the overall risk for the battery. High-risk materials are represented by Graphite and Phosphorous. Results denote that, for each service, the number of cycles and the discharge duration are pivotal to make the investment economically and environmentally sustainable. The reduction in the Net Import Reliance, as well as the increase in the Recycling Rate, could sensibly reduce the risk associated with battery raw materials.