Conversion/alloying materials, such as transition metal (TM)‐doped ZnO, are showing superior performance over pure ZnO due to the presence of the TM, enabling the reversible formation of Li$_{2}$O due to the enhanced electronic conductivity within the single particle once being reduced to the metallic state upon lithiation. Herein, the impact of introducing Co as representative TM at the atomic level in ZnO compared with mixtures of nano‐ and microsized CoO and ZnO is investigated. While even rather simple mixtures provide higher capacities than pure ZnO, an intimate mixing of nanoparticulate CoO and ZnO leads to a further increase due to the more homogeneous dispersion of Co. Nonetheless, the “atomic mixing” via doping still provides the highest capacities—for both nano‐ and microparticles, thus highlighting the importance of the very fine distribution of Co (and generally the TM) for realizing effective electron conduction pathways to enable the reversible formation of Li$_{2}$O.
