[{"data":1,"prerenderedAt":10209},["ShallowReactive",2],{"stories-article-article/-content.date:desc-limit-30":3,"stories-video-content.date:desc-limit-30":6402,"ticker-data":7295,"stories-article-article/-content.date:desc-data-visualisation-limit-4":7820,"stories-video-content.date:desc-limit-3":8337,"stories-briefing-publications/briefings/-slug:asc-limit-8":8381},[4,285,635,792,980,1198,1327,1534,1713,1983,2235,2465,2622,2857,2997,3102,3216,3525,3667,3832,4037,4307,4603,4785,4965,5142,5386,5671,5891,6067],{"id":5,"uuid":6,"name":7,"slug":8,"full_slug":9,"content":10},185974308514040,"69ade637-e6e6-45f3-8471-9d28735e8f65","Denise Gray receives Lifetime Achievement Award at Benchmark Giga US 2026","denise-gray-receives-lifetime-achievement-award-at-benchmark-giga-us-2026","article/denise-gray-receives-lifetime-achievement-award-at-benchmark-giga-us-2026",{"_uid":11,"date":12,"tags":13,"editor":26,"content":36,"excerpt":257,"featured":258,"reporter":259,"component":260,"seo_title":261,"categories":262,"visibility":272,"data_vis_image":273,"featured_image":277,"seo_description":283,"formattedDate":284},"8ebf4ba3-d9a2-440f-87b2-ca799166bd1c","2026-06-10 00:00",[14,17,20,23],{"slug":15,"name":16},"giga-us-2026","Giga US 2026",{"slug":18,"name":19},"gm","GM",{"slug":21,"name":22},"lges","LGES",{"slug":24,"name":25},"lucid-motors","Lucid Motors",[27],{"slug":28,"name":29,"content":30},"matthew-bird","Matthew Bird",{"job_title":31,"image":32,"bio":34,"linkedin":35},"Senior Editor - Supply Chains & Data Visualisation",{"filename":33},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":37,"content":38},"doc",[39,68,76,175,183,191,199,209,217,225,233,241,249],{"type":40,"attrs":41,"content":43},"paragraph",{"textAlign":42},null,[44,52,63],{"text":45,"type":46,"marks":47},"Benchmark Mineral Intelligence, the world’s leading provider of critical mineral price data and market intelligence for the energy transition, today (10 June 2026) announced that Denise Gray, one of the most prominent leaders in the battery storage space, has been named the 2026 recipient of the Benchmark Lifetime Achievement Award. The award was presented at ","text",[48],{"type":49,"attrs":50},"textStyle",{"color":51},"#000000",{"text":16,"type":46,"marks":53},[54,61],{"type":55,"attrs":56},"link",{"href":57,"uuid":58,"anchor":42,"target":59,"linktype":60},"/article/trade-geopolitics-and-growth-are-shaping-the-us-battery-market","5927011c-7c3b-4e6c-9c8f-218577afb178","_self","story",{"type":49,"attrs":62},{"color":51},{"text":64,"type":46,"marks":65}," in Washington DC.",[66],{"type":49,"attrs":67},{"color":51},{"type":40,"attrs":69,"content":70},{"textAlign":42},[71],{"text":72,"type":46,"marks":73},"Now in its fourth year, the Benchmark Lifetime Achievement Award celebrates individuals whose leadership and vision have shaped modern energy supply chains. Denise Gray joins an esteemed group of past recipients that includes:  ",[74],{"type":49,"attrs":75},{"color":51},{"type":77,"content":78},"bullet_list",[79,99,118,137,156],{"type":80,"content":81},"list_item",[82],{"type":40,"attrs":83,"content":84},{"textAlign":42},[85,94],{"text":86,"type":46,"marks":87},"Bob Galyen",[88,92],{"type":55,"attrs":89},{"href":90,"uuid":91,"anchor":42,"target":59,"linktype":60},"/videos/benchmark-lifetime-achievement-award-2025","6aaf4380-3413-41b6-a3d9-46f4abfc56ec",{"type":49,"attrs":93},{"color":51},{"text":95,"type":46,"marks":96},", former CTO at CATL and CTO at NAATBatt International",[97],{"type":49,"attrs":98},{"color":51},{"type":80,"content":100},[101],{"type":40,"attrs":102,"content":103},{"textAlign":42},[104,113],{"text":105,"type":46,"marks":106},"Arnold Schwarzenegger",[107,111],{"type":55,"attrs":108},{"href":109,"uuid":110,"anchor":42,"target":59,"linktype":60},"/videos/fireside-chat-with-arnold-schwarzenegger","491c1c20-ea18-4aa0-bc91-97919cd1b111",{"type":49,"attrs":112},{"color":51},{"text":114,"type":46,"marks":115},", Former Governor of California",[116],{"type":49,"attrs":117},{"color":51},{"type":80,"content":119},[120],{"type":40,"attrs":121,"content":122},{"textAlign":42},[123,132],{"text":124,"type":46,"marks":125},"JB Straubel",[126,130],{"type":55,"attrs":127},{"href":128,"uuid":129,"anchor":42,"target":59,"linktype":60},"/videos/fireside-chat-with-redwood-materials-ceo-jb-straubel-and-benchmark","e9fd89f8-4a14-4754-9335-9eb05db26025",{"type":49,"attrs":131},{"color":51},{"text":133,"type":46,"marks":134},", co-founder of Tesla and CEO of Redwood Materials",[135],{"type":49,"attrs":136},{"color":51},{"type":80,"content":138},[139],{"type":40,"attrs":140,"content":141},{"textAlign":42},[142,151],{"text":143,"type":46,"marks":144},"Senator Lisa Murkowski",[145,149],{"type":55,"attrs":146},{"href":147,"uuid":148,"anchor":42,"target":59,"linktype":60},"/videos/word-of-welcome-from-u-s-senator-lisa-murkowski","cb3daf9e-367d-4d4d-bcf8-845613de9cda",{"type":49,"attrs":150},{"color":51},{"text":152,"type":46,"marks":153},", United States Senator from Alaska",[154],{"type":49,"attrs":155},{"color":51},{"type":80,"content":157},[158],{"type":40,"attrs":159,"content":160},{"textAlign":42},[161,170],{"text":162,"type":46,"marks":163},"Prof. Sir Stanley Whittingham",[164,168],{"type":55,"attrs":165},{"href":166,"uuid":167,"anchor":42,"target":59,"linktype":60},"/videos/professor-stanley-whittingham-on-the-future-of-batteries","5cde3d1b-62d7-484c-a8f4-4eec35f0a7ab",{"type":49,"attrs":169},{"color":51},{"text":171,"type":46,"marks":172},", Nobel Prize winner and pioneer of the lithium-ion battery",[173],{"type":49,"attrs":174},{"color":51},{"type":40,"attrs":176,"content":177},{"textAlign":42},[178],{"text":179,"type":46,"marks":180},"Denise Gray said: “I'm honoured to receive the award. It does mean a lot to me, because it continues to highlight those of us who are in this industry that continue to push the capability of the technology. I think we have to continue to do that. Especially with so many things going on around the world, we can’t lose sight of those innovators, those who are working in research and development. ",[181],{"type":49,"attrs":182},{"color":51},{"type":40,"attrs":184,"content":185},{"textAlign":42},[186],{"text":187,"type":46,"marks":188},"“I'm hoping that receiving the award highlights the need to continue to encourage those who are working in technology and innovation to keep doing that, because it will pay off. It may not be in the very, very, very, very short term, because it takes time to deploy and implement technology.”",[189],{"type":49,"attrs":190},{"color":51},{"type":40,"attrs":192,"content":193},{"textAlign":42},[194],{"text":195,"type":46,"marks":196},"Benchmark’s CEO Andy Miller said: “Denise is receiving the award because of the pivotal roles she played across LG and GM, improving battery performance, safety and commercialisation across the industry. She is one of very few industry leaders that have experience across the supply chain from battery producer, to consumer, to emerging technology provider. Denise is also one of the most prominent female leaders in the global battery sector, reflecting her professional excellence and role in fostering diversity.”",[197],{"type":49,"attrs":198},{"color":51},{"type":200,"attrs":201,"content":203},"heading",{"level":202,"textAlign":42},2,[204],{"text":205,"type":46,"marks":206},"From GM to LG: Denise Gray’s career",[207],{"type":49,"attrs":208},{"color":51},{"type":40,"attrs":210,"content":211},{"textAlign":42},[212],{"text":213,"type":46,"marks":214},"Gray’s storied career began at General Motors in 1981, when she joined the engineering department following her Master’s degree at the Rensselaer Polytechnic Institute. Over the course of 30 years, Gray held many roles including several Director positions from 2000 onwards. Between 2006 and 2010, Gray was the Director of Energy Storage Systems. Whilst at GM, Gray oversaw the development of the Chevrolet Bolt, GM’s first commercial foray into the modern EV market. Whilst at GM, Gray oversaw the development of the Chevrolet Bolt, GM’s first commercial foray into the modern EV market.",[215],{"type":49,"attrs":216},{"color":51},{"type":40,"attrs":218,"content":219},{"textAlign":42},[220],{"text":221,"type":46,"marks":222},"“I worked at GM from the time I was 17 years old until I was 47 years old. So 30 years of being a part of a global company that worked on technology as the automobile evolved,” Gray said. “I grew up in the early days, as we were electrifying the vehicle. It went – and it's a slow progression – from automatic doors and windows and displays to automatic brakes and steering and throttle control and then moving into the engine, the power train, the engine transmission. With electronics and electrical systems, we were able to transform and make those systems better, more efficient.”",[223],{"type":49,"attrs":224},{"color":51},{"type":40,"attrs":226,"content":227},{"textAlign":42},[228],{"text":229,"type":46,"marks":230},"After GM, Gray spent almost three years as Vice President of Atieva, the company now known as Lucid, and a similar amount of time as Vice President for Powertrain Electrification at AVL in Europe.",[231],{"type":49,"attrs":232},{"color":51},{"type":40,"attrs":234,"content":235},{"textAlign":42},[236],{"text":237,"type":46,"marks":238},"In 2015, Gray became President and CEO of LG Chem Power, which spun off its battery business to form LG Energy Solution in 2020, with Gray at the helm of its Michigan tech centre. In 2022, Gray changed tack to become the company’s Head of External Affairs and Government Relations for North America.",[239],{"type":49,"attrs":240},{"color":51},{"type":40,"attrs":242,"content":243},{"textAlign":42},[244],{"text":245,"type":46,"marks":246},"Since leaving LG Energy Solution in 2023, Gray has been CEO of her own company, DKTN Consulting, and spends most of her time on corporate boards, which she describes as \"extremely fulfilling”. One of the boards Gray sits on is Mitra Chem, a US-based developer using AI to accelerate the Western scale-up of lithium ion phosphate (LFP) cathode active materials.",[247],{"type":49,"attrs":248},{"color":51},{"type":40,"attrs":250,"content":251},{"textAlign":42},[252],{"text":253,"type":46,"marks":254},"“What I'm most proud of is having the opportunity: the opportunity to contribute at amazing companies, to contribute to future technology deployment and innovations. That has just been priceless,” Gray said.",[255],{"type":49,"attrs":256},{"color":51},"Benchmark Mineral Intelligence, the world’s leading provider of critical mineral price data and market intelligence for the energy transition, today announced that Denise Gray, one of the most prominent leaders in the battery storage space, has been named the 2026 recipient of the Benchmark Lifetime Achievement Award. The award was presented at Giga US 2026 in Washington DC.",true,[],"article","Denise Gray receives Lifetime Achievement Award at Giga US 2026",[263,266,269],{"slug":264,"name":265},"batteries","Batteries",{"slug":267,"name":268},"ev","EV",{"slug":270,"name":271},"ess","ESS","public",{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":276},"","asset",{},{"id":278,"alt":274,"name":274,"focus":274,"title":279,"source":274,"filename":280,"copyright":274,"fieldtype":275,"meta_data":281,"is_external_url":282},185997288948020,"Denise Gray awarded the Benchmark Lifetime Achievement Award by previous winner Bob Galyen","https://a.storyblok.com/f/287943243085208/4200x2801/eb1dc430e7/denise-gray-lifetime-achievement-award.jpg",{"alt":274,"title":279,"source":274,"copyright":274},false,"Benchmark announced that Denise Gray, one of the most prominent leaders in the battery storage space, has been named the 2026 recipient of the Benchmark Lifetime Achievement Award. The award was presented at Giga US 2026 in Washington DC.","Jun 10, 2026",{"id":286,"uuid":58,"name":287,"slug":288,"full_slug":289,"content":290},185968997655466,"Trade, geopolitics, and growth are shaping the US battery market","trade-geopolitics-and-growth-are-shaping-the-us-battery-market","article/trade-geopolitics-and-growth-are-shaping-the-us-battery-market",{"_uid":291,"date":12,"tags":292,"editor":300,"content":304,"excerpt":614,"featured":258,"reporter":615,"component":260,"seo_title":287,"categories":616,"visibility":272,"data_vis_image":628,"featured_image":630,"seo_description":634,"formattedDate":284},"6d302ec4-3156-4e2d-a3ce-64938e02940a",[293,294,297],{"slug":15,"name":16},{"slug":295,"name":296},"usa","USA",{"slug":298,"name":299},"north-america","North America",[301],{"slug":28,"name":29,"content":302},{"job_title":31,"image":303,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":305},[306,384,392,400,422,430,452,474,499,507,528,536,544,552,560,568,595,609],{"type":40,"attrs":307,"content":308},{"textAlign":42},[309,314,323,328,337,342,351,356,365,370,379],{"text":310,"type":46,"marks":311},"Andy Miller, chief executive of Benchmark, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving ",[312],{"type":49,"attrs":313},{"color":51},{"text":315,"type":46,"marks":316},"energy security landscape in the US",[317,321],{"type":55,"attrs":318},{"href":319,"uuid":320,"anchor":42,"target":59,"linktype":60},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2",{"type":49,"attrs":322},{"color":51},{"text":324,"type":46,"marks":325},", shaped by ",[326],{"type":49,"attrs":327},{"color":51},{"text":329,"type":46,"marks":330},"trade policy",[331,335],{"type":55,"attrs":332},{"href":333,"uuid":42,"anchor":42,"target":59,"linktype":334},"https://source.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review","url",{"type":49,"attrs":336},{"color":51},{"text":338,"type":46,"marks":339},", ",[340],{"type":49,"attrs":341},{"color":51},{"text":343,"type":46,"marks":344},"geopolitics",[345,349],{"type":55,"attrs":346},{"href":347,"uuid":348,"anchor":42,"target":59,"linktype":60},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":49,"attrs":350},{"color":51},{"text":352,"type":46,"marks":353},", and ",[354],{"type":49,"attrs":355},{"color":51},{"text":357,"type":46,"marks":358},"rising demand",[359,363],{"type":55,"attrs":360},{"href":361,"uuid":362,"anchor":42,"target":59,"linktype":60},"/article/new-report-us-adds-58-gwh-of-new-energy-storage-capacity-in-2025-largest-single-year-of-new-battery-capacity-on-record","c21d6cbc-4940-49e4-aae0-76ebdb40ed95",{"type":49,"attrs":364},{"color":51},{"text":366,"type":46,"marks":367}," from ",[368],{"type":49,"attrs":369},{"color":51},{"text":371,"type":46,"marks":372},"emerging markets such as data centres",[373,377],{"type":55,"attrs":374},{"href":375,"uuid":376,"anchor":42,"target":59,"linktype":60},"/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","213c7915-b6a1-48e4-9d82-9a263f102c25",{"type":49,"attrs":378},{"color":51},{"text":380,"type":46,"marks":381},".",[382],{"type":49,"attrs":383},{"color":51},{"type":40,"attrs":385,"content":386},{"textAlign":42},[387],{"text":388,"type":46,"marks":389},"“Central to all of that and what's really become the bedrock in the question of how we reach true energy security, I believe, is the ability and the efficiency to store that energy,” Miller said. “All roads lead back to batteries.”",[390],{"type":49,"attrs":391},{"color":51},{"type":200,"attrs":393,"content":394},{"level":202,"textAlign":42},[395],{"text":396,"type":46,"marks":397},"Batteries are central to energy security",[398],{"type":49,"attrs":399},{"color":51},{"type":40,"attrs":401,"content":402},{"textAlign":42},[403,408,417],{"text":404,"type":46,"marks":405},"Miller emphasised that batteries are now central to energy security, with demand extending beyond ",[406],{"type":49,"attrs":407},{"color":51},{"text":409,"type":46,"marks":410},"electric vehicles",[411,415],{"type":55,"attrs":412},{"href":413,"uuid":414,"anchor":42,"target":59,"linktype":60},"/article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","3a93dd71-07f9-4d99-82c4-f907a3d0771b",{"type":49,"attrs":416},{"color":51},{"text":418,"type":46,"marks":419}," (EVs) into stationary storage, defence, and emerging applications such as robotics. “Energy security now very much does mean energy storage and the ability to store energy,” he said.",[420],{"type":49,"attrs":421},{"color":51},{"type":40,"attrs":423,"content":424},{"textAlign":42},[425],{"text":426,"type":46,"marks":427},"For much of the past decade, the automotive industry was the key driver for the US’ electrification push. While the pace of full electrification in the US automotive sector has slowed, Miller noted that underlying battery demand remains intact but is becoming more diversified.",[428],{"type":49,"attrs":429},{"color":51},{"type":40,"attrs":431,"content":432},{"textAlign":42},[433,438,447],{"text":434,"type":46,"marks":435},"“There's no doubting that the shape of that pathway to electrification has absolutely changed over the past couple of years,” he said, noting that rapid expansion in ",[436],{"type":49,"attrs":437},{"color":51},{"text":439,"type":46,"marks":440},"stationary storage",[441,445],{"type":55,"attrs":442},{"href":443,"uuid":444,"anchor":42,"target":59,"linktype":60},"/article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","e10ddd56-09be-471c-ab8b-7f1503670661",{"type":49,"attrs":446},{"color":51},{"text":448,"type":46,"marks":449}," is reshaping demand.",[450],{"type":49,"attrs":451},{"color":51},{"type":40,"attrs":453,"content":454},{"textAlign":42},[455,460,469],{"text":456,"type":46,"marks":457},"“In Q1 26 alone the US installed almost 10GWh of ",[458],{"type":49,"attrs":459},{"color":51},{"text":461,"type":46,"marks":462},"stationary storage battery",[463,467],{"type":55,"attrs":464},{"href":465,"uuid":466,"anchor":42,"target":59,"linktype":60},"/videos/what-does-the-us-storage-market-currently-look-like","2eb77eea-249b-4ed7-b45c-0cdabb7d1a25",{"type":49,"attrs":468},{"color":51},{"text":470,"type":46,"marks":471}," capacity,” Miller said, adding that a single grid-scale project can represent “the equivalent of tens of thousands of electric vehicles”.",[472],{"type":49,"attrs":473},{"color":51},{"type":40,"attrs":475,"content":476},{"textAlign":42},[477,484,494],{"text":478,"type":46,"marks":479},"Watch Andy Miller's ",[480,482],{"type":49,"attrs":481},{"color":51},{"type":483},"italic",{"text":485,"type":46,"marks":486},"opening keynote here",[487,491,493],{"type":55,"attrs":488},{"href":489,"uuid":490,"anchor":42,"target":59,"linktype":60},"/videos/benchmark-opening-keynote-welcome-to-giga-us-2026","0072d0fe-4a54-4147-afb1-d1ae0e0c4174",{"type":49,"attrs":492},{"color":51},{"type":483},{"text":380,"type":46,"marks":495},[496,498],{"type":49,"attrs":497},{"color":51},{"type":483},{"type":200,"attrs":500,"content":501},{"level":202,"textAlign":42},[502],{"text":503,"type":46,"marks":504},"The US battery supply chain is retooling",[505],{"type":49,"attrs":506},{"color":51},{"type":40,"attrs":508,"content":509},{"textAlign":42},[510,515,524],{"text":511,"type":46,"marks":512},"This shift from EV-dominant to more diversified demand presents both an opportunity and a challenge. Miller highlighted the need to retool a battery supply chain originally built to serve EV demand, in order to support a ",[513],{"type":49,"attrs":514},{"color":51},{"text":516,"type":46,"marks":517},"broader range of applications",[518,522],{"type":55,"attrs":519},{"href":520,"uuid":521,"anchor":42,"target":59,"linktype":60},"/article/tesla-to-discontinue-the-model-s-and-x-as-it-pivots-towards-humanoid-robots","d988206d-9e4d-43bd-8969-21ef3bdb3281",{"type":49,"attrs":523},{"color":51},{"text":380,"type":46,"marks":525},[526],{"type":49,"attrs":527},{"color":51},{"type":40,"attrs":529,"content":530},{"textAlign":42},[531],{"text":532,"type":46,"marks":533},"“How we retool that in the medium term to feed these new emerging markets and applications is going to be central to the future competitiveness of not just the automotive industry here in the US but a number of major emerging markets as well,” he said.",[534],{"type":49,"attrs":535},{"color":51},{"type":40,"attrs":537,"content":538},{"textAlign":42},[539],{"text":540,"type":46,"marks":541},"Despite market uncertainty, US battery manufacturing ambitions continue to expand. Planned capacity by 2030 has increased by 30% compared with three years ago. However, Miller warned that upstream supply chains remain a key constraint.",[542],{"type":49,"attrs":543},{"color":51},{"type":40,"attrs":545,"content":546},{"textAlign":42},[547],{"text":548,"type":46,"marks":549},"At a global level, supply and demand growth for key battery inputs appears broadly aligned, but this balance breaks down regionally. “We are in a significant deficit on the pathway we're on today to meeting the demand needs of North America,” Miller said.",[550],{"type":49,"attrs":551},{"color":51},{"type":40,"attrs":553,"content":554},{"textAlign":42},[555],{"text":556,"type":46,"marks":557},"He concluded that coordinated action across industry and policymakers will be critical to building a resilient domestic battery supply chain and advancing US energy security.",[558],{"type":49,"attrs":559},{"color":51},{"type":40,"attrs":561,"content":562},{"textAlign":42},[563],{"text":564,"type":46,"marks":565},"“That's why we're here today,” Miller said. “And that's why we're delighted to have such a great cross section of the industry and stakeholders and policymakers with us here today.”",[566],{"type":49,"attrs":567},{"color":51},{"type":40,"attrs":569,"content":570},{"textAlign":42},[571,577,589],{"text":572,"type":46,"marks":573},"Benchmark hosts a wide range of events throughout the year, dedicated to the full mine-to-gride supply chains that are key to the energy transition. To find out more visit our ",[574,576],{"type":49,"attrs":575},{"color":51},{"type":483},{"text":578,"type":46,"marks":579},"Events page",[580,583,586,587],{"type":55,"attrs":581},{"href":582,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://www.benchmarkminerals.com/events/",{"type":49,"attrs":584},{"color":585},"#1155CC",{"type":483},{"type":588},"underline",{"text":590,"type":46,"marks":591}," or fill out the form below and one of the team will be in touch.",[592,594],{"type":49,"attrs":593},{"color":51},{"type":483},{"type":596,"attrs":597},"blok",{"id":598,"body":599},"29eb0497-caaa-4647-a067-ff4ed8c36ac4",[600],{"id":601,"_uid":602,"component":603,"wrap_in_box":282,"redirect_url":604,"success_file":606,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":608,"show_on_intelligence":282},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-1d2d647e-a20b-4df4-8739-a2e6490b5dd8","ContentHubspotForm",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},"multilink",{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":607},{},[],{"type":40,"attrs":610,"content":611},{"textAlign":42},[612],{"type":613},"hard_break","Andy Miller, chief executive of Benchmark Mineral Intelligence, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving energy security landscape in the US, shaped by trade policy, geopolitics, and rising demand from emerging technologies.\n\n“Central to all of that and what's really become the bedrock in the question of how we reach true energy security, I believe, is the ability and the efficiency to store that energy,” Miller said. “All roads lead back to batteries.”",[],[617,618,619,620,623,626],{"slug":270,"name":271},{"slug":264,"name":265},{"slug":267,"name":268},{"slug":621,"name":622},"critical-minerals","Critical Minerals",{"slug":624,"name":625},"raw-materials","Raw Materials",{"slug":343,"name":627},"Geopolitics",{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":629},{},{"id":631,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":632,"copyright":274,"fieldtype":275,"meta_data":633,"is_external_url":282},185969581616746,"https://a.storyblok.com/f/287943243085208/4200x2801/5cd8e0b646/andy-miller-keynote-giga-us-2026.jpg",{},"Andy Miller, chief executive of Benchmark, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving energy security landscape in the US, shaped by trade policy, geopolitics, and rising demand from emerging markets such as data centres.",{"id":636,"uuid":637,"name":638,"slug":639,"full_slug":640,"content":641},185276973381866,"357656ac-3e88-43a3-8d98-7728ecf9daf3","Mozambique enforces 15% state stake in mining and introduces export ban","mozambique-enforces-15-state-stake-in-mining-and-introduces-export-ban","article/mozambique-enforces-15-state-stake-in-mining-and-introduces-export-ban",{"_uid":642,"date":643,"tags":644,"editor":654,"content":664,"excerpt":766,"featured":258,"reporter":767,"component":260,"seo_title":777,"categories":778,"visibility":783,"data_vis_image":784,"featured_image":786,"seo_description":790,"formattedDate":791},"24af9490-8068-4957-b6a6-21965eb94c2d","2026-06-08 00:00",[645,648,651],{"slug":646,"name":647},"mozambique","Mozambique",{"slug":649,"name":650},"africa","Africa",{"slug":652,"name":653},"anode","Anode",[655],{"slug":656,"name":657,"content":658},"benjamin-roche","Benjamin Roche",{"job_title":659,"image":660,"bio":662,"linkedin":663},"Editor – Energy Transition Supply Chains",{"filename":661},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":37,"content":665},[666,681,686,694,699,704,726,736,745,752],{"type":40,"attrs":667,"content":668},{"textAlign":42},[669,671,679],{"text":670,"type":46},"Mozambique has enacted sweeping mining reforms that will fundamentally alter the terms on which mining ventures are ",{"text":672,"type":46,"marks":673},"developed in the country",[674],{"type":55,"attrs":675},{"href":676,"uuid":677,"anchor":42,"target":678,"linktype":60},"/article/three-african-countries-to-account-for-47-of-new-flake-graphite-production-in-2025","07437bb7-48ea-4c16-8144-d5a9189d3128","_blank",{"text":680,"type":46},", which Benchmark expects to supply 9% of natural graphite globally in 2026.",{"type":40,"attrs":682,"content":683},{"textAlign":42},[684],{"text":685,"type":46},"President Daniel Chapo signed the new mining law on 3 June, following parliamentary approval in May. The legislation mandates a minimum 15% free-carried and non-dilutable state equity stake, held through the National Mining Company (ENM), across all mining projects, with that share able to increase further.",{"type":200,"attrs":687,"content":688},{"level":202,"textAlign":42},[689],{"text":690,"type":46,"marks":691},"No clarity yet on existing operations",[692],{"type":693},"bold",{"type":40,"attrs":695,"content":696},{"textAlign":42},[697],{"text":698,"type":46},"The law also bans the export of unprocessed minerals, mandates in-country value addition, and requires 10% of mining revenues to be channelled to local communities.",{"type":40,"attrs":700,"content":701},{"textAlign":42},[702],{"text":703,"type":46},"The extent to which the reforms will apply to existing operations remains an open question, with no further clarity since the law was signed.",{"type":40,"attrs":705,"content":706},{"textAlign":42},[707,709,716,718,725],{"text":708,"type":46},"Mozambique is forecast to be the world's second-largest natural graphite producer in 2026, with over two thirds of its supply coming from ",{"text":710,"type":46,"marks":711},"Syrah Resources' Balama operation",[712],{"type":55,"attrs":713},{"href":714,"uuid":715,"anchor":42,"target":678,"linktype":60},"/article/benchmark-gis-analysis-reveals-activity-patterns-at-syrah-resources-balama-graphite-mine-in-mozambique","a950c6f7-b595-4006-ab81-947f98449494",{"text":717,"type":46},". Retroactive application of the new law could risk notable litigation against a government with limited liquidity, but until clarified, ",{"text":719,"type":46,"marks":720},"uncertainty hangs over the sector",[721],{"type":55,"attrs":722},{"href":723,"uuid":724,"anchor":42,"target":678,"linktype":60},"/article/syrah-resources-declares-force-majeure-at-balama","ec3b712d-e57d-4951-abfa-557ec900143a",{"text":380,"type":46},{"type":40,"attrs":727,"content":728},{"textAlign":42},[729,734],{"text":730,"type":46,"marks":731},"What is more likely is the impact on future mining developments. ",[732],{"type":49,"attrs":733},{"color":274},{"text":735,"type":46},"Nearly 230ktpa additional capacity of graphite concentrate sits in the country's project pipeline, helping to grow the country’s supply almost fivefold over the next decade.",{"type":596,"attrs":737},{"id":738,"body":739},"b4e25bb3-116a-4b49-8bc2-db3ae887725f",[740],{"id":741,"_uid":742,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29293337","i-a9bfc350-661f-4156-b9b5-4c241a051b98","visualisation","ContentFlourish",{"type":200,"attrs":746,"content":747},{"level":202,"textAlign":42},[748],{"text":749,"type":46,"marks":750},"Law sustains a value-capture trend",[751],{"type":693},{"type":40,"attrs":753,"content":754},{"textAlign":42},[755,757,764],{"text":756,"type":46},"The approach has regional precedent. The DRC has long mandated state participation through Gécamines; Tanzania introduced mandatory state stakes in 2017; Zimbabwe banned ",{"text":758,"type":46,"marks":759},"raw lithium exports",[760],{"type":55,"attrs":761},{"href":762,"uuid":763,"anchor":42,"target":678,"linktype":60},"/article/zimbabwe-to-lift-lithium-concentrate-export-ban-with-stringent-conditions","3a50839c-53d8-42db-ba04-0293c9018f48",{"text":765,"type":46}," in 2022 to force in-country beneficiation. African governments are increasingly seeking to capture more value from their resources, and Mozambique's reforms represent the most comprehensive expression of that trend yet.","Mozambique has enacted sweeping mining reforms that will fundamentally alter the terms on which mining ventures are developed in the country.\n\nPresident Daniel Chapo signed the new mining law on 3 June, following parliamentary approval in May. The legislation mandates a minimum 15% free-carried and non-dilutable state equity stake, held through the National Mining Company (ENM), across all mining projects, with that share able to increase further.",[768],{"slug":769,"name":770,"content":771},"tony-alderson","Tony Alderson",{"job_title":772,"image":773,"bio":775,"linkedin":776,"markets_covered":653},"Research Manager - Anode",{"filename":774},"https://a.storyblok.com/f/287943243085208/800x800/f521ccb976/tony-alderson.jpeg","Tony is a Research Manager at Benchmark Mineral Intelligence, specialising in forward-looking models that encompass supply, demand, and pricing dynamics for anode materials. He has over 3 years experience in the battery supply chain, previously working as a Price & Data Analyst, for LiB raw materials. His background is in renewable and sustainable energy technologies, having completed an MSc at Northumbria University, Newcastle.","https://www.linkedin.com/in/tony-alderson-b370b7170/","Mozambique enforces state mining stake, introduces export ban",[779,782],{"slug":780,"name":781},"natural-graphite","Natural Graphite",{"slug":621,"name":622},"private",{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":785},{},{"id":787,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":788,"copyright":274,"fieldtype":275,"meta_data":789,"is_external_url":282},129065443206836,"https://a.storyblok.com/f/287943243085208/da778696ad/bm-beira-port-mozambique.jpg",{},"Mozambique has enacted sweeping mining reforms that will fundamentally alter the terms on which mining ventures are developed in the country.\nPresident Daniel Chapo signed the new mining law on 3 June, following parliamentary approval in May.","Jun 08, 2026",{"id":793,"uuid":794,"name":795,"slug":796,"full_slug":797,"content":798},184216704050300,"3e888653-ccc0-48d2-89aa-6b0b4e35e911","Benchmark battery energy stationary storage database surpasses 10,000 projects","benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects","article/benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects",{"_uid":799,"date":800,"tags":801,"editor":812,"content":816,"excerpt":944,"featured":258,"reporter":945,"component":260,"seo_title":966,"categories":967,"visibility":272,"data_vis_image":970,"featured_image":974,"seo_description":978,"formattedDate":979},"0cab84f2-1ff6-49f0-9e80-9bd9013323a9","2026-06-05 00:00",[802,805,808,809],{"slug":803,"name":804},"data-visualisation","Data Visualisation",{"slug":806,"name":807},"china","China",{"slug":298,"name":299},{"slug":810,"name":811},"europe","Europe",[813],{"slug":28,"name":29,"content":814},{"job_title":31,"image":815,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":817},[818,841,872,877,884,889,894,900,905,919,925,934],{"type":40,"attrs":819,"content":820},{"textAlign":42},[821,823,830,832,839],{"text":822,"type":46},"The ",{"text":824,"type":46,"marks":825},"battery energy stationary storage",[826],{"type":55,"attrs":827},{"href":828,"uuid":829,"anchor":42,"target":59,"linktype":60},"/article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","dd7b0985-5771-4a9e-b68e-7060e85efa48",{"text":831,"type":46}," (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both ",{"text":833,"type":46,"marks":834},"operating",[835],{"type":55,"attrs":836},{"href":837,"uuid":838,"anchor":42,"target":59,"linktype":60},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"text":840,"type":46}," and in the pipeline.",{"type":40,"attrs":842,"content":843},{"textAlign":42},[844,846,852,854,861,863,870],{"text":845,"type":46},"This is nearly nine times the number of projects Benchmark tracked in the May 2022 edition of ",{"text":847,"type":46,"marks":848},"Benchmark's BESS database",[849],{"type":55,"attrs":850},{"href":851,"uuid":42,"anchor":42,"target":59,"linktype":334},"https://www.benchmarkminerals.com/battery-energy-stationary-storage",{"text":853,"type":46},". The ",{"text":855,"type":46,"marks":856},"average size of the projects",[857],{"type":55,"attrs":858},{"href":859,"uuid":860,"anchor":42,"target":59,"linktype":60},"/article/is-the-energy-storage-market-shifting-to-longer-duration-capacities-","6c350409-abcd-42f5-a9a4-15e7729cd431",{"text":862,"type":46}," in the database has ",{"text":864,"type":46,"marks":865},"increased significantly",[866],{"type":55,"attrs":867},{"href":868,"uuid":869,"anchor":42,"target":59,"linktype":60},"/article/form-energy-announces-largest-capacity-energy-storage-system-to-date","0ff0e0c5-d9dd-4f8c-9b1b-4aa57cb0e0b4",{"text":871,"type":46},", too, from 193MWh in 2022 to 316MWh today.",{"type":40,"attrs":873,"content":874},{"textAlign":42},[875],{"text":876,"type":46},"“BESS has matured at a dramatic pace over the last five years from a relatively niche technology to the go-to source of much needed flexibility on today's grids,” said Pete Tillotson, a BESS research analyst at Benchmark. “Technological innovation, falling battery costs, intense OEM competition for market share, and the increasing realisation of its multiple benefits and speed of deployment have all contributed to BESS becoming core grid infrastructure.”",{"type":596,"attrs":878},{"id":879,"body":880},"4bce6fab-52b3-4721-b997-57344cdc9282",[881],{"id":882,"_uid":883,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29263694","i-81a6bf72-8942-4546-8197-1db8f9eb7617",{"type":200,"attrs":885,"content":886},{"level":202,"textAlign":42},[887],{"text":888,"type":46},"What are the trends in the database?",{"type":40,"attrs":890,"content":891},{"textAlign":42},[892],{"text":893,"type":46},"Click through this interactive data story to reveal what sorts of projects make up the database and where they are.",{"type":596,"attrs":895},{"id":879,"body":896},[897],{"id":898,"_uid":899,"type":60,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"3698199","i-31a3b391-4b87-4793-9c45-668aec3feee4",{"type":200,"attrs":901,"content":902},{"level":202,"textAlign":42},[903],{"text":904,"type":46},"How has the BESS market changed over the past five years?",{"type":40,"attrs":906,"content":907},{"textAlign":42},[908,910,917],{"text":909,"type":46},"The BESS market has grown significantly over the last five years, with a~15-times increase in annual ",{"text":911,"type":46,"marks":912},"grid-scale",[913],{"type":55,"attrs":914},{"href":915,"uuid":916,"anchor":42,"target":59,"linktype":60},"/article/china-introduces-national-capacity-pricing-for-gridside-ess-","cf6f633d-0990-45e9-b405-0feefc7463f1",{"text":918,"type":46}," installations 2021 and 2025. The average size of the projects installed since 2021 has also been increasing. The average grid-scale project in 2025 was 261MWh compared to 68MWh in 2021.",{"type":596,"attrs":920},{"id":879,"body":921},[922],{"id":923,"_uid":924,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29253869","i-a9a8098c-7bca-45fe-8a5d-9ad4d72cc903",{"type":40,"attrs":926,"content":927},{"textAlign":42},[928],{"text":929,"type":46,"marks":930},"This insight draws from Benchmark's granular BESS Service, consisting of detailed forecasts to 2040, system pricing, capacity growth trends and more. By bringing clarity to a rapidly accelerating market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[931,933],{"type":49,"attrs":932},{"color":274},{"type":483},{"type":596,"attrs":935},{"id":936,"body":937},"b4f30120-3b86-4f8c-a38b-cb4c1565a288",[938],{"id":601,"_uid":939,"component":603,"wrap_in_box":282,"redirect_url":940,"success_file":941,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":943,"show_on_intelligence":282},"i-dcc9d729-77dc-4d24-a120-5cded55104a0",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":942},{},[],"The battery energy stationary storage (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both operating and in the pipeline.\n\nThis is nearly nine times the number of projects Benchmark tracked in the May 2022 edition of the BESS database. The average size of the projects in the database has increased significantly, too, from 193MWh in 2022 to 316MWh today.",[946,956],{"slug":947,"name":948,"content":949},"iola-hughes","Iola Hughes",{"job_title":950,"image":951,"bio":953,"linkedin":954,"markets_covered":955},"Head of Research",{"filename":952},"https://a.storyblok.com/f/287943243085208/852x854/03382be015/iola-h.png","Iola was Head of Research at Rho Motion prior to the acquisition, and now leads the downstream research for the Benchmark. She has six years of experience in the battery space and works across electric vehicle, battery, and energy storage markets. Previous experience includes a research position with a Servomex working on paramagnetic sensors and spectroscopy gas analysis. Iola graduated with a First-Class Honours Master’s Degree in Geophysics from University College London","https://www.linkedin.com/in/iolahughes/","Battery, BESS, EV and Battery",{"slug":957,"name":958,"content":959},"pete-tillotson","Pete Tillotson",{"job_title":960,"image":961,"bio":963,"linkedin":964,"markets_covered":965},"Senior Analyst - BESS",{"filename":962},"https://a.storyblok.com/f/287943243085208/800x800/bfcfbe219a/pete-tilloston.jpeg","Pete is a Senior Analyst on the downstream team covering the ex-China BESS markets. He works closely on the BESS monthly analysis and reporting as well as the BESS Quarterly Outlook. Pete holds an MSc from Imperial College London in Environmental Technology and a BA in Politics from the University of Exeter.","https://www.linkedin.com/in/pete-tillotson-b09495158/","BESS","Benchmark BESS database surpasses 10,000 projects",[968,969],{"slug":270,"name":271},{"slug":264,"name":265},{"id":971,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":972,"copyright":274,"fieldtype":275,"meta_data":973,"is_external_url":282},184218836560728,"https://a.storyblok.com/f/287943243085208/1588x1840/c17cadeb60/10k-bess-by-region-2x.png",{},{"id":975,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":976,"copyright":274,"fieldtype":275,"meta_data":977,"is_external_url":282},184216876272376,"https://a.storyblok.com/f/287943243085208/1600x1066/78896c6174/2026-01-29-rwe-errichtet-am-kraftwerkstandort-in-lingen-batteriespeicher-mit-400-megawatt-leistung.jpg",{},"The battery energy stationary storage (BESS) market has grown significantly over the last five years, with this growth is set to continue. Benchmark’s BESS database has now surpassed 10,000 unique projects, both operating and in the pipeline.","Jun 05, 2026",{"id":981,"uuid":982,"name":983,"slug":984,"full_slug":985,"content":986},183538486507117,"9c9dff54-6a76-48e3-a503-1143e3603a10","Tesla reinstates graphite supply agreement with Syrah Resources","tesla-reinstates-graphite-supply-agreement-with-syrah-resources","article/tesla-reinstates-graphite-supply-agreement-with-syrah-resources",{"_uid":987,"date":988,"tags":989,"editor":998,"content":1002,"excerpt":1178,"featured":258,"reporter":1179,"component":260,"seo_title":983,"categories":1183,"visibility":783,"data_vis_image":1190,"featured_image":1192,"seo_description":1196,"formattedDate":1197},"4cc0ac13-cf3d-4453-b80d-4ab34c1b1efa","2026-06-03 00:00",[990,993,996,997],{"slug":991,"name":992},"tesla","Tesla",{"slug":994,"name":995},"syrah-resources","Syrah Resources",{"slug":298,"name":299},{"slug":295,"name":296},[999],{"slug":28,"name":29,"content":1000},{"job_title":31,"image":1001,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":1003},[1004,1026,1034,1070,1078,1099,1107,1129,1136,1144,1164,1172],{"type":40,"attrs":1005,"content":1006},{"textAlign":42},[1007,1012,1021],{"text":1008,"type":46,"marks":1009},"Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s ",[1010],{"type":49,"attrs":1011},{"color":51},{"text":1013,"type":46,"marks":1014},"Syrah Resources,",[1015,1019],{"type":55,"attrs":1016},{"href":1017,"uuid":1018,"anchor":42,"target":59,"linktype":60},"/videos/syrah-resources-keynote-presentation","3202e6a7-cc22-4b89-8d26-d7c596d91acc",{"type":49,"attrs":1020},{"color":51},{"text":1022,"type":46,"marks":1023}," ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.",[1024],{"type":49,"attrs":1025},{"color":51},{"type":40,"attrs":1027,"content":1028},{"textAlign":42},[1029],{"text":1030,"type":46,"marks":1031},"The dispute, which saw both parties extend a resolution deadline four times, centred on commercial terms and performance expectations tied to Syrah’s Vidalia facility in Louisiana. Under the original 2021 agreement, Syrah committed to supplying 8,000 tonnes of graphite anode material to Tesla over a four-year period, making it one of the first commercial-scale North American supply arrangements of its kind.",[1032],{"type":49,"attrs":1033},{"color":51},{"type":40,"attrs":1035,"content":1036},{"textAlign":42},[1037,1042,1051,1056,1065],{"text":1038,"type":46,"marks":1039},"The reinstatement reflects Tesla’s continued need to secure diversified Western AAM supply, particularly in the wake of",[1040],{"type":49,"attrs":1041},{"color":51},{"text":1043,"type":46,"marks":1044}," US tariffs on anode active material",[1045,1049],{"type":55,"attrs":1046},{"href":1047,"uuid":1048,"anchor":42,"target":59,"linktype":60},"/article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-","ee4cc049-cf29-4401-bf04-2a1cd938de91",{"type":49,"attrs":1050},{"color":51},{"text":1052,"type":46,"marks":1053}," (AAM) introduced under anti-dumping and countervailing duty measures (ADCVM) in 2025. Although these ",[1054],{"type":49,"attrs":1055},{"color":51},{"text":1057,"type":46,"marks":1058},"measures have since been lifted",[1059,1063],{"type":55,"attrs":1060},{"href":1061,"uuid":1062,"anchor":42,"target":59,"linktype":60},"/article/us-itc-votes-against-antidumping-duty-and-countervailing-duty-on-chinese-active-anode-material","b1231e13-5385-4df6-90bd-05f08d4627bd",{"type":49,"attrs":1064},{"color":51},{"text":1066,"type":46,"marks":1067},", their implementation highlighted the policy volatility shaping procurement strategies.",[1068],{"type":49,"attrs":1069},{"color":51},{"type":200,"attrs":1071,"content":1072},{"level":202,"textAlign":42},[1073],{"text":1074,"type":46,"marks":1075},"What is the state of North American anode offtakes?",[1076],{"type":49,"attrs":1077},{"color":51},{"type":40,"attrs":1079,"content":1080},{"textAlign":42},[1081,1086,1095],{"text":1082,"type":46,"marks":1083},"Many automakers and OEMs have signed offtake agreements with North American AAM producers in a bid to secure domestic material and reduce reliance on geopolitically fraught ",[1084],{"type":49,"attrs":1085},{"color":51},{"text":1087,"type":46,"marks":1088},"Chinese material",[1089,1093],{"type":55,"attrs":1090},{"href":1091,"uuid":1092,"anchor":42,"target":59,"linktype":60},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":49,"attrs":1094},{"color":51},{"text":380,"type":46,"marks":1096},[1097],{"type":49,"attrs":1098},{"color":51},{"type":40,"attrs":1100,"content":1101},{"textAlign":42},[1102],{"text":1103,"type":46,"marks":1104},"However, since late 2024, four of these offtakes have been terminated. This underscores the challenges of developing new domestic supply chains, including lengthy qualification timelines, cost pressures, and operational ramp-up risks.",[1105],{"type":49,"attrs":1106},{"color":51},{"type":40,"attrs":1108,"content":1109},{"textAlign":42},[1110,1115,1124],{"text":1111,"type":46,"marks":1112},"For example, Stellantis terminated two of its ",[1113],{"type":49,"attrs":1114},{"color":51},{"text":1116,"type":46,"marks":1117},"AAM offtake",[1118,1122],{"type":55,"attrs":1119},{"href":1120,"uuid":1121,"anchor":42,"target":59,"linktype":60},"/article/novonix-synthetic-graphite-offtake-deal-with-stellantis-furthers-demand-for-ex-china-anode-material","44c07eb4-abe1-4a74-b7c4-da81bfe5144e",{"type":49,"attrs":1123},{"color":51},{"text":1125,"type":46,"marks":1126}," agreements around the same time it cancelled other battery material supply deals such as with Australia’s Alliance Nickel, though the specific reason was publicly disclosed. SK On cancelled its offtake with Westwater, but did express willingness to consider a future agreement with updated terms.",[1127],{"type":49,"attrs":1128},{"color":51},{"type":596,"attrs":1130},{"id":1131,"body":1132},"ba668aaf-89b0-4ff8-9272-a2eb44f9fb98",[1133],{"id":1134,"_uid":1135,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29235434","i-9ba19cff-a4df-4ea5-998d-c73622dc4bc7",{"type":200,"attrs":1137,"content":1138},{"level":202,"textAlign":42},[1139],{"text":1140,"type":46,"marks":1141},"What is Syrah’s operational footprint?",[1142],{"type":49,"attrs":1143},{"color":51},{"type":40,"attrs":1145,"content":1146},{"textAlign":42},[1147,1152,1159],{"text":1148,"type":46,"marks":1149},"Syrah operates the ",[1150],{"type":49,"attrs":1151},{"color":51},{"text":1153,"type":46,"marks":1154},"Balama graphite mine",[1155,1157],{"type":55,"attrs":1156},{"href":714,"uuid":715,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":1158},{"color":51},{"text":1160,"type":46,"marks":1161}," in Mozambique which has a capacity of 350,000 tonnes per year, though it is currently operating significantly below this. The majority of the mine’s output is the -100 mesh graphite, the preferred natural feedstock material for battery end use applications.",[1162],{"type":49,"attrs":1163},{"color":51},{"type":40,"attrs":1165,"content":1166},{"textAlign":42},[1167],{"text":1168,"type":46,"marks":1169},"Syrah’s Louisiana Vidalia facility is due to take material from Balama to produce AAM. The first phase of Vidalia came online in 2024 with a nameplate capacity of 11,250tpa of AAM, though it is still only producing qualification volumes. An expansion due to come online in 2031 will bring the total capacity to 45,000tpa.",[1170],{"type":49,"attrs":1171},{"color":51},{"type":596,"attrs":1173},{"id":1131,"body":1174},[1175],{"id":1176,"_uid":1177,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29234771","i-d55d659a-a159-4989-bf71-3bf97386a929","Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s Syrah Resources, ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.\nThe dispute, which saw both parties extend a resolution deadline four times, centred on commercial terms and performance expectations tied to Syrah’s Vidalia facility in Louisiana. Under the original 2021 agreement, Syrah committed to supplying 8,000 tonnes of graphite anode material to Tesla over a four-year period, making it one of the first commercial-scale North American supply arrangements of its kind.\n",[1180],{"slug":769,"name":770,"content":1181},{"job_title":772,"image":1182,"bio":775,"linkedin":776,"markets_covered":653},{"filename":774},[1184,1185,1188,1189],{"slug":621,"name":622},{"slug":1186,"name":1187},"graphite","Graphite",{"slug":780,"name":781},{"slug":652,"name":653},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":1191},{},{"id":1193,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1194,"copyright":274,"fieldtype":275,"meta_data":1195,"is_external_url":282},129072971220575,"https://a.storyblok.com/f/287943243085208/a9ba5bd909/bm-syrah-vidalia.png",{},"Tesla has withdrawn its notice to terminate a graphite anode supply agreement with Australia’s Syrah Resources, ending a protracted negotiation process and restoring a strategically important supply link within the US battery materials ecosystem.","Jun 03, 2026",{"id":1199,"uuid":1200,"name":1201,"slug":1202,"full_slug":1203,"content":1204},183171680546453,"b82f9e82-264c-4364-907f-b0e8181b2433","US solar firm Nextpower enters energy storage market through acquisition of BESS maker Prevalon","us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon","article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon",{"_uid":1205,"date":1206,"tags":1207,"editor":1218,"content":1222,"excerpt":1309,"featured":258,"reporter":1310,"component":260,"seo_title":1314,"categories":1315,"visibility":783,"data_vis_image":1317,"featured_image":1321,"seo_description":1325,"formattedDate":1326},"5d720beb-e377-453f-abc4-1f2f003d5e01","2026-06-02 00:00",[1208,1211,1214,1217],{"slug":1209,"name":1210},"solar-pv","Solar PV",{"slug":1212,"name":1213},"data-centres","Data centres",{"slug":1215,"name":1216},"nextpower","Nextpower",{"slug":803,"name":804},[1219],{"slug":656,"name":657,"content":1220},{"job_title":659,"image":1221,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":1223},[1224,1235,1240,1247,1275,1282,1289,1303],{"type":40,"attrs":1225,"content":1226},{"textAlign":42},[1227,1229,1233],{"text":1228,"type":46},"Prevalon Energy, a US-headquartered ",{"text":824,"type":46,"marks":1230},[1231],{"type":55,"attrs":1232},{"href":828,"uuid":829,"anchor":42,"target":678,"linktype":60},{"text":1234,"type":46}," (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million. Nextpower offers energy management systems as well as hardware for solar energy projects, and with this acquisition is looking to gain market share in the solar-plus-storage co-location market.",{"type":40,"attrs":1236,"content":1237},{"textAlign":42},[1238],{"text":1239,"type":46},"Prevalon was formed in 2024 as part of a joint venture between Mitsubishi Power and EES, although Mitsubishi has been in the energy storage market since the early 2010s. It currently has 6.4GWh of energy storage deployed, predominantly in the US, Chile, the UK and Japan.",{"type":200,"attrs":1241,"content":1242},{"level":202,"textAlign":42},[1243],{"text":1244,"type":46,"marks":1245},"Refocusing on data centre demand",[1246],{"type":693},{"type":40,"attrs":1248,"content":1249},{"textAlign":42},[1250,1252,1259,1261,1267,1269,1274],{"text":1251,"type":46},"Nextpower aims to capitalise on the growth in ",{"text":1253,"type":46,"marks":1254},"AI data centre (AIDC)-related power demand growth",[1255],{"type":55,"attrs":1256},{"href":1257,"uuid":1258,"anchor":42,"target":678,"linktype":60},"/videos/behind-the-ai-boom-how-data-centre-demand-is-reshaping-bess-lithium-lfp-and-copper-markets","1573e0e7-8137-439e-b583-f703c3136f5e",{"text":1260,"type":46}," through Prevalon’s data-centre specific products, designed around the management of the unique power load demands of the segment. The acquisition expands Nextpower’s role to that of a more fully integrated solar and storage system and software provider, and comes after it acquired Zigor Corporation's US power conversion business and its US subsidiary, Apex Power, as noted in ",{"text":1262,"type":46,"marks":1263},"Benchmark's Energy Transition Capital Briefing",[1264],{"type":55,"attrs":1265},{"href":1266,"uuid":42,"anchor":42,"target":678,"linktype":334},"https://intelligence.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-may-2026",{"text":1268,"type":46},". It also follows the announcement of solar and storage developer NextEra Energy Resources’ ",{"text":1270,"type":46,"marks":1271},"acquisition of energy firm Dominion Energy",[1272],{"type":55,"attrs":1273},{"href":375,"uuid":376,"anchor":42,"target":678,"linktype":60},{"text":380,"type":46},{"type":596,"attrs":1276},{"id":1277,"body":1278},"255cd999-b187-4bf7-b5b9-4fbf0e73c6e8",[1279],{"id":1280,"_uid":1281,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29218338","i-84f694ae-05e2-4496-afa2-86d972765542",{"type":200,"attrs":1283,"content":1284},{"level":202,"textAlign":42},[1285],{"text":1286,"type":46,"marks":1287},"Equity offers additional window into energy storage market",[1288],{"type":693},{"type":40,"attrs":1290,"content":1291},{"textAlign":42},[1292,1294,1301],{"text":1293,"type":46},"With the acquisition of Prevalon, Nextpower's stock will now reflect not only renewable power growth but also energy storage and AIDC market demand in the US, which is experiencing the largest BESS demand ",{"text":1295,"type":46,"marks":1296},"growth outside of China",[1297],{"type":55,"attrs":1298},{"href":1299,"uuid":1300,"anchor":42,"target":678,"linktype":60},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"text":1302,"type":46},". Most BESS integrators are private or direct subsidiaries, but this merger provides a clear valuation on a domestic US-headquartered BESS integrator. The transaction is expected to close in 2027, with Nextpower having already improved its financial outlook for that year from $3.8 billion to $4.1 billion to $4.0 billion to $4.4 billion.",{"type":596,"attrs":1304},{"id":1277,"body":1305},[1306],{"id":1307,"_uid":1308,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29218726","i-c82aeeed-d55a-4350-89af-bf201318e58a","Prevalon Energy, a US-headquartered battery energy stationary storage (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million. Nextpower offers energy management systems as well as hardware for solar energy projects, and with this acquisition is looking to gain market share in the solar-plus-storage co-location market.\n\nPrevalon was formed in 2024 as part of a joint venture between Mitsubishi Power and EES, although Mitsubishi has been in the energy storage market since the early 2010s. It currently has 6.4GWh of energy storage deployed, predominantly in the US, Chile, the UK and Japan.",[1311],{"slug":957,"name":958,"content":1312},{"job_title":960,"image":1313,"bio":963,"linkedin":964,"markets_covered":965},{"filename":962},"Nextpower acquires Prevalon to tap into US BESS demand",[1316],{"slug":270,"name":271},{"id":1318,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1319,"copyright":274,"fieldtype":275,"meta_data":1320,"is_external_url":282},183183657395440,"https://a.storyblok.com/f/287943243085208/716x686/95d6586594/screenshot-2026-06-02-155533.png",{},{"id":1322,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1323,"copyright":274,"fieldtype":275,"meta_data":1324,"is_external_url":282},183184240477552,"https://a.storyblok.com/f/287943243085208/1000x558/bfe76c50e0/prevalon.jpg",{},"Prevalon Energy, a US-headquartered battery energy stationary storage (BESS) manufacturer, has been acquired by solar and energy project software integration company Nextpower for US$365 million.","Jun 02, 2026",{"id":1328,"uuid":1329,"name":1330,"slug":1331,"full_slug":1332,"content":1333},182780815763563,"9e32de15-a444-40d6-be33-b749b248d932","Almost half of EVs sold in Europe in 2026 contain Europe-made cells","almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells","article/almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells",{"_uid":1334,"date":1335,"tags":1336,"editor":1347,"content":1351,"excerpt":1508,"featured":258,"reporter":1509,"component":260,"seo_title":1520,"categories":1521,"visibility":783,"data_vis_image":1526,"featured_image":1528,"seo_description":1532,"formattedDate":1533},"a89b8e99-0519-48bd-820d-4be61e858c6d","2026-06-01 00:00",[1337,1338,1341,1344],{"slug":810,"name":811},{"slug":1339,"name":1340},"catl","CATL",{"slug":1342,"name":1343},"lg-energy-solution","LG Energy Solution",{"slug":1345,"name":1346},"samsung-sdi","Samsung SDI",[1348],{"slug":656,"name":657,"content":1349},{"job_title":659,"image":1350,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":1352},[1353,1389,1410,1417,1426,1434,1442,1451,1473,1480,1488,1498],{"type":40,"attrs":1354,"content":1355},{"textAlign":42},[1356,1361,1370,1375,1384],{"text":1357,"type":46,"marks":1358},"Battery cells ",[1359],{"type":49,"attrs":1360},{"color":274},{"text":1362,"type":46,"marks":1363},"made in Europe",[1364,1368],{"type":55,"attrs":1365},{"href":1366,"uuid":1367,"anchor":42,"target":678,"linktype":60},"/article/life-in-the-fastlane-stellantis-investor-day-2026","f128bb5d-bb4f-4ac4-9c56-ded8ce39e790",{"type":49,"attrs":1369},{"color":274},{"text":1371,"type":46,"marks":1372}," met 48% of the battery demand from new passenger car and light duty EVs (PC & LDV EVs) sold in EU & EFTA & UK in the opening four months of 2026. Cells made in China accounted for 47% of ",[1373],{"type":49,"attrs":1374},{"color":274},{"text":1376,"type":46,"marks":1377},"battery demand",[1378,1382],{"type":55,"attrs":1379},{"href":1380,"uuid":1381,"anchor":42,"target":678,"linktype":60},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"type":49,"attrs":1383},{"color":274},{"text":1385,"type":46,"marks":1386}," from new PC & LDV EVs sold in the region, while 5% came from other countries in Asia.",[1387],{"type":49,"attrs":1388},{"color":274},{"type":40,"attrs":1390,"content":1391},{"textAlign":42},[1392,1397,1405],{"text":1393,"type":46,"marks":1394},"Benchmark’s ",[1395],{"type":49,"attrs":1396},{"color":274},{"text":1398,"type":46,"marks":1399},"EV & Battery Database",[1400,1403],{"type":55,"attrs":1401},{"href":1402,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://downloads.benchmarkminerals.com/",{"type":49,"attrs":1404},{"color":274},{"text":1406,"type":46,"marks":1407}," contains a new column outlining the cell production location for each EV model. This update provides increased granularity on the trade flows for battery cells, tracking where they are produced, assembled within an EV, and where that EV is sold.",[1408],{"type":49,"attrs":1409},{"color":274},{"type":596,"attrs":1411},{"id":1412,"body":1413},"7ac7b950-6c86-4f5c-9654-42f7a358a5b8",[1414],{"id":1415,"_uid":1416,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29202164","i-baf6e2f0-6338-44f6-9570-496bc1f19da8",{"type":200,"attrs":1418,"content":1419},{"level":202,"textAlign":42},[1420],{"text":1421,"type":46,"marks":1422},"European-made battery cells' market share has stabilised since 2021",[1423,1425],{"type":49,"attrs":1424},{"color":274},{"type":693},{"type":40,"attrs":1427,"content":1428},{"textAlign":42},[1429],{"text":1430,"type":46,"marks":1431},"The market share of European-made battery cells grew from 21% in 2018 to 49% in 2021, a share which has remained stable through to 2026. European cell production has been driven by South Korean battery producers, which have moved production for the European market to the continent to shorten their supply chains in recent years, lowering the market share for cells made in South Korea.",[1432],{"type":49,"attrs":1433},{"color":274},{"type":40,"attrs":1435,"content":1436},{"textAlign":42},[1437],{"text":1438,"type":46,"marks":1439},"European-made battery supply for EVs grew 136% in 2025 compared to 2021. This has been facilitated by the scaling up of production at Samsung SDI’s facility in Hungary and LG Energy Solution’s site in Poland, as well as the start of production at CATL’s Germany facility.",[1440],{"type":49,"attrs":1441},{"color":274},{"type":200,"attrs":1443,"content":1444},{"level":202,"textAlign":42},[1445],{"text":1446,"type":46,"marks":1447},"European-made battery cells set to grow",[1448,1450],{"type":49,"attrs":1449},{"color":274},{"type":693},{"type":40,"attrs":1452,"content":1453},{"textAlign":42},[1454,1459,1468],{"text":1455,"type":46,"marks":1456},"European-made battery cells are expected to increase their market share in new EVs sold in EU & EFTA & UK over the coming years, largely due to Chinese cell producers building facilities in the region. European cell capacity ",[1457],{"type":49,"attrs":1458},{"color":274},{"text":1460,"type":46,"marks":1461},"from Chinese-owned gigafactories",[1462,1466],{"type":55,"attrs":1463},{"href":1464,"uuid":1465,"anchor":42,"target":678,"linktype":60},"/article/byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants","a540f8b0-5845-4627-87de-51a7252fba2c",{"type":49,"attrs":1467},{"color":274},{"text":1469,"type":46,"marks":1470}," is expected to reach 40% of all European capacity by 2030 for EV applications. CATL and EVE Energy are both expected to start cell production at their respective new facilities in Hungary this year. Before 2028, several new facilities for LFP production will begin operation in the region, with CATL, CALB and Gotion all expected to produce LFP locally.",[1471],{"type":49,"attrs":1472},{"color":274},{"type":596,"attrs":1474},{"id":1475,"body":1476},"4ea24360-2be9-4104-9dfa-36ca50634a14",[1477],{"id":1478,"_uid":1479,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29217220","i-717e9e44-bbcb-4d3e-b7a4-08517e1deb8d",{"type":40,"attrs":1481,"content":1482},{"textAlign":42},[1483],{"text":1484,"type":46,"marks":1485},"Some European cell manufacturers are in the process of scaling up production in the region, as ACC and Verkor are in France. In conjunction with the opening of new facilities, such as Agratas’ upcoming site in the UK, this will help to grow the market share of locally made batteries in new EVs sold in EU & EFTA & UK.",[1486],{"type":49,"attrs":1487},{"color":274},{"type":40,"attrs":1489,"content":1490},{"textAlign":42},[1491],{"text":1492,"type":46,"marks":1493},"This insight draws from Benchmark's EV & Battery Service, consisting of detailed forecasts and supply chain data. By bringing clarity to a complex and opaque market, this subscription facilitates smarter investment decisions, strategy planning and execution, and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[1494,1497],{"type":49,"attrs":1495},{"color":1496},"black",{"type":483},{"type":596,"attrs":1499},{"id":1500,"body":1501},"809a5855-f2b7-43c0-a987-49b44e594cfc",[1502],{"id":601,"_uid":1503,"component":603,"wrap_in_box":282,"redirect_url":1504,"success_file":1505,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":1507,"show_on_intelligence":282},"i-5f146e3a-35ca-48fa-a3f4-d984c699bf41",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":1506},{},[],"Battery cells made in Europe met 48% of the battery demand from new passenger car and light duty EVs (PC & LDV EVs) sold in EU & EFTA & UK in the opening four months of 2026. Cells made in China accounted for 47% of battery demand from new PC & LDV EVs sold in the region, while 5% came from other countries in Asia.\n\nBenchmark’s EV & Battery Database contains a new column outlining the cell production location for each EV model. This update provides increased granularity on the trade flows for battery cells, tracking where they are produced, assembled within an EV, and where that EV is sold.",[1510],{"slug":1511,"name":1512,"content":1513},"george-whitcombe","George Whitcombe",{"job_title":1514,"image":1515,"bio":1517,"linkedin":1518,"markets_covered":1519},"Analyst - EV",{"filename":1516},"https://a.storyblok.com/f/287943243085208/500x500/e5fa44ebf8/george-whitecombe.jpeg","George is an EV Analyst at Rho Motion, working in the EV & Battery research team. He works extensively on global EV sales and production analysis, considering the economic and legislative factors that influence both. He also focuses on the strategy of automotive OEMs in the transition to EVs and feeds that into the team’s view on global vehicle markets. George graduated from the University of Exeter with a First Class Honours degree in Politics, Philosophy and Economics.","https://www.linkedin.com/in/george-whitcombe-2320111b6/","EV and Battery","Almost half of Europe-sold EVs contain Europe-made cells in 2026",[1522,1523],{"slug":267,"name":268},{"slug":1524,"name":1525},"gigafactories","Battery & Gigafactory",{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":1527},{},{"id":1529,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1530,"copyright":274,"fieldtype":275,"meta_data":1531,"is_external_url":282},171875337538485,"https://a.storyblok.com/f/287943243085208/7887x5259/deb154d93f/byd_atto3_evo__073.jpg",{},"Battery cells made in Europe met 48% of the battery demand from new passenger car and light duty EVs (PC & LDV EVs) sold in EU & EFTA & UK in the opening four months of 2026.","Jun 01, 2026",{"id":1535,"uuid":1536,"name":1537,"slug":1538,"full_slug":1539,"content":1540},181694843723933,"51a005af-5de1-4b3c-a4df-cdaa5ba9792e","Battery raw material prices on the rise again after overbuying wiped out 2021–23 gains","battery-raw-material-prices-on-the-rise-again-after-overbuying-wiped-out-2021-23-gains","article/battery-raw-material-prices-on-the-rise-again-after-overbuying-wiped-out-2021-23-gains",{"_uid":1541,"date":1542,"tags":1543,"editor":1548,"content":1552,"excerpt":1674,"featured":258,"reporter":1675,"component":260,"seo_title":1686,"categories":1687,"visibility":272,"data_vis_image":1705,"featured_image":1707,"seo_description":1711,"formattedDate":1712},"14a62998-06e3-4fa8-bcd0-b8df7e738bd3","2026-05-29 00:00",[1544,1545],{"slug":803,"name":804},{"slug":1546,"name":1547},"visual-capitalist","Visual Capitalist",[1549],{"slug":656,"name":657,"content":1550},{"job_title":659,"image":1551,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":1553},[1554,1567,1572,1577,1586,1593,1607,1639,1646,1664,1669],{"type":40,"attrs":1555,"content":1556},{"textAlign":42},[1557,1559,1566],{"text":1558,"type":46},"Beginning in 2021, battery raw materials saw huge price gains affecting lithium, nickel, cobalt and natural graphite. By 2024, these increases had been reversed – though ",{"text":1560,"type":46,"marks":1561},"prices are again on the rise",[1562],{"type":55,"attrs":1563},{"href":1564,"uuid":1565,"anchor":42,"target":678,"linktype":60},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5",{"text":380,"type":46},{"type":40,"attrs":1568,"content":1569},{"textAlign":42},[1570],{"text":1571,"type":46},"Benchmark principal price analyst Adam Megginson explains that “battery raw material prices soared across the 2021–2023 period as demand for battery cells from the electric vehicle (EV) market met inelastic raw material supply”. ",{"type":40,"attrs":1573,"content":1574},{"textAlign":42},[1575],{"text":1576,"type":46},"This, he adds, triggered “frenzied overbuying and an outsized supply response, combined with moderating EV sales growth”, in turn leading to “a slump in prices across the board, erasing all raw material gains in just 12 months”. ",{"type":40,"attrs":1578,"content":1579},{"textAlign":42},[1580],{"type":1581,"attrs":1582},"image",{"id":1583,"alt":274,"src":1584,"title":274,"source":274,"copyright":274,"meta_data":1585},181694881907700,"https://a.storyblok.com/f/287943243085208/1200x1807/5bae1c6ff8/the-rise-and-fall-of-battery-material-prices-since-2019_voro_04222026-2.jpg",{},{"type":200,"attrs":1587,"content":1588},{"level":202,"textAlign":42},[1589],{"text":1590,"type":46,"marks":1591},"Demand dip as China EV purchases dropped",[1592],{"type":693},{"type":40,"attrs":1594,"content":1595},{"textAlign":42},[1596,1598,1605],{"text":1597,"type":46},"Benchmark’s lithium carbonate prices hit a peak of $81,375 per tonne in China by December 2022, before battery manufacturers responded by slowing production rates and delaying purchases. Combined with economic headwinds in China affecting EV purchases, this resulted in a ",{"text":1599,"type":46,"marks":1600},"price downturn",[1601],{"type":55,"attrs":1602},{"href":1603,"uuid":1604,"anchor":42,"target":678,"linktype":60},"/article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review","2a16c44d-52e7-4d54-a4bc-a86c28a5f180",{"text":1606,"type":46}," before the turn of 2024.",{"type":40,"attrs":1608,"content":1609},{"textAlign":42},[1610,1612,1619,1621,1628,1630,1637],{"text":1611,"type":46},"Weak downstream demand for ",{"text":1613,"type":46,"marks":1614},"cobalt",[1615],{"type":55,"attrs":1616},{"href":1617,"uuid":1618,"anchor":42,"target":678,"linktype":60},"/article/china-plans-to-stockpile-cobalt-after-price-rout","c13e0cb3-c5e9-4fec-a7f7-0535df46313c",{"text":1620,"type":46},"- and ",{"text":1622,"type":46,"marks":1623},"nickel",[1624],{"type":55,"attrs":1625},{"href":1626,"uuid":1627,"anchor":42,"target":678,"linktype":60},"/article/chinese-nickel-sulphate-prices-near-three-year-low-amid-weak-battery-demand","bb52ce5e-634b-4139-b03e-4ccc0637a7c5",{"text":1629,"type":46},"-containing batteries led to falling prices for those minerals by 2023. Technological improvements facilitating the blending of part or most needle coke with lower-cost coke inputs also ",{"text":1631,"type":46,"marks":1632},"drove down the premium",[1633],{"type":55,"attrs":1634},{"href":1635,"uuid":1636,"anchor":42,"target":678,"linktype":60},"/article/synthetic-graphite-anode-prices-decline-35-in-a-year-as-natural-graphite-price-premium-narrows","7dabbe31-78cf-4321-9d5f-155f145b49ab",{"text":1638,"type":46}," between high-energy synthetic graphite anode and the natural graphite alternative, though both dropped in price from 2022–24. Low-energy synthetic graphite demand growth was particularly pronounced as prices fell, with many OEMs switching to synthetic for energy storage applications when the cost of synthetic dropped below natural, as overcapacity in China allowed synthetic to maintain its competitive pricing.",{"type":200,"attrs":1640,"content":1641},{"level":202,"textAlign":42},[1642],{"text":1643,"type":46,"marks":1644},"Sulphur supply squeeze in 2026 increasing costs",[1645],{"type":693},{"type":40,"attrs":1647,"content":1648},{"textAlign":42},[1649,1651,1657,1659],{"text":1650,"type":46},"In 2026, however, prices are rebounding, as some markets have seen major disruptions. Those include the war in the Middle East, which is squeezing supply of ",{"text":1652,"type":46,"marks":1653},"sulphuric acid",[1654],{"type":55,"attrs":1655},{"href":1656,"uuid":42,"anchor":42,"target":678,"linktype":334},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":1658,"type":46},", resulting in increased production costs across the battery supply chain. According to Benchmark analysis, as much as 59% of lithium supply is exposed to sulphur and sulphuric acid supply crunches, while ",{"text":1660,"type":46,"marks":1661},"a range of other battery materials are also likely to be affected.",[1662],{"type":55,"attrs":1663},{"href":347,"uuid":348,"anchor":42,"target":678,"linktype":60},{"type":40,"attrs":1665,"content":1666},{"textAlign":42},[1667],{"text":1668,"type":46},"Megginson also notes that energy storage has become “a new epicentre of demand growth”. In Q1 2026, installations of utility-scale storage in Europe doubled compared with the same period in 2025. In March 2026 alone, more was installed across the continent than in the entire year of 2023.",{"type":40,"attrs":1670,"content":1671},{"textAlign":42},[1672],{"text":1673,"type":46},"“Supply, however, is responding more slowly this time around compared with the 2021–23 period,” Megginson says. \"The result is the current upward trend in prices.”","Beginning in 2021, battery raw materials saw huge price gains affecting lithium, nickel, cobalt and natural graphite. By 2024, these increases had been reversed – though prices are again on the rise.\n\nBenchmark principal price analyst Adam Megginson explains that “battery raw material prices soared across the 2021–2023 period as demand for battery cells from the electric vehicle (EV) market met inelastic raw material supply”. \n\nThis, he adds, triggered “frenzied overbuying and an outsized supply response, combined with moderating EV sales growth”, in turn leading to “a slump in prices across the board, erasing all raw material gains in just 12 months”. ",[1676],{"slug":1677,"name":1678,"content":1679},"daisy-jennings-gray","Daisy Jennings-Gray",{"job_title":1680,"image":1681,"bio":1683,"linkedin":1684,"markets_covered":1685},"Head of Prices",{"filename":1682},"https://a.storyblok.com/f/287943243085208/440x410/c313cfb287/daisy.webp","Daisy is Head of Prices at Benchmark Mineral Intelligence and is responsible for price assessment publication and methodology development across all raw materials and battery components, including lithium, nickel, cobalt, graphite, rare earth elements, black mass, anode and cathode. She has 5 years' experience in price reporting, having primarily covered lithium and graphite markets when she joined Benchmark as an analyst, as well as reporting on European wholesale natural gas markets at another PRA prior to this. Daisy graduated with a First Class Honours MSci in Geology from Imperial College London. ","https://www.linkedin.com/in/daisyjennings-gray/","Lithium, nickel, cobalt, natural graphite, synthetic graphite, anode, cathode, rare earths, black mass","Battery material prices rising after overbuying cut 2021–23 gains",[1688,1689,1692,1694,1695,1696,1699,1700,1703,1704],{"slug":264,"name":265},{"slug":1690,"name":1691},"cathode","Cathode",{"slug":1613,"name":1693},"Cobalt",{"slug":621,"name":622},{"slug":1186,"name":1187},{"slug":1697,"name":1698},"lithium","Lithium",{"slug":780,"name":781},{"slug":1701,"name":1702},"synthetic-graphite","Synthetic Graphite",{"slug":270,"name":271},{"slug":267,"name":268},{"id":1583,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1584,"copyright":274,"fieldtype":275,"meta_data":1706,"is_external_url":282},{},{"id":1708,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1709,"copyright":274,"fieldtype":275,"meta_data":1710,"is_external_url":282},129069946716152,"https://a.storyblok.com/f/287943243085208/d2f4114a44/bm-mineral-resources.jpg",{},"Beginning in 2021, battery raw materials saw huge price gains affecting lithium, nickel, cobalt and natural graphite. By 2024, these increases had been reversed – though prices are again on the rise.","May 29, 2026",{"id":1714,"uuid":348,"name":1715,"slug":1716,"full_slug":1717,"content":1718},181369921793545,"What the sulphuric acid supply crunch means for critical minerals","what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals",{"_uid":1719,"date":1720,"tags":1721,"editor":1730,"content":1734,"excerpt":1955,"featured":258,"reporter":1956,"component":260,"seo_title":1715,"categories":1957,"visibility":272,"data_vis_image":1973,"featured_image":1977,"seo_description":1981,"formattedDate":1982},"5bdd9893-c4e6-46f9-8ddb-fe23b8a740d0","2026-05-28 00:00",[1722,1724,1726,1729],{"slug":1723,"name":1652},"sulphuric-acid",{"slug":1725,"name":1725},"sulphur",{"slug":1727,"name":1728},"middle-east","Middle East",{"slug":803,"name":804},[1731],{"slug":28,"name":29,"content":1732},{"job_title":31,"image":1733,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":1735},[1736,1771,1779,1787,1811,1820,1828,1857,1874,1881,1890,1898,1906,1912,1920,1945],{"type":40,"attrs":1737,"content":1738},{"textAlign":42},[1739,1744,1752,1757,1766],{"text":1740,"type":46,"marks":1741},"Conflict in the ",[1742],{"type":49,"attrs":1743},{"color":51},{"text":1728,"type":46,"marks":1745},[1746,1750],{"type":55,"attrs":1747},{"href":1748,"uuid":1749,"anchor":42,"target":59,"linktype":60},"/article/middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion","16e5191e-fffd-47f2-953d-ca1adb9595a5",{"type":49,"attrs":1751},{"color":51},{"text":1753,"type":46,"marks":1754}," and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the ",[1755],{"type":49,"attrs":1756},{"color":51},{"text":1758,"type":46,"marks":1759},"processing of many critical minerals",[1760,1764],{"type":55,"attrs":1761},{"href":1762,"uuid":1763,"anchor":42,"target":59,"linktype":60},"/article/what-does-the-middle-east-conflict-mean-for-battery-supply-chains-","3ba99529-b0e2-4bd1-b7d2-2189b7845e75",{"type":49,"attrs":1765},{"color":51},{"text":1767,"type":46,"marks":1768}," used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.",[1769],{"type":49,"attrs":1770},{"color":51},{"type":40,"attrs":1772,"content":1773},{"textAlign":42},[1774],{"text":1775,"type":46,"marks":1776},"Prices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.",[1777],{"type":49,"attrs":1778},{"color":51},{"type":40,"attrs":1780,"content":1781},{"textAlign":42},[1782],{"text":1783,"type":46,"marks":1784},"“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[1785],{"type":49,"attrs":1786},{"color":51},{"type":40,"attrs":1788,"content":1789},{"textAlign":42},[1790,1796,1805],{"text":1791,"type":46,"marks":1792},"Benchmark’s in-house team of expert analysts have compiled a ",[1793,1795],{"type":49,"attrs":1794},{"color":51},{"type":483},{"text":1797,"type":46,"marks":1798},"free-to-read Special Issue",[1799,1802,1804],{"type":55,"attrs":1800},{"href":1801,"uuid":42,"anchor":42,"target":59,"linktype":334},"https://source.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"type":49,"attrs":1803},{"color":51},{"type":483},{"text":1806,"type":46,"marks":1807}," exploring the impact of the sulphuric acid supply crunch on critical mineral supply chains.",[1808,1810],{"type":49,"attrs":1809},{"color":51},{"type":483},{"type":200,"attrs":1812,"content":1813},{"level":202,"textAlign":42},[1814],{"text":1815,"type":46,"marks":1816},"How much have costs increased?",[1817,1819],{"type":49,"attrs":1818},{"color":51},{"type":693},{"type":40,"attrs":1821,"content":1822},{"textAlign":42},[1823],{"text":1824,"type":46,"marks":1825},"Using Acuity’s price data along with Benchmark’s expert understanding of the cost of production for a large suite of critical minerals, the impact of rising sulphur and acid prices on the cost base has been assessed.",[1826],{"type":49,"attrs":1827},{"color":51},{"type":40,"attrs":1829,"content":1830},{"textAlign":42},[1831,1838,1843,1852],{"text":1832,"type":46,"marks":1833},"For lithium",[1834,1836],{"type":55,"attrs":1835},{"href":1564,"uuid":1565,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":1837},{"color":51},{"text":1839,"type":46,"marks":1840},", sulphuric acid previously accounted for 3% of the cost of producing lithium chemical from ",[1841],{"type":49,"attrs":1842},{"color":51},{"text":1844,"type":46,"marks":1845},"hard rock sources",[1846,1850],{"type":55,"attrs":1847},{"href":1848,"uuid":1849,"anchor":42,"target":59,"linktype":60},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":49,"attrs":1851},{"color":51},{"text":1853,"type":46,"marks":1854},". It is now 11% and has overtaken energy inputs to become the largest individual C1 cost component.",[1855],{"type":49,"attrs":1856},{"color":51},{"type":40,"attrs":1858,"content":1859},{"textAlign":42},[1860,1869],{"text":1861,"type":46,"marks":1862},"For nickel",[1863,1867],{"type":55,"attrs":1864},{"href":1865,"uuid":1866,"anchor":42,"target":59,"linktype":60},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":49,"attrs":1868},{"color":51},{"text":1870,"type":46,"marks":1871}," (produced via HPAL) and purified phosphoric acid (PPA), sulphur and sulphuric acid were already major contributors to costs. Though at these elevated prices, sulphur now represents 42% of HPAL nickel costs and sulphuric acid 59% of PPA production.",[1872],{"type":49,"attrs":1873},{"color":51},{"type":596,"attrs":1875},{"id":1876,"body":1877},"479f56f7-2adf-4e0d-ba98-1d4035c06adf",[1878],{"id":1879,"_uid":1880,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29150441","i-981e3ff7-0bd9-4fac-b4e6-3b2ca929dc6c",{"type":200,"attrs":1882,"content":1883},{"level":202,"textAlign":42},[1884],{"text":1885,"type":46,"marks":1886},"How much supply relies on sulphuric acid?",[1887,1889],{"type":49,"attrs":1888},{"color":51},{"type":693},{"type":40,"attrs":1891,"content":1892},{"textAlign":42},[1893],{"text":1894,"type":46,"marks":1895},"Benchmark analysis shows that over half of lithium, cobalt, rare earths, and purified phosphoric acid (PPA) production in 2026 is exposed to shocks in sulphur and sulphuric acid markets. For high-purity manganese sulphate monohydrate (HPMSM), used in manganese-containing batteries, 100% of supply is exposed.",[1896],{"type":49,"attrs":1897},{"color":51},{"type":40,"attrs":1899,"content":1900},{"textAlign":42},[1901],{"text":1902,"type":46,"marks":1903},"The nickel market is less exposed, though the growing high-pressure acid leaching (HPAL) industry in Indonesia depends on sulphur imports from the Middle East to produce the required acid in situ.",[1904],{"type":49,"attrs":1905},{"color":51},{"type":596,"attrs":1907},{"id":1876,"body":1908},[1909],{"id":1910,"_uid":1911,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28872665","i-493ef9bc-39e5-40df-91a8-b103206d1123",{"type":40,"attrs":1913,"content":1914},{"textAlign":42},[1915],{"text":1916,"type":46,"marks":1917},"“With the reopening of the Strait of Hormuz still an open question, and damage to Middle Eastern oil refineries set to extend disruption to sulphur supply even if the Strait is reopened, the outstanding risk is that more critical minerals players cut production or even shut down operations entirely,” Talbot said. “Critical minerals prices have already skyrocketed since the start of this year; more supply disruptions could push prices up even further.”",[1918],{"type":49,"attrs":1919},{"color":51},{"type":40,"attrs":1921,"content":1922},{"textAlign":42},[1923,1929,1939],{"text":1924,"type":46,"marks":1925},"For more timely market analysis of key energy transition supply chains, ",[1926,1928],{"type":49,"attrs":1927},{"color":51},{"type":483},{"text":1930,"type":46,"marks":1931},"create a free account",[1932,1935,1937,1938],{"type":55,"attrs":1933},{"href":1934,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://account.benchmarkminerals.com/register",{"type":49,"attrs":1936},{"color":585},{"type":483},{"type":588},{"text":1940,"type":46,"marks":1941}," or fill out the form below to learn more about our Intelligence subscription:",[1942,1944],{"type":49,"attrs":1943},{"color":51},{"type":483},{"type":596,"attrs":1946},{"id":1876,"body":1947},[1948],{"id":1949,"_uid":1950,"component":603,"wrap_in_box":282,"redirect_url":1951,"success_file":1952,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":1954,"show_on_intelligence":282},"57a99950-73f5-48be-98a4-7324c28e5d0b ","i-e0dd1eab-50d2-4fc9-97a8-a6336fd9b8a6",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":1953},{},[],"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.\n\nPrices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.\n\n“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[],[1958,1959,1960,1963,1964,1966,1969,1972],{"slug":621,"name":622},{"slug":1697,"name":1698},{"slug":1961,"name":1962},"copper","Copper",{"slug":1613,"name":1693},{"slug":1622,"name":1965},"Nickel",{"slug":1967,"name":1968},"phosphate","Phosphate",{"slug":1970,"name":1971},"rare-earths","Rare Earths",{"slug":343,"name":627},{"id":1974,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1975,"copyright":274,"fieldtype":275,"meta_data":1976,"is_external_url":282},181371539295885,"https://a.storyblok.com/f/287943243085208/1588x1204/27eaec8506/mineral-exposure-2x-6.png",{},{"id":1978,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1979,"copyright":274,"fieldtype":275,"meta_data":1980,"is_external_url":282},181369963523366,"https://a.storyblok.com/f/287943243085208/4000x2250/645b78f209/adobestock_303152854.jpeg",{},"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis show","May 28, 2026",{"id":1984,"uuid":1985,"name":1986,"slug":1987,"full_slug":1988,"content":1989},180696700788650,"fba8f6f5-4476-47f4-aa59-a36298c09863","Argentina's lithium output to grow 150% by 2030 on back of RIGI scheme","argentinas-lithium-output-to-grow-150-by-2030-on-back-of-rigi-scheme","article/argentinas-lithium-output-to-grow-150-by-2030-on-back-of-rigi-scheme",{"_uid":1990,"date":1991,"tags":1992,"editor":2008,"content":2012,"excerpt":2212,"featured":258,"reporter":2213,"component":260,"seo_title":2222,"categories":2223,"visibility":783,"data_vis_image":2226,"featured_image":2228,"seo_description":2233,"formattedDate":2234},"49744407-0109-4515-9467-a38b574855b6","2026-05-26 00:00",[1993,1996,1999,2002,2005],{"slug":1994,"name":1995},"argentina","Argentina",{"slug":1997,"name":1998},"ganfeng","Ganfeng Lithium",{"slug":2000,"name":2001},"galan-lithium","Galan Lithium",{"slug":2003,"name":2004},"rio-tinto","Rio Tinto",{"slug":2006,"name":2007},"posco","Posco",[2009],{"slug":28,"name":29,"content":2010},{"job_title":31,"image":2011,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":2013},[2014,2049,2085,2107,2129,2136,2144,2152,2173,2180,2188,2196,2203],{"type":40,"attrs":2015,"content":2016},{"textAlign":42},[2017,2022,2030,2035,2044],{"text":2018,"type":46,"marks":2019},"Over the past two years, ",[2020],{"type":49,"attrs":2021},{"color":51},{"text":1995,"type":46,"marks":2023},[2024,2028],{"type":55,"attrs":2025},{"href":2026,"uuid":2027,"anchor":42,"target":59,"linktype":60},"/article/view-from-the-ground-in-argentina-a-defining-moment-for-dle","d6542838-0f53-455f-9d44-f7f7018e4d8c",{"type":49,"attrs":2029},{"color":51},{"text":2031,"type":46,"marks":2032}," has been the destination for many ambitious investment commitments thanks to the country’s ",[2033],{"type":49,"attrs":2034},{"color":51},{"text":2036,"type":46,"marks":2037},"Regimen for Incentivising Large Investments",[2038,2042],{"type":55,"attrs":2039},{"href":2040,"uuid":2041,"anchor":42,"target":59,"linktype":60},"/article/argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives","8c7adc30-a7fb-4a91-94ab-13677e9dac30",{"type":49,"attrs":2043},{"color":51},{"text":2045,"type":46,"marks":2046}," (RIGI).",[2047],{"type":49,"attrs":2048},{"color":51},{"type":40,"attrs":2050,"content":2051},{"textAlign":42},[2052,2057,2066,2071,2080],{"text":2053,"type":46,"marks":2054},"Benchmark analysis shows that ",[2055],{"type":49,"attrs":2056},{"color":51},{"text":2058,"type":46,"marks":2059},"Argentina’s lithium output rose",[2060,2064],{"type":55,"attrs":2061},{"href":2062,"uuid":2063,"anchor":42,"target":59,"linktype":60},"/article/chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth","6d4b46da-d155-4b62-9e59-97f9c80037ab",{"type":49,"attrs":2065},{"color":51},{"text":2067,"type":46,"marks":2068}," from 31kt in 2018 to 86kt LCE in 2025. By 2030, Benchmark forecasts production to grow a further 153% to 218kt, positioning Argentina amongst the fastest growing ",[2069],{"type":49,"attrs":2070},{"color":51},{"text":2072,"type":46,"marks":2073},"lithium producers",[2074,2078],{"type":55,"attrs":2075},{"href":2076,"uuid":2077,"anchor":42,"target":59,"linktype":60},"/article/infographic-battery-material-production-expansion-since-2020-driven-by-shifting-chemistry","ec71002e-6142-4424-b241-3d0e7b26f637",{"type":49,"attrs":2079},{"color":51},{"text":2081,"type":46,"marks":2082}," globally.",[2083],{"type":49,"attrs":2084},{"color":51},{"type":40,"attrs":2086,"content":2087},{"textAlign":42},[2088,2093,2102],{"text":2089,"type":46,"marks":2090},"The growth in ",[2091],{"type":49,"attrs":2092},{"color":51},{"text":2094,"type":46,"marks":2095},"Argentina’s lithium industry",[2096,2100],{"type":55,"attrs":2097},{"href":2098,"uuid":2099,"anchor":42,"target":59,"linktype":60},"/videos/the-state-of-argentinas-lithium-sector","0737790d-922f-4390-83b0-1abc19819937",{"type":49,"attrs":2101},{"color":51},{"text":2103,"type":46,"marks":2104}," highlights that coordinated policy efforts and a focus on cost efficiency can attract capital and support the development of viable projects.",[2105],{"type":49,"attrs":2106},{"color":51},{"type":40,"attrs":2108,"content":2109},{"textAlign":42},[2110,2115,2124],{"text":2111,"type":46,"marks":2112},"“RIGI delivers what Argentina has lacked for several decades: fiscal, customs and FX stability,” said Benchmark principal lithium analyst ",[2113],{"type":49,"attrs":2114},{"color":51},{"text":2116,"type":46,"marks":2117},"Federico Gay",[2118,2122],{"type":55,"attrs":2119},{"href":2120,"uuid":2121,"anchor":42,"target":59,"linktype":60},"/videos/what-is-the-outlook-for-lithium-in-latin-america","2e803866-775f-4d3e-b1b3-3a73823ba02d",{"type":49,"attrs":2123},{"color":51},{"text":2125,"type":46,"marks":2126},". “This framework is helping dissipate some of the perceived sovereign and operational risks Argentina has had over the last decades.”",[2127],{"type":49,"attrs":2128},{"color":51},{"type":596,"attrs":2130},{"id":2131,"body":2132},"1bddccfa-5caa-479d-9af2-547a37511e8b",[2133],{"id":2134,"_uid":2135,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29131142","i-a8df982f-2e42-4bef-97f5-afffb51823a4",{"type":40,"attrs":2137,"content":2138},{"textAlign":42},[2139],{"text":2140,"type":46,"marks":2141},"On the project side, EXAR’s Cauchari-Olaroz, a JV between Lithium Argentina, Ganfeng and JEMSE, secured RIGI approval in May 2026 for an expansion phase. Totalling $1.24 billion, this project is expected to add 45ktpa of battery-grade lithium carbonate capacity to the existing 40ktpa operation.",[2142],{"type":49,"attrs":2143},{"color":51},{"type":40,"attrs":2145,"content":2146},{"textAlign":42},[2147],{"text":2148,"type":46,"marks":2149},"Lithium Argentina and Ganfeng have also recently submitted a RIGI application for the Pozuelos-Pastos Grandes project, targeting 150ktpa after a $3 billion investment, which is currently under review. ",[2150],{"type":49,"attrs":2151},{"color":51},{"type":40,"attrs":2153,"content":2154},{"textAlign":42},[2155,2160,2168],{"text":2156,"type":46,"marks":2157},"Cauchari-Olaroz’s expansion joins other RIGI-backed developments, including Galan Lithium’s Hombre Muerto West project, which has started producing lithium chloride, and POSCO’s Sal de Oro. ",[2158],{"type":49,"attrs":2159},{"color":51},{"text":2004,"type":46,"marks":2161},[2162,2166],{"type":55,"attrs":2163},{"href":2164,"uuid":2165,"anchor":42,"target":59,"linktype":60},"/article/rio-tinto-secures-financing-package-for-rincon-project-in-argentina","95eb9705-67fe-4e27-b52b-40c29490777d",{"type":49,"attrs":2167},{"color":51},{"text":2169,"type":46,"marks":2170}," has emerged as one of the largest beneficiaries so far. Its Rincon project has RIGI approval for a $2.8 billion, 60ktpa development, while Sal de Vida in Catamarca has secured more than $800 million in approved investment and the Fenix expansion phase for over $670 million.",[2171],{"type":49,"attrs":2172},{"color":51},{"type":596,"attrs":2174},{"id":2175,"body":2176},"478c5948-a1b2-4cbb-b985-cdf3f2ba088d",[2177],{"id":2178,"_uid":2179,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29133278","i-2134ca06-f148-4654-8532-55b4299f1b89",{"type":40,"attrs":2181,"content":2182},{"textAlign":42},[2183],{"text":2184,"type":46,"marks":2185},"“The next test for Argentina is execution, converting announcements into produced tonnes, while managing water use, community expectations and infrastructure bottlenecks,” Gay said. \"Most Argentinian lithium projects are located in high-altitude, remote areas, with limited power, roads and access to ports. Projects often depend on Antofagasta in Chile for port access.\"",[2186],{"type":49,"attrs":2187},{"color":51},{"type":40,"attrs":2189,"content":2190},{"textAlign":42},[2191],{"text":2192,"type":46,"marks":2193},"A key logistical challenge for Argentinian projects is that for every tonne LCE produced, between five and seven tonnes of reagents and materials need to be transported to the site. As such, the existing logistics network could be strained as Argentina brings more projects online.",[2194],{"type":49,"attrs":2195},{"color":51},{"type":40,"attrs":2197,"content":2198},{"textAlign":42},[2199],{"text":2200,"type":46,"marks":2201},"This article draws on analysis and insights from Benchmark's Lithium Service. To find out more, fill in the form below and one of the team will be in touch:",[2202],{"type":483},{"type":596,"attrs":2204},{"id":2131,"body":2205},[2206],{"id":601,"_uid":2207,"component":603,"wrap_in_box":282,"redirect_url":2208,"success_file":2209,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":2211,"show_on_intelligence":282},"i-a0577306-712f-4ce8-af56-c0114e4d2785",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":2210},{},[],"Over the past two years, Argentina has been the destination for many ambitious investment commitments thanks to the country’s Regimen for Incentivising Large Investments (RIGI).\n\nBenchmark analysis shows that Argentina’s lithium output rose from 31kt in 2018 to 86kt LCE in 2025. By 2030, Benchmark forecasts production to grow a further 153% to 218kt, positioning Argentina amongst the fastest growing lithium producers globally.\n\nThe growth in Argentina’s lithium industry highlights that coordinated policy efforts and a focus on cost efficiency can attract capital and support the development of viable projects.",[2214],{"slug":2215,"name":2116,"content":2216},"federico-gay",{"job_title":2217,"image":2218,"bio":2220,"linkedin":2221,"markets_covered":1698},"Principal Analyst - Lithium",{"filename":2219},"https://a.storyblok.com/f/287943243085208/512x512/599762cb57/federico-gay.jpeg","Federico is an economic geologist specializing in lithium at Benchmark Mineral Intelligence. His expertise bridges technical and financial domains, with a background that spans deposit assessment, resource estimation, cost modelling, pricing trends, and ESG analysis. Federico’s career includes hands-on mining experience in Chile across lithium and copper deposits, as well as market-facing roles at the London Stock Exchange, focusing on lithium, precious metals and copper. His work supports strategic insights into the global energy transition and critical mineral supply chains. He holds a MSc in Economic Geology from Universidad Catolica del Norte, Chile.","https://www.linkedin.com/in/federico-gaston-gay-1aa629160/","Argentina's lithium output to grow 150% by 2030 from RIGI scheme",[2224,2225],{"slug":621,"name":622},{"slug":1697,"name":1698},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":2227},{},{"id":2229,"alt":274,"name":274,"focus":274,"title":2230,"source":274,"filename":2231,"copyright":274,"fieldtype":275,"meta_data":2232,"is_external_url":282},180698724291515,"Image credit: Galan Lithium","https://a.storyblok.com/f/287943243085208/5120x2936/f718f47a9a/galan-lithium-hombre-muerto-west.jpeg",{"alt":274,"title":2230,"source":274,"copyright":274},"Over the past two years, Argentina has been the destination for many ambitious investment commitments thanks to the country’s Regimen for Incentivising Large Investments (RIGI).","May 26, 2026",{"id":2236,"uuid":320,"name":2237,"slug":2238,"full_slug":2239,"content":2240},179241508563904,"BESS up, EVs down: US Regional Spotlight","regional-spotlight-united-states","article/regional-spotlight-united-states",{"_uid":2241,"date":1991,"tags":2242,"editor":2258,"content":2262,"excerpt":2431,"featured":258,"reporter":2432,"component":260,"seo_title":2237,"categories":2446,"visibility":783,"data_vis_image":2458,"featured_image":2460,"seo_description":2464,"formattedDate":2234},"842a3cd3-63d6-4173-8ac7-3c05001e69d0",[2243,2244,2246,2249,2252,2255],{"slug":295,"name":296},{"slug":2245,"name":965},"bess",{"slug":2247,"name":2248},"policy","Policy",{"slug":2250,"name":2251},"ford","Ford",{"slug":2253,"name":2254},"nextera-energy","NextEra Energy",{"slug":2256,"name":2257},"regional-spotlight","Regional Spotlight",[2259],{"slug":28,"name":29,"content":2260},{"job_title":31,"image":2261,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":2263},[2264,2278,2283,2288,2301,2306,2324,2331,2336,2343,2348,2355,2361,2367,2373,2378,2383,2388,2393,2399,2404,2409,2414,2419],{"type":40,"attrs":2265,"content":2266},{"textAlign":42},[2267,2269,2276],{"text":2268,"type":46},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025. In April 2026, ",{"text":2270,"type":46,"marks":2271},"EV sales were down",[2272],{"type":55,"attrs":2273},{"href":2274,"uuid":2275,"anchor":42,"target":678,"linktype":60},"/publications/briefings/all-ev-sales/april-2026-major-market-ev-sales","c50df223-e0c3-4243-8410-b01c0a0e1b89",{"text":2277,"type":46}," 33% year-to-date year-on-year – a mirror image of another major western economy, Germany, which was up 33% over the same period. What is different about the US?",{"type":40,"attrs":2279,"content":2280},{"textAlign":42},[2281],{"text":2282,"type":46},"The 2025 expiration of federal tax credits, such as the 30D clean vehicle and 25E used EV credits, as well as other changes to the structure of the EV market introduced under the One Big Beautiful Bill Act (OBBBA), have resulted in major changes to demand. These changes mean internal combustion engine (ICE) car sales are expected to significantly outpace battery EVs (BEVs) through to 2030 in the US market, while there have already been a number of electrification-related write-offs and profit hits among US OEMs, including Ford with $19.5bn, General Motors with $7.9 billion, and Stellantis with $26bn.",{"type":40,"attrs":2284,"content":2285},{"textAlign":42},[2286],{"text":2287,"type":46},"Battery energy stationary storage (BESS) demand has not been affected in the same way by the OBBBA. The 45X manufacturing credit, introduced under the Biden administration’s Inflation Reduction Act (IRA), continues to support production of BESS cells despite some changes.",{"type":40,"attrs":2289,"content":2290},{"textAlign":42},[2291,2293,2299],{"text":2292,"type":46},"As well as these shifts, there is expected to be a significant increase in energy and energy storage demand from the growth of AI and the commensurate expansion in data centres across the US. According to ",{"text":2294,"type":46,"marks":2295},"Benchmark’s Q2 2026 BESS Forecast",[2296],{"type":55,"attrs":2297},{"href":2298,"uuid":42,"anchor":42,"target":678,"linktype":334},"https://data.benchmarkminerals.com/bess/data-reports",{"text":2300,"type":46},", global data centre BESS demand is expected to increase by over 160% through to 2030, with nearly half of this expected to come from the US as a result of its dominance in the data centre space.",{"type":40,"attrs":2302,"content":2303},{"textAlign":42},[2304],{"text":2305,"type":46},"Upstream, the US faces a similar challenge to many other nations in the West: the dominance of China. Both the Trump administration and the Biden administration preceding it have made policy announcements as they bid to secure access to critical minerals, including lithium, cobalt, rare earths and others.",{"type":40,"attrs":2307,"content":2308},{"textAlign":42},[2309,2313,2320],{"text":2310,"type":46,"marks":2311},"Join government officials, financiers, and industry participants at our premier supply chain conference, ",[2312],{"type":483},{"text":2314,"type":46,"marks":2315},"Giga US 26",[2316,2319],{"type":55,"attrs":2317},{"href":2318,"uuid":42,"anchor":42,"target":678,"linktype":334},"https://www.benchmarkminerals.com/events/giga-usa",{"type":483},{"text":2321,"type":46,"marks":2322},", in Washington DC on 9–10th June to get more insights on Trump's policy agenda and the US’ next steps on energy security.",[2323],{"type":483},{"type":596,"attrs":2325},{"id":2326,"body":2327},"616767c7-219c-4354-b512-2a9bc6422070",[2328],{"id":2329,"_uid":2330,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29059039","i-425f35ea-a769-4828-8082-c2ff19231ca6",{"type":200,"attrs":2332,"content":2333},{"level":202,"textAlign":42},[2334],{"text":2335,"type":46},"Key policies",{"type":596,"attrs":2337},{"id":2338,"body":2339},"52d27f2b-42e7-4527-b5df-693507734ed9",[2340],{"id":2341,"_uid":2342,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29073627","i-90d3cebd-e112-4ff6-a2da-9b4848d66ac4",{"type":200,"attrs":2344,"content":2345},{"level":202,"textAlign":42},[2346],{"text":2347,"type":46},"US in numbers",{"type":596,"attrs":2349},{"id":2350,"body":2351},"4227142a-8d51-4289-a431-11a6771f8202",[2352],{"id":2353,"_uid":2354,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28992264","i-37d2e424-136f-40cb-b736-32ec74109ca6",{"type":596,"attrs":2356},{"id":2350,"body":2357},[2358],{"id":2359,"_uid":2360,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29058740","i-ba3bc790-14a9-44d3-aed3-ad31a878c02d",{"type":596,"attrs":2362},{"id":2338,"body":2363},[2364],{"id":2365,"_uid":2366,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29074500","i-1b05f7d2-36b5-4f77-a9a6-d4cd8cbd9d57",{"type":596,"attrs":2368},{"id":2338,"body":2369},[2370],{"id":2371,"_uid":2372,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28991795","i-ee060959-8747-4033-a3b3-6904d0d41106",{"type":200,"attrs":2374,"content":2375},{"level":202,"textAlign":42},[2376],{"text":2377,"type":46},"In focus: BESS, Ford and NextEra",{"type":40,"attrs":2379,"content":2380},{"textAlign":42},[2381],{"text":2382,"type":46},"On 11 May, the US’ second-largest automaker, Ford, launched its new subsidiary, Ford Energy. Its expansion into energy storage highlights the redirection of several US-based manufacturers’ focus onto BESS.",{"type":40,"attrs":2384,"content":2385},{"textAlign":42},[2386],{"text":2387,"type":46},"Ford Energy’s DC Block BESS cell will be LFP-based and will be used in the planned deployment of 20GWh in capacity annually by the firm, according to Ford CEO Jim Farley. Deliveries are expected to begin in 2027. The firm also announced on 18 May that it had signed a deal to deliver as much as 20GWh in energy storage to French utilities multinational EDF, starting in 2028.",{"type":40,"attrs":2389,"content":2390},{"textAlign":42},[2391],{"text":2392,"type":46},"The shift reflects a broader growth in demand for energy storage in the US, where the AI data centre (AIDC) segment is growing rapidly. Among the most significant players in this space is NextEra Energy Resources (NEER), one of the US’ largest solar and storage developers and integrators.",{"type":596,"attrs":2394},{"id":2338,"body":2395},[2396],{"id":2397,"_uid":2398,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29038954","i-41018da0-5330-46c1-8c14-5e0ae88f0968",{"type":40,"attrs":2400,"content":2401},{"textAlign":42},[2402],{"text":2403,"type":46},"NEER is vertically integrated, in that it develops, owns and operates storage assets while co-locating them with renewable generation and structuring long-term power purchase agreements with end users. This end-to-end capability allows it to deliver fully packaged energy solutions at a larger scale, making it a preferred partner for major US tech companies, including Meta and Google.",{"type":40,"attrs":2405,"content":2406},{"textAlign":42},[2407],{"text":2408,"type":46},"The company has a reported 43GW BESS development pipeline through 2032, with over 10GW currently operational. Recently, NEER agreed a deal to acquire Dominion Energy, a firm supplying electricity to northwestern US states including Virginia, where data centre expansion is particularly rapid.",{"type":40,"attrs":2410,"content":2411},{"textAlign":42},[2412],{"text":2413,"type":46},"The expansion of the AIDC segment is expected to drive a sustained growth in BESS demand, and therefore in an increase in raw materials demand.",{"type":40,"attrs":2415,"content":2416},{"textAlign":42},[2417],{"text":2418,"type":46},"Previous Regional Spotlights:",{"type":77,"content":2420},[2421],{"type":80,"content":2422},[2423],{"type":40,"attrs":2424,"content":2425},{"textAlign":42},[2426],{"text":2427,"type":46,"marks":2428},"Supply chain dominance: China Regional Spotlight",[2429],{"type":55,"attrs":2430},{"href":1091,"uuid":1092,"anchor":42,"target":678,"linktype":60},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025. In April 2026, EV sales were down 33% year-to-date year-on-year – a mirror image of another major western economy, Germany, which was up 33% over the same period. What is different about the US?",[2433,2436],{"slug":656,"name":657,"content":2434},{"job_title":659,"image":2435,"bio":662,"linkedin":663},{"filename":661},{"slug":2437,"name":2438,"content":2439},"bryan-bille","Bryan Bille",{"job_title":2440,"image":2441,"bio":2443,"linkedin":2444,"markets_covered":2445},"Lead Analyst - Government Policy",{"filename":2442},"https://a.storyblok.com/f/287943243085208/512x512/1491bc3cc9/bryan-bille.jpeg","Bryan has more than 8 years of policy and geopolitical experience covering numerous areas, such as international trade, industrial policy, critical minerals, battery and EV supply chains and the broader energy transition. Bryan currently oversees Benchmark Mineral Intelligence’s policy and geopolitical coverage and leads Benchmark’s strategic outreach to policymakers. Before joining Benchmark, Bryan obtained a degree in corporate law from the University of Antwerp and an international political economy degree from King’s College London. He also held various positions within the Belgian diplomatic corps and politics, where he was involved in multiple policy issues and international negotiations at the EU level. ","https://www.linkedin.com/in/bryanbille/","Critical Mineral, Battery and EV Supply ",[2447,2448,2449,2450,2451,2452,2453,2454,2455,2456,2457],{"slug":652,"name":653},{"slug":264,"name":265},{"slug":1690,"name":1691},{"slug":621,"name":622},{"slug":270,"name":271},{"slug":267,"name":268},{"slug":343,"name":627},{"slug":1524,"name":1525},{"slug":1697,"name":1698},{"slug":780,"name":781},{"slug":1970,"name":1971},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":2459},{},{"id":2461,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":2462,"copyright":274,"fieldtype":275,"meta_data":2463,"is_external_url":282},129073473668985,"https://a.storyblok.com/f/287943243085208/5f43c94a9b/bm-us-flag-auto.jpg",{},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025.",{"id":2466,"uuid":2467,"name":2468,"slug":2469,"full_slug":2470,"content":2471},179294289152409,"4dc43d73-e0bb-4fb6-a6f7-e54fb33429a3","Cobalt market anchored by hidden inventories despite supply risks","cobalt-market-anchored-by-hidden-inventories-despite-supply-risks","article/cobalt-market-anchored-by-hidden-inventories-despite-supply-risks",{"_uid":2472,"date":2473,"tags":2474,"editor":2483,"content":2487,"excerpt":2599,"featured":258,"reporter":2600,"component":260,"seo_title":2468,"categories":2611,"visibility":783,"data_vis_image":2614,"featured_image":2616,"seo_description":2620,"formattedDate":2621},"50771562-d5f4-44fe-b19a-4cc71fa03633","2026-05-22 00:00",[2475,2478,2479,2480],{"slug":2476,"name":2477},"cobalt-prices","Cobalt prices",{"slug":806,"name":807},{"slug":649,"name":650},{"slug":2481,"name":2482},"madagascar","Madagascar",[2484],{"slug":656,"name":657,"content":2485},{"job_title":659,"image":2486,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":2488},[2489,2501,2515,2522,2529,2534,2539,2546,2551,2556,2563,2568,2573,2580,2585],{"type":40,"attrs":2490,"content":2491},{"textAlign":42},[2492,2494,2499],{"text":2493,"type":46},"Cobalt prices remain broadly stable, with higher-than-expected inventory levels ",{"text":2495,"type":46,"marks":2496},"in China",[2497],{"type":55,"attrs":2498},{"href":1091,"uuid":1092,"anchor":42,"target":678,"linktype":60},{"text":2500,"type":46}," continuing to offset emerging supply-side disruptions and rising upstream costs.",{"type":40,"attrs":2502,"content":2503},{"textAlign":42},[2504,2506,2513],{"text":2505,"type":46},"Market participants speaking to Benchmark said that ",{"text":2507,"type":46,"marks":2508},"cobalt demand remains soft",[2509],{"type":55,"attrs":2510},{"href":2511,"uuid":2512,"anchor":42,"target":678,"linktype":60},"/article/supply-strains-keep-prices-steady-cobalt-q1-2026-price-review","0b16c504-8e01-449c-9efe-b239dc7e8242",{"text":2514,"type":46},", particularly across the consumer electronics sector, with no clear signs of recovery. Some producers have responded by curtailing output, contributing to limited spot market activity and cautious purchasing behaviour across the supply chain.",{"type":596,"attrs":2516},{"id":2517,"body":2518},"af301b3f-fb94-4089-9d37-56f009c62f80",[2519],{"id":2520,"_uid":2521,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29089953","i-e8268d9b-5888-4b39-a554-22425ba4d89e",{"type":200,"attrs":2523,"content":2524},{"level":202,"textAlign":42},[2525],{"text":2526,"type":46,"marks":2527},"China stockpiles anchoring market",[2528],{"type":693},{"type":40,"attrs":2530,"content":2531},{"textAlign":42},[2532],{"text":2533,"type":46},"A key theme across the market is the growing recognition that cobalt inventories in China have been significantly underestimated. Market consensus now places metal stocks at around 10kt, with additional material held across intermediate forms.",{"type":40,"attrs":2535,"content":2536},{"textAlign":42},[2537],{"text":2538,"type":46},"These elevated inventories have acted as a buffer against supply disruptions, preventing prices from reacting more strongly to tightening conditions upstream. As a result, the market appears more balanced than previously expected, with stock overhang dampening volatility and capping near-term price upside.",{"type":200,"attrs":2540,"content":2541},{"level":202,"textAlign":42},[2542],{"text":2543,"type":46,"marks":2544},"Supply disruptions fail to translate into price gains",[2545],{"type":693},{"type":40,"attrs":2547,"content":2548},{"textAlign":42},[2549],{"text":2550,"type":46},"On the supply side, logistical constraints and policy-driven export controls have limited the immediate availability of raw materials. While most export quotas from the DRC have now been approved and shipments are progressing, material remains in transit, delaying its arrival into China.",{"type":40,"attrs":2552,"content":2553},{"textAlign":42},[2554],{"text":2555,"type":46},"At the same time, Indonesian supply faces growing pressure due to constrained sulphur availability, with some HPAL operations at risk of curtailment. Elsewhere, refined supply remains exposed to disruption, with Sherritt’s Cuban operations facing uncertainty linked to recent disruption to Venezuelan oil supplies, while production at Ambatovy in Madagascar remains halted following cyclone-related damage. Despite these risks, elevated inventory levels continue to absorb the impact, limiting any upward price response.",{"type":200,"attrs":2557,"content":2558},{"level":202,"textAlign":42},[2559],{"text":2560,"type":46,"marks":2561},"Rising costs add pressure to the supply chain",[2562],{"type":693},{"type":40,"attrs":2564,"content":2565},{"textAlign":42},[2566],{"text":2567,"type":46},"Upstream cost pressures are building, with sulphuric acid and diesel prices rising sharply, particularly in the DRC. In Indonesia, limited sulphur availability is emerging as a key constraint, with some operations facing the risk of curtailment.",{"type":40,"attrs":2569,"content":2570},{"textAlign":42},[2571],{"text":2572,"type":46},"While these factors point to tighter supply conditions later in the year, their immediate impact remains muted in the presence of ample inventories.",{"type":200,"attrs":2574,"content":2575},{"level":202,"textAlign":42},[2576],{"text":2577,"type":46,"marks":2578},"Market outlook hinges on inventory drawdown",[2579],{"type":693},{"type":40,"attrs":2581,"content":2582},{"textAlign":42},[2583],{"text":2584,"type":46},"Looking ahead, the trajectory of cobalt prices will depend largely on how quickly these stockpiles are absorbed. As additional material arrives into China in the coming months, market participants will closely monitor whether producers choose to release units into the market or continue to build inventories.",{"type":40,"attrs":2586,"content":2587},{"textAlign":42},[2588,2590,2597],{"text":2589,"type":46},"For now, sentiment remains cautious, with participants broadly aligned in expecting limited downside but no immediate catalyst for a sustained rally. Instead, attention is shifting towards the second half of 2026, when tightening ",{"text":2591,"type":46,"marks":2592},"supply ",[2593],{"type":55,"attrs":2594},{"href":2595,"uuid":2596,"anchor":42,"target":678,"linktype":60},"/article/us-first-planned-cobalt-refinery-signs-850-million-offtake","ce2f9608-3c05-40e7-9719-0cae383680d8",{"text":2598,"type":46},"and potential inventory drawdowns could begin to reshape market dynamics.","Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs.\n\nMarket participants speaking to Benchmark said that cobalt demand remains soft, particularly across the consumer electronics sector, with no clear signs of recovery. Some producers have responded by curtailing output, contributing to limited spot market activity and cautious purchasing behaviour across the supply chain.",[2601],{"slug":2602,"name":2603,"content":2604},"george-ingall","George Ingall",{"job_title":2605,"image":2606,"bio":2608,"linkedin":2609,"markets_covered":2610},"Price Analyst - Rare Earths & Battery Minerals",{"filename":2607},"https://a.storyblok.com/f/287943243085208/2943x3679/899ad64a5e/george-ingall.jpg","George specialises in rare earths and battery minerals, with expertise in tracking market movements, pricing trends, and supply-demand dynamics across critical raw materials. Experienced in delivering clear market insights and analysis that support commercial strategy, investment decisions, and industry understanding in fast-evolving global commodities markets.","https://www.linkedin.com/in/georgeingall/","Rare Earths, Cobalt, Natural Graphite, Synthetic Graphite, Anode",[2612,2613],{"slug":1613,"name":1693},{"slug":621,"name":622},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":2615},{},{"id":2617,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":2618,"copyright":274,"fieldtype":275,"meta_data":2619,"is_external_url":282},129066603174195,"https://a.storyblok.com/f/287943243085208/df62720a42/bm-cobalt-27-warehouse-e1527863094748.png",{},"Cobalt prices remain broadly stable, with higher-than-expected inventory levels in China continuing to offset emerging supply-side disruptions and rising upstream costs.","May 22, 2026",{"id":2623,"uuid":1367,"name":2624,"slug":2625,"full_slug":2626,"content":2627},179292261980150,"Life in the FaSTLAne? Stellantis Investor Day 2026 ","life-in-the-fastlane-stellantis-investor-day-2026","article/life-in-the-fastlane-stellantis-investor-day-2026",{"_uid":2628,"date":2473,"tags":2629,"editor":2636,"content":2640,"excerpt":2834,"featured":258,"reporter":2835,"component":260,"seo_title":2624,"categories":2845,"visibility":783,"data_vis_image":2848,"featured_image":2852,"seo_description":2856,"formattedDate":2621},"4a120561-a434-4088-94e2-006b52fb93a5",[2630,2633,2634,2635],{"slug":2631,"name":2632},"stellantis","Stellantis",{"slug":810,"name":811},{"slug":298,"name":299},{"slug":803,"name":804},[2637],{"slug":28,"name":29,"content":2638},{"job_title":31,"image":2639,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":2641},[2642,2674,2683,2690,2704,2712,2720,2733,2741,2761,2769,2791,2799,2805,2818,2826],{"type":40,"attrs":2643,"content":2644},{"textAlign":42},[2645,2650,2657,2662,2669],{"text":2646,"type":46,"marks":2647},"Stellantis used its Investor Day on 21",[2648],{"type":49,"attrs":2649},{"color":274},{"text":2651,"type":46,"marks":2652},"st",[2653,2655],{"type":49,"attrs":2654},{"color":274},{"type":2656},"superscript",{"text":2658,"type":46,"marks":2659}," May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets. Strategies are now clearly ",[2660],{"type":49,"attrs":2661},{"color":274},{"text":2663,"type":46,"marks":2664},"realigned by region",[2665,2667],{"type":55,"attrs":2666},{"href":1380,"uuid":1381,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":2668},{"color":274},{"text":2670,"type":46,"marks":2671}," with a return to muscle in the US, and a multi-energy product offensive with a distinctive battery electric vehicle (BEV) spin in Europe.  ",[2672],{"type":49,"attrs":2673},{"color":274},{"type":40,"attrs":2675,"content":2677},{"textAlign":2676},"left",[2678],{"text":2679,"type":46,"marks":2680},"“FaSTLAne 2030 is a much-needed reorganisation of a firm that has been itching for a reset since the Tavares era,” said Will Roberts, Benchmark’s automotive research lead. “Creating separate pathways for North America and Europe is a clear win in the near term, where the product roadmaps look well suited for both. However, the diversification may further fragment a group of brands which have not always been pulling in the same direction, especially in the context of longer-term electrification.”",[2681],{"type":49,"attrs":2682},{"color":274},{"type":596,"attrs":2684},{"id":2685,"body":2686},"581b2db1-4200-4e43-98f7-b4c4fe6ff611",[2687],{"id":2688,"_uid":2689,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29090190","i-aa82ce4f-2023-41d0-b69d-69c0d7d2766f",{"type":200,"attrs":2691,"content":2692},{"level":202,"textAlign":2676},[2693,2699],{"text":2694,"type":46,"marks":2695},"STLA ONE ",[2696,2698],{"type":49,"attrs":2697},{"color":274},{"type":693},{"text":2700,"type":46,"marks":2701}," ",[2702],{"type":49,"attrs":2703},{"color":274},{"type":40,"attrs":2705,"content":2706},{"textAlign":2676},[2707],{"text":2708,"type":46,"marks":2709},"A centrepiece announcement was STLA One, a new modular architecture covering B, C and D vehicle segments. It will launch in 2027 and target 30+ models and two million units by 2035. It consolidates the previous STLA Small/Medium/Large family into a multi-energy design. The platform targets 20% cost efficiency through modularity and has 800-volt capability. LFP is the main chemistry and efficiency will be enhanced by leaning on cell-to-body integration. ",[2710],{"type":49,"attrs":2711},{"color":274},{"type":40,"attrs":2713,"content":2714},{"textAlign":2676},[2715],{"text":2716,"type":46,"marks":2717},"The shift to LFP was expected as Stellantis has been looking in this direction for some time, its joint venture cell manufacturing facility with CATL in Spain broke ground in November last year.  ",[2718],{"type":49,"attrs":2719},{"color":274},{"type":200,"attrs":2721,"content":2722},{"level":202,"textAlign":2676},[2723,2729],{"text":2724,"type":46,"marks":2725},"Product offensive Europe families vs. US muscle",[2726,2728],{"type":49,"attrs":2727},{"color":274},{"type":693},{"text":2700,"type":46,"marks":2730},[2731],{"type":49,"attrs":2732},{"color":274},{"type":40,"attrs":2734,"content":2735},{"textAlign":2676},[2736],{"text":2737,"type":46,"marks":2738},"In Europe, the multi-energy strategy runs across the brand portfolio. Peugeot will get seven new models including two B-segment BEVs to sit alongside the 208/2008 family. Citroën will revive the 2CV, the latest European affordable BEV retro revival – an exciting proposition which consumers have embraced when done well (see Renault 5) or rejected when seen as a misstep (see Ford Capri).   ",[2739],{"type":49,"attrs":2740},{"color":274},{"type":40,"attrs":2742,"content":2743},{"textAlign":2676},[2744,2749,2756],{"text":2745,"type":46,"marks":2746},"Opel will add a BEV C-SUV via its ",[2747],{"type":49,"attrs":2748},{"color":274},{"text":2750,"type":46,"marks":2751},"Leapmotor",[2752,2754],{"type":55,"attrs":2753},{"href":1464,"uuid":1465,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":2755},{"color":274},{"text":2757,"type":46,"marks":2758}," partnership. One of a couple of projects which explicitly \"leverages the Chinese EV ecosystem\". This captures two new core strategic components, cost efficiency and partnerships.  ",[2759],{"type":49,"attrs":2760},{"color":274},{"type":40,"attrs":2762,"content":2763},{"textAlign":2676},[2764],{"text":2765,"type":46,"marks":2766},"The concern in Europe isn't ambition, it’s sprawl. Part of the plan reduces ICE/HEV exclusive families by 40% while maintaining full market coverage. That means layering more powertrains across more model lines. Stellantis already operates one of the most complex multi-powertrain portfolios in the industry.  ",[2767],{"type":49,"attrs":2768},{"color":274},{"type":40,"attrs":2770,"content":2771},{"textAlign":2676},[2772,2777,2786],{"text":2773,"type":46,"marks":2774},"In the US, the product offensive reads very differently. ",[2775],{"type":49,"attrs":2776},{"color":274},{"text":2778,"type":46,"marks":2779},"Range-extended EV (REEV)",[2780,2784],{"type":55,"attrs":2781},{"href":2782,"uuid":2783,"anchor":42,"target":59,"linktype":60},"/article/range-extended-electric-vehicles-reevs-to-play-an-increasing-role-in-europe-and-the-usa-after-significant-china-growth","1c2cc548-2275-47bb-a337-77c61fbdf56a",{"type":49,"attrs":2785},{"color":274},{"text":2787,"type":46,"marks":2788}," pickups featured, but not front and centre. Compact and mid-size trucks and, more notably, a new vehicle category branded \"Muscle Trucks\" are the headlines. Three new Chrysler crossovers arrive with no confirmed EV powertrains, though as they are labelled as ‘multi-energy’ they could be candidates for REEVs, replacing the recently discontinued Pacifica PHEV.  ",[2789],{"type":49,"attrs":2790},{"color":274},{"type":40,"attrs":2792,"content":2793},{"textAlign":2676},[2794],{"text":2795,"type":46,"marks":2796},"The US pullback on BEV is strategically aligned with the regulatory environment, and the US is identified as Stellantis’ key growth market. However, complete silence on a longer-term US EV pathway is a risk Stellantis may be underweighting. If and when the policy pendulum swings back, the company could find itself with a Europe-centric EV infrastructure it cannot efficiently transplant westward, replicating the underwhelming EV strategy seen in the US of late.",[2797],{"type":49,"attrs":2798},{"color":274},{"type":596,"attrs":2800},{"id":2685,"body":2801},[2802],{"id":2803,"_uid":2804,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29090306","i-a6d16bdc-8a57-427f-a4fc-4b1bfb47033a",{"type":200,"attrs":2806,"content":2807},{"level":202,"textAlign":2676},[2808,2814],{"text":2809,"type":46,"marks":2810},"Partnerships",[2811,2813],{"type":49,"attrs":2812},{"color":274},{"type":693},{"text":2700,"type":46,"marks":2815},[2816],{"type":49,"attrs":2817},{"color":274},{"type":40,"attrs":2819,"content":2820},{"textAlign":2676},[2821],{"text":2822,"type":46,"marks":2823},"Two announcements stand out. The Stellantis-JLR North America collaboration covering product and technology development is intriguing. The US is a big market for JLR and they may be looking to hedge against an evolving tariff and trade relationship between the UK and US. The most plausible setup is shared platform production, with JLR models built on Stellantis' US manufacturing footprint, giving JLR local content benefits and Stellantis better plant utilisation.  ",[2824],{"type":49,"attrs":2825},{"color":274},{"type":40,"attrs":2827,"content":2828},{"textAlign":2676},[2829],{"text":2830,"type":46,"marks":2831},"The Dongfeng European JV is arguably larger in the medium term covering shared sales and distribution, manufacturing, purchasing and engineering. It is a significantly deeper integration than most European OEMs have managed with Chinese partners outside China. Stellantis is running ahead of other European OEMs on this front, now with two established Chinese partners for deeply integrated commercial activities outside of China.",[2832],{"type":49,"attrs":2833},{"color":274},"Stellantis used its Investor Day on 21st May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets. Strategies are now clearly realigned by region with a return to muscle in the US, and a multi-energy product offensive with a distinctive battery electric vehicle (BEV) spin in Europe.  \n\n“FaSTLAne 2030 is a much-needed reorganisation of a firm that has been itching for a reset since the Tavares era,” said Will Roberts, Benchmark’s automotive research lead. “Creating separate pathways for North America and Europe is a clear win in the near term, where the product roadmaps look well suited for both. However, the diversification may further fragment a group of brands which have not always been pulling in the same direction, especially in the context of longer-term electrification.” ",[2836],{"slug":2837,"name":2838,"content":2839},"will-roberts","Will Roberts",{"job_title":2840,"image":2841,"bio":2843,"linkedin":2844,"markets_covered":1519},"Automotive Research Lead",{"filename":2842},"https://a.storyblok.com/f/287943243085208/852x854/474a3cfca2/will-r.png","Will is part of the EV & Battery research team. As Automotive Research Lead, he manages all aspects of the team's view on global vehicle markets. Will leads forecasting for both the total vehicle market globally as well as electrified vehicles and works extensively on electric vehicle and battery market analysis, with a particular focus on the effects of legislation in the North American & European markets and, auto OEM strategy in the transition to EV. In addition, Will is also leading research in EV motors, vehicle platforms and systems. Will graduated from the University of Exeter, with a BSc in Physics and MSc in Mechanical Engineering.","https://www.linkedin.com/in/willroberts227/",[2846,2847],{"slug":267,"name":268},{"slug":264,"name":265},{"id":2849,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":2850,"copyright":274,"fieldtype":275,"meta_data":2851,"is_external_url":282},179298301391702,"https://a.storyblok.com/f/287943243085208/1590x1150/062fb3e6f6/stellantis-regional-sales-2x.png",{},{"id":2853,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":2854,"copyright":274,"fieldtype":275,"meta_data":2855,"is_external_url":282},179292762034711,"https://a.storyblok.com/f/287943243085208/8192x5464/4644aeb551/peugeot_e308_2508cv_507_fr-1.jpg",{},"Stellantis used its Investor Day on 21st May in Auburn Hills Michigan to unveil FaSTLAne 2030, a €60 billion (~$70 billion) strategic plan that attempts to be all things to all markets.",{"id":2858,"uuid":2859,"name":2860,"slug":2861,"full_slug":2862,"content":2863},178946635897444,"2ce683a6-703c-4398-9e3a-b31983d16207","China’s rare earth export controls show little sign of easing after Trump-Xi summit","china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit",{"_uid":2864,"date":2865,"tags":2866,"editor":2874,"content":2878,"excerpt":2971,"featured":258,"reporter":2972,"component":260,"seo_title":2982,"categories":2983,"visibility":783,"data_vis_image":2987,"featured_image":2991,"seo_description":2995,"formattedDate":2996},"1202cbfd-2b7c-4489-aff6-0ca0c3194fe2","2026-05-21 00:00",[2867,2868,2869,2870,2873],{"slug":806,"name":807},{"slug":295,"name":296},{"slug":298,"name":299},{"slug":2871,"name":2872},"rare-earths-prices","rare earths prices",{"slug":803,"name":804},[2875],{"slug":28,"name":29,"content":2876},{"job_title":31,"image":2877,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":2879},[2880,2894,2899,2904,2911,2941,2955,2961,2966],{"type":40,"attrs":2881,"content":2882},{"textAlign":42},[2883,2885,2892],{"text":2884,"type":46},"China’s ",{"text":2886,"type":46,"marks":2887},"rare earth export regime",[2888],{"type":55,"attrs":2889},{"href":2890,"uuid":2891,"anchor":42,"target":59,"linktype":60},"/videos/the-impact-of-export-controls-on-the-rare-earths-market","22e1aed6-2594-4f9a-a09f-805bcfe74d9e",{"text":2893,"type":46}," remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.",{"type":40,"attrs":2895,"content":2896},{"textAlign":42},[2897],{"text":2898,"type":46},"A White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",{"type":40,"attrs":2900,"content":2901},{"textAlign":42},[2902],{"text":2903,"type":46},"Physical market conditions point to only modest improvement. Export flows of low-grade magnets have recovered somewhat, particularly into commercial sectors such as automotive and consumer electronics. However, approvals remain inconsistent, with continued delays affecting aerospace, defence, and advanced manufacturing applications where rare earths have strategic importance. Yttrium exports remain constrained. US officials still report the need for case-by-case intervention to secure shipments.",{"type":596,"attrs":2905},{"id":2906,"body":2907},"a829a4d2-9f8e-418a-954d-dba10076b670",[2908],{"id":2909,"_uid":2910,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29073145","i-1409c8c8-68da-47a7-a758-7ccccee00940",{"type":40,"attrs":2912,"content":2913},{"textAlign":42},[2914,2921,2923,2930,2932,2939],{"text":2915,"type":46,"marks":2916},"Pricing signals",[2917],{"type":55,"attrs":2918},{"href":2919,"uuid":2920,"anchor":42,"target":59,"linktype":60},"/article/tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review","f85d8788-f2e7-451e-a4e9-ac8d2eb07c47",{"text":2922,"type":46}," reinforce the persistence of constraints. Benchmark reports, for example, that Yttrium is trading at ~US$1,750/kg in North America compared with ~US$10/kg in China, highlighting severe regional price dislocation. More broadly, ",{"text":2924,"type":46,"marks":2925},"magnet prices",[2926],{"type":55,"attrs":2927},{"href":2928,"uuid":2929,"anchor":42,"target":59,"linktype":60},"/videos/why-benchmark-launched-rare-earth-permanent-magnet-prices","09f7d0a8-710e-49e5-92b2-5404b7f69535",{"text":2931,"type":46}," outside China are significantly higher, with ",{"text":2933,"type":46,"marks":2934},"premiums varying by region",[2935],{"type":55,"attrs":2936},{"href":2937,"uuid":2938,"anchor":42,"target":59,"linktype":60},"/article/benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices","5955e2f6-a2c3-48aa-9bb8-3e1a96183b78",{"text":2940,"type":46},", application, and magnet composition, particularly those containing heavy rare earths.",{"type":40,"attrs":2942,"content":2943},{"textAlign":42},[2944,2946,2953],{"text":2945,"type":46},"In North America and Europe, OEMs are paying roughly twice as much for standard applications such as e-mobility, and up to three times more for defence-related uses. This ",{"text":2947,"type":46,"marks":2948},"divergence is being driven",[2949],{"type":55,"attrs":2950},{"href":2951,"uuid":2952,"anchor":42,"target":59,"linktype":60},"/article/ex-china-rare-earths-premium-to-grow-especially-for-heavies","15dc312f-8254-4eb3-a856-11af57feb532",{"text":2954,"type":46}," less by PrNd and more by small quantities of dysprosium and terbium. Even minimal additions of these heavy rare earths now command a disproportionate premium, forcing manufacturers in high-spec applications, especially defence, to absorb materially higher costs.",{"type":596,"attrs":2956},{"id":2906,"body":2957},[2958],{"id":2959,"_uid":2960,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29075303","i-db2a2e73-8935-4249-9ab1-17904e690c3e",{"type":40,"attrs":2962,"content":2963},{"textAlign":42},[2964],{"text":2965,"type":46},"The underlying market structure remains highly concentrated with China continuing to dominate heavy rare earth refining and magnet production, with ex-China supply remaining limited.",{"type":40,"attrs":2967,"content":2968},{"textAlign":42},[2969],{"text":2970,"type":46},"“In the absence of sustained investment in heavy rare earth processing capacity and magnet manufacturing, supply bottlenecks and price volatility are likely to persist despite incremental diplomatic engagement,” says Benchmark rare earths research manager Neha Mukherjee.","China’s rare earth export regime remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.\n\nA White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",[2973],{"slug":2974,"name":2975,"content":2976},"neha-mukherjee","Neha Mukherjee",{"job_title":2977,"image":2978,"bio":2980,"linkedin":2981,"markets_covered":1971},"Senior Analyst - Rare Earths",{"filename":2979},"https://a.storyblok.com/f/287943243085208/512x512/687eb77e03/neha-mukherjee.jpeg","Neha is a Research Manager at Benchmark Mineral Intelligence, where she leads the market analysis of rare earth elements, covering supply, demand, cost, pricing, and ESG factors. She has two years of experience in the critical minerals sector and has executed consulting projects focused on market due diligence. Her background includes roles in energy market consulting and management consulting. Neha holds a Master’s degree in Sustainable Energy from the University of Glasgow and a B.Tech in Electrical Engineering from India.","https://www.linkedin.com/in/neha-mukherjee-5825b0135/","China’s rare earth export controls show little sign of easing",[2984,2985,2986],{"slug":1970,"name":1971},{"slug":621,"name":622},{"slug":343,"name":627},{"id":2988,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":2989,"copyright":274,"fieldtype":275,"meta_data":2990,"is_external_url":282},178950310726154,"https://a.storyblok.com/f/287943243085208/1588x1312/fe54606b0a/us-defence-vs-supply-ree-2x.png",{},{"id":2992,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":2993,"copyright":274,"fieldtype":275,"meta_data":2994,"is_external_url":282},178948122909096,"https://a.storyblok.com/f/287943243085208/3000x2000/cdc0ef81ab/trump-xi-jinping.jpg",{},"China’s rare earth export regime remains largely unchanged following the summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.","May 21, 2026",{"id":2998,"uuid":2999,"name":3000,"slug":3001,"full_slug":3002,"content":3003},178867466693557,"3521483c-762d-492a-a0c0-7f5e8e33f44a","Chinese battery exports in April remain strong despite changes to tax rebate","chinese-battery-exports-in-april-remain-strong-despite-changes-to-tax-rebate","article/chinese-battery-exports-in-april-remain-strong-despite-changes-to-tax-rebate",{"_uid":3004,"date":2865,"tags":3005,"editor":3009,"content":3013,"excerpt":3084,"featured":258,"reporter":3085,"component":260,"seo_title":3089,"categories":3090,"visibility":783,"data_vis_image":3093,"featured_image":3097,"seo_description":3101,"formattedDate":2996},"b80b305f-0742-4a96-a045-bb7d81af5193",[3006,3007,3008],{"slug":806,"name":807},{"slug":295,"name":296},{"slug":803,"name":804},[3010],{"slug":656,"name":657,"content":3011},{"job_title":659,"image":3012,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":3014},[3015,3029,3041,3048,3055,3060,3066,3078],{"type":40,"attrs":3016,"content":3017},{"textAlign":42},[3018,3020,3027],{"text":3019,"type":46},"China’s battery exports remained strong in April, despite expectations of a dip following ",{"text":3021,"type":46,"marks":3022},"frontloading in March",[3023],{"type":55,"attrs":3024},{"href":3025,"uuid":3026,"anchor":42,"target":678,"linktype":60},"/article/chinese-battery-exports-reach-record-high-in-march-as-export-rebate-change-comes-into-force","9e844f68-d321-410c-a193-6417dd87aebd",{"text":3028,"type":46},". That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April. Yet despite an 18% fall from March in April, lithium-ion battery exports grew 30% in dollar terms year-on-year in April, to US$8 billion, and 42% year-on-year in GWh terms to 31.7GWh.",{"type":40,"attrs":3030,"content":3031},{"textAlign":42},[3032,3034,3039],{"text":3033,"type":46},"Exports were likely buoyed by the conflict in Iran and its impact on energy prices, with interest in ",{"text":3035,"type":46,"marks":3036},"battery energy stationary storage (BESS) applications spiking",[3037],{"type":55,"attrs":3038},{"href":828,"uuid":829,"anchor":42,"target":678,"linktype":60},{"text":3040,"type":46}," in many markets. While utility-scale BESS can take several years to plan for and deploy, the residential and commercial and industrial market can react quicker to deploy batteries. According to the China Automotive Battery Innovation Alliance (CABIA), BESS exports increased 45% y-o-y in April.",{"type":596,"attrs":3042},{"id":3043,"body":3044},"e4749868-46f8-4f59-b812-ccf9c34751f0",[3045],{"id":3046,"_uid":3047,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29069243","i-da394da8-3ca1-4c47-ada3-d5fbe2b29f7a",{"type":200,"attrs":3049,"content":3050},{"level":202,"textAlign":42},[3051],{"text":3052,"type":46,"marks":3053},"Markets broadening for Chinese battery exports",[3054],{"type":693},{"type":40,"attrs":3056,"content":3057},{"textAlign":42},[3058],{"text":3059,"type":46},"Batteries are being exported to a wider array of countries in recent years. Historically linked to countries with EV production facilities and early markets for BESS adoption, the growth of new BESS markets, as well as the increased presence of Chinese finished systems in both the utility and behind-the-meter (BTM) market, is resulting in significant diversification. Until 2025, over half of battery exports were to just five countries. However, as of the first four months of 2026, this proportion has fallen to 42%.",{"type":596,"attrs":3061},{"id":3043,"body":3062},[3063],{"id":3064,"_uid":3065,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29069069","i-9e463903-2128-4d2a-98f5-649045f5728f",{"type":40,"attrs":3067,"content":3068},{"textAlign":42},[3069,3071,3076],{"text":3070,"type":46},"While strong growth has been seen across nearly all regions in 2026 to date, Oceania has seen particularly strong growth of close to 200% on the back of Australia’s booming residential and utility-scale BESS market. The US is the ",{"text":3072,"type":46,"marks":3073},"only region with imports down",[3074],{"type":55,"attrs":3075},{"href":413,"uuid":414,"anchor":42,"target":678,"linktype":60},{"text":3077,"type":46}," year-to-date, a result of ongoing trade barriers including tariffs and other protectionist measures.",{"type":596,"attrs":3079},{"id":3043,"body":3080},[3081],{"id":3082,"_uid":3083,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29069440","i-9ba68c93-37f4-4581-9b5a-49aacaf2f5c3","China’s battery exports remained strong in April, despite expectations of a dip following frontloading in March. That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April. Yet despite an 18% fall from March in April, lithium-ion battery exports grew 30% in dollar terms year-on-year in April, to US$8 billion, and 42% year-on-year in GWh terms to 31.7GWh.",[3086],{"slug":947,"name":948,"content":3087},{"job_title":950,"image":3088,"bio":953,"linkedin":954,"markets_covered":955},{"filename":952},"Chinese battery exports in April strong despite tax rebate change",[3091,3092],{"slug":264,"name":265},{"slug":1524,"name":1525},{"id":3094,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":3095,"copyright":274,"fieldtype":275,"meta_data":3096,"is_external_url":282},178870237211217,"https://a.storyblok.com/f/287943243085208/735x692/ff5512bd01/screenshot-2026-05-21-112443.png",{},{"id":3098,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":3099,"copyright":274,"fieldtype":275,"meta_data":3100,"is_external_url":282},129070825513410,"https://a.storyblok.com/f/287943243085208/1edc84deec/bm-qingdao-port-china-scaled-1.jpg",{},"China’s battery exports remained strong in April, despite expectations of a dip following frontloading in March. That uptick came in anticipation of the reduction in the battery export rebate, which fell from 9% to 6% from 1 April.",{"id":3103,"uuid":376,"name":3104,"slug":3105,"full_slug":3106,"content":3107},178880472166960,"NextEra acquires Dominion Energy as US data centre demand drives energy storage growth","nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth",{"_uid":3108,"date":2865,"tags":3109,"editor":3119,"content":3123,"excerpt":3199,"featured":258,"reporter":3200,"component":260,"seo_title":3204,"categories":3205,"visibility":783,"data_vis_image":3207,"featured_image":3211,"seo_description":3215,"formattedDate":2996},"b46171fc-a5ee-4263-a80a-897675c7459e",[3110,3111,3112,3113,3114,3117,3118],{"slug":1209,"name":1210},{"slug":2245,"name":965},{"slug":295,"name":296},{"slug":2253,"name":2254},{"slug":3115,"name":3116},"dominion-energy","Dominion Energy",{"slug":803,"name":804},{"slug":1212,"name":1213},[3120],{"slug":656,"name":657,"content":3121},{"job_title":659,"image":3122,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":3124},[3125,3137,3158,3165,3170,3175,3182,3189,3194],{"type":40,"attrs":3126,"content":3127},{"textAlign":42},[3128,3130,3135],{"text":3129,"type":46},"Northern Virginia is undergoing one of the biggest current infrastructure buildouts in the US as part of its ",{"text":3131,"type":46,"marks":3132},"data centre market expansion",[3133],{"type":55,"attrs":3134},{"href":1257,"uuid":1258,"anchor":42,"target":678,"linktype":60},{"text":3136,"type":46},". Dominion Energy, an energy company and electricity supplier to several northeastern states headquartered in Virginia, grew its contracted data centre capacity to 51GW, up 2.5GW since Q4 2025 and three times the capacity contracted as of July 2023.",{"type":40,"attrs":3138,"content":3139},{"textAlign":42},[3140,3142,3149,3151,3156],{"text":3141,"type":46},"NextEra Energy Resources (NEER), one of the US’ largest solar and storage developers, announced on Monday 18 May that it would be acquiring Dominion Energy for USD $67 billion. The deal marks the creation of the largest regulated utility business in the world as NEER looks to capitalise on the ",{"text":3143,"type":46,"marks":3144},"demand growth",[3145],{"type":55,"attrs":3146},{"href":3147,"uuid":3148,"anchor":42,"target":678,"linktype":60},"/article/how-will-data-centres-impact-battery-demand","1f783034-b9c3-4346-b325-577419c8d493",{"text":3150,"type":46}," for ",{"text":3152,"type":46,"marks":3153},"battery energy stationary storage (BESS)",[3154],{"type":55,"attrs":3155},{"href":828,"uuid":829,"anchor":42,"target":678,"linktype":60},{"text":3157,"type":46}," and solar projects in Virginia.",{"type":200,"attrs":3159,"content":3160},{"level":202,"textAlign":42},[3161],{"text":3162,"type":46,"marks":3163},"Gap in Virginia’s market for solar plus storage markets",[3164],{"type":693},{"type":40,"attrs":3166,"content":3167},{"textAlign":42},[3168],{"text":3169,"type":46},"With a wide portfolio of energy generation assets, including 12GW+ of storage development as tracked by Benchmark, NEER has extensive expertise to further Virginia’s energy transition. NEER has experience developing and installing large-capacity generation and flexible service assets with nearly half (5.5GW) of its ESS portfolio being solar-paired BESS.",{"type":40,"attrs":3171,"content":3172},{"textAlign":42},[3173],{"text":3174,"type":46},"Conversely, storage has not been a core part of Dominion Energy’s strategy. As of January 2026, the company had 683MW of storage capacity in operation and development, compared with over 11GW of renewable generation deployments throughout the state of Virginia. Given the acquisition, this portfolio split could become more diversified in line with NEER’s expertise in co-located solar + storage projects.",{"type":596,"attrs":3176},{"id":3177,"body":3178},"7a3fc735-da14-46da-8932-0260366a9ed3",[3179],{"id":3180,"_uid":3181,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29056461","i-82b97883-fc77-4efd-a2fa-3fdede715ebb",{"type":200,"attrs":3183,"content":3184},{"level":202,"textAlign":42},[3185],{"text":3186,"type":46,"marks":3187},"Legislative impetus for BESS rollout",[3188],{"type":693},{"type":40,"attrs":3190,"content":3191},{"textAlign":42},[3192],{"text":3193,"type":46},"Virginia has recently made a legislative push to mandate Dominion Energy and Appalachian Power to deploy over 20GW of energy storage across short- and long-term durations. In light of Virginia’s growing AI data centre (AIDC)-related energy demand and its public policy direction, NEER’s acquisition appears to be a bid to gain market share in the growing energy storage market in Virginia.",{"type":40,"attrs":3195,"content":3196},{"textAlign":42},[3197],{"text":3198,"type":46},"The exact type of projects to come out of the partnership are yet to be seen, though it is possible that, as well as grid-side BESS, there may be deployments made in partnership with AIDC companies and hyperscalers to deploy batteries behind-the-meter (BTM) on-site at these new data centre facilities.","Northern Virginia is undergoing one of the biggest current infrastructure buildouts in the US as part of its data centre market expansion. Dominion Energy, an energy company and electricity supplier to several northeastern states headquartered in Virginia, grew its contracted data centre capacity to 51GW, up 2.5GW since Q4 2025 and three times the capacity contracted as of July 2023.",[3201],{"slug":957,"name":958,"content":3202},{"job_title":960,"image":3203,"bio":963,"linkedin":964,"markets_covered":965},{"filename":962},"NextEra acquires Dominion as data centre demand drives ESS growth",[3206],{"slug":270,"name":271},{"id":3208,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":3209,"copyright":274,"fieldtype":275,"meta_data":3210,"is_external_url":282},178884628426376,"https://a.storyblok.com/f/287943243085208/794x676/0b21703d77/screenshot-2026-05-21-122316.png",{},{"id":3212,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":3213,"copyright":274,"fieldtype":275,"meta_data":3214,"is_external_url":282},178881175293394,"https://a.storyblok.com/f/287943243085208/3063x2042/7a96951fd6/manatee-energy-storage-center-in-parrish-florida-photo-by-doug-murray-for-fpl-rainbow.JPG",{},"NextEra Energy Resources' $67 billion acquisition of Dominion is a bid to capitalise on the data centre-driven demand growth for battery energy stationary storage (BESS) and solar projects in the US.",{"id":3217,"uuid":3218,"name":3219,"slug":3220,"full_slug":3221,"content":3222},178481698653196,"03f0f24b-0a8e-4114-bc7f-28fcad4b081f","Why are lithium prices expected to decline in 2027?","why-are-lithium-prices-expected-to-decline-in-2027-","article/why-are-lithium-prices-expected-to-decline-in-2027-",{"_uid":3223,"date":3224,"tags":3225,"editor":3240,"content":3244,"excerpt":3501,"featured":258,"reporter":3502,"component":260,"seo_title":3219,"categories":3512,"visibility":783,"data_vis_image":3515,"featured_image":3519,"seo_description":3523,"formattedDate":3524},"d1db3e25-2650-421b-b4f8-7dd2073d8675","2026-05-20 00:00",[3226,3229,3232,3233,3236,3239],{"slug":3227,"name":3228},"jiangxi","Jiangxi",{"slug":3230,"name":3231},"zimbabwe","Zimbabwe",{"slug":1339,"name":1340},{"slug":3234,"name":3235},"sigma-lithium-resources","Sigma Lithium Resources",{"slug":3237,"name":3238},"lithium-prices","Lithium prices",{"slug":803,"name":804},[3241],{"slug":656,"name":657,"content":3242},{"job_title":659,"image":3243,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":3245},[3246,3266,3286,3293,3302,3310,3319,3370,3379,3387,3393,3401,3410,3439,3448,3476,3485,3493],{"type":40,"attrs":3247,"content":3248},{"textAlign":42},[3249,3254,3261],{"text":3250,"type":46,"marks":3251},"A ",[3252],{"type":49,"attrs":3253},{"color":51},{"text":3255,"type":46,"marks":3256},"May rally",[3257,3259],{"type":55,"attrs":3258},{"href":1564,"uuid":1565,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":3260},{"color":51},{"text":3262,"type":46,"marks":3263}," has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level. The April 2026 forward curve has market participants pricing further upside into mid-year before easing modestly into 2027.",[3264],{"type":49,"attrs":3265},{"color":51},{"type":40,"attrs":3267,"content":3268},{"textAlign":42},[3269,3274,3281],{"text":3270,"type":46,"marks":3271},"Benchmark's view, however, is for a more material decline. The latest market balance shows a deficit equivalent to roughly 3% of the market in 2026, followed by a return to modest surplus from 2027 onwards. With spot prices already above Benchmark's $22/kg incentive level, the question is how quickly the ",[3272],{"type":49,"attrs":3273},{"color":51},{"text":3275,"type":46,"marks":3276},"supply response",[3277,3279],{"type":55,"attrs":3278},{"href":2062,"uuid":2063,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":3280},{"color":51},{"text":3282,"type":46,"marks":3283}," converts into delivered tonnes.",[3284],{"type":49,"attrs":3285},{"color":51},{"type":596,"attrs":3287},{"id":3288,"body":3289},"2edabfdc-675d-4fb5-8d7c-fee8ff799fa3",[3290],{"id":3291,"_uid":3292,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29037359","i-bed0d904-e0a2-45f5-b5c2-f5fe098022b9",{"type":200,"attrs":3294,"content":3295},{"level":202,"textAlign":42},[3296],{"text":3297,"type":46,"marks":3298},"Jianxiawo is the single largest driver of 2026 tightness",[3299,3301],{"type":49,"attrs":3300},{"color":51},{"type":693},{"type":40,"attrs":3303,"content":3304},{"textAlign":42},[3305],{"text":3306,"type":46,"marks":3307},"CATL's Jianxiawo operation has a nameplate capacity of 150kt LCE at full ramp by 2028, making it one of the largest single lithium assets globally. Benchmark currently models around 100kt LCE of supply from the operation in 2027 as the ramp progresses. The mine remains under Environmental Impact Assessment review with no firm restart date, and Benchmark's bearish Jiangxi outlook remains tied to politically sensitive tailings management rather than the sub-0.4% grade rumours that have circulated. The timing of resumption is the single largest swing factor in the price outlook over the next 24 months. ",[3308],{"type":49,"attrs":3309},{"color":51},{"type":200,"attrs":3311,"content":3312},{"level":202,"textAlign":42},[3313],{"text":3314,"type":46,"marks":3315},"The other 2026 supply disruptions are temporary",[3316,3318],{"type":49,"attrs":3317},{"color":51},{"type":693},{"type":40,"attrs":3320,"content":3321},{"textAlign":42},[3322,3330,3335,3342,3350,3355,3365],{"text":3323,"type":46,"marks":3324},"Zimbabwe's export suspension",[3325,3327,3329],{"type":55,"attrs":3326},{"href":762,"uuid":763,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":3328},{"color":585},{"type":588},{"text":3331,"type":46,"marks":3332}," has become a quota regime with implementation delays. Mali and Nigeria face security and port challenges.",[3333],{"type":49,"attrs":3334},{"color":51},{"text":3336,"type":46,"marks":3337}," ",[3338,3340],{"type":55,"attrs":3339},{"href":1848,"uuid":1849,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":3341},{"color":51},{"text":3343,"type":46,"marks":3344},"Greenbushes",[3345,3347,3349],{"type":55,"attrs":3346},{"href":1848,"uuid":1849,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":3348},{"color":585},{"type":588},{"text":3351,"type":46,"marks":3352}," delivered a poor Q1 on lower-grade ore and a CGP3 ramp delay. Sigma's ramp at Grota do Cirilo continues to fall short of nameplate. Chinese hard-rock supply faces temporary explosives constraints. ",[3353],{"type":49,"attrs":3354},{"color":51},{"text":3356,"type":46,"marks":3357},"Sulphuric acid",[3358,3362,3364],{"type":55,"attrs":3359},{"href":3360,"uuid":3361,"anchor":42,"target":678,"linktype":60},"/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","80b2b4fa-1a1a-4ed8-8906-268000529283",{"type":49,"attrs":3363},{"color":585},{"type":588},{"text":3366,"type":46,"marks":3367}," prices are squeezing converter margins on Strait of Hormuz pressure. Benchmark forecasts most resolving through 2027.",[3368],{"type":49,"attrs":3369},{"color":51},{"type":200,"attrs":3371,"content":3372},{"level":202,"textAlign":42},[3373],{"text":3374,"type":46,"marks":3375},"Conversion capacity is severely underutilised",[3376,3378],{"type":49,"attrs":3377},{"color":51},{"type":693},{"type":40,"attrs":3380,"content":3381},{"textAlign":42},[3382],{"text":3383,"type":46,"marks":3384},"Global chemicals conversion is running well below nameplate capacity and is the primary bottleneck for the industry.",[3385],{"type":49,"attrs":3386},{"color":51},{"type":596,"attrs":3388},{"id":3288,"body":3389},[3390],{"id":3391,"_uid":3392,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29038239","i-4bc97429-d1cf-4491-8853-9d19a539d023",{"type":40,"attrs":3394,"content":3395},{"textAlign":42},[3396],{"text":3397,"type":46,"marks":3398},"Supply response is forecast to come mostly in the form of hard rock, as it offers faster restart timelines, lower capital intensity, and infrastructure that survives care-and-maintenance.  Bald Hill has formally announced a restart. Ngungaju is progressing. Develop Global's direct shipping ore (DSO) project is expected to add tonnage in the near term. ",[3399],{"type":49,"attrs":3400},{"color":51},{"type":200,"attrs":3402,"content":3403},{"level":202,"textAlign":42},[3404],{"text":3405,"type":46,"marks":3406},"Frontier supply continues to surprise",[3407,3409],{"type":49,"attrs":3408},{"color":51},{"type":693},{"type":40,"attrs":3411,"content":3412},{"textAlign":42},[3413,3418,3426,3434],{"text":3414,"type":46,"marks":3415},"Huayou's takeover of Ewoyaa in Ghana signals continued Chinese comfort operating in Africa. Kalangba in Sierra Leone will begin in 2027. Zijin’s Manono deposit will begin ramping up this year.",[3416],{"type":49,"attrs":3417},{"color":51},{"text":3336,"type":46,"marks":3419},[3420,3424],{"type":55,"attrs":3421},{"href":3422,"uuid":3423,"anchor":42,"target":678,"linktype":60},"/article/northern-russian-lithium-mine-set-for-first-production-later-this-year","6a29bd6b-372b-4526-b3e8-76f102522617",{"type":49,"attrs":3425},{"color":51},{"text":3427,"type":46,"marks":3428},"A northern Russian mine is set for first production later this year",[3429,3431,3433],{"type":55,"attrs":3430},{"href":3422,"uuid":3423,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":3432},{"color":585},{"type":588},{"text":3435,"type":46,"marks":3436},". Mongolia is developing, with early signals from Myanmar, Mozambique, and elsewhere. This is additive supply that was not under discussion just 12 months ago.",[3437],{"type":49,"attrs":3438},{"color":51},{"type":200,"attrs":3440,"content":3441},{"level":202,"textAlign":42},[3442],{"text":3443,"type":46,"marks":3444},"China EV sales cooling",[3445,3447],{"type":49,"attrs":3446},{"color":51},{"type":693},{"type":40,"attrs":3449,"content":3450},{"textAlign":42},[3451,3456,3463,3471],{"text":3452,"type":46,"marks":3453},"Chinese domestic EV sales are down 17% YTD after the introduction of the new purchase tax and trade-in scaleback, offset by strong export performance (European share rose from 20% to 24% Jan–March) and continued battery energy stationary storage (BESS) strength. China's battery production hit 178 GWh in March, with LFP up 28% MoM. But headline strength is amplified by the",[3454],{"type":49,"attrs":3455},{"color":51},{"text":3336,"type":46,"marks":3457},[3458,3461],{"type":55,"attrs":3459},{"href":3460,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/how-will-chinas-vat-rebate-changes-affect-the-battery-market",{"type":49,"attrs":3462},{"color":51},{"text":3464,"type":46,"marks":3465},"VAT rebate",[3466,3468,3470],{"type":55,"attrs":3467},{"href":3460,"uuid":42,"anchor":42,"target":42,"linktype":334},{"type":49,"attrs":3469},{"color":585},{"type":588},{"text":3472,"type":46,"marks":3473}," front-running ahead of the April 2026 step-down, and market participants have reported to Benchmark whispers of downstream inventory build. Underlying end-demand growth is softer than headline cell production implies.",[3474],{"type":49,"attrs":3475},{"color":51},{"type":200,"attrs":3477,"content":3478},{"level":202,"textAlign":42},[3479],{"text":3480,"type":46,"marks":3481},"What this means",[3482,3484],{"type":49,"attrs":3483},{"color":51},{"type":693},{"type":40,"attrs":3486,"content":3487},{"textAlign":42},[3488],{"text":3489,"type":46,"marks":3490},"Benchmark expects chemicals prices to ease from current levels as the supply response delivers, dipping below the incentive price before returning toward it. In line with the typical commodity cycle, prices are likely to overshoot the incentive price again on the way back up as demand growth catches the next round of supply discipline.",[3491],{"type":49,"attrs":3492},{"color":51},{"type":40,"attrs":3494,"content":3495},{"textAlign":42},[3496],{"text":3497,"type":46,"marks":3498},"The risk sits primarily with Jianxiawo; if this mine does not come back online by end 2026 or early 2027, Benchmark anticipates a delayed price correction.",[3499],{"type":49,"attrs":3500},{"color":51},"A May rally has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level. The April 2026 forward curve has market participants pricing further upside into mid-year before easing modestly into 2027.",[3503],{"slug":3504,"name":3505,"content":3506},"cameron-perks","Cameron Perks",{"job_title":3507,"image":3508,"bio":3510,"linkedin":3511,"markets_covered":1698},"Product Director - Lithium",{"filename":3509},"https://a.storyblok.com/f/287943243085208/512x512/5504398139/cam-perks.png","Dr Cameron Perks is a leading global lithium expert and currently serves as Product Director for Lithium at Benchmark Mineral Intelligence. With over a decade of experience in opaque mineral markets, he has led market strategy, pricing analysis, and bespoke consulting for clients ranging from junior explorers to OEMs and institutional investors. He was previously a consultant at TZMI, a geologist with the Geological Survey of NSW, and holds a PhD in Environmental Engineering.","https://www.linkedin.com/in/cameronperks/",[3513,3514],{"slug":621,"name":622},{"slug":1697,"name":1698},{"id":3516,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":3517,"copyright":274,"fieldtype":275,"meta_data":3518,"is_external_url":282},178497099235201,"https://a.storyblok.com/f/287943243085208/721x639/e533a6880b/lithium-price-and-market-balance-to-2030.png",{},{"id":3520,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":3521,"copyright":274,"fieldtype":275,"meta_data":3522,"is_external_url":282},129064918005171,"https://a.storyblok.com/f/287943243085208/bba06393d7/bm-amg-spodumene-e1548706905420.jpg",{},"A May rally has seen lithium hit $24,000/t on Benchmark’s CIF Asia assessment, and RMB193,000/t EXW China – just below the psychologically important RMB 200,000/t level.","May 20, 2026",{"id":3526,"uuid":3527,"name":3528,"slug":3529,"full_slug":3530,"content":3531},176788419249767,"55a3414b-105d-4318-b317-115f7b007ef2","Québec establishing itself as a lithium hub","quebec-establishing-itself-as-a-lithium-hub","article/quebec-establishing-itself-as-a-lithium-hub",{"_uid":3532,"date":3533,"tags":3534,"editor":3539,"content":3543,"excerpt":3651,"featured":258,"reporter":3652,"component":260,"seo_title":3528,"categories":3656,"visibility":783,"data_vis_image":3659,"featured_image":3661,"seo_description":3665,"formattedDate":3666},"9b5847c6-9417-41f8-a115-ca9309e13c61","2026-05-18 00:00",[3535,3536],{"slug":298,"name":299},{"slug":3537,"name":3538},"canada","Canada",[3540],{"slug":656,"name":657,"content":3541},{"job_title":659,"image":3542,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":3544},[3545,3581,3586,3591,3598,3607,3615,3623,3643],{"type":40,"attrs":3546,"content":3547},{"textAlign":42},[3548,3553,3562,3567,3576],{"text":3549,"type":46,"marks":3550},"Québec is ",[3551],{"type":49,"attrs":3552},{"color":51},{"text":3554,"type":46,"marks":3555},"cementing its place",[3556,3560],{"type":55,"attrs":3557},{"href":3558,"uuid":3559,"anchor":42,"target":678,"linktype":60},"/article/volkswagen-and-powerco-invest-in-patriot-battery-metals-to-secure-canadian-lithium","2362b95b-9cde-4b2c-b75d-99304929b625",{"type":49,"attrs":3561},{"color":51},{"text":3563,"type":46,"marks":3564}," as one of ",[3565],{"type":49,"attrs":3566},{"color":51},{"text":3568,"type":46,"marks":3569},"North America’s",[3570,3574],{"type":55,"attrs":3571},{"href":3572,"uuid":3573,"anchor":42,"target":678,"linktype":60},"/article/how-much-would-60-days-of-us-battery-minerals-cost-in-2026-","feaae01d-533b-45b9-8ad8-39aab491e0f0",{"type":49,"attrs":3575},{"color":51},{"text":3577,"type":46,"marks":3578}," key lithium hubs. With competitive power prices from low-carbon hydroelectricity, robust mining infrastructure, Atlantic trade route access and strong government support, the province is developing a fast-growing pipeline of mining and chemical processing projects.",[3579],{"type":49,"attrs":3580},{"color":51},{"type":40,"attrs":3582,"content":3583},{"textAlign":42},[3584],{"text":3585,"type":46},"Lithium is viewed as a strategic for the country, with Canada recently announcing an investment of up to C$145m (US$106m) to support the expansion of North America’s largest lithium operation, North American Lithium (NAL), operated by Australian mining firm Elevra Lithium.",{"type":40,"attrs":3587,"content":3588},{"textAlign":42},[3589],{"text":3590,"type":46},"By 2030, Canada's production is expected to grow by 79% as other projects come online in the country, though NAL is set to remain the largest. Quebec-based projects are expected to account for 85% of the country's production in 2030.",{"type":596,"attrs":3592},{"id":3593,"body":3594},"17feed98-9f3e-403c-9dda-db8bfaf1064f",[3595],{"id":3596,"_uid":3597,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28989348","i-94b762bc-fba3-466d-9f15-62275c8abadb",{"type":200,"attrs":3599,"content":3600},{"level":202,"textAlign":42},[3601],{"text":3602,"type":46,"marks":3603},"Output set to increase at NAL",[3604,3606],{"type":49,"attrs":3605},{"color":51},{"type":693},{"type":40,"attrs":3608,"content":3609},{"textAlign":42},[3610],{"text":3611,"type":46,"marks":3612},"The funding forms part of a broader capital raise designed to increase production capacity and reduce costs. The updated scoping study, released this week, considers output will increase to 338ktpa of SC5.4%, considerably higher than the previous report. Average post-expansion C1 costs are expected to be US$628/t and AISC of US$683/t, which would put the project in the mid-third quartile of Benchmark’s C1 Cost Curve in 2030.  ",[3613],{"type":49,"attrs":3614},{"color":51},{"type":40,"attrs":3616,"content":3617},{"textAlign":42},[3618],{"text":3619,"type":46,"marks":3620},"The company will also have a cash injection of around US$71m from the sale of its interest in the Ewoyaa lithium project in Ghana to Zhejiang Huayou Cobalt, announced earlier this week. The company also signaled the push towards FID of the Moblan project, also in Quebec, in which it has a majority stake, the rest being of Investissement Québec. ",[3621],{"type":49,"attrs":3622},{"color":51},{"type":40,"attrs":3624,"content":3625},{"textAlign":42},[3626,3631,3638],{"text":3627,"type":46,"marks":3628},"Québec’s ",[3629],{"type":49,"attrs":3630},{"color":51},{"text":3632,"type":46,"marks":3633},"lithium landscape",[3634,3636],{"type":55,"attrs":3635},{"href":1564,"uuid":1565,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":3637},{"color":51},{"text":3639,"type":46,"marks":3640}," extends beyond Elevra. Rio Tinto, through Nemaska Lithium, controls the Whabouchi mine and the Becancour lithium hydroxide plant, which, even after some delays announced in Rio Tinto’s annual report, is expected to start producing from 2028. In addition, PMET Resources is advancing the Shaakichiuwaanaan project towards a final investment decision, while an updated feasibility and PEA on the CV5 and CV13 pegmatites targeted for completion in Q4 26. Recent DMS pilot work provided successful results, providing material for offtake discussions, while a new testwork programme with Koch aims to produce caesium chemical products. ",[3641],{"type":49,"attrs":3642},{"color":51},{"type":40,"attrs":3644,"content":3645},{"textAlign":42},[3646],{"text":3647,"type":46,"marks":3648},"The region’s lithium project pipeline also includes Critical Element’s Rose project, Winsome’s Adina and Rio Tinto’s Galaxy project, amongst others. ",[3649],{"type":49,"attrs":3650},{"color":51},"Québec is cementing a place as one of North America’s key lithium hubs. With competitive power prices from low-carbon hydroelectricity, robust mining infrastructure, Atlantic trade route access and strong government support, the province is developing a fast-growing pipeline of mining and chemical processing projects.\n\nNorth America’s largest operation, North American Lithium (NAL) is based in the region, and was responsible for around three quarters of the continent’s output last year. The site is operated by Elevra Lithium, formed from a merger of Sayona Mining and Piedmont Lithium in September 2025. Elevra recently received a major vote of confidence from the Canada Growth Fund in the form of a C$145m (USD$106m) convertible note commitment to support the expansion of NAL. This is expected to begin before the end of the decade. ",[3653],{"slug":2215,"name":2116,"content":3654},{"job_title":2217,"image":3655,"bio":2220,"linkedin":2221,"markets_covered":1698},{"filename":2219},[3657,3658],{"slug":1697,"name":1698},{"slug":621,"name":622},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":3660},{},{"id":3662,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":3663,"copyright":274,"fieldtype":275,"meta_data":3664,"is_external_url":282},176802668261248,"https://a.storyblok.com/f/287943243085208/2560x1440/32145fbd02/elevra-night-lithium.jpg",{},"Québec is cementing a place as one of North America’s key lithium hubs, with competitive power prices from low-carbon hydroelectricity, robust mining infrastructure, Atlantic trade route access and strong government support.","May 18, 2026",{"id":3668,"uuid":1465,"name":3669,"slug":3670,"full_slug":3671,"content":3672},176745783557371,"BYD joins queue of Chinese OEMs eyeing underutilised European vehicle plants","byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants","article/byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants",{"_uid":3673,"date":3674,"tags":3675,"editor":3680,"content":3684,"excerpt":3816,"featured":258,"reporter":3817,"component":260,"seo_title":3821,"categories":3822,"visibility":783,"data_vis_image":3824,"featured_image":3826,"seo_description":3830,"formattedDate":3831},"3e469736-523a-4fd6-b1e7-c05146158963","2026-05-15 00:00",[3676,3679],{"slug":3677,"name":3678},"byd","BYD",{"slug":810,"name":811},[3681],{"slug":656,"name":657,"content":3682},{"job_title":659,"image":3683,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":3685},[3686,3691,3713,3742,3758,3765,3772,3777,3782,3789,3794,3799,3806,3811],{"type":40,"attrs":3687,"content":3688},{"textAlign":42},[3689],{"text":3690,"type":46},"BYD is negotiating with European vehicle manufacturers including Stellantis to utilise their underutilised production facilities in Europe, including in Italy. It follows an agreement between Stellantis and Leapmotor, struck earlier in May, for the latter to utilise Stellantis factories.",{"type":40,"attrs":3692,"content":3693},{"textAlign":42},[3694,3696,3703,3705,3712],{"text":3695,"type":46},"BYD’s ",{"text":3697,"type":46,"marks":3698},"sales of passenger car & light duty EVs",[3699],{"type":55,"attrs":3700},{"href":3701,"uuid":3702,"anchor":42,"target":678,"linktype":60},"/article/in-charts-the-rise-of-byd","d138a8e7-adba-49a7-b52d-30b972975714",{"text":3704,"type":46}," (PC & LDV EVs) more than doubled in Europe in the first three months of 2026 compared to the same period in 2025. This growth has been supported by the ramp-up of plug-in hybrid EV (PHEV) deliveries as well as ",{"text":3706,"type":46,"marks":3707},"new model launches",[3708],{"type":55,"attrs":3709},{"href":3710,"uuid":3711,"anchor":42,"target":678,"linktype":60},"/article/the-fast-charging-competition-between-catl-and-byd","a1118b56-c6a4-429b-8aff-ec5895a872cb",{"text":380,"type":46},{"type":40,"attrs":3714,"content":3715},{"textAlign":42},[3716,3723,3725,3732,3734,3741],{"text":3717,"type":46,"marks":3718},"Expansion overseas",[3719],{"type":55,"attrs":3720},{"href":3721,"uuid":3722,"anchor":42,"target":678,"linktype":60},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"text":3724,"type":46}," has increasingly become a central pillar of many Chinese vehicle manufacturers’ strategies in the past 18 months, as it provides them with an opportunity to earn a greater premium on each vehicle sold than they would in ",{"text":3726,"type":46,"marks":3727},"the domestic market",[3728],{"type":55,"attrs":3729},{"href":3730,"uuid":3731,"anchor":42,"target":678,"linktype":60},"/article/weakened-fiscal-support-impacts-china-s-ev-market","bb986c7d-3f1c-4405-8646-4bfd1affc910",{"text":3733,"type":46},". By 2030, BYD wants half of its EV sales to come from ",{"text":3735,"type":46,"marks":3736},"markets outside China",[3737],{"type":55,"attrs":3738},{"href":3739,"uuid":3740,"anchor":42,"target":678,"linktype":60},"/article/influx-of-chinese-made-evs-into-mexico-and-brazil-ahead-of-tariff-changes","15a7fc41-9adc-44bf-aa24-0534e0e1639a",{"text":380,"type":46},{"type":40,"attrs":3743,"content":3744},{"textAlign":42},[3745,3747,3752,3754],{"text":3746,"type":46},"In October 2024, however, the EU followed an ",{"text":3748,"type":46,"marks":3749},"international protectionist trend",[3750],{"type":55,"attrs":3751},{"href":413,"uuid":414,"anchor":42,"target":678,"linktype":60},{"text":3753,"type":46}," in introducing tariffs on Chinese-made battery EVs (BEVs). Several OEMs have sought to establish European production capacity to circumvent the measures.",{"text":2700,"type":46,"marks":3755},[3756],{"type":49,"attrs":3757},{"color":274},{"type":596,"attrs":3759},{"id":3760,"body":3761},"c98fbb33-9aa9-4c9a-bdc9-ede4512b4e43",[3762],{"id":3763,"_uid":3764,"type":60,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"3679505","i-c9abc241-bf22-4f14-9e4f-6aeeda902a54",{"type":200,"attrs":3766,"content":3767},{"level":202,"textAlign":42},[3768],{"text":3769,"type":46,"marks":3770},"European automakers face severe utilisation issues",[3771],{"type":693},{"type":40,"attrs":3773,"content":3774},{"textAlign":42},[3775],{"text":3776,"type":46},"VW Group is looking to cut its global production capacity by one million as it seeks to cut costs. In December 2024, it announced it would cut European production capacity, while Stellantis is also facing utilisation issues across its European facilities, and plans to close its Poissy, France facility by the end of 2026.",{"type":40,"attrs":3778,"content":3779},{"textAlign":42},[3780],{"text":3781,"type":46},"Low utilisation rates at European production facilities are being driven by a lower total vehicle market than before the COVID-19 pandemic, high interest rates suppressing consumer demand and a slower-than-expected transition to EVs.",{"type":200,"attrs":3783,"content":3784},{"level":202,"textAlign":42},[3785],{"text":3786,"type":46,"marks":3787},"Partnerships a ‘clever solution’",[3788],{"type":693},{"type":40,"attrs":3790,"content":3791},{"textAlign":42},[3792],{"text":3793,"type":46},"Dongfeng and Chery are both said to be interested in using the second production line at Nissan’s facility in Sunderland, with Nissan looking to consolidate its production at the site onto one line in the second half of 2026.",{"type":40,"attrs":3795,"content":3796},{"textAlign":42},[3797],{"text":3798,"type":46},"Stellantis’ partnership with Leapmotor will see the B10 enter production in Spain in October this year, with its T03 model in production in Poland since 2024. Xiaopeng, meanwhile, has said it is discussing European production possibilities with the VW Group, with VW’s CEO saying that enabling Chinese brands to produce in its facilities would be a “clever solution” to its capacity problems.",{"type":200,"attrs":3800,"content":3801},{"level":202,"textAlign":42},[3802],{"text":3803,"type":46,"marks":3804},"Chinese manufacturers’ European capacity set to grow",[3805],{"type":693},{"type":40,"attrs":3807,"content":3808},{"textAlign":42},[3809],{"text":3810,"type":46},"While Chinese brands have slowly been taking EV market share in Europe, their increased Europe-based production capacity in 2026 will shorten supply chains and reduce tariff exposure. The resultant enhanced competitiveness will test European markets that have remained resilient to Chinese competition owing to subsidies, incentives and national ties to European manufacturers.",{"type":40,"attrs":3812,"content":3813},{"textAlign":42},[3814],{"text":3815,"type":46},"BYD is set to begin series production at its new facility in Hungary before the end of June, with its Turkish site also expected to begin production before the end of the year. Xiaopeng and GAC Aion have both recently started production in Austria.","BYD is negotiating with European vehicle manufacturers including Stellantis to utilise their underutilised production facilities in Europe, including in Italy. It follows an agreement between Stellantis and Leapmotor, struck earlier in May, for the latter to utilise Stellantis factories.\n\nBYD’s sales of passenger car & light duty EVs (PC & LDV EVs) more than doubled in Europe in the first three months of 2026 compared to the same period in 2025. This growth has been supported by the ramp-up of PHEV deliveries as well as new model launches.",[3818],{"slug":1511,"name":1512,"content":3819},{"job_title":1514,"image":3820,"bio":1517,"linkedin":1518,"markets_covered":1519},{"filename":1516},"BYD eyes underutilised European automotive manufacturing capacity",[3823],{"slug":267,"name":268},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":3825},{},{"id":3827,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":3828,"copyright":274,"fieldtype":275,"meta_data":3829,"is_external_url":282},129065906276278,"https://a.storyblok.com/f/287943243085208/69428aff9b/bm-byd-car-factory-2.jpg",{},"BYD is negotiating with European vehicle manufacturers including Stellantis to utilise their underutilised production facilities in Europe, including in Italy. It follows an agreement between Stellantis and Leapmotor, struck earlier in May.","May 15, 2026",{"id":3833,"uuid":3834,"name":3835,"slug":3836,"full_slug":3837,"content":3838},176725282455162,"ed7c7eb1-1019-47c3-a66d-a91a41dacb06","Explained: Opposing factors from Iran leave copper price elevated despite pressures","explained-how-opposing-pressures-from-iran-war-are-keeping-copper-price-steady","article/explained-how-opposing-pressures-from-iran-war-are-keeping-copper-price-steady",{"_uid":3839,"date":3674,"tags":3840,"editor":3852,"content":3856,"excerpt":4015,"featured":258,"reporter":4016,"component":260,"seo_title":4026,"categories":4027,"visibility":272,"data_vis_image":4030,"featured_image":4032,"seo_description":4036,"formattedDate":3831},"74927e2a-ca29-4041-a828-f3849b4f6d7f",[3841,3844,3847,3848,3849],{"slug":3842,"name":3843},"saudi-arabia","Saudi Arabia",{"slug":3845,"name":3846},"uae","UAE",{"slug":1725,"name":1725},{"slug":1723,"name":1652},{"slug":3850,"name":3851},"copper-prices","copper prices",[3853],{"slug":656,"name":657,"content":3854},{"job_title":659,"image":3855,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":3857},[3858,3872,3886,3893,3898,3903,3910,3915,3920,3925,3930,3937,3942,3949,3961,3966,3971,3976,3981,4005],{"type":40,"attrs":3859,"content":3860},{"textAlign":42},[3861,3863,3870],{"text":3862,"type":46},"Copper has remained relatively flat since the start of ",{"text":3864,"type":46,"marks":3865},"the conflict in Iran",[3866],{"type":55,"attrs":3867},{"href":3868,"uuid":3869,"anchor":42,"target":678,"linktype":60},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-4-2026","97907a30-c27d-4376-9431-f5ea8a5826ff",{"text":3871,"type":46},", though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.",{"type":40,"attrs":3873,"content":3874},{"textAlign":42},[3875,3877,3884],{"text":3876,"type":46},"Higher interest rates and inflation as a result of the war could add to mining and smelting costs, pushing prices higher. In the short term, however, and with ",{"text":3878,"type":46,"marks":3879},"prices generally very high ",[3880],{"type":55,"attrs":3881},{"href":3882,"uuid":3883,"anchor":42,"target":678,"linktype":60},"/article/five-copper-market-takeaways-from-cesco-week-2026","aac562d8-8005-4973-a83a-ee2fed8470cc",{"text":3885,"type":46},"at present, increased borrowing costs could slow demand and exert downward pressure.",{"type":596,"attrs":3887},{"id":3888,"body":3889},"c4b5c88e-77d1-47bb-b2f1-8bc2f8534f56",[3890],{"id":3891,"_uid":3892,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28986315","i-8f1c5668-01dd-4a05-b3f7-4600f4ce7bbd",{"type":40,"attrs":3894,"content":3895},{"textAlign":42},[3896],{"text":3897,"type":46},"The highly uncertain global macroeconomic outlook will likely lead to less volatile prices as the implications for copper come into view, says Benchmark analyst Albert Mackenzie.",{"type":40,"attrs":3899,"content":3900},{"textAlign":42},[3901],{"text":3902,"type":46},"“The impacts of the conflict are many and both bullish and bearish for copper prices, explaining the seeming resilience of the copper price, but also why it even occasionally reacts positively to news that on the surface may not seem it,” he adds.",{"type":200,"attrs":3904,"content":3905},{"level":202,"textAlign":42},[3906],{"text":3907,"type":46,"marks":3908},"Gulf consumption likely to fall",[3909],{"type":693},{"type":40,"attrs":3911,"content":3912},{"textAlign":42},[3913],{"text":3914,"type":46},"Benchmark expects copper demand to be affected more than supply in the region and globally, though this will be offset somewhat in the longer term by likely increased investment in energy self-sufficiency.",{"type":40,"attrs":3916,"content":3917},{"textAlign":42},[3918],{"text":3919,"type":46},"In 2025, Iran produced 361kt of mined copper and 327kt of refined copper, with consumption of 193kt. News reports indicate two Iranian smelters that produced a combined 280kt of refined copper in 2025 have closed, but production in the region more broadly is relatively insignificant.",{"type":40,"attrs":3921,"content":3922},{"textAlign":42},[3923],{"text":3924,"type":46},"Saudi Arabia and the UAE are not producers. They are, however, relatively large consumers of copper, consuming 191kt and 396kt in 2025 respectively, with much of this moving through the Strait of Hormuz. Demand in Iran is also likely to be challenged by the effects of the war on its economy. Beyond the Middle East itself, higher energy prices could cut consumption across economies in the immediate term, including of copper-containing products.",{"type":40,"attrs":3926,"content":3927},{"textAlign":42},[3928],{"text":3929,"type":46},"There will, in the longer term, be some price support from the strengthened case for investment in locally available energy sources and grids. This bolsters base-case bullishness on electrical infrastructure growth as a demand driver, which currently accounts for just over 30% of global demand, expected to grow at 3.6% CAGR across between 2025 and 2030.",{"type":200,"attrs":3931,"content":3932},{"level":202,"textAlign":42},[3933],{"text":3934,"type":46,"marks":3935},"Energy trading crowding-out",[3936],{"type":693},{"type":40,"attrs":3938,"content":3939},{"textAlign":42},[3940],{"text":3941,"type":46},"Among participants, the increased profitability of energy trading means some players have had to liquidate other positions to free up capital for energy trading, pressuring other commodities, potentially including copper. However, sources have noted copper trading remains a more interesting prospect than some metals, and it therefore may have retained interest better than other commodities.",{"type":200,"attrs":3943,"content":3944},{"level":202,"textAlign":42},[3945],{"text":3946,"type":46,"marks":3947},"Sulphuric acid tightness will increase SX-EW costs",[3948],{"type":693},{"type":40,"attrs":3950,"content":3951},{"textAlign":42},[3952,3954,3959],{"text":3953,"type":46},"The closure of the Strait of Hormuz has heavily strained the global supply of ",{"text":3955,"type":46,"marks":3956},"sulphur and sulphuric acid",[3957],{"type":55,"attrs":3958},{"href":3360,"uuid":3361,"anchor":42,"target":678,"linktype":60},{"text":3960,"type":46},", of which Gulf states are major producers. This will increase the cost of SX-EW production.",{"type":40,"attrs":3962,"content":3963},{"textAlign":42},[3964],{"text":3965,"type":46},"Depending on the scale of the disruption, Benchmark is currently forecasting a resultant 70-200kt disruption to Chilean SX-EW production, while the DRC, which uses less acid in production per tonne of copper produced but is the world’s largest SX-EW producer, could also be affected. Any offsetting impacts of sulphuric acid made available from SX-EW are expected to be felt later in 2026 or in 2027. ",{"type":40,"attrs":3967,"content":3968},{"textAlign":42},[3969],{"text":3970,"type":46},"Some sources have suggested mines may reduce production, though this has yet to materialise. ",{"type":40,"attrs":3972,"content":3973},{"textAlign":42},[3974],{"text":3975,"type":46},"Benchmark expects sulphuric acid tightness to positively impact smelter profitability. Global refined supply will likely remain unmoved by this, however, as smelter utilisation rates are as high as possible, given the concentrate deficit. ",{"type":40,"attrs":3977,"content":3978},{"textAlign":42},[3979],{"text":3980,"type":46},"While smelters benefit from higher acid prices, they are already processing all available concentrates, meaning there will be no significant change to the refined copper balance. Fuel availability could be a concern for the copper industry, though not an immediate one, according to sources. Logistics cost increases could also increase production costs, though not significantly.",{"type":40,"attrs":3982,"content":3983},{"textAlign":42},[3984,3988,3995,3999],{"text":3985,"type":46,"marks":3986},"This articles draws on data and analysis from ",[3987],{"type":483},{"text":3989,"type":46,"marks":3990},"Benchmark's Copper Service",[3991,3994],{"type":55,"attrs":3992},{"href":3993,"uuid":42,"anchor":42,"target":678,"linktype":334},"https://www.benchmarkminerals.com/copper",{"type":483},{"text":3996,"type":46,"marks":3997},". To find out more, fill in the form below and one of the team will be in touch",[3998],{"type":483},{"text":4000,"type":46,"marks":4001},":",[4002,4004],{"type":49,"attrs":4003},{"color":1496},{"type":483},{"type":596,"attrs":4006},{"id":4007,"body":4008},"217ad5f2-df22-4bfa-9acc-e7edd4dc94ef",[4009],{"id":601,"_uid":4010,"component":603,"wrap_in_box":282,"redirect_url":4011,"success_file":4012,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":4014,"show_on_intelligence":282},"i-312cdfff-b6aa-4d66-b77f-7b9b324721cd",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":4013},{},[],"Copper has remained relatively flat since the start of the conflict in Iran, though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.\n\nHigher interest rates and inflation as a result of the war could add to mining and smelting costs, pushing prices higher. In the short term, however, and with prices generally very high at present, increased borrowing costs could slow demand and exert downward pressure.",[4017],{"slug":4018,"name":4019,"content":4020},"albert-mackenzie","Albert Mackenzie",{"job_title":4021,"image":4022,"bio":4024,"linkedin":4025,"markets_covered":1962},"Copper Analyst & Market Reporter",{"filename":4023},"https://a.storyblok.com/f/287943243085208/717x799/ffff7198e8/albert.jpeg","Albert is Benchmark's copper reporter, covering both supply and demand on the short term and adding narratives to the data and price movements. Albert writes the copper briefing and a lot of Benchmark's near term copper coverage.","https://www.linkedin.com/in/albert-mackenzie-b34681149/","Opposing factors from Iran leave copper elevated amid pressures",[4028,4029],{"slug":1961,"name":1962},{"slug":621,"name":622},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":4031},{},{"id":4033,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":4034,"copyright":274,"fieldtype":275,"meta_data":4035,"is_external_url":282},129065017062891,"https://a.storyblok.com/f/287943243085208/f7fcce11ba/bm-anglo-american-copper-south-africa.jpg",{},"Copper has remained relatively flat since the start of the conflict in Iran, though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.",{"id":4038,"uuid":1381,"name":4039,"slug":4040,"full_slug":4041,"content":4042},176010543640497,"Global EV sales reached 1.60 million units in April 2026","global-ev-sales-reached-1-60-million-units-in-april-2026","article/global-ev-sales-reached-1-60-million-units-in-april-2026",{"_uid":4043,"date":4044,"tags":4045,"editor":4053,"content":4057,"excerpt":4285,"featured":258,"reporter":4286,"component":260,"seo_title":4039,"categories":4296,"visibility":272,"data_vis_image":4299,"featured_image":4301,"seo_description":4305,"formattedDate":4306},"fe995a4b-fec4-4b7d-9ffb-58d913c70569","2026-05-13 00:00",[4046,4049,4050,4051,4052],{"slug":4047,"name":4048},"ev-sales","EV Sales",{"slug":806,"name":807},{"slug":298,"name":299},{"slug":810,"name":811},{"slug":803,"name":804},[4054],{"slug":28,"name":29,"content":4055},{"job_title":31,"image":4056,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":4058},[4059,4080,4087,4096,4118,4126,4146,4154,4161,4169,4177,4192,4200,4207,4215,4237,4245,4252,4260,4268,4276],{"type":40,"attrs":4060,"content":4061},{"textAlign":42},[4062,4067,4075],{"text":4063,"type":46,"marks":4064},"Benchmark Mineral Intelligence, specialising in ",[4065],{"type":49,"attrs":4066},{"color":1496},{"text":4068,"type":46,"marks":4069},"EV and battery supply chain research and insights",[4070,4073],{"type":55,"attrs":4071},{"href":4072,"uuid":42,"anchor":42,"target":59,"linktype":334},"https://www.benchmarkminerals.com/ev-and-battery",{"type":49,"attrs":4074},{"color":1496},{"text":4076,"type":46,"marks":4077},", reports that 1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).",[4078],{"type":49,"attrs":4079},{"color":1496},{"type":596,"attrs":4081},{"id":4082,"body":4083},"106369c0-384b-484e-8ce9-b756430e3858",[4084],{"id":4085,"_uid":4086,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28952714","i-7af02c9d-e970-4177-ba0c-6f8439d5bd67",{"type":40,"attrs":4088,"content":4090},{"textAlign":4089},"justify",[4091],{"text":4092,"type":46,"marks":4093},"Benchmark Mineral Intelligence Data Manager, Charles Lester, commented:",[4094],{"type":49,"attrs":4095},{"color":1496},{"type":40,"attrs":4097,"content":4098},{"textAlign":4089},[4099,4104,4113],{"text":4100,"type":46,"marks":4101},"“The global EV market reached 1.60 million units in April 2026, with growth moderating to 6% year-on-year and declining 9% month-on-month after ",[4102],{"type":49,"attrs":4103},{"color":1496},{"text":4105,"type":46,"marks":4106},"March’s surge",[4107,4111],{"type":55,"attrs":4108},{"href":4109,"uuid":4110,"anchor":42,"target":59,"linktype":60},"/article/global-ev-sales-reached-1-75-million-units-in-march-2026","659252f9-9755-4aa0-be80-9c0d7bf3b18c",{"type":49,"attrs":4112},{"color":1496},{"text":4114,"type":46,"marks":4115},". Year-to-date sales stand at 5.6 million units, marginally down versus 2025, with strong growth in Europe and the RoW offset by continued weakness in China and North America.",[4116],{"type":49,"attrs":4117},{"color":1496},{"type":40,"attrs":4119,"content":4120},{"textAlign":4089},[4121],{"text":4122,"type":46,"marks":4123},"“Europe remains the main engine of growth, with sales up 26% year-to-date and April volumes exceeding 400,000 units. Demand continues to be supported by policy incentives, rising petrol prices, and growing Chinese OEM presence.",[4124],{"type":49,"attrs":4125},{"color":1496},{"type":40,"attrs":4127,"content":4128},{"textAlign":4089},[4129,4134,4141],{"text":4130,"type":46,"marks":4131},"“China’s market remains under pressure, with sales down 17% year-to-date. While exports are accelerating rapidly, domestic demand, particularly in smaller vehicle segments, continues to be impacted by subsidy changes. North America is still lagging, with sales down 25% year-to-date, although ",[4132],{"type":49,"attrs":4133},{"color":1496},{"text":4135,"type":46,"marks":4136},"Mexico is seeing stronger growth driven by Chinese imports",[4137,4139],{"type":55,"attrs":4138},{"href":3739,"uuid":3740,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":4140},{"color":1496},{"text":4142,"type":46,"marks":4143},". Overall, the market is entering a more complex phase, with regional divergence, export growth, and shifting competitive dynamics shaping global trends.”",[4144],{"type":49,"attrs":4145},{"color":1496},{"type":40,"attrs":4147,"content":4148},{"textAlign":4089},[4149],{"type":1581,"attrs":4150},{"id":4151,"alt":274,"src":4152,"title":274,"source":274,"copyright":274,"meta_data":4153},176010886080926,"https://a.storyblok.com/f/287943243085208/1280x720/3dbd167fce/benchmark-april-ev-sales.jpg",{},{"type":200,"attrs":4155,"content":4156},{"level":202,"textAlign":4089},[4157],{"text":811,"type":46,"marks":4158},[4159],{"type":49,"attrs":4160},{"color":1496},{"type":40,"attrs":4162,"content":4163},{"textAlign":4089},[4164],{"text":4165,"type":46,"marks":4166},"Following a record month for EV sales in March 2026, April figures continued to indicate strong growth. In April 2026, EV sales increased by 27% year-on-year to just over 400,000 units. Year-to-date, sales in France and Germany have risen by 36% and 33%, respectively. In Italy, EV sales have nearly doubled, supported by government subsidies, with a significant share coming from Chinese manufacturers.",[4167],{"type":49,"attrs":4168},{"color":1496},{"type":40,"attrs":4170,"content":4171},{"textAlign":4089},[4172],{"text":4173,"type":46,"marks":4174},"European EV demand continues to be supported by rising petrol prices as a result of the conflict in the Middle East. During January–February 2026, EV sales growth stood at 19% year-on-year, accelerating to 30% across March–April.",[4175],{"type":49,"attrs":4176},{"color":1496},{"type":40,"attrs":4178,"content":4179},{"textAlign":4089},[4180,4187],{"text":4181,"type":46,"marks":4182},"Chinese-built EVs are playing an increasingly important role",[4183,4185],{"type":55,"attrs":4184},{"href":3721,"uuid":3722,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":4186},{"color":1496},{"text":4188,"type":46,"marks":4189}," in the European market. In 2025, 19% of EVs sold in Europe were produced in China; this has risen to 22% so far in 2026 and continues to increase month by month. Despite EU tariffs on Chinese BEVs, Chinese OEMs continue to export significant volumes, while also increasingly exploring local manufacturing within Europe.",[4190],{"type":49,"attrs":4191},{"color":1496},{"type":40,"attrs":4193,"content":4194},{"textAlign":4089},[4195],{"text":4196,"type":46,"marks":4197},"April 2026 saw a wave of developments involving Chinese OEM production in Europe. Stellantis and Leapmotor announced plans to manufacture Leapmotor’s B10 C-SUV at Stellantis’ Figueruelas plant in Zaragoza, Spain, potentially as early as 2026, alongside a new all-electric Opel C-SUV planned for 2028. Chinese OEMs, such as SAIC’s MG, are reportedly exploring Volkswagen’s underutilised European capacity. This follows comments from Volkswagen CEO Oliver Blume on 30 April 2026 that sharing unused factories with Chinese automakers could be a ”clever solution” to address overcapacity. Meanwhile, Xpeng produced its first locally built P7+ at Magna Steyr’s Graz facility in April, marking its third model manufactured in Europe. BYD’s Szeged plant continues to ramp up towards mass production.",[4198],{"type":49,"attrs":4199},{"color":1496},{"type":200,"attrs":4201,"content":4202},{"level":202,"textAlign":4089},[4203],{"text":299,"type":46,"marks":4204},[4205],{"type":49,"attrs":4206},{"color":1496},{"type":40,"attrs":4208,"content":4209},{"textAlign":4089},[4210],{"text":4211,"type":46,"marks":4212},"In North America, EV sales remain relatively subdued in the United States and Canada, declining by 25% year-to-date. In contrast, the Mexican market has grown by nearly 50%, largely driven by Chinese models. Towards the end of 2025, a significant volume of Chinese EVs was exported to Mexico ahead of the introduction of a 50% import tariff on EVs from countries without a free trade agreement (FTA). As a result, these vehicles have been entering the Mexican market in the early months of 2026.",[4213],{"type":49,"attrs":4214},{"color":1496},{"type":40,"attrs":4216,"content":4217},{"textAlign":4089},[4218,4223,4232],{"text":4219,"type":46,"marks":4220},"Canada’s EV market is down 7% year-to-date; however, the newly introduced ",[4221],{"type":49,"attrs":4222},{"color":1496},{"text":4224,"type":46,"marks":4225},"Electric Vehicle Affordability Program",[4226,4230],{"type":55,"attrs":4227},{"href":4228,"uuid":4229,"anchor":42,"target":59,"linktype":60},"/article/canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales","4ce229f9-70bb-46a8-a232-d96d8218f5b3",{"type":49,"attrs":4231},{"color":1496},{"text":4233,"type":46,"marks":4234}," (EVAP) is expected to support growth throughout 2026. Available from mid-February 2026 and running for five years, the programme offers incentives of up to CAD 5,000 (approximately USD 3,650) for EVs priced below CAD 50,000 (approximately USD 36,500), with no price cap for vehicles manufactured in Canada. Earlier in 2026, Canada also introduced a quota allowing 49,000 Chinese EVs to enter without the 100% tariff; the first tranche of 24,500 units is allocated between 1 March and 31 August 2026.",[4235],{"type":49,"attrs":4236},{"color":1496},{"type":40,"attrs":4238,"content":4239},{"textAlign":4089},[4240],{"text":4241,"type":46,"marks":4242},"In the United States, Rivian has begun customer production of its R2 at its facility in Normal, Illinois. The company also announced plans to expand its future Georgia plant’s capacity from 200,000 to 300,000 units annually, with production expected to begin in late 2028. Tesla CEO Elon Musk confirmed that Cybercab production has started, although output is expected to ramp up gradually, with more significant volumes anticipated towards the end of 2026.",[4243],{"type":49,"attrs":4244},{"color":1496},{"type":200,"attrs":4246,"content":4247},{"level":202,"textAlign":4089},[4248],{"text":807,"type":46,"marks":4249},[4250],{"type":49,"attrs":4251},{"color":1496},{"type":40,"attrs":4253,"content":4254},{"textAlign":4089},[4255],{"text":4256,"type":46,"marks":4257},"China’s EV market is down 17% year-to-date. Much of this decline has been concentrated in the smaller vehicle segment, which has been disproportionately affected by subsidy adjustments introduced at the start of the year, reducing the attractiveness of these models.",[4258],{"type":49,"attrs":4259},{"color":1496},{"type":40,"attrs":4261,"content":4262},{"textAlign":4089},[4263],{"text":4264,"type":46,"marks":4265},"As domestic growth slows, EV exports from China have surged. In April 2026 alone, exports exceeded 400,000 units. Over the first four months of 2026, China exported nearly 1.4 million EVs, more than double the volume recorded during the same period in 2025. Consequently, markets such as Europe, South America, and Southeast Asia have seen a significant increase in EVs produced in China.",[4266],{"type":49,"attrs":4267},{"color":1496},{"type":40,"attrs":4269,"content":4270},{"textAlign":4089},[4271],{"text":1492,"type":46,"marks":4272},[4273,4275],{"type":49,"attrs":4274},{"color":1496},{"type":483},{"type":596,"attrs":4277},{"id":4082,"body":4278},[4279],{"id":601,"_uid":4280,"component":603,"wrap_in_box":282,"redirect_url":4281,"success_file":4282,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":4284,"show_on_intelligence":282},"i-78134393-d16e-4a8a-875a-715e0afd1da1",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":4283},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).",[4287],{"slug":4288,"name":4289,"content":4290},"charles-lester","Charles Lester",{"job_title":4291,"image":4292,"bio":4294,"linkedin":4295,"markets_covered":1519},"Data Manager",{"filename":4293},"https://a.storyblok.com/f/287943243085208/400x400/e3e91a8cc9/charles-lester.jpeg","Charles is Data Manager at Rho Motion, working on electric vehicle, battery, charging, and recycling market analysis, as well as modelling energy and commodity demand associated with the energy transition. Prior to joining Rho Motion he was a Consultant at Argus Media working across several sectors including energy, fertiliser and emissions economics. He has worked on multiple feasibility studies for major industrial projects worth several billion dollars. Charles graduated with a First Class Honours degree in Economics, and a Master’s Degree in Economics from University College London (UCL).","https://www.linkedin.com/in/charleslester-124/",[4297,4298],{"slug":267,"name":268},{"slug":264,"name":265},{"id":4151,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":4152,"copyright":274,"fieldtype":275,"meta_data":4300,"is_external_url":282},{},{"id":4302,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":4303,"copyright":274,"fieldtype":275,"meta_data":4304,"is_external_url":282},129064762479969,"https://a.storyblok.com/f/287943243085208/d657922a34/bm-adobestock-853540750-scaled.jpeg",{},"1.60 million electric vehicles were sold globally in April 2026, bringing YTD 2026 EV sales to 5.6 million. In April 2026, EV sales grew 6% year-on-year (y-o-y) and decreased by 9% month-on-month (m-o-m).","May 13, 2026",{"id":4308,"uuid":1565,"name":4309,"slug":4310,"full_slug":4311,"content":4312},176045228636176,"Why are lithium prices surging in China again?","why-are-lithium-prices-surging-in-china-again-","article/why-are-lithium-prices-surging-in-china-again-",{"_uid":4313,"date":4044,"tags":4314,"editor":4323,"content":4327,"excerpt":4572,"featured":258,"reporter":4573,"component":260,"seo_title":4309,"categories":4593,"visibility":783,"data_vis_image":4596,"featured_image":4598,"seo_description":4602,"formattedDate":4306},"7968222c-9631-452c-919e-7a81d082de60",[4315,4316,4317,4320,4321,4322],{"slug":3237,"name":3238},{"slug":806,"name":807},{"slug":4318,"name":4319},"mali","Mali",{"slug":649,"name":650},{"slug":3230,"name":3231},{"slug":1339,"name":1340},[4324],{"slug":656,"name":657,"content":4325},{"job_title":659,"image":4326,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":4328},[4329,4351,4359,4368,4386,4394,4401,4410,4431,4439,4447,4456,4477,4486,4494,4503,4511,4529,4538,4555,4564],{"type":40,"attrs":4330,"content":4331},{"textAlign":42},[4332,4337,4346],{"text":4333,"type":46,"marks":4334},"Lithium prices are rising significantly in China due to ",[4335],{"type":49,"attrs":4336},{"color":51},{"text":4338,"type":46,"marks":4339},"feedstock constraints",[4340,4344],{"type":55,"attrs":4341},{"href":4342,"uuid":4343,"anchor":42,"target":678,"linktype":60},"/article/lithium-feedstock-concerns-over-nigeria-port-security-challenges","ac84d8a2-c5ff-4605-b178-01e220567c7e",{"type":49,"attrs":4345},{"color":51},{"text":4347,"type":46,"marks":4348}," and increased input costs, against a backdrop of robust demand.",[4349],{"type":49,"attrs":4350},{"color":51},{"type":40,"attrs":4352,"content":4353},{"textAlign":42},[4354],{"text":4355,"type":46,"marks":4356},"According to Benchmark’s 13 May price assessment, battery grade lithium carbonate in China rose 23.3% month-on-month, while spodumene concentrate prices are up 29.9% over the same period.",[4357],{"type":49,"attrs":4358},{"color":51},{"type":200,"attrs":4360,"content":4361},{"level":202,"textAlign":42},[4362],{"text":4363,"type":46,"marks":4364},"Lithium chemical inventories are still depleted",[4365,4367],{"type":49,"attrs":4366},{"color":51},{"type":693},{"type":40,"attrs":4369,"content":4370},{"textAlign":42},[4371,4381],{"text":4372,"type":46,"marks":4373},"Inventory levels in China briefly built during April 2026",[4374,4378,4380],{"type":55,"attrs":4375},{"href":4376,"uuid":4377,"anchor":42,"target":678,"linktype":60},"/publications/analysis/monthly-lithium-inventory-china-april-2026","c160d123-802d-40c9-953d-aa269a9f5fff",{"type":49,"attrs":4379},{"color":585},{"type":588},{"text":4382,"type":46,"marks":4383},", after an eight-month period of destocking. However, early indications collected by Benchmark in May point to inventories returning to a drawdown position in China.",[4384],{"type":49,"attrs":4385},{"color":51},{"type":40,"attrs":4387,"content":4388},{"textAlign":42},[4389],{"text":4390,"type":46,"marks":4391},"Adam Megginson, lithium price analyst at Benchmark, said that “there remains a two-month gap before additional supply from PLS’s restarted Ngungaju operation combines with additional volume reaching the spot market from Zimbabwe to ease the supply situation. During this period, prices are likely to remain bullish and volatile, as the only factor rebalancing supply and demand.”",[4392],{"type":49,"attrs":4393},{"color":51},{"type":596,"attrs":4395},{"id":4396,"body":4397},"fcecc2fd-714b-4c37-a9b5-f4f910f89819",[4398],{"id":4399,"_uid":4400,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28941403","i-2873ee32-44fb-48e7-862e-a131e41ac113",{"type":200,"attrs":4402,"content":4403},{"level":202,"textAlign":42},[4404],{"text":4405,"type":46,"marks":4406},"Supply-side constraints in Africa",[4407,4409],{"type":49,"attrs":4408},{"color":51},{"type":693},{"type":40,"attrs":4411,"content":4412},{"textAlign":42},[4413,4418,4426],{"text":4414,"type":46,"marks":4415},"On the supply side, an export suspension in ",[4416],{"type":49,"attrs":4417},{"color":51},{"text":4419,"type":46,"marks":4420},"Zimbabwe has become a quota regime",[4421,4423,4425],{"type":55,"attrs":4422},{"href":762,"uuid":763,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":4424},{"color":585},{"type":588},{"text":4427,"type":46,"marks":4428},". The Zimbabwean government is also stepping up its efforts to assay material to more accurately determine grade and by-product contents and maximise export levies. Practical implementation issues are expected to slow exports over the short term. There thus remains a notable wait before these volumes ease current spodumene supply tightness.",[4429],{"type":49,"attrs":4430},{"color":51},{"type":40,"attrs":4432,"content":4433},{"textAlign":42},[4434],{"text":4435,"type":46,"marks":4436},"With export quotas granted on a biannual basis, the possibility of renewed suspensions near the end of the year, when sulphate capacity pledges will meet the reality of project development timelines, offers further price support.",[4437],{"type":49,"attrs":4438},{"color":51},{"type":40,"attrs":4440,"content":4441},{"textAlign":42},[4442],{"text":4443,"type":46,"marks":4444},"In Mali, renewed insurgent attacks raises the risk of supply disruption. While recent logistics attacks have not so far disrupted spodumene production or shipments out of Bougouni and Goulamina, the risk of curtailment remains. ",[4445],{"type":49,"attrs":4446},{"color":51},{"type":200,"attrs":4448,"content":4449},{"level":202,"textAlign":42},[4450],{"text":4451,"type":46,"marks":4452},"Greenbushes production misses the mark ",[4453,4455],{"type":49,"attrs":4454},{"color":51},{"type":693},{"type":40,"attrs":4457,"content":4458},{"textAlign":42},[4459,4464,4472],{"text":4460,"type":46,"marks":4461},"In Australia, output at the world’s largest hard-rock mine, Greenbushes, was poor through Q1 2026. ",[4462],{"type":49,"attrs":4463},{"color":51},{"text":4465,"type":46,"marks":4466},"Low-quality ore,",[4467,4469,4471],{"type":55,"attrs":4468},{"href":1848,"uuid":1849,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":4470},{"color":585},{"type":588},{"text":4473,"type":46,"marks":4474}," targeted as a result of mining operations failures and poor resource reconciliation, negatively affected recoveries while the ramp-up of its newest plant, CGP3, was briefly delayed. While company commentary expressed confidence in CGP3’s performance moving forward, ore quality and plant performance could hamper the operation for the remainder of 2026. ",[4475],{"type":49,"attrs":4476},{"color":51},{"type":200,"attrs":4478,"content":4479},{"level":202,"textAlign":42},[4480],{"text":4481,"type":46,"marks":4482},"Hard rock supply faces explosives hurdle in China",[4483,4485],{"type":49,"attrs":4484},{"color":51},{"type":693},{"type":40,"attrs":4487,"content":4488},{"textAlign":42},[4489],{"text":4490,"type":46,"marks":4491},"Chinese supply may also face headwind from explosives availability – the government announced temporary control on purchasing and auditing of buyers following a fatal incident at a fireworks factory in Hunan province which killed 37 and injured dozens. Benchmark expects the control to last between one and two weeks. ",[4492],{"type":49,"attrs":4493},{"color":51},{"type":200,"attrs":4495,"content":4496},{"level":202,"textAlign":42},[4497],{"text":4498,"type":46,"marks":4499},"Jianxiawo rumours continue to swirl",[4500,4502],{"type":49,"attrs":4501},{"color":51},{"type":693},{"type":40,"attrs":4504,"content":4505},{"textAlign":42},[4506],{"text":4507,"type":46,"marks":4508},"Rumours have continued to circulate regarding the restart of CATL's large Jianxiawo mine in Jiangxi Province. While the April appointment of Zijin founder Chen Jinghe to CATL’s newly founded mining arm raised restart hopes, sentiment among some market participants deteriorated since then. ",[4509],{"type":49,"attrs":4510},{"color":51},{"type":40,"attrs":4512,"content":4513},{"textAlign":42},[4514,4519,4524],{"text":4515,"type":46,"marks":4516},"Citing a 10-month-old regulation restricting the mining of ores with grades below 0.4%, some circles have even floated the possibility of permanent closure.",[4517],{"type":49,"attrs":4518},{"color":51},{"text":3336,"type":46,"marks":4520},[4521,4523],{"type":49,"attrs":4522},{"color":51},{"type":693},{"text":4525,"type":46,"marks":4526},"Given several licence awards to operations targeting sub-0.4% ore since then, Jianxiawo among them, this would be a spurious basis for further delay. Benchmark’s bearish Jiangxi outlook remains tied to the politically sensitive nature of the operation’s tailings management. ",[4527],{"type":49,"attrs":4528},{"color":51},{"type":200,"attrs":4530,"content":4531},{"level":202,"textAlign":42},[4532],{"text":4533,"type":46,"marks":4534},"Input costs pile additional pressure on converters",[4535,4537],{"type":49,"attrs":4536},{"color":51},{"type":693},{"type":40,"attrs":4539,"content":4540},{"textAlign":42},[4541,4550],{"text":4542,"type":46,"marks":4543},"Prices for sulphuric acid",[4544,4547,4549],{"type":55,"attrs":4545},{"href":4546,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://intelligence.benchmarkminerals.com/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply",{"type":49,"attrs":4548},{"color":585},{"type":588},{"text":4551,"type":46,"marks":4552}," – a key reagent in conversion flowsheets – continue to rally amid constrained supply out of the Strait of Hormuz. This is causing reduced utilisation rates at Chinese converters as supply scarcity squeezes converter margins.",[4553],{"type":49,"attrs":4554},{"color":51},{"type":200,"attrs":4556,"content":4557},{"level":202,"textAlign":42},[4558],{"text":4559,"type":46,"marks":4560},"Demand from cathode producers remains robust",[4561,4563],{"type":49,"attrs":4562},{"color":51},{"type":693},{"type":40,"attrs":4565,"content":4566},{"textAlign":42},[4567],{"text":4568,"type":46,"marks":4569},"Downstream demand expectations of cell production have remained robust. Although unit vehicle sales in China are growing at a slower rate than earlier in the year, increasing vehicle pack sizes and robust commercial vehicle and truck electrified sales are making up the shortfall. This is in addition to a robust energy storage outlook.",[4570],{"type":49,"attrs":4571},{"color":51},"Lithium prices are rising significantly in China due to feedstock constraints and increased input costs, against a backdrop of robust demand.\n\nAccording to Benchmark’s 13 May price assessment, battery grade lithium carbonate in China rose 23.3% month-on-month, while spodumene concentrate prices are up 29.9% over the same period.",[4574,4584],{"slug":4575,"name":4576,"content":4577},"adam-megginson","Adam Megginson",{"job_title":4578,"image":4579,"bio":4581,"linkedin":4582,"markets_covered":4583},"Principal Analyst",{"filename":4580},"https://a.storyblok.com/f/287943243085208/512x512/f25205e28d/adam-megginson.jpeg","Adam is a Principal Analyst at Benchmark Mineral Intelligence and is responsible for the lithium, graphite, synthetic graphite and anode price assessments. Adam is in constant communication with buyers, sellers, traders and distributors to collect first-hand price data and insights which are published in Benchmark's price assessments. He has presented battery supply chain analysis to executives and senators in the UK, US, France, Morocco, Germany and Japan. Before joining Benchmark, Adam worked at an energy transition impact investment company. There he focussed on distributing LPG smartmeters for cooking in Kenya and Tanzania. Adam graduated with a First Class Honours BSc in International Management from Warwick Business School..","https://www.linkedin.com/in/adam-megginson/","Lithium,natural graphite, synthetic graphite, anode",{"slug":4585,"name":4586,"content":4587},"luc-braun","Luc Braun",{"job_title":4588,"image":4589,"bio":4591,"linkedin":4592,"markets_covered":1698},"Analyst - Lithium",{"filename":4590},"https://a.storyblok.com/f/287943243085208/512x512/6f1a6949aa/luc-braun.jpeg","Luc is an analyst at Benchmark Mineral Intelligence focused on lithium supply, costs, and supply chains. Luc has a background in market analysis and research from previous roles where he covered nickel, deep seabed mining, and telecommunications. Luc holds an MPhys in Theoretical Physics from the University of Leeds.","https://www.linkedin.com/in/lucbraun/",[4594,4595],{"slug":1697,"name":1698},{"slug":621,"name":622},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":4597},{},{"id":4599,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":4600,"copyright":274,"fieldtype":275,"meta_data":4601,"is_external_url":282},129069437345516,"https://a.storyblok.com/f/287943243085208/d0a32e42e2/bm-lithium-mine.jpg",{},"Lithium prices are rising significantly in China due to feedstock constraints and increased input costs, against a backdrop of robust demand.",{"id":4604,"uuid":2063,"name":4605,"slug":4606,"full_slug":4607,"content":4608},175389753799930,"Chile’s regulatory gridlock giving Argentina upper hand on lithium output growth","chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth","article/chile-s-regulatory-gridlock-giving-argentina-upper-hand-on-lithium-output-growth",{"_uid":4609,"date":4610,"tags":4611,"editor":4616,"content":4620,"excerpt":4768,"featured":258,"reporter":4769,"component":260,"seo_title":4773,"categories":4774,"visibility":783,"data_vis_image":4777,"featured_image":4779,"seo_description":4783,"formattedDate":4784},"f125ca8a-0c70-45b0-b804-b793a312a870","2026-05-11 00:00",[4612,4615],{"slug":4613,"name":4614},"chile","Chile",{"slug":1994,"name":1995},[4617],{"slug":656,"name":657,"content":4618},{"job_title":659,"image":4619,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":4621},[4622,4643,4665,4674,4682,4690,4698,4720,4727,4736,4758],{"type":40,"attrs":4623,"content":4624},{"textAlign":42},[4625,4630,4639],{"text":4626,"type":46,"marks":4627},"Stagnation in Chile’s lithium output growth stands in contrast to rapidly-growing Argentina, as regulatory hold-ups limit development of new projects in ",[4628],{"type":49,"attrs":4629},{"color":51},{"text":4631,"type":46,"marks":4632},"the world's third-largest-producing nation",[4633,4637],{"type":55,"attrs":4634},{"href":4635,"uuid":4636,"anchor":42,"target":678,"linktype":60},"/videos/critical-minerals-outlook-in-the-lithium-triangle-after-bolivian-and-chilean-elections","35f411e1-30fc-4f49-9614-8e7dcad1aa8a",{"type":49,"attrs":4638},{"color":51},{"text":380,"type":46,"marks":4640},[4641],{"type":49,"attrs":4642},{"color":51},{"type":40,"attrs":4644,"content":4645},{"textAlign":42},[4646,4651,4660],{"text":4647,"type":46,"marks":4648},"Two years after the official launch of the ",[4649],{"type":49,"attrs":4650},{"color":51},{"text":4652,"type":46,"marks":4653},"National Lithium Strategy",[4654,4658],{"type":55,"attrs":4655},{"href":4656,"uuid":4657,"anchor":42,"target":678,"linktype":60},"/article/chile-accelerates-state-led-lithium-strategy-with-new-salt-flat-projects","2394c027-5ccc-4fd6-b3c5-579e3719e337",{"type":49,"attrs":4659},{"color":51},{"text":4661,"type":46,"marks":4662}," in Chile, Lithium remains a strategic national resource, meaning private operators cannot extract it using standard mining concessions. They instead require a Special Lithium Operation Contract (CEOL), a public-private contractual vehicle that grants exclusive rights to explore and exploit lithium resources on a list of pre-determined salars.",[4663],{"type":49,"attrs":4664},{"color":51},{"type":200,"attrs":4666,"content":4667},{"level":202,"textAlign":42},[4668],{"text":4669,"type":46,"marks":4670},"Regulatory gridlock blocking Chile output growth",[4671,4673],{"type":49,"attrs":4672},{"color":51},{"type":693},{"type":40,"attrs":4675,"content":4676},{"textAlign":42},[4677],{"text":4678,"type":46,"marks":4679},"Chile remains the third-largest producer in the world, behind Australia and China but well ahead of Zimbabwe, producing almost 280kt LCE in 2025. But Chile’s output comes from just two operations in the Salar de Atacama, with no new projects under development due to the regulatory gridlock as the country’s share of global production is being eroded.",[4680],{"type":49,"attrs":4681},{"color":51},{"type":40,"attrs":4683,"content":4684},{"textAlign":42},[4685],{"text":4686,"type":46,"marks":4687},"A few CEOL milestones have been announced already, including the final approval of the SQM-Codelco JV, which led to the creation of NovAndino Litio. Salares Altoandinos, as a JV between ENAMI and Rio Tinto, became the first ratified CEOL early this year, followed by CEOLs for the Codelco-Rio Tinto JV at Maricunga and CleanTech Lithium’s Laguna Verde. ",[4688],{"type":49,"attrs":4689},{"color":51},{"type":40,"attrs":4691,"content":4692},{"textAlign":42},[4693],{"text":4694,"type":46,"marks":4695},"Recently, however, the comptroller declined all CEOLs being considered in the Quillagua salar, directly impacting Llamara Group and Quillahua Minerals’ projects, claiming inconsistencies in how the initial permit was granted. ",[4696],{"type":49,"attrs":4697},{"color":51},{"type":40,"attrs":4699,"content":4700},{"textAlign":42},[4701,4706,4715],{"text":4702,"type":46,"marks":4703},"Companies have raised concerns about unclear award criteria and the possibility that larger players might be receiving preferential treatment. The result is growing uncertainty across several projects at a time when global lithium investors are looking for faster and more predictable development pathways. Since ",[4704],{"type":49,"attrs":4705},{"color":51},{"text":4707,"type":46,"marks":4708},"President Kast assumed office in March",[4709,4713],{"type":55,"attrs":4710},{"href":4711,"uuid":4712,"anchor":42,"target":678,"linktype":60},"/article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries","059bf793-a827-4de7-adcf-b09e43ed3ff6",{"type":49,"attrs":4714},{"color":51},{"text":4716,"type":46,"marks":4717},", gridlock seems to have also affected projects at several other salars. ",[4718],{"type":49,"attrs":4719},{"color":51},{"type":596,"attrs":4721},{"id":4722,"body":4723},"f4dcbcdc-a568-440e-b7c7-0b5a8adb3e82",[4724],{"id":4725,"_uid":4726,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28921754","i-64e66c0c-12cc-411f-aada-8eefa5f3a469",{"type":200,"attrs":4728,"content":4729},{"level":202,"textAlign":42},[4730],{"text":4731,"type":46,"marks":4732},"Argentina captures the growth narrative",[4733,4735],{"type":49,"attrs":4734},{"color":51},{"type":693},{"type":40,"attrs":4737,"content":4738},{"textAlign":42},[4739,4744,4753],{"text":4740,"type":46,"marks":4741},"Chile’s bureaucratic gridlock stands in stark contrast to Argentina, which is aggressively advancing its lithium and copper projects, backed by ",[4742],{"type":49,"attrs":4743},{"color":51},{"text":4745,"type":46,"marks":4746},"the regimen for large investments (RIGI)",[4747,4751],{"type":55,"attrs":4748},{"href":4749,"uuid":4750,"anchor":42,"target":678,"linktype":60},"/article/argentinas-copper-developments-accelerate-under-new-incentive-regime","d7ac7e45-8f3d-40ef-9c3e-a2238ab07b30",{"type":49,"attrs":4752},{"color":51},{"text":4754,"type":46,"marks":4755},", providing a streamlined regulatory framework and several tax benefits. ",[4756],{"type":49,"attrs":4757},{"color":51},{"type":40,"attrs":4759,"content":4760},{"textAlign":42},[4761,4766],{"text":4762,"type":46,"marks":4763},"The regime, which was originally set to expire this year, has been extended to July 2027. ",[4764],{"type":49,"attrs":4765},{"color":51},{"text":4767,"type":46},"Several companies are currently developing projects or in the final steps to qualify again for RIGI benefits, while the country’s output has been experiencing double-digit year-on-year growth since 2022. The country's 2026 output is expected grow 25% compared to 2025, compared to the 3% contraction forecast for Chile.","Stagnation in Chile’s lithium output growth stands in contrast to rapidly-growing Argentina, as regulatory hold-ups limit development of new projects in the world’s third-largest-producing nation.\n\nTwo years after the official launch of the National Lithium Strategy in Chile, Lithium remains a strategic national resource, meaning private operators cannot extract it using standard mining concessions. They instead require a Special Lithium Operation Contract (CEOL), a public-private contractual vehicle that grants exclusive rights to explore and exploit lithium resources on a list of pre-determined salars.",[4770],{"slug":2215,"name":2116,"content":4771},{"job_title":2217,"image":4772,"bio":2220,"linkedin":2221,"markets_covered":1698},{"filename":2219},"Chile's lithium output regulatory gridlock as Argentina grows",[4775,4776],{"slug":1697,"name":1698},{"slug":621,"name":622},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":4778},{},{"id":4780,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":4781,"copyright":274,"fieldtype":275,"meta_data":4782,"is_external_url":282},129066284734595,"https://a.storyblok.com/f/287943243085208/5cfa1bac74/bm-chile-flags-1-e1581088482197.jpg",{},"Stagnation in Chile’s lithium output growth stands in contrast to rapidly-growing Argentina, as regulatory hold-ups limit development of new projects in the world’s second-largest producing nation.","May 11, 2026",{"id":4786,"uuid":4787,"name":4788,"slug":4789,"full_slug":4790,"content":4791},175363419281597,"88c7d185-0a45-44eb-a6dd-840c4db98918","Seaborne Asia NCM black mass payables reach all-time highs","seaborne-asia-ncm-black-mass-payables-reach-all-time-highs","article/seaborne-asia-ncm-black-mass-payables-reach-all-time-highs",{"_uid":4792,"date":4610,"tags":4793,"editor":4801,"content":4805,"excerpt":4937,"featured":258,"reporter":4938,"component":260,"seo_title":4788,"categories":4949,"visibility":783,"data_vis_image":4958,"featured_image":4960,"seo_description":4964,"formattedDate":4784},"33d09760-1406-471a-85d0-bd5daa5f331f",[4794,4797,4798],{"slug":4795,"name":4796},"ncm","NCM",{"slug":806,"name":807},{"slug":4799,"name":4800},"asia","Asia",[4802],{"slug":656,"name":657,"content":4803},{"job_title":659,"image":4804,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":4806},[4807,4843,4850,4859,4867,4889,4897,4906,4921,4929],{"type":40,"attrs":4808,"content":4809},{"textAlign":42},[4810,4815,4824,4829,4838],{"text":4811,"type":46,"marks":4812},"This week, NCM feedstock black mass payables across ex-China Asia, North America and Europe reached all-time highs, continuing a trend that has been ",[4813],{"type":49,"attrs":4814},{"color":51},{"text":4816,"type":46,"marks":4817},"developing since the beginning of 2026",[4818,4822],{"type":55,"attrs":4819},{"href":4820,"uuid":4821,"anchor":42,"target":678,"linktype":60},"/article/runaway-rally-before-stabilisation-black-mass-q1-2026-price-review","0d1ae7af-e809-460f-839a-18e8dd2132d1",{"type":49,"attrs":4823},{"color":51},{"text":4825,"type":46,"marks":4826},", especially for high-grade batches sourced from production scrap, boosted by several bullish factors. Other ",[4827],{"type":49,"attrs":4828},{"color":51},{"text":4830,"type":46,"marks":4831},"black mass",[4832,4836],{"type":55,"attrs":4833},{"href":4834,"uuid":4835,"anchor":42,"target":678,"linktype":60},"/article/dry-vs-wet-shredding-which-is-best-for-black-mass-quality-","7870068a-8393-4e3b-8c1b-9bb08d5f59ed",{"type":49,"attrs":4837},{"color":51},{"text":4839,"type":46,"marks":4840}," grades have also been recorded at very high levels, with lithium cobalt oxide (LCO) black mass payables now dipping following a recent cooling of cobalt sentiment.",[4841],{"type":49,"attrs":4842},{"color":51},{"type":596,"attrs":4844},{"id":4845,"body":4846},"cfc97dbe-fcbb-421f-b73a-2934b2bf84f9",[4847],{"id":4848,"_uid":4849,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28918724","i-2f83f837-445b-430f-915f-484a30d906db",{"type":200,"attrs":4851,"content":4852},{"level":202,"textAlign":42},[4853],{"text":4854,"type":46,"marks":4855},"What is driving up NCM black mass payables?",[4856,4858],{"type":49,"attrs":4857},{"color":51},{"type":693},{"type":40,"attrs":4860,"content":4861},{"textAlign":42},[4862],{"text":4863,"type":46,"marks":4864},"Battery metal prices have been especially volatile during 2026, causing payables to rise in response. Lithium carbonate (battery grade) and nickel sulphate underwent rallies early this year, surging by 61.0% and 25.2% respectively on an EXW China basis. ",[4865],{"type":49,"attrs":4866},{"color":51},{"type":40,"attrs":4868,"content":4869},{"textAlign":42},[4870,4875,4884],{"text":4871,"type":46,"marks":4872},"Last August, China opened its borders to ",[4873],{"type":49,"attrs":4874},{"color":51},{"text":4876,"type":46,"marks":4877},"black mass imports",[4878,4882],{"type":55,"attrs":4879},{"href":4880,"uuid":4881,"anchor":42,"target":678,"linktype":60},"/article/china-reduces-import-tariffs-for-recycled-black-mass","b30cf2f8-8f83-40e9-8d1f-5775ac7c0b60",{"type":49,"attrs":4883},{"color":51},{"text":4885,"type":46,"marks":4886},". After an initial period of low import activity and small volumes as Chinese recyclers’ overseas procurement teams adjusted to the new rules, such procurement has now ramped up. Buyers in China, which has the greatest recycling capacity and more capacity than it needs, have the largest purchasing power in the global black mass market, meaning payables overseas have risen in response.",[4887],{"type":49,"attrs":4888},{"color":51},{"type":40,"attrs":4890,"content":4891},{"textAlign":42},[4892],{"text":4893,"type":46,"marks":4894},"Benchmark has heard from industry contacts that utilisation rates at hydrometallurgical plants are very low across Asia, with some plants in China seeing utilisation as low as 20–30%. As a result, some Asian consumers are buying feedstock out of necessity for keeping the lights on, causing them to pay above the prevailing market price.",[4895],{"type":49,"attrs":4896},{"color":51},{"type":200,"attrs":4898,"content":4899},{"level":202,"textAlign":42},[4900],{"text":4901,"type":46,"marks":4902},"How can payables exceed 100%?",[4903,4905],{"type":49,"attrs":4904},{"color":51},{"type":693},{"type":40,"attrs":4907,"content":4908},{"textAlign":42},[4909,4914,4916],{"text":4910,"type":46,"marks":4911},"Despite initially seeming illogical, there are several reasons why black mass payables can rise over 100% on a Ni/Co basis. ",[4912],{"type":49,"attrs":4913},{"color":51},{"text":4915,"type":46},"The pricing system outside of China considers payables only for nickel and cobalt, meaning the value of lithium is incorporated into the Co/Ni payable",{"text":4917,"type":46,"marks":4918},". As a result, when lithium prices are increasing, this can drag the payables up higher than they otherwise would be.",[4919],{"type":49,"attrs":4920},{"color":51},{"type":40,"attrs":4922,"content":4923},{"textAlign":42},[4924],{"text":4925,"type":46,"marks":4926},"Another is that payables are usually implemented on a ‘M-1’ basis meaning the reference metal prices are from the previous month. Because of this, if prices increase sharply the following month, payables will also rise sharply as they are applied to a lower reference.",[4927],{"type":49,"attrs":4928},{"color":51},{"type":40,"attrs":4930,"content":4931},{"textAlign":42},[4932],{"text":4933,"type":46,"marks":4934},"Some other reasons explaining how these payables can reach these heights are that some recyclers may have very low utilisation rates so they procure black mass at elevated levels in desperation. Another reason might be traders holding bullish expectations for black mass or metal prices in the future so they bid above the prevailing market price.",[4935],{"type":49,"attrs":4936},{"color":51},"This week, NCM feedstock black mass payables across ex-China Asia, North America and Europe reached all-time highs, continuing a trend that has been developing since the beginning of 2026, especially for high-grade batches sourced from production scrap, boosted by several bullish factors. Other black mass grades have also been recorded at very high levels, with lithium cobalt oxide (LCO) black mass payables now dipping following a recent cooling of cobalt sentiment.",[4939],{"slug":4940,"name":4941,"content":4942},"frederick-bloomfield","Frederick Bloomfield",{"job_title":4943,"image":4944,"bio":4946,"linkedin":4947,"markets_covered":4948},"Senior Analyst",{"filename":4945},"https://a.storyblok.com/f/287943243085208/512x512/f55b7d4d79/freddie-bloomfield.jpeg","Frederick is a Senior Analyst at Benchmark Mineral Intelligence researching battery materials. His main areas of focus are lithium and battery recycling markets in Europe, North America and Asia. Before joining Benchmark, Frederick received his Master's degree in Green Chemistry at Imperial College London. With a particular interest in black mass trading, Frederick regularly speaks with players across the global battery recycling market, where he has gained extensive knowledge of trade flows, prices and policy on top of information on the wider recycling value chain, such as gate fees, tolling fees and the price of battery scrap and other recycled intermediates.","https://www.linkedin.com/in/frederick-bloomfield/","Black mass, lithium, nickel",[4950,4953,4956,4957],{"slug":4951,"name":4952},"black-mass","Black Mass",{"slug":4954,"name":4955},"recycling","Recycling",{"slug":1622,"name":1965},{"slug":1613,"name":1693},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":4959},{},{"id":4961,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":4962,"copyright":274,"fieldtype":275,"meta_data":4963,"is_external_url":282},106712663201583,"https://a.storyblok.com/f/287943243085208/x/92015bc417/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions.avif",{},"This week, NCM feedstock black mass payables across ex-China Asia, North America and Europe reached all-time highs. Benchmark assessed black mass from production scrap at 135–140%, 125–130% and 115–125% across ex-China Asia, North America and Europe.",{"id":4966,"uuid":4229,"name":4967,"slug":4968,"full_slug":4969,"content":4970},174335513319245,"New Canada EV subsidies will support at least 500,000 new sales","canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales","article/canada-s-new-ev-subsidy-scheme-will-support-at-least-500-000-new-ev-sales",{"_uid":4971,"date":4972,"tags":4973,"editor":4980,"content":4984,"excerpt":5124,"featured":258,"reporter":5125,"component":260,"seo_title":4967,"categories":5129,"visibility":272,"data_vis_image":5132,"featured_image":5136,"seo_description":5140,"formattedDate":5141},"a18ae962-b74b-4fdf-aae2-55d7080eb09b","2026-05-08 00:00",[4974,4975,4978,4979],{"slug":3537,"name":3538},{"slug":4976,"name":4977},"ev-demand","EV demand",{"slug":298,"name":299},{"slug":803,"name":804},[4981],{"slug":656,"name":657,"content":4982},{"job_title":659,"image":4983,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":4985},[4986,5006,5026,5033,5042,5050,5058,5066,5072,5081,5089,5097,5105,5114],{"type":40,"attrs":4987,"content":4988},{"textAlign":42},[4989,4994,5001],{"text":4990,"type":46,"marks":4991},"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme, the iZEV program, in January 2025, as well as the deterioration of its trading relationship ",[4992],{"type":49,"attrs":4993},{"color":274},{"text":4995,"type":46,"marks":4996},"with the US",[4997,4999],{"type":55,"attrs":4998},{"href":3739,"uuid":3740,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":5000},{"color":274},{"text":5002,"type":46,"marks":5003}," throughout that year, EV sales in the country declined 38% compared to 2024. In the opening months of 2026, however, Canada has sought to reinvigorate its EV market.",[5004],{"type":49,"attrs":5005},{"color":274},{"type":40,"attrs":5007,"content":5008},{"textAlign":42},[5009,5014,5021],{"text":5010,"type":46,"marks":5011},"First, it has struck an agreement with China to allow up to 49,000 ",[5012],{"type":49,"attrs":5013},{"color":274},{"text":5015,"type":46,"marks":5016},"Chinese-made EVs",[5017,5019],{"type":55,"attrs":5018},{"href":3721,"uuid":3722,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":5020},{"color":274},{"text":5022,"type":46,"marks":5023}," into the country at a tariff rate below 100% for the first time since 1 October 2024. More recently, it has launched its new EV subsidy scheme, the ‘Electric Vehicle Affordability Program’.",[5024],{"type":49,"attrs":5025},{"color":274},{"type":596,"attrs":5027},{"id":5028,"body":5029},"eb3db808-a16e-49ff-aa7d-0d9747d017bf",[5030],{"id":5031,"_uid":5032,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28887606","i-3580fe7e-c9ab-468b-8ba8-5bc6cb55744d",{"type":200,"attrs":5034,"content":5035},{"level":202,"textAlign":42},[5036],{"text":5037,"type":46,"marks":5038},"How much support is available?",[5039,5041],{"type":49,"attrs":5040},{"color":274},{"type":693},{"type":40,"attrs":5043,"content":5044},{"textAlign":42},[5045],{"text":5046,"type":46,"marks":5047},"The five-year scheme has a total budget of CAD2.275 billion (USD $1.67 billion) and supports the purchase or lease of new EVs. BEVs and FCEVs are eligible for up to CAD5,000 (USD $3,660) in support, while PHEVs can receive up to CAD2,500 (USD $1,830). Eligible vehicles must be made in either Canada or a country with which it has a free trade agreement. Imported EVs must have a final transaction price of CAD50,000 (USD $36,620) or below, while locally made EVs have no price threshold.",[5048],{"type":49,"attrs":5049},{"color":274},{"type":40,"attrs":5051,"content":5052},{"textAlign":42},[5053],{"text":5054,"type":46,"marks":5055},"To receive the maximum level of financial support, the EV must be either purchased or leased over a four-year period. Vehicles leased over a one-, two- or three-year period receive a pro rata subsidy. Considering 2026 EV sales and the subsequent BEV market share of the theoretically eligible EVs, Benchmark analysis finds the subsidy scheme will support the sale of at least 515,000 EVs over its five-year duration, assuming all vehicles receive the maximum available subsidy.",[5056],{"type":49,"attrs":5057},{"color":274},{"type":40,"attrs":5059,"content":5060},{"textAlign":42},[5061],{"text":5062,"type":46,"marks":5063},"Benchmark analysis suggests Canada’s BEV market share will grow over the subsidy’s duration, though Benchmark still expects the scheme to fund a minimum of 500,000 new EV purchases. The total number of new EVs supported by the scheme is likely to be higher, as not all vehicles will receive the maximum amount and the subsidy value will decline over the scheme’s duration.",[5064],{"type":49,"attrs":5065},{"color":274},{"type":596,"attrs":5067},{"id":5028,"body":5068},[5069],{"id":5070,"_uid":5071,"type":60,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"3672708","i-1557e3c4-571b-402c-a52d-f713fb3e0f00",{"type":200,"attrs":5073,"content":5074},{"level":202,"textAlign":42},[5075],{"text":5076,"type":46,"marks":5077},"How limiting are the scheme’s eligibility criteria?",[5078,5080],{"type":49,"attrs":5079},{"color":274},{"type":693},{"type":40,"attrs":5082,"content":5083},{"textAlign":42},[5084],{"text":5085,"type":46,"marks":5086},"Owing to the array of free trade agreements of which Canada is a part, the vehicle production location criteria is unrestrictive. Canada holds agreements with several key EV-producing nations and regions. These include the US, Mexico, the EU, Japan and South Korea.",[5087],{"type":49,"attrs":5088},{"color":274},{"type":40,"attrs":5090,"content":5091},{"textAlign":42},[5092],{"text":5093,"type":46,"marks":5094},"The transaction price limit is more restrictive and constrains consumers to the base model of many of the eligible vehicles. For instance, the Chevrolet Equinox, Canada’s second best-selling BEV in Q1 2026, has a starting MSRP of CAD49,643 (USD $36,380), while Canada’s best-selling EV in Q1, the Toyota C-HR, has a starting transaction price of CAD48,015 (USD $35,180). However, this is not the case for all eligible models, with several current and upcoming models, such as the new Chevrolet Bolt and Fiat 500e, having starting prices further below the CAD50,000 (USD $36,620) upper limit.",[5095],{"type":49,"attrs":5096},{"color":274},{"type":40,"attrs":5098,"content":5099},{"textAlign":42},[5100],{"text":5101,"type":46,"marks":5102},"In Q1 2026, 54% of EVs sold in Canada were eligible and could have theoretically qualified, providing they were sold below the scheme’s price limit. The scheme has the potential to cover a significant proportion of Canada’s new EV sales, despite the restrictive nature of the transaction price limit, providing the market with support following the turbulence it experienced in 2025.",[5103],{"type":49,"attrs":5104},{"color":274},{"type":40,"attrs":5106,"content":5107},{"textAlign":42},[5108],{"text":5109,"type":46,"marks":5110},"This article draws on insights from Benchmark's EV & Battery Service. To find out more, fill in the form below and one of the team will be in touch:",[5111,5113],{"type":49,"attrs":5112},{"color":274},{"type":483},{"type":596,"attrs":5115},{"id":5116,"body":5117},"4ea20c8f-f7bc-48a1-82f1-18ac606e2709",[5118],{"id":601,"_uid":5119,"component":603,"wrap_in_box":282,"redirect_url":5120,"success_file":5121,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":5123,"show_on_intelligence":282},"i-fc59df4e-c6c5-4ba4-8992-4c4ae82c975b",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":5122},{},[],"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme, the iZEV program, in January 2025, as well as the deterioration of its trading relationship with the US throughout that year, EV sales in the country declined 38% compared to 2024. In the opening months of 2026, however, Canada has sought to reinvigorate its EV market.\n\nFirst, it has struck an agreement with China to allow up to 49,000 Chinese-made EVs into the country at a tariff rate below 100% for the first time since 1 October 2024. More recently, it has launched its new EV subsidy scheme, the ‘Electric Vehicle Affordability Program’.",[5126],{"slug":1511,"name":1512,"content":5127},{"job_title":1514,"image":5128,"bio":1517,"linkedin":1518,"markets_covered":1519},{"filename":1516},[5130,5131],{"slug":267,"name":268},{"slug":264,"name":265},{"id":5133,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":5134,"copyright":274,"fieldtype":275,"meta_data":5135,"is_external_url":282},175353181066309,"https://a.storyblok.com/f/287943243085208/1588x1422/b3dad6601a/ev-canada-scheme-2x.png",{},{"id":5137,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":5138,"copyright":274,"fieldtype":275,"meta_data":5139,"is_external_url":282},129065979762658,"https://a.storyblok.com/f/287943243085208/b5a3cca6a2/bm-canada-map.jpg",{},"With the abrupt end of Canada’s initial electric vehicle (EV) subsidy scheme and trade tensions with the US in 2025, EV sales in the country declined 38% compared to 2024.","May 08, 2026",{"id":5143,"uuid":5144,"name":5145,"slug":5146,"full_slug":5147,"content":5148},173989430077819,"9c3cbcc0-e2ca-46d2-82ec-005f623e38dd","Morrow files for bankruptcy as European-owned cell capacity continues to fall","morrow-files-for-bankruptcy-as-european-owned-cell-capacity-continues-to-fall","article/morrow-files-for-bankruptcy-as-european-owned-cell-capacity-continues-to-fall",{"_uid":5149,"date":5150,"tags":5151,"editor":5159,"content":5163,"excerpt":5362,"featured":258,"reporter":5363,"component":260,"seo_title":5374,"categories":5375,"visibility":272,"data_vis_image":5378,"featured_image":5380,"seo_description":5384,"formattedDate":5385},"ba02b089-9ef0-4968-a932-3413a19dec3c","2026-05-07 00:00",[5152,5155,5156],{"slug":5153,"name":5154},"morrow-batteries","Morrow Batteries",{"slug":810,"name":811},{"slug":5157,"name":5158},"norway","Norway",[5160],{"slug":656,"name":657,"content":5161},{"job_title":659,"image":5162,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":5164},[5165,5185,5216,5223,5232,5240,5275,5284,5292,5300,5308,5329,5352],{"type":40,"attrs":5166,"content":5167},{"textAlign":42},[5168,5173,5180],{"text":5169,"type":46,"marks":5170},"Norwegian Tier 3 cell manufacturer Morrow has announced that it is filing for bankruptcy, halting its homegrown ",[5171],{"type":49,"attrs":5172},{"color":51},{"text":5174,"type":46,"marks":5175},"cell production",[5176,5178],{"type":55,"attrs":5177},{"href":828,"uuid":829,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":5179},{"color":51},{"text":5181,"type":46,"marks":5182}," plans. The company operates a 6GWh facility in Arendal, Norway, which was expected to ramp up to 42GWh.",[5183],{"type":49,"attrs":5184},{"color":51},{"type":40,"attrs":5186,"content":5187},{"textAlign":42},[5188,5193,5200,5205,5211],{"text":5189,"type":46,"marks":5190},"The plant produces lithium iron phosphate (LFP) cells for both ",[5191],{"type":49,"attrs":5192},{"color":51},{"text":5194,"type":46,"marks":5195},"electric vehicle ",[5196,5198],{"type":55,"attrs":5197},{"href":3721,"uuid":3722,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":5199},{"color":51},{"text":5201,"type":46,"marks":5202},"(EV) and ",[5203],{"type":49,"attrs":5204},{"color":51},{"text":3152,"type":46,"marks":5206},[5207,5209],{"type":55,"attrs":5208},{"href":837,"uuid":838,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":5210},{"color":51},{"text":5212,"type":46,"marks":5213}," customers, with plans for lithium nickel manganese oxide (LMNO) capacity in the future. Earlier this year, Morrow signed an LFP supply agreement with Proventia, covering commercial and off‑highway applications, that was scheduled to run until 2031.",[5214],{"type":49,"attrs":5215},{"color":51},{"type":596,"attrs":5217},{"id":5218,"body":5219},"4558c88e-3fac-49a2-b313-88688b62494f",[5220],{"id":5221,"_uid":5222,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28871779","i-d74bb2e7-ef5d-4f36-b1ac-3ffeacc3b498",{"type":200,"attrs":5224,"content":5225},{"level":202,"textAlign":42},[5226],{"text":5227,"type":46,"marks":5228},"Costs compounded by competition",[5229,5231],{"type":49,"attrs":5230},{"color":51},{"type":693},{"type":40,"attrs":5233,"content":5234},{"textAlign":42},[5235],{"text":5236,"type":46,"marks":5237},"Morrow stated that the decision to file for bankruptcy stems from high capex requirements to scale up the Arendal facility combined with ongoing opex costs. The company faced rising construction and equipment costs, as well as longer-than-expected qualification timelines with customers. These challenges have been compounded by intensifying competition in Europe from Asian incumbents such as CATL and LGES, who have leveraged their cell manufacturing experience at their operational cell plants in Europe. ",[5238],{"type":49,"attrs":5239},{"color":51},{"type":40,"attrs":5241,"content":5242},{"textAlign":42},[5243,5248,5256,5261,5270],{"text":5244,"type":46,"marks":5245},"Since January 2025, the European cell pipeline has declined by 29%, from 1,180GWh to 841GWh in May 2026, according to ",[5246],{"type":49,"attrs":5247},{"color":51},{"text":5249,"type":46,"marks":5250},"the Benchmark Battery & Gigafactory Service",[5251,5254],{"type":55,"attrs":5252},{"href":5253,"uuid":42,"anchor":42,"target":678,"linktype":334},"https://www.benchmarkminerals.com/battery-gigafactory",{"type":49,"attrs":5255},{"color":51},{"text":5257,"type":46,"marks":5258},". This largely reflects project delays and cancellations by European producers, including the ",[5259],{"type":49,"attrs":5260},{"color":51},{"text":5262,"type":46,"marks":5263},"collapse of Northvolt",[5264,5268],{"type":55,"attrs":5265},{"href":5266,"uuid":5267,"anchor":42,"target":678,"linktype":60},"/videos/what-does-northvolts-bankruptcy-mean-for-european-battery-production","cde118a0-a617-4c13-8f93-57e200fc1e6e",{"type":49,"attrs":5269},{"color":51},{"text":5271,"type":46,"marks":5272}," in early 2025 and the cancellation earlier this year of Stellantis-backed ACC’s planned facility in Kaiserslautern, Germany. European producers saw their market share fall from 422GWh at the start of 2025 to 237GWh by May 2026, a decrease of 44%.",[5273],{"type":49,"attrs":5274},{"color":51},{"type":200,"attrs":5276,"content":5277},{"level":202,"textAlign":42},[5278],{"text":5279,"type":46,"marks":5280},"Dialling down capacity targets",[5281,5283],{"type":49,"attrs":5282},{"color":51},{"type":693},{"type":40,"attrs":5285,"content":5286},{"textAlign":42},[5287],{"text":5288,"type":46,"marks":5289},"Morrow’s bankruptcy underscores the structural difficulties new entrants face in securing funding and achieving the scale, yield, and cost structure needed to compete. In response, established European manufacturers are setting more conservative capacity targets, phasing investments around confirmed offtake, and forming strategic partnerships and joint ventures with established producers to share risk and access proven technology. ",[5290],{"type":49,"attrs":5291},{"color":51},{"type":40,"attrs":5293,"content":5294},{"textAlign":42},[5295],{"text":5296,"type":46,"marks":5297},"Morrow was one such producer to adopt this strategy by operating a low capacity plant and licensing technology from China in a bid to avoid the struggles experienced by Northvolt.",[5298],{"type":49,"attrs":5299},{"color":51},{"type":40,"attrs":5301,"content":5302},{"textAlign":42},[5303],{"text":5304,"type":46,"marks":5305},"At the same time, European players face midstream bottlenecks, with limited regional CAM and AAM capacity, while Asian competitors benefit from integrated, mature global supply chains that reinforce their cost and reliability advantages in the European market.",[5306],{"type":49,"attrs":5307},{"color":51},{"type":40,"attrs":5309,"content":5310},{"textAlign":42},[5311,5316,5325],{"text":5312,"type":46,"marks":5313},"The announcement comes after Freudenberg announced last month that it would dissolve its battery arm, Freudenberg e-Power Systems (FEPS), after it said that the battery market in the US, where FEPS was based, had developed more slowly than expected. UK battery supplier and BESS developer GivEnergy also entered administration last month. Benchmark tracks insolvencies and bankruptcies as part of its monthly Energy Transition Capital Briefing, ",[5314],{"type":49,"attrs":5315},{"color":51},{"text":5317,"type":46,"marks":5318},"which you can access here",[5319,5322,5324],{"type":55,"attrs":5320},{"href":5321,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://intelligence.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-april-2026",{"type":49,"attrs":5323},{"color":585},{"type":588},{"text":380,"type":46,"marks":5326},[5327],{"type":49,"attrs":5328},{"color":51},{"type":40,"attrs":5330,"content":5331},{"textAlign":42},[5332,5338,5346],{"text":5333,"type":46,"marks":5334},"The insights in this article were drawn from ",[5335,5337],{"type":49,"attrs":5336},{"color":51},{"type":483},{"text":5339,"type":46,"marks":5340},"Benchmark’s Battery & Gigafactory Service",[5341,5343,5345],{"type":55,"attrs":5342},{"href":5253,"uuid":42,"anchor":42,"target":678,"linktype":334},{"type":49,"attrs":5344},{"color":51},{"type":483},{"text":5347,"type":46,"marks":5348},". To learn more about this, please fill in the form below and one of the team will be in touch:",[5349,5351],{"type":49,"attrs":5350},{"color":51},{"type":483},{"type":596,"attrs":5353},{"id":5354,"body":5355},"8ce0fbce-95bb-49e7-96c4-ebe32e7d0072",[5356],{"id":601,"_uid":5357,"component":603,"wrap_in_box":282,"redirect_url":5358,"success_file":5359,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":5361,"show_on_intelligence":282},"i-7e2f1a53-285f-484c-b03f-da4bb26438a5",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":5360},{},[],"Norwegian Tier 3 cell manufacturer Morrow has announced that it is filing for bankruptcy, halting its homegrown cell production plans. The company operates a 6GWh facility in Arendal, Norway, which was expected to ramp up to 42GWh.\n\nThe plant produces lithium iron phosphate (LFP) cells for both electric vehicle (EV) and battery energy stationary storage (BESS) customers, with plans for lithium nickel manganese oxide (LMNO) capacity in the future. Earlier this year, Morrow signed an LFP supply agreement with Proventia, covering commercial and off‑highway applications, that was scheduled to run until 2031.",[5364],{"slug":5365,"name":5366,"content":5367},"anya-sidhu","Anya Sidhu",{"job_title":5368,"image":5369,"bio":5371,"linkedin":5372,"markets_covered":5373},"Analyst - Batteries ",{"filename":5370},"https://a.storyblok.com/f/287943243085208/719x719/148f688814/anya-sidhu.jpeg","Anya is an analyst working in the Battery and Gigafactory team, covering capacity, supply and demand for lithium and sodium ion batteries. She has also begun working on the Portables report, building out our global view of unit sales and demand for each segment. Anya holds a BSc in Chemistry from the University of Leicester.","https://www.linkedin.com/in/anya-sidhu-622b60268/","Battery and Gigafactory ","Morrow files for bankruptcy as European-owned cell capacity falls",[5376,5377],{"slug":264,"name":265},{"slug":1524,"name":1525},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":5379},{},{"id":5381,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":5382,"copyright":274,"fieldtype":275,"meta_data":5383,"is_external_url":282},174002686024332,"https://a.storyblok.com/f/287943243085208/1600x1199/3eef781f75/morrow.jpg",{},"Norwegian Tier 3 cell manufacturer Morrow has announced that it is filing for bankruptcy, halting its homegrown cell production plans. The company operates a 6GWh facility in Arendal, Norway, which was expected to ramp up to 42GWh.","May 07, 2026",{"id":5387,"uuid":5388,"name":5389,"slug":5390,"full_slug":5391,"content":5392},173990225337459,"75899671-0912-4901-9329-9beb66e377f9","Why is the US battery recycling market struggling? ","why-is-the-us-battery-recycling-market-struggling-","article/why-is-the-us-battery-recycling-market-struggling-",{"_uid":5393,"date":5150,"tags":5394,"editor":5400,"content":5404,"excerpt":5638,"featured":258,"reporter":5639,"component":260,"seo_title":5389,"categories":5662,"visibility":783,"data_vis_image":5664,"featured_image":5666,"seo_description":5670,"formattedDate":5385},"25df2bc6-4fb1-4d34-9bc9-11dc0b7438dc",[5395,5398,5399],{"slug":5396,"name":5397},"ascend-elements","Ascend Elements",{"slug":295,"name":296},{"slug":298,"name":299},[5401],{"slug":28,"name":29,"content":5402},{"job_title":31,"image":5403,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":5405},[5406,5427,5447,5483,5491,5504,5518,5526,5560,5568,5575,5588,5596,5609,5622,5630],{"type":40,"attrs":5407,"content":5408},{"textAlign":42},[5409,5414,5422],{"text":5410,"type":46,"marks":5411},"In April 2026, ",[5412],{"type":49,"attrs":5413},{"color":274},{"text":5397,"type":46,"marks":5415},[5416,5420],{"type":55,"attrs":5417},{"href":5418,"uuid":5419,"anchor":42,"target":59,"linktype":60},"/videos/producing-battery-materials-in-the-us-interview-with-ascend-elements-co-founder-eric-gatz","6811f817-e5b9-4462-865e-1f9fcc384df3",{"type":49,"attrs":5421},{"color":274},{"text":5423,"type":46,"marks":5424}," filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. ",[5425],{"type":49,"attrs":5426},{"color":274},{"type":40,"attrs":5428,"content":5429},{"textAlign":2676},[5430,5435,5442],{"text":5431,"type":46,"marks":5432},"The company faced headwinds from a slowdown in the ",[5433],{"type":49,"attrs":5434},{"color":274},{"text":5436,"type":46,"marks":5437},"US electric vehicle market",[5438,5440],{"type":55,"attrs":5439},{"href":1299,"uuid":1300,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":5441},{"color":274},{"text":5443,"type":46,"marks":5444},", alongside the withdrawal of the unspent portion of its $316 million grant the US Department of Energy (DOE) for its Kentucky facility. ",[5445],{"type":49,"attrs":5446},{"color":274},{"type":40,"attrs":5448,"content":5449},{"textAlign":2676},[5450,5455,5464,5469,5478],{"text":5451,"type":46,"marks":5452},"This marks the second bankruptcy at a major US ",[5453],{"type":49,"attrs":5454},{"color":274},{"text":5456,"type":46,"marks":5457},"battery recycler",[5458,5462],{"type":55,"attrs":5459},{"href":5460,"uuid":5461,"anchor":42,"target":59,"linktype":60},"/videos/what-are-the-recent-global-trends-for-the-recycling-industry","143d86b7-e6fc-4330-91a9-1219ccb41f56",{"type":49,"attrs":5463},{"color":274},{"text":5465,"type":46,"marks":5466},", following ",[5467],{"type":49,"attrs":5468},{"color":274},{"text":5470,"type":46,"marks":5471},"Li-Cycle’s",[5472,5476],{"type":55,"attrs":5473},{"href":5474,"uuid":5475,"anchor":42,"target":59,"linktype":60},"/article/the-bottleneck-in-the-industry-is-on-the-refining-capacity-qa-with-li-cycle-co-founder-tim-johnston","935fbe25-803c-42fc-980f-f3a6aa0ec3b2",{"type":49,"attrs":5477},{"color":274},{"text":5479,"type":46,"marks":5480}," collapse in May 2025, underscoring increasing financial stress across the sector. ",[5481],{"type":49,"attrs":5482},{"color":274},{"type":40,"attrs":5484,"content":5485},{"textAlign":2676},[5486],{"text":5487,"type":46,"marks":5488},"Today, many North American recycling companies remain small- to mid-sized startups operating in a structurally challenging environment characterised by overseas reliance, limited feedstock availability, high capital intensity, and dependence on government support. As the industry develops, further consolidation and financial challenges could well become more common. ",[5489],{"type":49,"attrs":5490},{"color":274},{"type":200,"attrs":5492,"content":5493},{"level":202,"textAlign":2676},[5494,5500],{"text":5495,"type":46,"marks":5496},"Key challenges in the US recycling market",[5497,5499],{"type":49,"attrs":5498},{"color":274},{"type":693},{"text":2700,"type":46,"marks":5501},[5502],{"type":49,"attrs":5503},{"color":274},{"type":200,"attrs":5505,"content":5507},{"level":5506,"textAlign":2676},3,[5508,5514],{"text":5509,"type":46,"marks":5510},"Low scrap volumes and shifting chemistry landscape",[5511,5513],{"type":49,"attrs":5512},{"color":274},{"type":693},{"text":2700,"type":46,"marks":5515},[5516],{"type":49,"attrs":5517},{"color":274},{"type":40,"attrs":5519,"content":5520},{"textAlign":2676},[5521],{"text":5522,"type":46,"marks":5523},"Since 2025, US EV market growth has underperformed expectations due to policy shifts, such as the removal of the federal tax credits on EVs, resulting in repeated suspensions and cancellations of battery production projects. This has constrained upstream battery output growth and intensified competition amongst recyclers for limited production scrap feedstock, placing pressure on utilisation rates and thus margins. ",[5524],{"type":49,"attrs":5525},{"color":274},{"type":40,"attrs":5527,"content":5528},{"textAlign":2676},[5529,5534,5543,5548,5555],{"text":5530,"type":46,"marks":5531},"At the same time, the rapid expansion of the battery energy stationary storage (BESS) market alongside the shift from ",[5532],{"type":49,"attrs":5533},{"color":274},{"text":5535,"type":46,"marks":5536},"NCM to LFP chemistry",[5537,5541],{"type":55,"attrs":5538},{"href":5539,"uuid":5540,"anchor":42,"target":59,"linktype":60},"/article/lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla","c9e36cab-5f2c-4a05-9341-1aad24c0277d",{"type":49,"attrs":5542},{"color":274},{"text":5544,"type":46,"marks":5545}," is reshaping the traditional North American recycling landscape. This transition is forcing recyclers to adapt their business models to changing feedstock composition and end-market demand. For example, Redwood Materials has increased its focus on battery second-life applications, repositioning itself more directly within the ",[5546],{"type":49,"attrs":5547},{"color":274},{"text":5549,"type":46,"marks":5550},"BESS value chain",[5551,5553],{"type":55,"attrs":5552},{"href":443,"uuid":444,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":5554},{"color":274},{"text":5556,"type":46,"marks":5557},". ",[5558],{"type":49,"attrs":5559},{"color":274},{"type":40,"attrs":5561,"content":5562},{"textAlign":2676},[5563],{"text":5564,"type":46,"marks":5565},"Maintaining consistent access to feedstock remains a central factor in recycler resilience. Greater integration with upstream and downstream segments can help mitigate volatility and strengthen operational stability. ",[5566],{"type":49,"attrs":5567},{"color":274},{"type":596,"attrs":5569},{"id":5570,"body":5571},"6a16ce63-dd2a-42be-8161-21e4f3ea3941",[5572],{"id":5573,"_uid":5574,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28871648","i-389a22bf-1fc1-4228-bea9-6231cebe886f",{"type":200,"attrs":5576,"content":5577},{"level":5506,"textAlign":2676},[5578,5584],{"text":5579,"type":46,"marks":5580},"Policy uncertainty and declining DOE funding",[5581,5583],{"type":49,"attrs":5582},{"color":274},{"type":693},{"text":2700,"type":46,"marks":5585},[5586],{"type":49,"attrs":5587},{"color":274},{"type":40,"attrs":5589,"content":5590},{"textAlign":2676},[5591],{"text":5592,"type":46,"marks":5593},"Many US recyclers have historically depended on DOE funding to support expansion projects. However, increasing policy uncertainty and funding cancellations have forced companies to delay or pause capacity growth plans and seek alternative financing sources, such as private investment. This has weakened long-term visibility and increased execution risk in an already capital-intensive industry. ",[5594],{"type":49,"attrs":5595},{"color":274},{"type":40,"attrs":5597,"content":5598},{"textAlign":2676},[5599,5604],{"text":5600,"type":46,"marks":5601},"While policy support, especially DOE funding in the US, has been a major catalyst for industry growth, heavy reliance on public funding creates structural vulnerability and should not be depended upon to create a viable business model.",[5602],{"type":49,"attrs":5603},{"color":274},{"text":2700,"type":46,"marks":5605},[5606],{"type":49,"attrs":5607},{"color":5608},"#D13438",{"type":200,"attrs":5610,"content":5611},{"level":5506,"textAlign":2676},[5612,5618],{"text":5613,"type":46,"marks":5614},"Technology complexity with rising commercialisation costs",[5615,5617],{"type":49,"attrs":5616},{"color":274},{"type":693},{"text":2700,"type":46,"marks":5619},[5620],{"type":49,"attrs":5621},{"color":274},{"type":40,"attrs":5623,"content":5624},{"textAlign":2676},[5625],{"text":5626,"type":46,"marks":5627},"The complexity of technological hurdles in battery recycling, especially black mass refining, together with escalating commercialisation costs, has often been underestimated, placing increasing pressure on US recyclers. This has led several developers to revisit their original process routes to improve economics and simplify operations. ",[5628],{"type":49,"attrs":5629},{"color":274},{"type":40,"attrs":5631,"content":5632},{"textAlign":2676},[5633],{"text":5634,"type":46,"marks":5635},"Ascend Elements, for example, shifted from earlier Hydro-to-Cathode plans towards lithium carbonate production to streamline processing and enhance project viability. Similarly, Li-Cycle was forced to restructure its hub-based hydrometallurgical model, from chemical production to lithium and MHP production, amid cost overruns and scalability challenges, but ultimately failed to execute its strategy and entered bankruptcy.",[5636],{"type":49,"attrs":5637},{"color":274},"In April 2026, Ascend Elements filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. \n\nThe company faced headwinds from a slowdown in the US electric vehicle market, alongside the withdrawal of the unspent portion of its $316 million grant the US Department of Energy (DOE) for its Kentucky facility. \n\nThis marks the second bankruptcy at a major US battery recycler, following Li-Cycle’s collapse in May 2025, underscoring increasing financial stress across the sector. ",[5640,5650,5653],{"slug":5641,"name":5642,"content":5643},"jessie-xu","Jessie Xu",{"job_title":5644,"image":5645,"bio":5647,"linkedin":5648,"markets_covered":5649},"Senior Analyst - Recycling",{"filename":5646},"https://a.storyblok.com/f/287943243085208/400x400/b507d64652/jessie-xu.jpeg","Jessie is a Senior Analyst on the downstream team covering the global battery recycling market. She also leads research on the Chinese battery recycling market. She works closely on the Battey Recycling Capacity Database and Battery Recycling Forecast. Jessie graduated from the University College London with a MSc degree in Geoscience.","https://www.linkedin.com/in/jessiexu687/","Battery recycling ",{"slug":4940,"name":4941,"content":5651},{"job_title":4943,"image":5652,"bio":4946,"linkedin":4947,"markets_covered":4948},{"filename":4945},{"slug":5654,"name":5655,"content":5656},"beatrice-browning","Beatrice Browning",{"job_title":5657,"image":5658,"bio":5660,"linkedin":5661,"markets_covered":4955},"Battery Recycling Technology Lead",{"filename":5659},"https://a.storyblok.com/f/287943243085208/3035x3794/a96e9c1415/beatrice-browning-2024-2.jpg","Beatrice is the Battery Recycling Technology Lead at Benchmark Mineral Intelligence, who has been working in the lithium ion battery recycling space for 6 years. She has been involved with Benchmark's recycling forecast since March 2022, tracking regional advancements in battery recycling infrastructure, technologies, and policy frameworks to build up a global understanding of the lithium-ion battery recycling market. She completed her PhD in battery recycling in March 2024, which has given her an in-depth technical understanding of lithium-ion battery recycling techniques.","https://www.linkedin.com/in/dr-beatrice-browning-20940b78/",[5663],{"slug":4954,"name":4955},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":5665},{},{"id":5667,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":5668,"copyright":274,"fieldtype":275,"meta_data":5669,"is_external_url":282},129065133139506,"https://a.storyblok.com/f/287943243085208/93edcc0388/bm-ascend-elements-recycling.jpg",{},"In April 2026, Ascend Elements filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. ",{"id":5672,"uuid":3711,"name":5673,"slug":5674,"full_slug":5675,"content":5676},173596051486739,"The fast charging competition between CATL and BYD","the-fast-charging-competition-between-catl-and-byd","article/the-fast-charging-competition-between-catl-and-byd",{"_uid":5677,"date":5678,"tags":5679,"editor":5685,"content":5689,"excerpt":5862,"featured":258,"reporter":5863,"component":260,"seo_title":5673,"categories":5877,"visibility":783,"data_vis_image":5883,"featured_image":5885,"seo_description":5889,"formattedDate":5890},"aaa9e898-0841-4914-a956-c98bb72d298b","2026-05-06 00:00",[5680,5681,5682],{"slug":3677,"name":3678},{"slug":1339,"name":1340},{"slug":5683,"name":5684},"charging","Charging",[5686],{"slug":656,"name":657,"content":5687},{"job_title":659,"image":5688,"bio":662,"linkedin":663},{"filename":661},{"type":37,"content":5690},[5691,5714,5731,5740,5748,5755,5763,5771,5779,5787,5796,5818,5840,5848,5856],{"type":40,"attrs":5692,"content":5693},{"textAlign":42},[5694,5700,5709],{"text":5695,"type":46,"marks":5696},"Both CATL and BYD have made announcements renewing their commitment to ",[5697],{"type":49,"attrs":5698},{"color":5699},"windowtext",{"text":5701,"type":46,"marks":5702},"fast charging",[5703,5707],{"type":55,"attrs":5704},{"href":5705,"uuid":5706,"anchor":42,"target":678,"linktype":60},"/article/infographic-comparing-ev-charging-networks-worldwide","d4873e1a-a71e-4dea-8f82-e099ff0f8879",{"type":49,"attrs":5708},{"color":5699},{"text":5710,"type":46,"marks":5711}," this year, pushing faster, ultra-high charging speeds up to 15C even as existing technologies have approached the refuelling time of internal combustion engine (ICE) vehicles.",[5712],{"type":49,"attrs":5713},{"color":5699},{"type":40,"attrs":5715,"content":5716},{"textAlign":42},[5717,5726],{"text":5718,"type":46,"marks":5719},"Competition between the two firms",[5720,5724],{"type":55,"attrs":5721},{"href":5722,"uuid":5723,"anchor":42,"target":678,"linktype":60},"/article/is-byd-using-lmfp-for-blade-2-0-and-what-would-this-mean-for-manganese-","27a25c0a-b17f-46c1-a750-10f514e8bb13",{"type":49,"attrs":5725},{"color":5699},{"text":5727,"type":46,"marks":5728}," on charging speed, highlighted again at CATL’s 2026 Tech Day event last month, comes as progress on energy density has slowed for lithium iron phosphate (LFP) batteries.",[5729],{"type":49,"attrs":5730},{"color":5699},{"type":200,"attrs":5732,"content":5733},{"level":202,"textAlign":42},[5734],{"text":5735,"type":46,"marks":5736},"Fast charging replacing density as key battleground",[5737,5739],{"type":49,"attrs":5738},{"color":5699},{"type":693},{"type":40,"attrs":5741,"content":5742},{"textAlign":42},[5743],{"text":5744,"type":46,"marks":5745},"Following the launch of BYD’s Blade II earlier this year, CATL introduced Shenxing III, widely seen as a competitive response. Both batteries use LFP-based chemistries and have ultra-fast charging capabilities.",[5746],{"type":49,"attrs":5747},{"color":5699},{"type":596,"attrs":5749},{"id":5750,"body":5751},"cc8dbb00-070d-4901-9ec2-2c039e4ab4ed",[5752],{"id":5753,"_uid":5754,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28835236","i-a5247011-f038-4de4-a9c8-caba4bc4536f",{"type":40,"attrs":5756,"content":5757},{"textAlign":42},[5758],{"text":5759,"type":46,"marks":5760},"Benchmark battery technology analyst Xin Chen noted that CATL has not framed Shenxing III as representing a step-change in energy density, where LFP is likely approaching a practical ceiling.",[5761],{"type":49,"attrs":5762},{"color":5699},{"type":40,"attrs":5764,"content":5765},{"textAlign":42},[5766],{"text":5767,"type":46,"marks":5768},"CATL's previous, fifth-generation LFP cells achieved an energy density of 205Wh/kg, which is very close to the theoretical limit of LFP.",[5769],{"type":49,"attrs":5770},{"color":5699},{"type":40,"attrs":5772,"content":5773},{"textAlign":42},[5774],{"text":5775,"type":46,"marks":5776},"“Making further gains is increasingly difficult without a change in chemistry or system design,” Xin added. “As a result, the development focus is likely shifting toward alternative directions, with fast charging, low-temperature performance, and lifecycle durability emerging as the new competitive frontiers.”",[5777],{"type":49,"attrs":5778},{"color":5699},{"type":40,"attrs":5780,"content":5781},{"textAlign":42},[5782],{"text":5783,"type":46,"marks":5784},"In this context, CATL has positioned Shenxing III with a significantly higher peak charging capability (up to 15C) compared with BYD (8C). Yet 8C charging is already approaching the refuelling time of an ICE vehicle, and there is a well-recognised trade-off between ultra-fast charging and cycle life degradation.",[5785],{"type":49,"attrs":5786},{"color":5699},{"type":200,"attrs":5788,"content":5789},{"level":202,"textAlign":42},[5790],{"text":5791,"type":46,"marks":5792},"Addressing cell degradation",[5793,5795],{"type":49,"attrs":5794},{"color":5699},{"type":693},{"type":40,"attrs":5797,"content":5798},{"textAlign":42},[5799,5804,5813],{"text":5800,"type":46,"marks":5801},"Fast charging is associated with both ",[5802],{"type":49,"attrs":5803},{"color":5699},{"text":5805,"type":46,"marks":5806},"accelerated degradation",[5807,5811],{"type":55,"attrs":5808},{"href":5809,"uuid":5810,"anchor":42,"target":678,"linktype":60},"/article/fast-charging-increasingly-driving-ev-battery-degradation","46750879-a447-41c0-be37-caf7180c42b5",{"type":49,"attrs":5812},{"color":5699},{"text":5814,"type":46,"marks":5815}," via lithium plating and elevated battery temperatures during charging. The two firms are both looking to reduce heat generation and improve heat dissipation, though they are each taking different technical approaches.",[5816],{"type":49,"attrs":5817},{"color":5699},{"type":40,"attrs":5819,"content":5820},{"textAlign":42},[5821,5826,5835],{"text":5822,"type":46,"marks":5823},"CATL’s Shenxing III reduces internal resistance to around 0.25 mΩ, reportedly among the lowest in the industry. ",[5824],{"type":49,"attrs":5825},{"color":5699},{"text":5827,"type":46,"marks":5828},"BYD’s Blade II",[5829,5833],{"type":55,"attrs":5830},{"href":5831,"uuid":5832,"anchor":42,"target":678,"linktype":60},"/article/byd-launches-much-anticipated-blade-2-battery","bbd6953f-b16b-4e77-967f-8242cfad5d74",{"type":49,"attrs":5834},{"color":5699},{"text":5836,"type":46,"marks":5837},", meanwhile, improves electrochemical efficiency through electrolyte optimisation and enhanced solid-electrolyte interphase (SEI) formation, which also helps reduce internal resistance by improving ion transport.",[5838],{"type":49,"attrs":5839},{"color":5699},{"type":40,"attrs":5841,"content":5842},{"textAlign":42},[5843],{"text":5844,"type":46,"marks":5845},"On heat dissipation, both companies are upgrading thermal management systems. CATL uses a shoulder-region cooling design that enhances heat extraction at the tab area, where localised heating is most severe. BYD leverages the intrinsic thermal advantage of its blade cell architecture, which provides a larger heat dissipation surface. This is further enhanced in its Blade II battery through double-sided direct liquid cooling.",[5846],{"type":49,"attrs":5847},{"color":5699},{"type":40,"attrs":5849,"content":5850},{"textAlign":42},[5851],{"text":5852,"type":46,"marks":5853},"Beyond cell and system-level optimisation, CATL also adopts a distinct approach to fast charging infrastructure compared with BYD. BYD’s flash-charging stations are designed with a relatively simple architecture, enabling easier installation and deployment. In contrast, CATL has introduced the ‘Choco-Swap’ battery charging station, which offers both ultra-fast charging and battery swapping. These stations function not only as charging hubs, but also as distributed energy storage and grid-balancing node.",[5854],{"type":49,"attrs":5855},{"color":5699},{"type":596,"attrs":5857},{"id":5750,"body":5858},[5859],{"id":5860,"_uid":5861,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28836073","i-50ddbc7a-4fe0-40bd-876d-a8e1cc8be484","Both CATL and BYD have made announcements renewing their commitment to fast charging this year, pushing faster, ultra-high charging speeds up to 15C even as existing technologies have approached the refuelling time of internal combustion engine (ICE) vehicles.\n\nCompetition between the two firms on charging speed, highlighted again at CATL’s 2026 Tech Day event last month, comes as progress on energy density has slowed for lithium iron phosphate (LFP) batteries.",[5864,5874],{"slug":5865,"name":5866,"content":5867},"xin-chen","Xin Chen",{"job_title":5868,"image":5869,"bio":5871,"linkedin":5872,"markets_covered":5873},"Analyst - Battery Technology",{"filename":5870},"https://a.storyblok.com/f/287943243085208/512x512/bd01e707af/xin-chen.jpeg","Xin holds a PhD in Chemistry from the University of St Andrews and has over five years of research experience in developing cathode materials for sodium-ion and potassium-ion batteries. Currently, as a new battery technology analyst, Xin contributes to the New Technology Report and manages a comprehensive database tracking emerging battery technologies. My work also supports BESS, EV, and silicon-based anode products, providing detailed technology highlights for reports such as the BESS Outlook, EV & Battery Forecast, and other industry publications.","https://www.linkedin.com/in/xin-chen-battery/","New Technology, BESS, EV, Silicon Anode",{"slug":947,"name":948,"content":5875},{"job_title":950,"image":5876,"bio":953,"linkedin":954,"markets_covered":955},{"filename":952},[5878,5879,5882],{"slug":264,"name":265},{"slug":5880,"name":5881},"battery-technology","Battery Technology",{"slug":267,"name":268},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":5884},{},{"id":5886,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":5887,"copyright":274,"fieldtype":275,"meta_data":5888,"is_external_url":282},129064587089142,"https://a.storyblok.com/f/287943243085208/005d0156fa/bm-a-new-ford-mustang-mach-e-gt-x-electric-vehicle-parking-at-electrify-america-ev-charging-station.jpg",{},"Both CATL and BYD have made announcements renewing their commitment to fast charging this year, pushing faster, ultra-high charging speeds up to 15C even as existing technologies near the refuelling time of internal combustion engine (ICE) vehicles.","May 06, 2026",{"id":5892,"uuid":3722,"name":5893,"slug":5894,"full_slug":5895,"content":5896},171868609960235,"China-made EVs boost in Europe in March amid higher fuel prices","china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices",{"_uid":5897,"date":5898,"tags":5899,"editor":5904,"content":5908,"excerpt":6050,"featured":258,"reporter":6051,"component":260,"seo_title":6055,"categories":6056,"visibility":783,"data_vis_image":6059,"featured_image":6063,"seo_description":6065,"formattedDate":6066},"0f9eb5a2-aa7c-4ac9-bb3f-20e384deed68","2026-05-01 00:00",[5900,5901,5902,5903],{"slug":4047,"name":4048},{"slug":806,"name":807},{"slug":810,"name":811},{"slug":803,"name":804},[5905],{"slug":28,"name":29,"content":5906},{"job_title":31,"image":5907,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":5909},[5910,5944,5961,5968,5977,5985,5994,6025,6033,6041],{"type":40,"attrs":5911,"content":5912},{"textAlign":42},[5913,5918,5927,5932,5939],{"text":5914,"type":46,"marks":5915},"Interest in ",[5916],{"type":49,"attrs":5917},{"color":274},{"text":5919,"type":46,"marks":5920},"EVs rose globally in March 2026",[5921,5925],{"type":55,"attrs":5922},{"href":5923,"uuid":5924,"anchor":42,"target":59,"linktype":60},"/article/clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices","3b25b657-92e9-4b2a-9fe0-95c159fc48ef",{"type":49,"attrs":5926},{"color":274},{"text":5928,"type":46,"marks":5929}," amid higher fuel prices due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz. A significant number of markets around the world experienced greater ",[5930],{"type":49,"attrs":5931},{"color":274},{"text":5933,"type":46,"marks":5934},"EV sales growth ",[5935,5937],{"type":55,"attrs":5936},{"href":4109,"uuid":4110,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":5938},{"color":274},{"text":5940,"type":46,"marks":5941},"after the conflict broke out than before. Sales of passenger car and light duty EVs in Europe were up 33% year-on-year in March, having grown just 19% year-on-year in the first two months of the year.  ",[5942],{"type":49,"attrs":5943},{"color":274},{"type":40,"attrs":5945,"content":5946},{"textAlign":2676},[5947,5956],{"text":5948,"type":46,"marks":5949},"EVs made in China",[5950,5954],{"type":55,"attrs":5951},{"href":5952,"uuid":5953,"anchor":42,"target":59,"linktype":60},"/article/us-resists-rapid-global-expansion-of-chinese-bev-market-share","73900094-bdce-4976-8269-2039fb4d744d",{"type":49,"attrs":5955},{"color":274},{"text":5957,"type":46,"marks":5958}," have been a major driver of rising global demand and have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March, up from 39% growth recorded over the first two months of the year. Translating to a boost in their European EV market share, which rose from 20% in January and February to 24% in March.",[5959],{"type":49,"attrs":5960},{"color":274},{"type":596,"attrs":5962},{"id":5963,"body":5964},"fe1046a4-42f0-4d84-9e48-1086857b87a9",[5965],{"id":5966,"_uid":5967,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28785488","i-de82126a-fc5c-4d7a-9a36-df3fb008c02b",{"type":200,"attrs":5969,"content":5970},{"level":202,"textAlign":2676},[5971],{"text":5972,"type":46,"marks":5973},"Which vehicle manufacturers drove the sales increase? ",[5974,5976],{"type":49,"attrs":5975},{"color":274},{"type":693},{"type":40,"attrs":5978,"content":5979},{"textAlign":2676},[5980],{"text":5981,"type":46,"marks":5982},"The sale of China-made Tesla Model 3s in Europe was responsible for half of the four-percentage point increase in the market share of China-made EVs in March compared to the first two months of the year. After Tesla, Chery experienced the greatest rise in market share, which grew by more than one percentage point. This is underpinned by its efforts to scale up deliveries of the Jaecoo and Omoda brands in the region. The Jaecoo 7 was the fifth best-selling EV in the region in March and was the best-selling EV in the UK in Q1, with the second best-selling EV in the UK also a Chinese model, the BYD Seal U DM-i. ",[5983],{"type":49,"attrs":5984},{"color":274},{"type":200,"attrs":5986,"content":5987},{"level":202,"textAlign":2676},[5988],{"text":5989,"type":46,"marks":5990},"Chinese brands are set to continue their expansion into Europe ",[5991,5993],{"type":49,"attrs":5992},{"color":274},{"type":693},{"type":40,"attrs":5995,"content":5996},{"textAlign":2676},[5997,6006,6011,6020],{"text":5998,"type":46,"marks":5999},"Chinese EV manufactures are increasing their presence in Europe",[6000,6004],{"type":55,"attrs":6001},{"href":6002,"uuid":6003,"anchor":42,"target":59,"linktype":60},"/article/infographic-share-chinese-brands-in-overseas-ev-sales","f983545f-2371-40f2-ae36-722bf28d0e63",{"type":49,"attrs":6005},{"color":274},{"text":6007,"type":46,"marks":6008}," despite the EU’s tariffs on Chinese made BEVs introduced in October 2024. BYD grew its market share in Europe from 2% in 2024 to 6% in 2025, with a further increase to 7% in the opening quarter of 2026, in part due to a greater focus on PHEVs but also through BEV sales growth. Its production facility in ",[6009],{"type":49,"attrs":6010},{"color":274},{"text":6012,"type":46,"marks":6013},"Hungary",[6014,6018],{"type":55,"attrs":6015},{"href":6016,"uuid":6017,"anchor":42,"target":59,"linktype":60},"/article/what-hungary-s-election-outcome-means-for-its-battery-industry","8680dd72-8d8e-4eb8-96a5-4f10271f666e",{"type":49,"attrs":6019},{"color":274},{"text":6021,"type":46,"marks":6022}," is set to begin mass production in the next two months, enabling it to circumnavigate the EU’s tariff and further grow its market share in the region. ",[6023],{"type":49,"attrs":6024},{"color":274},{"type":40,"attrs":6026,"content":6027},{"textAlign":2676},[6028],{"text":6029,"type":46,"marks":6030},"Other Chinese manufactures are also seeking to establish EV production capacity in Europe as means to elevate their local presence. SAIC is said to be considering Spain to manufacture EVs for its MG brand, it had previously been reported that it was considering Hungary as a potential location. Both Chery and Dongfeng are said to be in talks with Nissan to sublease part of its Sunderland production facility.  ",[6031],{"type":49,"attrs":6032},{"color":274},{"type":40,"attrs":6034,"content":6035},{"textAlign":2676},[6036],{"text":6037,"type":46,"marks":6038},"As Chinese vehicle brands establish more EV production capacity in Europe, shorter supply chains and reduced exposure to tariffs will enhance their ability to compete within the region’s EV market. European markets that have so far been resilient against the arrival of Chinese EVs, such as France due to the structure of its subsidy scheme as well as strong loyalty to national brands, could begin to see that change.",[6039],{"type":49,"attrs":6040},{"color":274},{"type":40,"attrs":6042,"content":6043},{"textAlign":2676},[6044],{"text":6045,"type":46,"marks":6046},"This article draws on expert insights and analysis from Benchmark's EV & Battery Service. To learn more about this Service, fill out the form below and one of the team will be in touch.",[6047,6049],{"type":49,"attrs":6048},{"color":274},{"type":483},"Interest in EVs rose globally in March 2026 amid higher fuel prices due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz. A significant number of markets around the world experienced greater EV sales growth after the conflict broke out than before. Sales of passenger car and light duty EVs in Europe were up 33% year-on-year in March, having grown just 19% year-on-year in the first two months of the year.  \n\nChina-made EVs have been a major driver of rising global demand and have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March, up from 39% growth recorded over the first two months of the year. Translating to a boost in their European EV market share, which rose from 20% in January and February to 24% in March.",[6052],{"slug":1511,"name":1512,"content":6053},{"job_title":1514,"image":6054,"bio":1517,"linkedin":1518,"markets_covered":1519},{"filename":1516},"Chinese-made EVs boost in Europe in March amid higher fuel prices",[6057,6058],{"slug":267,"name":268},{"slug":264,"name":265},{"id":6060,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6061,"copyright":274,"fieldtype":275,"meta_data":6062,"is_external_url":282},171871044434816,"https://a.storyblok.com/f/287943243085208/1588x1384/cb880ffd61/chinese-evs-in-europe-iran-2x.png",{},{"id":1529,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":1530,"copyright":274,"fieldtype":275,"meta_data":6064,"is_external_url":282},{},"Interest in EVs rose globally in March 2026 amid higher fuel prices due to the ongoing conflict in the Middle East. Chinese-made EVs have benefited the most from the surge, with sales in Europe increasing 78% year-on-year in March.","May 01, 2026",{"id":6068,"uuid":829,"name":6069,"slug":6070,"full_slug":6071,"content":6072},171841961546330,"The top energy storage cell suppliers and system integrators in 2025","the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025",{"_uid":6073,"date":5898,"tags":6074,"editor":6121,"content":6125,"excerpt":6378,"featured":282,"reporter":6379,"component":260,"seo_title":274,"categories":6392,"visibility":272,"data_vis_image":6396,"featured_image":6398,"seo_description":274,"formattedDate":6066},"3a730302-9186-4cce-a997-cb5cc4a579ae",[6075,6076,6077,6078,6081,6084,6087,6090,6093,6096,6099,6102,6105,6108,6111,6114,6117,6120],{"slug":1339,"name":1340},{"slug":3677,"name":3678},{"slug":991,"name":992},{"slug":6079,"name":6080},"hyperstrong","HyperStrong",{"slug":6082,"name":6083},"fluence","Fluence",{"slug":6085,"name":6086},"eve-energy","EVE Energy",{"slug":6088,"name":6089},"gotion","Gotion",{"slug":6091,"name":6092},"calb","CALB",{"slug":6094,"name":6095},"rept-battero","REPT Battero",{"slug":6097,"name":6098},"cornex","Cornex",{"slug":6100,"name":6101},"hithium","HiTHIUM",{"slug":6103,"name":6104},"envision","Envision",{"slug":6106,"name":6107},"huawei","Huawei",{"slug":6109,"name":6110},"sunwoda","Sunwoda",{"slug":6112,"name":6113},"sungrow","Sungrow",{"slug":6115,"name":6116},"great-power","Great Power",{"slug":6118,"name":6119},"crrc","CRRC",{"slug":803,"name":804},[6122],{"slug":28,"name":29,"content":6123},{"job_title":31,"image":6124,"bio":34,"linkedin":35},{"filename":33},{"type":37,"content":6126},[6127,6157,6190,6198,6218,6253,6274,6282,6290,6298,6306,6314,6322,6330,6343,6351,6359,6368],{"type":40,"attrs":6128,"content":6129},{"textAlign":42},[6130,6135,6141,6146,6153],{"text":6131,"type":46,"marks":6132},"In 2025, over 600GWh of cells were shipped globally for ",[6133],{"type":49,"attrs":6134},{"color":51},{"text":824,"type":46,"marks":6136},[6137,6139],{"type":55,"attrs":6138},{"href":1257,"uuid":1258,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":6140},{"color":51},{"text":6142,"type":46,"marks":6143}," (BESS) applications, almost double that of 2024 as assessed by ",[6144],{"type":49,"attrs":6145},{"color":51},{"text":6147,"type":46,"marks":6148},"Benchmark's Battery Energy Stationary Storage Service",[6149,6151],{"type":55,"attrs":6150},{"href":851,"uuid":42,"anchor":42,"target":59,"linktype":334},{"type":49,"attrs":6152},{"color":51},{"text":380,"type":46,"marks":6154},[6155],{"type":49,"attrs":6156},{"color":51},{"type":40,"attrs":6158,"content":6159},{"textAlign":42},[6160,6165,6174,6179,6186],{"text":6161,"type":46,"marks":6162},"Combined, the top 10 BESS ",[6163],{"type":49,"attrs":6164},{"color":51},{"text":6166,"type":46,"marks":6167},"cell suppliers",[6168,6172],{"type":55,"attrs":6169},{"href":6170,"uuid":6171,"anchor":42,"target":59,"linktype":60},"/article/the-top-five-battery-producers-past-present-and-future","5a87817c-f839-49ea-9a92-ccb5a2952b63",{"type":49,"attrs":6173},{"color":51},{"text":6175,"type":46,"marks":6176}," in 2025 accounted for 90% of cells shipped and all are ",[6177],{"type":49,"attrs":6178},{"color":51},{"text":6180,"type":46,"marks":6181},"headquartered in China",[6182,6184],{"type":55,"attrs":6183},{"href":1091,"uuid":1092,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":6185},{"color":51},{"text":380,"type":46,"marks":6187},[6188],{"type":49,"attrs":6189},{"color":51},{"type":40,"attrs":6191,"content":6192},{"textAlign":42},[6193],{"text":6194,"type":46,"marks":6195},"“Notably the Korean cell manufacturers are missing from the top 10,” said Iola Hughes, Benchmark’s Head of Research. “That is likely to change in the coming years with significant commitments now made to BESS, in particular in the US market.”",[6196],{"type":49,"attrs":6197},{"color":51},{"type":40,"attrs":6199,"content":6200},{"textAlign":42},[6201,6206,6213],{"text":6202,"type":46,"marks":6203},"In its Q1 financial report, ",[6204],{"type":49,"attrs":6205},{"color":51},{"text":6207,"type":46,"marks":6208},"LGES stated",[6209,6211],{"type":55,"attrs":6210},{"href":5539,"uuid":5540,"anchor":42,"target":59,"linktype":60},{"type":49,"attrs":6212},{"color":51},{"text":6214,"type":46,"marks":6215}," it is targeting over 50GWh of production capacity by the end of 2026. If it were to produce at this level, LGES would likely climb to within the top 10.",[6216],{"type":49,"attrs":6217},{"color":51},{"type":40,"attrs":6219,"content":6220},{"textAlign":42},[6221,6229,6238,6243,6245,6252],{"type":1581,"attrs":6222,"marks":6226},{"id":6223,"alt":274,"src":6224,"title":274,"source":274,"copyright":274,"meta_data":6225},171852754434440,"https://a.storyblok.com/f/287943243085208/3348x2475/86be51ce37/benchmark-top-10-bess-cell-suppliers-2025.png",{},[6227],{"type":55,"attrs":6228},{"href":851,"uuid":42,"anchor":42,"target":59,"linktype":334},{"text":6230,"type":46,"marks":6231},"CATL continued to be the top supplier",[6232,6236],{"type":55,"attrs":6233},{"href":6234,"uuid":6235,"anchor":42,"target":59,"linktype":60},"/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth","508da94f-bb3a-4c2e-a103-9a22048151f3",{"type":49,"attrs":6237},{"color":51},{"text":6239,"type":46,"marks":6240}," of BESS cells in 2025, representing 20% of the market. However, this is down from the 29% share the company held in 2024 and 32% share in 2023. Towards the end of 2025, it secured a three-year 200GWh deal to provide cells to system integrator HyperStrong. This deal was expand",[6241],{"type":49,"attrs":6242},{"color":51},{"text":6244,"type":46},"ed to include 60GWh of ",{"text":6246,"type":46,"marks":6247},"CATL’s sodium ion BESS cells in April 2026",[6248],{"type":55,"attrs":6249},{"href":6250,"uuid":6251,"anchor":42,"target":59,"linktype":60},"/article/hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement","559ec0b3-b734-4f91-9dcf-4c2548f38fe3",{"text":380,"type":46},{"type":40,"attrs":6254,"content":6255},{"textAlign":42},[6256,6261,6269],{"text":6257,"type":46,"marks":6258},"HiTHIUM and EVE Energy are both gaining ground on ",[6259],{"type":49,"attrs":6260},{"color":51},{"text":1340,"type":46,"marks":6262},[6263,6267],{"type":55,"attrs":6264},{"href":6265,"uuid":6266,"anchor":42,"target":59,"linktype":60},"/article/charting-the-evolution-of-catls-revenue-streams","62db0e85-b8ad-4ea7-80c5-d285c4b019c0",{"type":49,"attrs":6268},{"color":51},{"text":6270,"type":46,"marks":6271},". The two companies took second and third spots, respectively, with around 12% of the market each.",[6272],{"type":49,"attrs":6273},{"color":51},{"type":40,"attrs":6275,"content":6276},{"textAlign":42},[6277],{"text":6278,"type":46,"marks":6279},"For HiTHIUM, this is a substantial jump from fourth position in 2024 when it represented 9% of BESS cells shipped. The company signed a five-year, 120GWh cooperation agreement in December 2025 with system integrator CRRC.",[6280],{"type":49,"attrs":6281},{"color":51},{"type":40,"attrs":6283,"content":6284},{"textAlign":42},[6285],{"text":6286,"type":46,"marks":6287},"Although EVE Energy dropped down to third from second in 2024, it is still strongly competitive. In 2025 the company secured more than 10 cell offtakes of at least 1GWh including 50GWh with HyperStrong and 20GWh with Rochenergy. EVE Energy has also had a strong start to 2026, with over 40GWh of offtakes signed in the first quarter.",[6288],{"type":49,"attrs":6289},{"color":51},{"type":40,"attrs":6291,"content":6292},{"textAlign":42},[6293],{"text":6294,"type":46,"marks":6295},"Another rapidly rising competitor is CORNEX, which has over 400GWh of production capacity under construction with a further 100GWh in the pipeline, though this is for both EV and BESS applications.",[6296],{"type":49,"attrs":6297},{"color":51},{"type":200,"attrs":6299,"content":6300},{"level":202,"textAlign":42},[6301],{"text":6302,"type":46,"marks":6303},"Who were the top BESS system integrators in 2025?",[6304],{"type":49,"attrs":6305},{"color":51},{"type":40,"attrs":6307,"content":6308},{"textAlign":42},[6309],{"text":6310,"type":46,"marks":6311},"In 2025, around 460GWh of BESS systems were shipped globally with the market highly dominated by Chinese system integrators. Tesla and Fluence, both based in the US, are the only system integrators in the top 10 which are headquartered outside of China.",[6312],{"type":49,"attrs":6313},{"color":51},{"type":40,"attrs":6315,"content":6316},{"textAlign":42},[6317],{"text":6318,"type":46,"marks":6319},"BYD overtook Tesla in 2025 to take the top spot for BESS systems, with Tesla now in second place and Sungrow in third. The three companies combined represented around a third of the systems market in 2025.",[6320],{"type":49,"attrs":6321},{"color":51},{"type":40,"attrs":6323,"content":6324},{"textAlign":42},[6325],{"text":6326,"type":46,"marks":6327},"At the start of 2025, BYD signed to deliver a 12.5GWh BESS project with the Saudi Electricity Company, adding to the 2.6GWh already delivered.",[6328],{"type":49,"attrs":6329},{"color":51},{"type":40,"attrs":6331,"content":6332},{"textAlign":42},[6333,6338],{"type":1581,"attrs":6334},{"id":6335,"alt":274,"src":6336,"title":274,"source":274,"copyright":274,"meta_data":6337},171852754446729,"https://a.storyblok.com/f/287943243085208/3348x2475/c22864e287/benchmark-top-10-system-integrators-2025.png",{},{"text":6339,"type":46,"marks":6340},"Tesla’s BESS deployments for the full year 2025 reached 46.7GWh, growing 49% year-on-year, according to its annual report. The company says it will begin production of Megapack 3 at its Houston Megafactory in 2026, ramping up to 50GWh of manufacturing capacity. That said, Tesla has had a weaker start to 2026, with Q1 2026 BESS system installations down 15% year-on-year.",[6341],{"type":49,"attrs":6342},{"color":51},{"type":40,"attrs":6344,"content":6345},{"textAlign":42},[6346],{"text":6347,"type":46,"marks":6348},"BESS systems were the largest revenue segment for Sungrow in 2025, reaching 42% of total revenue surpassing its photovoltaic inverter business which accounted for 36%.",[6349],{"type":49,"attrs":6350},{"color":51},{"type":40,"attrs":6352,"content":6353},{"textAlign":42},[6354],{"text":6355,"type":46,"marks":6356},"Many smaller Tier 2 and Tier 3 players reduced their net revenues in order to compete for market share leading to a price war and involution. As such, the share of companies outside the top 10 grew to 32% in 2025 compared to 18% in 2024.",[6357],{"type":49,"attrs":6358},{"color":51},{"type":40,"attrs":6360,"content":6361},{"textAlign":42},[6362],{"text":6363,"type":46,"marks":6364},"The insights in this article were drawn from Benchmark’s Battery Energy Stationary Storage Service. To learn more about this, please fill in the form below and one of the team will be in touch:",[6365,6367],{"type":49,"attrs":6366},{"color":51},{"type":483},{"type":596,"attrs":6369},{"id":6370,"body":6371},"885b332e-3048-4002-b8a9-4b4088e47352",[6372],{"id":601,"_uid":6373,"component":603,"wrap_in_box":282,"redirect_url":6374,"success_file":6375,"default_height":274,"success_message":274,"v2_hubspot_form":282,"success_sub_text":274,"hidden_field_values":6377,"show_on_intelligence":282},"i-85472cde-6418-4314-a266-2cbd3675a175",{"id":274,"url":274,"linktype":60,"fieldtype":605,"cached_url":274},{"id":42,"alt":42,"name":274,"focus":42,"title":42,"source":42,"filename":274,"copyright":42,"fieldtype":275,"meta_data":6376},{},[],"In 2025, over 600GWh of cells were shipped globally for battery energy stationary storage (BESS) applications, almost double that of 2024 as assessed by Benchmark Mineral Intelligence, a leading specialist in battery supply chain research.\nCombined, the top 10 BESS cell suppliers in 2025 accounted for 90% of cells shipped and all are headquartered in China.\n",[6380,6389],{"slug":6381,"name":6382,"content":6383},"calvin-xu","Calvin Xu",{"job_title":6384,"image":6385,"bio":6387,"linkedin":6388,"markets_covered":965},"Analyst - BESS",{"filename":6386},"https://a.storyblok.com/f/287943243085208/512x512/096bdfc0f7/calvin-xu.png","Calvin is a BESS Analyst focusing on China market. 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2026","benchmark-opening-keynote-welcome-to-giga-us-2026","videos/benchmark-opening-keynote-welcome-to-giga-us-2026",{"_uid":6771,"date":12,"tags":6772,"event":16,"speaker":6775,"vimeoId":6776,"duration":6777,"featured":258,"component":6433,"seo_title":6767,"thumbnail":6778,"categories":6782,"visibility":272,"description":6792,"previewVimeoId":274,"seo_description":6792,"formattedDate":284},"4184e26b-ba83-45d2-8837-0f69479664dc",[6773,6774],{"slug":15,"name":16},{"slug":6426,"name":6427},"Andy Miller, CEO, Benchmark","1199832917","506",{"id":6779,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6780,"copyright":274,"fieldtype":275,"meta_data":6781,"is_external_url":282},185920821005858,"https://a.storyblok.com/f/287943243085208/1920x1080/75f1da2d7b/andy-miller-giga-us-2026.jpg",{},[6783,6784,6785,6788,6789,6790,6791],{"slug":264,"name":265},{"slug":621,"name":622},{"slug":6786,"name":6787},"new-energy","New Energy",{"slug":624,"name":625},{"slug":343,"name":627},{"slug":270,"name":271},{"slug":267,"name":268},"Benchmark CEO Andy Miller opens Giga US 2026 with a summary of the key events over the last year which have impacted energy transition supply chains.",{"id":6794,"uuid":6795,"name":6796,"slug":6797,"full_slug":6798,"content":6799},186028941820455,"15e7edd4-97dd-46e1-90b6-c66d33f43e6a","Benchmark Presentation: Copper Market Outlook","copper-market-outlook-2026","videos/copper-market-outlook-2026",{"_uid":6800,"date":12,"tags":6801,"event":16,"speaker":6803,"vimeoId":6804,"duration":6805,"featured":282,"component":6433,"seo_title":6806,"thumbnail":6807,"categories":6811,"visibility":783,"description":6815,"previewVimeoId":274,"seo_description":6815,"formattedDate":284},"2560330e-26ad-4a90-b211-45f40848ff98",[6802],{"slug":15,"name":16},"Albert Mackenzie, copper analyst, Benchmark","1200114788","638","Copper Market Outlook 2026",{"id":6808,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6809,"copyright":274,"fieldtype":275,"meta_data":6810,"is_external_url":282},186029015966063,"https://a.storyblok.com/f/287943243085208/1920x1080/0fdca92938/albert-m-copper-outloook-giga-us-2026.jpg",{},[6812,6813,6814],{"slug":1961,"name":1962},{"slug":621,"name":622},{"slug":624,"name":625},"Benchmark's Albert Mackenzie delivers a keynote on the state of the copper market",{"id":6817,"uuid":6818,"name":6819,"slug":6820,"full_slug":6821,"content":6822},185684637684358,"11b08d43-06ea-44ed-ab5f-06c88db5a731","Technology as an enabler for Western critical minerals refining: Interview with Nth Cycle’s Megan O’Connor","technology-as-an-enabler-for-western-critical-minerals-refining-interview-with-nth-cycle-s-megan-o-connor","videos/technology-as-an-enabler-for-western-critical-minerals-refining-interview-with-nth-cycle-s-megan-o-connor",{"_uid":6823,"date":6824,"tags":6825,"event":6831,"speaker":6832,"vimeoId":6833,"duration":6834,"featured":258,"component":6433,"seo_title":6835,"thumbnail":6836,"categories":6840,"visibility":272,"description":6848,"previewVimeoId":274,"seo_description":6849,"formattedDate":6850},"0218db1f-de71-49b2-9b43-4d60f8d999a5","2026-06-09 00:00",[6826,6829],{"slug":6827,"name":6828},"nth-cycle","Nth Cycle",{"slug":6830,"name":6831},"power-players","Power Players","Megan O'Connor, co-founder and CEO, Nth Cycle; Matthew Bird, Senior Editor, Benchmark","1199798720","1571","Technology as an enabler for Western critical minerals refining",{"id":6837,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6838,"copyright":274,"fieldtype":275,"meta_data":6839,"is_external_url":282},185685363436968,"https://a.storyblok.com/f/287943243085208/1920x1080/b9d9721623/megan-o-connor.jpg",{},[6841,6842,6843,6844,6845,6846,6847],{"slug":264,"name":265},{"slug":4951,"name":4952},{"slug":1961,"name":1962},{"slug":1970,"name":1971},{"slug":4954,"name":4955},{"slug":624,"name":625},{"slug":621,"name":622},"Matthew Bird speaks with Megan O’Connor, CEO of Nth Cycle, about critical minerals refining technology and its role in enabling domestic supply chains. The conversation covers rare earths, recycling, partnerships and policy, focusing on how innovation can overcome cost, permitting and chemical dependency challenges in the US and other Western markets.","Nth Cycle CEO Megan O’Connor discusses scaling critical minerals refining and recycling in the US. Covering rare earths, battery materials and new technology, the discussion explores domestic supply chains, costs and reducing reliance on China.","Jun 09, 2026",{"id":6852,"uuid":6853,"name":6854,"slug":6855,"full_slug":6856,"content":6857},181339785811149,"37efde40-9be1-4804-a9df-822a4244bdd5","Supply Squeeze: How Sulphuric Acid Constraints Are Shaping Copper, Cobalt, Nickel & Lithium Markets","supply-squeeze-how-sulphuric-acid-constraints-are-shaping-copper-cobalt-nickel-lithium-markets","videos/supply-squeeze-how-sulphuric-acid-constraints-are-shaping-copper-cobalt-nickel-lithium-markets",{"_uid":6858,"date":1720,"tags":6859,"event":6865,"speaker":6866,"vimeoId":6867,"duration":6868,"featured":258,"component":6433,"seo_title":6869,"thumbnail":6870,"categories":6874,"visibility":783,"description":6884,"previewVimeoId":274,"seo_description":6885,"formattedDate":1982},"64d42754-d4e4-4bbf-a6c2-db3d7d9764f8",[6860,6863,6864],{"slug":6861,"name":6862},"benchmark-webinars","Benchmark Webinars",{"slug":1723,"name":1652},{"slug":1727,"name":1728},"Benchmark Webinar","Matthew Bird, Cameron Perks, Albert Mackenzie, Christophe Moulin, Roman Aubry - Benchmark","1193643779","3247","How Sulphuric Acid Constraints Are Shaping Critical Minerals",{"id":6871,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6872,"copyright":274,"fieldtype":275,"meta_data":6873,"is_external_url":282},181339831389952,"https://a.storyblok.com/f/287943243085208/1920x1080/7f5f457aa5/sulphuric-acid-webinar.jpg",{},[6875,6876,6877,6878,6879,6880,6881,6882,6883],{"slug":621,"name":622},{"slug":1697,"name":1698},{"slug":1961,"name":1962},{"slug":1613,"name":1693},{"slug":1622,"name":1965},{"slug":6480,"name":6481},{"slug":1967,"name":1968},{"slug":1970,"name":1971},{"slug":343,"name":627},"Supply disruptions in sulphur markets, driven by the Iran conflict and the closure of the Strait of Hormuz, are tightening availability of sulphuric acid, a critical input across copper and battery metal supply chains.\n\nThis Webinar examines how this emerging bottleneck is reshaping production and costs across copper, cobalt, nickel, and lithium - impacting both upstream supply and downstream processing.\n\nOur analysts explore:\n\nHow constrained sulphuric acid supply is creating a new chokepoint in global metals markets.\n\nHow acid shortages could simultaneously disrupt copper output and cobalt production in the DRC, alongside processing routes for nickel and lithium.\n\nWhat the combined impact of ongoing geopolitical disruption and potential export controls means for pricing, project viability, and supply security.","Supply disruptions in sulphur markets, driven by the Iran conflict and the closure of the Strait of Hormuz, are tightening availability of sulphuric acid, a critical input across copper and battery metal supply chains.",{"id":6887,"uuid":6888,"name":6889,"slug":6890,"full_slug":6891,"content":6892},178957593044361,"c9757c0d-9334-41ef-afab-17f081b23c6d","From NdPr to Magnets: New Price and Risk Tools for the Western Rare Earths Supply Chain","from-ndpr-to-magnets-new-price-and-risk-tools-for-the-western-rare-earths-supply-chain","videos/from-ndpr-to-magnets-new-price-and-risk-tools-for-the-western-rare-earths-supply-chain",{"_uid":6893,"date":2865,"tags":6894,"event":6865,"speaker":6897,"vimeoId":6898,"duration":6899,"featured":282,"component":6433,"seo_title":6900,"thumbnail":6901,"categories":6905,"visibility":783,"description":6908,"previewVimeoId":6909,"seo_description":6910,"formattedDate":2996},"ae3c216e-2fbb-4f8a-acc1-9189883bdc24",[6895,6896],{"slug":2871,"name":2872},{"slug":6861,"name":6862},"Neha Mukherjee, Daniel Fletcher-Manuel and George Ingall, Benchmark","1194435571","3419","New Price and Risk Tools for the Western Rare Earths Supply Chain",{"id":6902,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6903,"copyright":274,"fieldtype":275,"meta_data":6904,"is_external_url":282},178957716519783,"https://a.storyblok.com/f/287943243085208/1920x1080/8e48be52ae/pricing-the-rare-earths-transition.jpg",{},[6906,6907],{"slug":1970,"name":1971},{"slug":621,"name":622},"In this webinar, Benchmark's Neha Mukherjee, Daniel Fletcher-Manuel and George Ingall examine how new western NdPr forecasts and magnet-level pricing are reshaping market visibility, and what this means for contracting, investment and supply chain scale-up.","1194323426","Benchmark's Neha Mukherjee, Daniel Fletcher-Manuel and George Ingall examine how new western NdPr forecasts and magnet-level pricing are reshaping market visibility, and what this means for contracting, investment and supply chain scale-up.",{"id":6912,"uuid":1258,"name":6913,"slug":6914,"full_slug":6915,"content":6916},171514864187299,"Behind the AI Boom: How Data Centre Demand is Reshaping BESS, Lithium, LFP and Copper Markets","behind-the-ai-boom-how-data-centre-demand-is-reshaping-bess-lithium-lfp-and-copper-markets","videos/behind-the-ai-boom-how-data-centre-demand-is-reshaping-bess-lithium-lfp-and-copper-markets",{"_uid":6917,"date":6918,"tags":6919,"event":6865,"speaker":6922,"vimeoId":6923,"duration":6924,"featured":282,"component":6433,"seo_title":6925,"thumbnail":6926,"categories":6930,"visibility":783,"description":6937,"previewVimeoId":6938,"seo_description":6937,"formattedDate":6939},"c83dd8b7-c527-4427-b2b6-517822f3df00","2026-04-30 00:00",[6920,6921],{"slug":6861,"name":6862},{"slug":1212,"name":1213},"Shan Tomouk, BESS and Energy research Lead, Benchmark; Adam Webb, Head of Battery Raw Materials, Benchmark; Anya Hurd, Copper Demand Analyst, Benchmark","1188138092","3616","How Data Centre Demand is Reshaping BESS, Lithium, LFP and Copper",{"id":6927,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6928,"copyright":274,"fieldtype":275,"meta_data":6929,"is_external_url":282},171515025336194,"https://a.storyblok.com/f/287943243085208/2667x1500/ede5b88b5f/data-centre-webinar_page_01.jpg",{},[6931,6932,6933,6934,6935,6936],{"slug":270,"name":271},{"slug":264,"name":265},{"slug":621,"name":622},{"slug":1697,"name":1698},{"slug":1690,"name":1691},{"slug":1961,"name":1962},"In this webinar, Benchmark's Adam Webb, Anya Hurd and Shan Tomouk analyse how accelerating demand for data centres is reshaping market dynamics, from cell chemistry requirements and material supply, to the scale-up of global BESS projects.","1188055773","Apr 30, 2026",{"id":6941,"uuid":2891,"name":6942,"slug":6943,"full_slug":6944,"content":6945},169292691088550,"The impact of export controls on the rare earths market","the-impact-of-export-controls-on-the-rare-earths-market","videos/the-impact-of-export-controls-on-the-rare-earths-market",{"_uid":6946,"date":6947,"tags":6948,"event":6956,"speaker":6957,"vimeoId":6958,"duration":6959,"featured":258,"component":6433,"seo_title":6942,"thumbnail":6960,"categories":6964,"visibility":272,"description":6968,"previewVimeoId":274,"seo_description":6969,"formattedDate":6970},"25dd74f4-ed69-4276-a7c2-768521620d15","2026-04-24 00:00",[6949,6950,6953,6954],{"slug":2871,"name":2872},{"slug":6951,"name":6952},"export-restrictions","Export restrictions",{"slug":806,"name":807},{"slug":6955,"name":6956},"analyst-insights","Analyst Insights","Neha Mukherjee, Rare Earths Research Manager, Benchmark; Matthew Bird, Senior Edito, Benchmark","1183533235","381",{"id":6961,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6962,"copyright":274,"fieldtype":275,"meta_data":6963,"is_external_url":282},169293453069887,"https://a.storyblok.com/f/287943243085208/1920x1080/c6df947e0d/neha-mukherjee.jpg",{},[6965,6966,6967],{"slug":621,"name":622},{"slug":1970,"name":1971},{"slug":343,"name":627},"Rare earths are at the heart of resource geopolitics, with China's export controls completely reshaping the market and leading to a vast regional bifurcation in prices for heavy rare earths. Here, Benchmark Rare Earths Research Manager Neha Mukherjee discusses this trend with Matthew Bird.","Rare earths are at the heart of resource geopolitics, with China's export controls completely reshaping the market and leading to a vast regional bifurcation in prices for heavy rare earths.","Apr 24, 2026",{"id":6972,"uuid":2929,"name":6973,"slug":6974,"full_slug":6975,"content":6976},166292917295148,"Why Benchmark launched Rare Earth Permanent Magnet Prices","why-benchmark-launched-rare-earth-permanent-magnet-prices","videos/why-benchmark-launched-rare-earth-permanent-magnet-prices",{"_uid":6977,"date":6978,"tags":6979,"event":6984,"speaker":6985,"vimeoId":6986,"duration":6987,"featured":258,"component":6433,"seo_title":274,"thumbnail":6988,"categories":6992,"visibility":272,"description":6995,"previewVimeoId":274,"seo_description":274,"formattedDate":6996},"4de22a59-012f-4fb7-a307-1a7afe2ef4be","2026-04-16 00:00",[6980,6981],{"slug":6955,"name":6956},{"slug":6982,"name":6983},"rare-earth-prices","rare earth prices","Analyst Inghits","George Ingall, Senior Price Analyst, Benchmark; Matthew Bird, Senior Editor, Benchmark","1183532916","319",{"id":6989,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":6990,"copyright":274,"fieldtype":275,"meta_data":6991,"is_external_url":282},166293087115607,"https://a.storyblok.com/f/287943243085208/1920x1080/c4c3e215b4/george-ingall-repm.jpg",{},[6993,6994],{"slug":621,"name":622},{"slug":1970,"name":1971},"Geroge Ingall discusses Benchmark's new rare earth permanent magnet prices and why these are important","Apr 16, 2026",{"id":6998,"uuid":6999,"name":7000,"slug":7001,"full_slug":7002,"content":7003},166106970607512,"f2a03280-94b9-4549-981c-dfee20cbecf2","Q1 2026 lithium price drivers","q1-2026-lithium-price-drivers","videos/q1-2026-lithium-price-drivers",{"_uid":7004,"date":7005,"tags":7006,"event":7010,"speaker":7011,"vimeoId":7012,"duration":7013,"featured":258,"component":6433,"seo_title":7000,"thumbnail":7014,"categories":7018,"visibility":272,"description":7021,"previewVimeoId":7022,"seo_description":7021,"formattedDate":7023},"73c595d7-dc2a-4833-8ccf-811d49cc5e9d","2026-04-15 00:00",[7007,7008],{"slug":3237,"name":3238},{"slug":7009,"name":7010},"benchmark-deep-dives","Benchmark Deep Dives","Adam Megginson, Principal Price Analyst, Benchmark; Luc Braun, Lithium Analyst, Benchmark; Matthew Bird, Senior Editor, Benchmark","1183303982","620",{"id":7015,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":7016,"copyright":274,"fieldtype":275,"meta_data":7017,"is_external_url":282},166107375546270,"https://a.storyblok.com/f/287943243085208/1920x1080/4d832953b1/luc-b-adam-m.jpg",{},[7019,7020],{"slug":621,"name":622},{"slug":1697,"name":1698},"Benchmark analysts Adam Megginson and Luc Braun discuss the drivers of lithium prices in the first quarter of 2026 and present an outlook for the near-to-medium term of the lithium market.","1183305692","Apr 15, 2026",{"id":7025,"uuid":7026,"name":7027,"slug":7028,"full_slug":7029,"content":7030},159152922448270,"261981c1-d5b6-430a-bfa4-bfdfa92b410c","Graphite’s Next Act: Evolving Demand, Chinese Supply Dynamics, and the Ex-China Premium","graphite-s-next-act-evolving-demand-chinese-supply-dynamics-and-the-ex-china-premium","videos/graphite-s-next-act-evolving-demand-chinese-supply-dynamics-and-the-ex-china-premium",{"_uid":7031,"date":7032,"tags":7033,"event":7042,"speaker":7043,"vimeoId":7044,"duration":7045,"featured":258,"component":6433,"seo_title":7046,"thumbnail":7047,"categories":7051,"visibility":783,"description":7056,"previewVimeoId":274,"seo_description":7056,"formattedDate":7057},"d95459fe-32d2-45de-86a0-71652efc2b80","2026-03-26 00:00",[7034,7035,7036,7039],{"slug":6426,"name":6427},{"slug":806,"name":807},{"slug":7037,"name":7038},"ex-china","ex-China",{"slug":7040,"name":7041},"graphite-prices","Graphite prices","Webinar","Shruti Kashyap, Tracy Hu, Yuan Gu and Ravindra Panwar - Benchmark","1177406131","2654","Graphite Demand, Chinese Supply, and the Ex-China Premium",{"id":7048,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":7049,"copyright":274,"fieldtype":275,"meta_data":7050,"is_external_url":282},159153219894942,"https://a.storyblok.com/f/287943243085208/1920x1080/75eefb40d1/graphite-s-next-act-evolving-demand-chinese-supply-dynamics-and-the-ex-china-premium.jpg",{},[7052,7053,7054,7055],{"slug":621,"name":622},{"slug":780,"name":781},{"slug":1701,"name":1702},{"slug":1186,"name":1187},"In this graphite and anode webinar, Benchmark's Shruti Kashyap, Tracy Hu, Yuan Gu and Ravindra Panwar, provide in-depth analysis of natural and synthetic graphite price trends, Chinese supply dynamics, and scaling ex-China production.","Mar 26, 2026",{"id":7059,"uuid":7060,"name":7061,"slug":7062,"full_slug":7063,"content":7064},159137121392673,"b6687505-5e70-4cd8-b366-594ead6e70bb","Why is copper so important?","why-is-copper-so-important-","videos/why-is-copper-so-important-",{"_uid":7065,"date":7032,"tags":7066,"event":6956,"speaker":7068,"vimeoId":7069,"duration":7070,"featured":258,"component":6433,"seo_title":7061,"thumbnail":7071,"categories":7075,"visibility":272,"description":7078,"previewVimeoId":274,"seo_description":7078,"formattedDate":7057},"f70c23e4-f7cf-4747-8f5e-3fc93d2ec0cb",[7067],{"slug":6955,"name":6956},"Albert Mackenzie, copper analyst and market reporter, Benchmark; Anya Hurd, copper demand analyst, Benchmark; Bryan Bille, lead policy and geopolitics analyst","1177389444","191",{"id":7072,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":7073,"copyright":274,"fieldtype":275,"meta_data":7074,"is_external_url":282},159141686831074,"https://a.storyblok.com/f/287943243085208/1920x1080/2328a7133e/analyst-insights-copper-important.jpg",{},[7076,7077],{"slug":621,"name":622},{"slug":1961,"name":1962},"Bryan Bille talks to copper analysts Albert Mackenzie and Anya Hurd about why copper is so important in the modern world.",{"id":7080,"uuid":7081,"name":7082,"slug":7083,"full_slug":7084,"content":7085},158690297973441,"9aabb9f2-4a54-4dd6-969b-9d079151d8e5","Cost competitiveness in Europe’s battery materials sector: Interview with Terrafame’s Antti Koulumies","cost-competitiveness-in-europe-s-battery-materials-sector-interview-with-terrafame-s-antti-koulumies","videos/cost-competitiveness-in-europe-s-battery-materials-sector-interview-with-terrafame-s-antti-koulumies",{"_uid":7086,"date":7087,"tags":7088,"event":6831,"speaker":7097,"vimeoId":7098,"duration":7099,"featured":258,"component":6433,"seo_title":7100,"thumbnail":7101,"categories":7105,"visibility":272,"description":7110,"previewVimeoId":274,"seo_description":7110,"formattedDate":7111},"5c407aa1-8309-4853-a78a-8cd719888f97","2026-03-25 00:00",[7089,7090,7093,7094],{"slug":6830,"name":6831},{"slug":7091,"name":7092},"terrafame","Terrafame",{"slug":810,"name":811},{"slug":7095,"name":7096},"giga-europe-2026","Giga Europe 2026","Antti Koulumies, CEO, Terrafame; Bryan Bille, Lead Policy and Geopolitical Analyst - Benchmark ","1174062700","818","Cost competitiveness in Europe’s battery materials sector",{"id":7102,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":7103,"copyright":274,"fieldtype":275,"meta_data":7104,"is_external_url":282},158690497689893,"https://a.storyblok.com/f/287943243085208/1920x1080/da426c23ab/benchmark-power-players-antti-koulumies-ceo-terrafame.jpg",{},[7106,7107,7108,7109],{"slug":621,"name":622},{"slug":1622,"name":1965},{"slug":1613,"name":1693},{"slug":1961,"name":1962},"Bryan Bille speaks with Antti Koulumies, CEO of Terrafame, about Europe’s battery materials landscape, covering nickel and uranium production, integrated processing, cost competitiveness and supply chain resilience.","Mar 25, 2026",{"id":7113,"uuid":7114,"name":7115,"slug":7116,"full_slug":7117,"content":7118},158005690438452,"24a22b3e-dda6-476c-bf33-1089aa329c55","Building Europe’s critical metals value chain: Interview with European Metals’ Dr James Watson","building-europe-s-critical-metals-value-chain-interview-with-european-metals-dr-james-watson","videos/building-europe-s-critical-metals-value-chain-interview-with-european-metals-dr-james-watson",{"_uid":7119,"date":7120,"tags":7121,"event":6831,"speaker":7131,"vimeoId":7132,"duration":7133,"featured":258,"component":6433,"seo_title":7134,"thumbnail":7135,"categories":7139,"visibility":272,"description":7143,"previewVimeoId":274,"seo_description":7143,"formattedDate":7144},"c18ca7eb-c7ef-4313-952d-2ba30547a0f1","2026-03-23 00:00",[7122,7125,7126,7129,7130],{"slug":7123,"name":7124},"european-metals","European Metals",{"slug":7095,"name":7096},{"slug":7127,"name":7128},"european-union","European Union",{"slug":810,"name":811},{"slug":6830,"name":6831}," Dr James Watson, Director General, European Metals; Bryan Bille, Lead Policy and Geopolitical Analyst - Benchmark ","1174066244","970","Building Europe’s critical metals value chain",{"id":7136,"alt":274,"name":274,"focus":274,"title":274,"source":274,"filename":7137,"copyright":274,"fieldtype":275,"meta_data":7138,"is_external_url":282},158005879230727,"https://a.storyblok.com/f/287943243085208/1920x1080/0f6b74ab03/interview-with-european-metals-dr-james-watson.jpg",{},[7140,7141,7142],{"slug":264,"name":265},{"slug":621,"name":622},{"slug":343,"name":627},"Bryan Bille speaks with Dr James Watson, director general of European Metals, about Europe’s critical raw materials strategy, covering financing, permitting, recycling, stockpiling and industrial policy. 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outlook.",{"type":596,"attrs":8398},{"id":8399,"body":8400},"59266a8a-dd6b-477a-be63-9c406944e927",[8401],{"id":8402,"_uid":8403,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28938539","i-d2a49f52-a668-4eb0-84e6-74112da76abe",{"type":596,"attrs":8405},{"id":8399,"body":8406},[8407],{"id":8408,"_uid":8409,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28938529","i-425390d7-83ff-49c1-bb4c-64e4ebb826ae",{"type":596,"attrs":8411},{"id":8399,"body":8412},[8413],{"id":8414,"_uid":8415,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28938537","i-8dc4ee77-e3ec-44f6-8a7f-b0880fcb6b40","briefing",[8418,8419,8420,8421,8422,8423,8424,8425],{"slug":267,"name":268},{"slug":264,"name":265},{"slug":652,"name":653},{"slug":1690,"name":1691},{"slug":621,"name":622},{"slug":343,"name":627},{"slug":1524,"name":1525},{"slug":6786,"name":6787},"May 12, 2026",{"id":8428,"uuid":8429,"name":8430,"slug":8431,"full_slug":8432,"content":8433},138553074892234,"a080d30b-30a1-4fe5-95a3-34abfe4ff26a","Battery Snapshot: Q4 2025","battery-snapshot-q4-2025","publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"_uid":8434,"date":8435,"live":282,"content":8436,"excerpt":8712,"component":8416,"categories":8713,"visibility":783,"publication_frequency":8721,"formattedDate":8722},"97c38a44-58df-4a44-ad75-e29feced16fd","2026-01-26 00:00",{"type":37,"content":8437},[8438,8456,8458,8463,8470,8573,8574,8579,8585,8664,8670,8671,8676,8706],{"type":40,"attrs":8439,"content":8440},{"textAlign":42},[8441,8443,8447,8449,8455],{"text":8442,"type":46},"Welcome to your ",{"text":8444,"type":46,"marks":8445},"Quarterly Battery Snapshot",[8446],{"type":693},{"text":8448,"type":46},", part of your Benchmark Source subscription. This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on ",{"text":8450,"type":46,"marks":8451},"Benchmark’s Q4 2025 forecasts",[8452],{"type":55,"attrs":8453},{"href":8454,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://www.benchmarkminerals.com/supply-chain-data",{"text":380,"type":46},{"type":8457},"horizontal_rule",{"type":200,"attrs":8459,"content":8460},{"level":202,"textAlign":42},[8461],{"text":8462,"type":46},"Demand trends",{"type":596,"attrs":8464},{"id":8465,"body":8466},"6ec89532-b609-4849-8592-a3f874d57bad",[8467],{"id":8468,"_uid":8469,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"27317250","i-a1924b99-7ac8-41f3-9d8c-3b59ea2883e6",{"type":77,"content":8471},[8472,8487,8510,8533,8540,8559,8566],{"type":80,"content":8473},[8474],{"type":40,"attrs":8475,"content":8476},{"textAlign":42},[8477,8479,8485],{"text":8478,"type":46},"Benchmark increased its 2025 forecast for cell demand by 9% compared to its Q3 2025 forecast, due to changes in demand adjustment factors. ",{"text":8480,"type":46,"marks":8481},"2025 battery demand",[8482],{"type":55,"attrs":8483},{"href":8484,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la",{"text":8486,"type":46}," is forecast to have increased 27.8% compared to 2024 (as of the Q4 2025 forecast).",{"type":80,"content":8488},[8489],{"type":40,"attrs":8490,"content":8491},{"textAlign":42},[8492,8494,8500,8502,8508],{"text":8493,"type":46},"Over 300 GWh of new ",{"text":8495,"type":46,"marks":8496},"BESS capacity",[8497],{"type":55,"attrs":8498},{"href":8499,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":8501,"type":46}," is forecast to have been deployed in 2025, ",{"text":8503,"type":46,"marks":8504},"up 44% from 211 GWh",[8505],{"type":55,"attrs":8506},{"href":8507,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"text":8509,"type":46}," of new capacity deployed in 2024. New capacity installations are forecast to increase a further 51% in 2026.",{"type":80,"content":8511},[8512],{"type":40,"attrs":8513,"content":8514},{"textAlign":42},[8515,8517,8523,8525,8531],{"text":8516,"type":46},"Although the ",{"text":8518,"type":46,"marks":8519},"BESS market",[8520],{"type":55,"attrs":8521},{"href":8522,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":8524,"type":46}," is rapidly growing, ",{"text":8526,"type":46,"marks":8527},"EVs still represent",[8528],{"type":55,"attrs":8529},{"href":8530,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"text":8532,"type":46}," the largest share of the battery market (76% in 2025).",{"type":80,"content":8534},[8535],{"type":40,"attrs":8536,"content":8537},{"textAlign":42},[8538],{"text":8539,"type":46},"In the US, Benchmark anticipates a 30% drop in EV sales in 2026. BESS demand is forecast to tick up, though this is not enough to stave off an overall decrease in battery demand.",{"type":80,"content":8541},[8542],{"type":40,"attrs":8543,"content":8544},{"textAlign":42},[8545,8549,8556],{"text":8546,"type":46,"marks":8547},"Download Benchmark’s special issue reviewing the ",[8548],{"type":483},{"text":8550,"type":46,"marks":8551},"first year of Trump 2.0",[8552,8555],{"type":55,"attrs":8553},{"href":8554,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/publications/special-issues/1351985",{"type":483},{"text":380,"type":46,"marks":8557},[8558],{"type":483},{"type":80,"content":8560},[8561],{"type":40,"attrs":8562,"content":8563},{"textAlign":42},[8564],{"text":8565,"type":46},"Lithium iron phosphate (LFP) battery deployment has increased 43% year-to-date on the back of strong growth in the Chinese EV market and the global BESS market. As such, LFP’s share of the 2025 market has increased to 60% compared to 52% in 2024. It is forecast to grow further to 71% by 2030.",{"type":80,"content":8567},[8568],{"type":40,"attrs":8569,"content":8570},{"textAlign":42},[8571],{"text":8572,"type":46},"On the anode side, Benchmark increased its forecast for silicon-bearing anodes, especially in the EV sector, on the back of technical developments in the area. Graphite–silicon composite anodes represent 5% of the market in 2025. By 2035, this is set to grow to 10%, with a further 4% taken up by silicon engineered anodes (with a Si loading above 10 wt%). In 2025, synthetic graphite anodes represent 81% of the market.",{"type":8457},{"type":200,"attrs":8575,"content":8576},{"level":202,"textAlign":42},[8577],{"text":8578,"type":46},"Supply trends",{"type":596,"attrs":8580},{"id":8465,"body":8581},[8582],{"id":8583,"_uid":8584,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"27317244","i-365d2889-e8ec-42a9-b0a1-99eb356da367",{"type":77,"content":8586},[8587,8601,8608,8623,8650,8657],{"type":80,"content":8588},[8589],{"type":40,"attrs":8590,"content":8591},{"textAlign":42},[8592,8594,8600],{"text":8593,"type":46},"Benchmark’s 2025 battery cell production forecast increased 12% compared to last quarter, primarily on the back of large increases in BESS cell output in China. North America also saw a notable uptick in its ",{"text":8595,"type":46,"marks":8596},"LFP cell pipeline",[8597],{"type":55,"attrs":8598},{"href":8599,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market",{"text":380,"type":46},{"type":80,"content":8602},[8603],{"type":40,"attrs":8604,"content":8605},{"textAlign":42},[8606],{"text":8607,"type":46},"Overall, cell supply increased 36% in 2025 compared to 2024, cathode active material (CAM) supply increased 42%, and anode active material (AAM) supply increased 32%.",{"type":80,"content":8609},[8610],{"type":40,"attrs":8611,"content":8612},{"textAlign":42},[8613,8615,8621],{"text":8614,"type":46},"The largest Chinese gigafactory added to the pipeline in Q4 2025 is the 33.6 GWh Tier 1 facility by CALB/Leapmotor. Outside of China, the largest addition is ",{"text":8616,"type":46,"marks":8617},"Inobat’s Tier 3 facility in Spain",[8618],{"type":55,"attrs":8619},{"href":8620,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/inobats-planned-spanish-gigafactory-gains-state-support",{"text":8622,"type":46},", with a capacity of 32 GWh due online in 2027.",{"type":80,"content":8624},[8625],{"type":40,"attrs":8626,"content":8627},{"textAlign":42},[8628,8633,8635,8641,8643,8649],{"text":1340,"type":46,"marks":8629},[8630],{"type":55,"attrs":8631},{"href":8632,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth",{"text":8634,"type":46}," reportedly began mass production of its Gen V LFP cells in mid-November 2025. The company also took a controlling stake (51%) in Jiangxi Shenghua New Materials (the cathode subsidiary of Fulin Precision) in September, strengthening its position in the midstream. The technology to produce such CAM material was subject to ",{"text":8636,"type":46,"marks":8637},"China’s export controls",[8638],{"type":55,"attrs":8639},{"href":8640,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"text":8642,"type":46},", though these have now been suspended until ",{"text":8644,"type":46,"marks":8645},"10 November 2026",[8646],{"type":55,"attrs":8647},{"href":8648,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://source.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":380,"type":46},{"type":80,"content":8651},[8652],{"type":40,"attrs":8653,"content":8654},{"textAlign":42},[8655],{"text":8656,"type":46},"Compared to 2024, natural graphite and synthetic graphite anode active material supply is forecast to have risen by 16% and 36%, respectively, in 2025, driven by China.",{"type":80,"content":8658},[8659],{"type":40,"attrs":8660,"content":8661},{"textAlign":42},[8662],{"text":8663,"type":46},"The top 15 companies are forecast to represent 84%, 56%, and 79% of the cell, cathode, and anode markets in 2025, respectively.",{"type":596,"attrs":8665},{"id":8465,"body":8666},[8667],{"id":8668,"_uid":8669,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"27317249","i-e5b799bc-2ba4-4cc5-8eb4-36c6684b168b",{"type":8457},{"type":200,"attrs":8672,"content":8673},{"level":202,"textAlign":42},[8674],{"text":8675,"type":46},"Market balances",{"type":77,"content":8677},[8678,8685,8692,8699],{"type":80,"content":8679},[8680],{"type":40,"attrs":8681,"content":8682},{"textAlign":42},[8683],{"text":8684,"type":46},"Overall, the cell market is expected to be in surplus until 2034 in Benchmark’s base case scenario. Although China is the only region currently in a cell production surplus, North America is set to enter a surplus in 2027 on the back of reduced EV demand in the US. For NCM cell chemistries, this North American surplus is set to begin in 2026.",{"type":80,"content":8686},[8687],{"type":40,"attrs":8688,"content":8689},{"textAlign":42},[8690],{"text":8691,"type":46},"The global cathode market is forecast to be oversupplied until 2031, with the Asian and Chinese markets significantly oversupplied in the near term. LFP specifically is forecast to enter a deficit from 2030, and mid-nickel NCM chemistries in 2029. LCO and NCA cathode active materials are anticipated to remain in surplus through to 2040.",{"type":80,"content":8693},[8694],{"type":40,"attrs":8695,"content":8696},{"textAlign":42},[8697],{"text":8698,"type":46},"Although the CAM market is oversupplied based on end-use demand, the overproduction of battery cells means the market balance for CAM could be tighter than anticipated, with a deficit under this model as early as 2028. However, aggressive destocking of cells and adjustments in gigafactory utilisation rates could push this back to the end of the decade.",{"type":80,"content":8700},[8701],{"type":40,"attrs":8702,"content":8703},{"textAlign":42},[8704],{"text":8705,"type":46},"The anode active material market is forecast to be in surplus until 2035. However, demand growth for natural graphite AAM outpaces supply growth and is therefore expected to fall into a deficit earlier (2031). China is significantly oversupplied, with 2030 production forecast to be 162% greater than domestic demand.",{"type":596,"attrs":8707},{"id":8465,"body":8708},[8709],{"id":8710,"_uid":8711,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"27317241","i-cd44be6c-507b-4184-b4af-6035f2913cc1","Welcome to your Quarterly Battery Snapshot, part of your Benchmark Source subscription. This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on Benchmark’s Q4 2025 forecasts. Demand trends Supply trends Market balances",[8714,8715,8716,8717,8718],{"slug":652,"name":653},{"slug":264,"name":265},{"slug":1690,"name":1691},{"slug":1697,"name":1698},{"slug":8719,"name":8720},"silicon-anode","Silicon Anode","quarterly","Jan 26, 2026",{"id":8724,"uuid":8725,"name":8726,"slug":8727,"full_slug":8728,"content":8729},186027698195988,"71b1ea88-1394-4253-a03a-98596aeaffa1","Benchmark Battery Minerals Snapshot: Q1 2026","benchmark-battery-minerals-snapshot-q1-2026","publications/briefings/battery-minerals-snapshots/benchmark-battery-minerals-snapshot-q1-2026",{"_uid":8730,"date":5898,"content":8731,"excerpt":9076,"component":8416,"categories":9077,"visibility":783,"publication_frequency":8721,"formattedDate":6066},"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f",{"type":37,"content":8732},[8733,8744,8749,8756,8789,8807,8834,8843,8852,8866,8871,8893,8911,8918,8925,8930,8955,8973,9006,9024,9041,9055,9062,9069],{"type":40,"attrs":8734,"content":8735},{"textAlign":42},[8736,8738,8742],{"text":8737,"type":46},"Welcome to the ",{"text":8739,"type":46,"marks":8740},"Benchmark Battery Minerals Snapshot",[8741],{"type":693},{"text":8743,"type":46},". This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",{"type":200,"attrs":8745,"content":8746},{"level":202,"textAlign":42},[8747],{"text":8748,"type":46},"Highlights",{"type":596,"attrs":8750},{"id":8751,"body":8752},"8dee7372-d0ea-4720-9313-704603fc336c",[8753],{"id":8754,"_uid":8755,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29233015","i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6",{"type":40,"attrs":8757,"content":8758},{"textAlign":42},[8759,8762,8764,8771,8773,8778,8780,8787],{"text":1698,"type":46,"marks":8760},[8761],{"type":693},{"text":8763,"type":46},": Although a slight surplus is forecast out to 2032 based on end-use demand, the market is tighter when considering first-use demand from cathode active material producers. This supports the firm pricing seen over the quarter. With the surplus sitting at 78kt for 2026, supply disruptions or ",{"text":8765,"type":46,"marks":8766},"demand changes",[8767],{"type":55,"attrs":8768},{"href":8769,"uuid":8770,"anchor":42,"target":59,"linktype":60},"/article/ganfeng-chairmans-speech-adds-fuel-to-lithium-price-rally-in-china","edfa71df-9b07-482a-ade9-c82250a1cf38",{"text":8772,"type":46}," could significantly tip the scales. Benchmark analysts ",{"text":8774,"type":46,"marks":8775},"visited Argentinian",[8776],{"type":55,"attrs":8777},{"href":2026,"uuid":2027,"anchor":42,"target":59,"linktype":60},{"text":8779,"type":46}," and ",{"text":8781,"type":46,"marks":8782},"South Korean facilities",[8783],{"type":55,"attrs":8784},{"href":8785,"uuid":8786,"anchor":42,"target":59,"linktype":60},"/article/benchmarks-view-from-the-ground-south-koreas-lithium-industry","bf7b0854-4415-430f-8a63-516c7f461b44",{"text":8788,"type":46}," to gain a greater understanding of those operations.",{"type":40,"attrs":8790,"content":8791},{"textAlign":42},[8792,8796,8798,8805],{"text":8793,"type":46,"marks":8794},"Cobalt:",[8795],{"type":693},{"text":8797,"type":46}," The cobalt market is forecast to post a surplus of +61kt in 2025, as supply growth outpaces demand. However the DRC's ",{"text":8799,"type":46,"marks":8800},"cobalt export quotas",[8801],{"type":55,"attrs":8802},{"href":8803,"uuid":8804,"anchor":42,"target":59,"linktype":60},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"text":8806,"type":46}," introduced in October 2025 continue to impose a tightness on supply which kept cobalt prices high over the quarter. The continued increase in LFP's market share compared to NCM downgrades cobalt demand from the battery sector, though the EV market still accounts for 56% of battery-based cobalt demand in 2025.",{"type":40,"attrs":8808,"content":8809},{"textAlign":42},[8810,8814,8816,8823,8825,8832],{"text":8811,"type":46,"marks":8812},"Nickel: ",[8813],{"type":693},{"text":8815,"type":46},"The nickel market is set to post a record 231kt surplus in 2025, marking the fourth consecutive year of oversupply. Indonesia, the largest nickel producer, suspended ",{"text":8817,"type":46,"marks":8818},"nickel smelter permits",[8819],{"type":55,"attrs":8820},{"href":8821,"uuid":8822,"anchor":42,"target":59,"linktype":60},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"text":8824,"type":46}," and is using ",{"text":8826,"type":46,"marks":8827},"RKAB quotas",[8828],{"type":55,"attrs":8829},{"href":8830,"uuid":8831,"anchor":42,"target":59,"linktype":60},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"text":8833,"type":46}," to control output. The market surplus is anticipated to continue into the early 2030s without further intervention.",{"type":40,"attrs":8835,"content":8836},{"textAlign":42},[8837,8841],{"text":8838,"type":46,"marks":8839},"Natural graphite: ",[8840],{"type":693},{"text":8842,"type":46},"Although the overall flake graphite market is in a surplus, the -100 mesh size suited for battery anode applications is in a deficit.",{"type":40,"attrs":8844,"content":8845},{"textAlign":42},[8846,8850],{"text":8847,"type":46,"marks":8848},"Synthetic graphite:",[8849],{"type":693},{"text":8851,"type":46}," Synthetic graphite material is in a deficit based on end-use demand, though when compared to cell production the market is significantly tighter and more balanced. Needle coke (the feedstock for synthetic graphite) demand grew 15% in 2025 and is expected to grow another 15% in 2026.",{"type":40,"attrs":8853,"content":8854},{"textAlign":42},[8855,8859],{"text":8856,"type":46,"marks":8857},"For a price-focused outlook for 2026, read Benchmark's ",[8858],{"type":483},{"text":8860,"type":46,"marks":8861},"2026 Outlook Whitepaper: A Turning Point for Critical Materials?",[8862,8865],{"type":55,"attrs":8863},{"href":8864,"uuid":42,"anchor":42,"target":59,"linktype":334},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":483},{"type":200,"attrs":8867,"content":8868},{"level":202,"textAlign":42},[8869],{"text":8870,"type":46},"Demand Overview",{"type":40,"attrs":8872,"content":8873},{"textAlign":42},[8874,8876,8883,8885,8891],{"text":8875,"type":46},"Battery demand is projected to reach 1.8TWh in 2025, marking a 27.8% year-on-year increase. ",{"text":8877,"type":46,"marks":8878},"Battery energy stationary storage",[8879],{"type":55,"attrs":8880},{"href":8881,"uuid":8882,"anchor":42,"target":59,"linktype":60},"/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals","a1c5b447-2917-45e6-832c-cc9c3e0dc267",{"text":8884,"type":46}," (BESS) demand grew 144GWh in 2025 compared to 2024 which helped bolster battery demand amidst a less exciting EV market. That said, ",{"text":4977,"type":46,"marks":8886},[8887],{"type":55,"attrs":8888},{"href":8889,"uuid":8890,"anchor":42,"target":59,"linktype":60},"/article/global-ev-sales-grow-28-in-2025","f9315d0f-0f85-40d9-ad5e-bbeb83022d25",{"text":8892,"type":46}," still accounts for the large majority of demand and was the largest sector increase in 2025 (+245GWh).",{"type":40,"attrs":8894,"content":8895},{"textAlign":42},[8896,8900,8907],{"text":8897,"type":46,"marks":8898},"Read the ",[8899],{"type":483},{"text":8901,"type":46,"marks":8902},"Battery Snapshot Briefing",[8903,8906],{"type":55,"attrs":8904},{"href":8905,"uuid":8429,"anchor":42,"target":59,"linktype":60},"/publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"type":483},{"text":8908,"type":46,"marks":8909}," for a more detailed  overview of battery, cathode, and anode trends over the last quarter.",[8910],{"type":483},{"type":596,"attrs":8912},{"id":8913,"body":8914},"ae7dd51c-f548-42c9-bf58-118a09756323",[8915],{"id":8916,"_uid":8917,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29233026","i-173e450f-4256-445c-bea3-1120e346a647",{"type":596,"attrs":8919},{"id":8920,"body":8921},"f9a9d512-0e1a-40f8-840d-0e01a4cd84b2",[8922],{"id":8923,"_uid":8924,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29233024","i-8703e94d-0ef9-4984-8738-dc9c94411524",{"type":200,"attrs":8926,"content":8927},{"level":202,"textAlign":42},[8928],{"text":8929,"type":46},"Supply Overview",{"type":40,"attrs":8931,"content":8932},{"textAlign":42},[8933,8937,8939,8945,8947,8953],{"text":8934,"type":46,"marks":8935},"Lithium: ",[8936],{"type":693},{"text":8938,"type":46},"Global mined lithium supply is projected to grow 209kt (+14%) between 2025 and 2026. China is forecast to be the largest contributor to this growth, with over 107kt added to mined supply. ",{"text":650,"type":46,"marks":8940},[8941],{"type":55,"attrs":8942},{"href":8943,"uuid":8944,"anchor":42,"target":59,"linktype":60},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":8946,"type":46}," will add nearly 50kt, with a mix of small and large projects across ",{"text":4319,"type":46,"marks":8948},[8949],{"type":55,"attrs":8950},{"href":8951,"uuid":8952,"anchor":42,"target":59,"linktype":60},"/article/weve-been-very-happy-working-in-mali-qa-with-kodal-minerals","46fba308-a86e-44a6-a21e-f57bbc14b477",{"text":8954,"type":46},", Zimbabwe, Nigeria, and South Africa. Greenbushes in Australia is expected to see the largest growth in mined output of an individual mine, with 67kt added. By 2035, recycling is forecast to represent nearly a fifth of the total market. China's dominance in lithium chemical production is set to drop from 65% in 2025 to 37% by 2035.",{"type":40,"attrs":8956,"content":8957},{"textAlign":42},[8958,8962,8964,8971],{"text":8959,"type":46,"marks":8960},"Cobalt: ",[8961],{"type":693},{"text":8963,"type":46},"Mined cobalt output in the DRC is forecast to fall significantly in 2026 due to the ",{"text":8965,"type":46,"marks":8966},"export quotas",[8967],{"type":55,"attrs":8968},{"href":8969,"uuid":8970,"anchor":42,"target":59,"linktype":60},"/videos/beyond-the-ban-unpacking-the-drcs-cobalt-export-suspension-decision","071fbb42-04e6-4a3f-aa90-61e2b1422e2f",{"text":8972,"type":46}," and market uncertainty. However, Indonesia is expected to post a 4.4kt increase, supporting buyers who are seeking alternative sources. After a dip in mined cobalt output in 2025 and 2026, Benchmark is forecasting an increase in supply from 2027. Indonesia is set to double its market share to 29% by 2030.",{"type":40,"attrs":8974,"content":8975},{"textAlign":42},[8976,8980,8982,8989,8991,8995,9002],{"text":8977,"type":46,"marks":8978},"Nickel:",[8979],{"type":693},{"text":8981,"type":46}," Refined nickel supply is forecast to rise 4.5% year-on-year in 2025, reaching about 3.7Mt, with nearly all growth driven by Indonesia. Outside of Indonesia, gains will be modest, with Australian production posting a drop as IGO advances with the closure of its Nova mine. ",{"text":8983,"type":46,"marks":8984},"MHP",[8985],{"type":55,"attrs":8986},{"href":8987,"uuid":8988,"anchor":42,"target":59,"linktype":60},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"text":8990,"type":46}," is the primary growth product, supported by an increase in HPAL operations. ",{"text":8992,"type":46,"marks":8993},"Read Benchmark's Special Issue \"",[8994],{"type":483},{"text":8996,"type":46,"marks":8997},"Nickel Margins Shrink as Indonesia Sets the Cost Floor",[8998,9001],{"type":55,"attrs":8999},{"href":9000,"uuid":42,"anchor":42,"target":59,"linktype":334},"https://intelligence.benchmarkminerals.com/publications/special-issues/nickel-margins-shrink-as-indonesia-sets-the-cost-floor",{"type":483},{"text":9003,"type":46,"marks":9004},"\".",[9005],{"type":483},{"type":40,"attrs":9007,"content":9008},{"textAlign":42},[9009,9013,9015,9022],{"text":9010,"type":46,"marks":9011},"Natural Graphite:",[9012],{"type":693},{"text":9014,"type":46}," Flake graphite supply is forecast to grow by around 2.6% in 2025, bolstered by ",{"text":9016,"type":46,"marks":9017},"strong growth in Africa",[9018],{"type":55,"attrs":9019},{"href":9020,"uuid":9021,"anchor":42,"target":59,"linktype":60},"/article/site-visit-permanent-minerals-highlights-africas-growing-flake-graphite-role","fd8d9fa2-3a92-4168-973e-760f72a44ef2",{"text":9023,"type":46}," which offsets the declining production in China and the rest of the world. Whilst China has dominated the flake graphite supply (72% in 2025), this is forecast to fall to 47% by 2035, with Africa growing to 39%.",{"type":40,"attrs":9025,"content":9026},{"textAlign":42},[9027,9030,9032,9039],{"text":8847,"type":46,"marks":9028},[9029],{"type":693},{"text":9031,"type":46}," Supply of ",{"text":9033,"type":46,"marks":9034},"synthetic graphite anode material",[9035],{"type":55,"attrs":9036},{"href":9037,"uuid":9038,"anchor":42,"target":59,"linktype":60},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"text":9040,"type":46}," is set to grow 36% in 2025 and another 17% in 2026. Production remains dominated by China. Whilst oil-based needle coke supply is set to drive the market in the near term, coal-based materials are anticipated to become the dominant growth market in the 2030s. China's dominance in needle coke production is expected to grow from 69% market share in 2025 to 77% by 2035.",{"type":40,"attrs":9042,"content":9043},{"textAlign":42},[9044,9048],{"text":9045,"type":46,"marks":9046},"For an overview of the key developments across the full mine-to-grid supply chain in 2025, read Benchmark's ",[9047],{"type":483},{"text":9049,"type":46,"marks":9050},"Mine to Grid: 2025 Year in Review.",[9051,9054],{"type":55,"attrs":9052},{"href":9053,"uuid":42,"anchor":42,"target":59,"linktype":334},"https://intelligence.benchmarkminerals.com/publications/special-issues/mine-to-grid-2025-year-in-review",{"type":483},{"type":596,"attrs":9056},{"id":9057,"body":9058},"460e993a-79c9-4fa1-ace6-d6c4e2fac716",[9059],{"id":9060,"_uid":9061,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29233023","i-19fa6e70-a0c6-41d0-a02e-6f17dd018654",{"type":596,"attrs":9063},{"id":9064,"body":9065},"a89ed7b4-b92e-4cae-9bbb-21d7c045e141",[9066],{"id":9067,"_uid":9068,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29233018","i-e8fce755-4b63-421a-bb30-0828d738850b",{"type":596,"attrs":9070},{"id":9071,"body":9072},"fdcacd79-f9f2-40ba-a018-cc8f18097df7",[9073],{"id":9074,"_uid":9075,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29233020","i-cf3c12e9-9a2f-496a-ba03-c8118ac9bab0","Welcome to the Benchmark Battery Minerals Snapshot. This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",[9078,9079,9080,9081,9082,9083,9084,9085,9086,9087,9088],{"slug":652,"name":653},{"slug":1690,"name":1691},{"slug":1613,"name":1693},{"slug":621,"name":622},{"slug":1697,"name":1698},{"slug":6480,"name":6481},{"slug":780,"name":781},{"slug":1622,"name":1965},{"slug":1967,"name":1968},{"slug":1186,"name":1187},{"slug":1701,"name":1702},{"id":9090,"uuid":9091,"name":9092,"slug":9093,"full_slug":9094,"content":9095},185209837684109,"eb8c6405-6ddf-4b4c-ac3b-2e06ced3278f","Benchmark China Briefing: June 2026","benchmark-china-briefing-june-2026","publications/briefings/china-briefings/benchmark-china-briefing-june-2026",{"_uid":9096,"date":643,"content":9097,"excerpt":9223,"component":8416,"categories":9224,"visibility":783,"publication_frequency":7474,"formattedDate":791},"6b354c5d-0332-4e3a-b369-7b6ef9dc814e",{"type":37,"content":9098},[9099,9109,9121,9132,9137,9145,9157,9169,9176,9187,9193,9201,9207,9214],{"type":40,"attrs":9100,"content":9101},{"textAlign":42},[9102,9103,9107],{"text":8737,"type":46},{"text":9104,"type":46,"marks":9105},"Benchmark China Briefing",[9106],{"type":693},{"text":9108,"type":46},". This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China.",{"type":40,"attrs":9110,"content":9111},{"textAlign":42},[9112,9114,9120],{"text":9113,"type":46},"The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China’s lithium-ion battery and electric vehicle (EV) supply chains. To learn more, click ",{"text":9115,"type":46,"marks":9116},"here",[9117],{"type":55,"attrs":9118},{"href":9119,"uuid":42,"anchor":42,"target":42,"linktype":334},"https://www.benchmarkminerals.com/forecasts",{"text":380,"type":46},{"type":40,"attrs":9122,"content":9123},{"textAlign":42},[9124,9126,9130],{"text":9125,"type":46},"You can also read our recent ",{"text":2257,"type":46,"marks":9127},[9128],{"type":55,"attrs":9129},{"href":1091,"uuid":1092,"anchor":42,"target":678,"linktype":60},{"text":9131,"type":46},", featuring visualisations of China's mine-to-grid supply chain and an overview of the country's recent policy changes.",{"type":200,"attrs":9133,"content":9134},{"level":202,"textAlign":42},[9135],{"text":9136,"type":46},"Battery & EV Roundup",{"type":40,"attrs":9138,"content":9139},{"textAlign":42},[9140],{"text":9141,"type":46,"marks":9142},"Sales of EVs in China in April were broadly steady compared with those in March. The 613,762 figure for BEVs was close to the 615,601 registered for the same month in 2025, while PHEV sales saw a small decline in April compared with March, when there was a large spike from February. ",[9143],{"type":49,"attrs":9144},{"color":1496},{"type":40,"attrs":9146,"content":9147},{"textAlign":42},[9148,9150,9155],{"text":9149,"type":46},"China’s overall EV market is ",{"text":9151,"type":46,"marks":9152},"down 17% year-to-date",[9153],{"type":55,"attrs":9154},{"href":1380,"uuid":1381,"anchor":42,"target":678,"linktype":60},{"text":9156,"type":46},". Much of this decline has been concentrated in the smaller vehicle segment, which has been disproportionately affected by subsidy adjustments introduced at the start of the year, reducing the attractiveness of these models.",{"type":40,"attrs":9158,"content":9159},{"textAlign":42},[9160,9162,9167],{"text":9161,"type":46},"As domestic growth slows, ",{"text":9163,"type":46,"marks":9164},"EV exports from China have surged",[9165],{"type":55,"attrs":9166},{"href":3721,"uuid":3722,"anchor":42,"target":678,"linktype":60},{"text":9168,"type":46},". In April 2026 alone, exports exceeded 400,000 units. Over the first four months of 2026, China exported nearly 1.4 million EVs, more than double the volume recorded during the same period in 2025. Consequently, markets such as Europe, South America, and Southeast Asia have seen a significant increase in sales of EVs produced in China.",{"type":596,"attrs":9170},{"id":9171,"body":9172},"858cf747-2f46-4c0c-96f1-a65479ccf034",[9173],{"id":9174,"_uid":9175,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29262678","i-cd5547f5-c322-492c-abca-b515cafc2244",{"type":40,"attrs":9177,"content":9178},{"textAlign":42},[9179,9181,9186],{"text":9180,"type":46},"Chinese battery demand remained at a similar level in April as in March, with a 2.16GWh increase in demand for passenger vehicle applications and a 1.67GWh dip in battery storage-related demand despite strong recent indications for BESS beyond China, ",{"text":9182,"type":46,"marks":9183},"particularly in Europe",[9184],{"type":55,"attrs":9185},{"href":837,"uuid":838,"anchor":42,"target":678,"linktype":60},{"text":380,"type":46},{"type":596,"attrs":9188},{"id":9171,"body":9189},[9190],{"id":9191,"_uid":9192,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29262688","i-54311456-d308-4b6d-a7f6-3e435118c223",{"type":40,"attrs":9194,"content":9195},{"textAlign":42},[9196],{"text":9197,"type":46,"marks":9198},"China’s lithium-ion battery (LFP and NCM/NCA) production saw a smaller uptick in April than March, with LFP growing 4% compared with 28% in March, after a dip in February. April also saw largely steady NCM/NCA production, which grew 0.3GWh.",[9199],{"type":49,"attrs":9200},{"color":51},{"type":596,"attrs":9202},{"id":9171,"body":9203},[9204],{"id":9205,"_uid":9206,"type":60,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"3700913","i-42c2b7c2-8369-45c8-823b-1096e5c20cfe",{"type":200,"attrs":9208,"content":9209},{"level":202,"textAlign":42},[9210],{"text":9211,"type":46,"marks":9212},"China: EV battery supply chain trade dynamics",[9213],{"type":693},{"type":596,"attrs":9215},{"id":9171,"body":9216},[9217,9220],{"id":9218,"_uid":9219,"type":60,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"3700916","i-097462f6-6c56-4fb7-bdd8-cbc4f8cf7886",{"id":9221,"_uid":9222,"type":60,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"3700942","i-78e9cf1e-999b-4078-9c60-a9c61b1e24e3","Welcome to the Benchmark China Briefing. This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China. The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China's lithium-ion battery and electric vehicle (EV) supply chains.",[9225,9226,9227,9228,9229,9230,9231,9232,9233,9234,9235,9236,9237],{"slug":264,"name":265},{"slug":267,"name":268},{"slug":270,"name":271},{"slug":621,"name":622},{"slug":1613,"name":1693},{"slug":1690,"name":1691},{"slug":1697,"name":1698},{"slug":1186,"name":1187},{"slug":780,"name":781},{"slug":6480,"name":6481},{"slug":1622,"name":1965},{"slug":6786,"name":6787},{"slug":1701,"name":1702},{"id":9239,"uuid":9240,"name":9241,"slug":9242,"full_slug":9243,"content":9244},177848076528114,"9b06e433-d70f-41b7-9ece-93de8b1f6ace","Energy Indicators Monthly - May 2026","energy-indicators-monthly-may-2026","publications/briefings/energy-indicators/energy-indicators-monthly-may-2026",{"_uid":9245,"date":3533,"content":9246,"excerpt":9354,"component":8416,"categories":9355,"visibility":783,"publication_frequency":7474,"formattedDate":3666},"07ea97dd-f122-428e-8b9b-3b3daf5c3aeb",{"type":37,"content":9247},[9248,9253,9257,9275,9287,9297,9302,9339],{"type":40,"attrs":9249,"content":9250},{"textAlign":42},[9251],{"text":9252,"type":46},"This report offers energy indicators for major global economies, designed to enhance understanding of the energy transition and to complement Benchmark’s data.",{"type":200,"attrs":9254,"content":9255},{"level":202,"textAlign":42},[9256],{"text":8748,"type":46},{"type":40,"attrs":9258,"content":9259},{"textAlign":42},[9260,9262,9266,9268,9273],{"text":9261,"type":46},"Brent crude prices remain elevated this month, as US President Donald Trump’s visit to ",{"text":807,"type":46,"marks":9263},[9264],{"type":55,"attrs":9265},{"href":1564,"uuid":1565,"anchor":42,"target":678,"linktype":60},{"text":9267,"type":46}," appears not to have produced a breakthrough on an end to ",{"text":9269,"type":46,"marks":9270},"the Iran war",[9271],{"type":55,"attrs":9272},{"href":5923,"uuid":5924,"anchor":42,"target":678,"linktype":60},{"text":9274,"type":46}," and a relaxation of tensions in the Strait of Hormuz. US oil exports rose to their highest ever level as European and Asian demand grew as a result of the squeeze on Middle Eastern supply.",{"type":40,"attrs":9276,"content":9277},{"textAlign":42},[9278,9280,9285],{"text":9279,"type":46},"There were continued upticks in the percentage of hydro-, solar- or wind-produced energy in several major European economies in April, most notably Italy, where the proportion went over 50% for the first time since June 2025. There were also indications elsewhere of accelerating demand for ",{"text":9281,"type":46,"marks":9282},"renewable energy generation",[9283],{"type":55,"attrs":9284},{"href":361,"uuid":362,"anchor":42,"target":678,"linktype":60},{"text":9286,"type":46},", with China’s solar shipments up 60% year-on-year in April.",{"type":596,"attrs":9288},{"id":9289,"body":9290},"d200c24a-eb31-4c5f-8e42-e875db73a1e2",[9291,9294],{"id":9292,"_uid":9293,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29019347","i-1f861b0d-cc1f-4815-be16-7d8b9148c98c",{"id":9295,"_uid":9296,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29019352","i-0523a15c-5ce6-4dc6-8d21-efe4494357e0",{"type":200,"attrs":9298,"content":9299},{"level":202,"textAlign":42},[9300],{"text":9301,"type":46},"Energy in the news this month",{"type":77,"content":9303},[9304,9311,9325,9332],{"type":80,"content":9305},[9306],{"type":40,"attrs":9307,"content":9308},{"textAlign":42},[9309],{"text":9310,"type":46},"Chinese fuel exports, including gasoline, diesel and jet fuel, remained low in the first two weeks of May despite an ease on export restrictions, hitting just 417,000 barrels per day compared with around 750,000 daily in January and February",{"type":80,"content":9312},[9313],{"type":40,"attrs":9314,"content":9315},{"textAlign":42},[9316,9323],{"text":9317,"type":46,"marks":9318},"Canada's prime minister",[9319],{"type":55,"attrs":9320},{"href":9321,"uuid":9322,"anchor":42,"target":678,"linktype":60},"/article/what-does-mark-carneys-election-win-mean-for-critical-minerals-and-evs-in-canada","3ecf15b7-34ed-42f6-a34e-ea1d4a7d886e",{"text":9324,"type":46},", Mark Carney, announced plans to double the country's electricity generation by 2050, in part by altering clean energy rules to allow greater use of natural gas",{"type":80,"content":9326},[9327],{"type":40,"attrs":9328,"content":9329},{"textAlign":42},[9330],{"text":9331,"type":46},"China's coal output dropped 1% year-on-year in April even though its power generation via coal grew in the month as supplies remained tight",{"type":80,"content":9333},[9334],{"type":40,"attrs":9335,"content":9336},{"textAlign":42},[9337],{"text":9338,"type":46},"Russian crude oil production was down 460,000 barrels per day in April compared with the same month in 2025 after strikes by Ukraine, though exports grew by 250,000 barrels per day to 4.9 million in April compared to March as the Iran war increased demand for the country's product",{"type":596,"attrs":9340},{"id":9289,"body":9341},[9342,9345,9348,9351],{"id":9343,"_uid":9344,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"24262196","i-195f3256-c4d0-4254-a095-479c24016ede",{"id":9346,"_uid":9347,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29019393","i-d8fa1b7b-dcac-423e-813e-4b4f193c5357",{"id":9349,"_uid":9350,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28613107","i-873e3ed5-4a03-4590-bbc8-fafe191e6be3",{"id":9352,"_uid":9353,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29019390","i-2f8f0d43-fa43-4c40-b0fc-14a4b465c3ed","Brent crude prices remain elevated this month, as US President Donald Trump’s visit to China appears not to have produced a breakthrough on an end to the Iran war and a relaxation of tensions in the Strait of Hormuz. US oil exports rose to their highest ever level as European and Asian demand grew as a result of the squeeze on Middle Eastern supply.",[9356,9357,9360],{"slug":343,"name":627},{"slug":9358,"name":9359},"sustainability","Sustainability",{"slug":6786,"name":6787},{"id":9362,"uuid":9363,"name":9364,"slug":9365,"full_slug":9366,"content":9367},181713710477510,"f849429a-6a3e-40ee-a258-7365d11f19d7","Energy Transition Capital - May 2026","energy-transition-capital-may-2026","publications/briefings/energy-transition-capitals/energy-transition-capital-may-2026",{"_uid":9368,"date":1542,"content":9369,"excerpt":10122,"component":8416,"categories":10123,"visibility":783,"publication_frequency":7474,"formattedDate":1712},"322e1cef-ea61-4ce9-b2ed-6dac4192571d",{"type":37,"content":9370},[9371,9382,9395,9399,9465,9517,9524,9530,9536,9543,9549,9585,9621,9629,9643,9649,9654,9660,9766,9804,9809,9941,9949,9955,9963,10014,10027,10032,10040],{"type":40,"attrs":9372,"content":9373},{"textAlign":42},[9374,9376,9380],{"text":9375,"type":46},"Welcome to",{"text":9377,"type":46,"marks":9378}," Energy Transition Capital Monthly",[9379],{"type":693},{"text":9381,"type":46},", part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.",{"type":40,"attrs":9383,"content":9384},{"textAlign":42},[9385,9387,9394],{"text":9386,"type":46},"To access this report’s accompanying funding and IPO database, ",{"text":9388,"type":46,"marks":9389},"click here",[9390,9393],{"type":55,"attrs":9391},{"href":9392,"uuid":42,"anchor":42,"target":678,"linktype":275},"https://a.storyblok.com/f/287943243085208/x/1ca7f29a05/benchmark-etc-funding-data-may-2026.xlsx",{"type":588},{"text":380,"type":46},{"type":200,"attrs":9396,"content":9397},{"level":202,"textAlign":42},[9398],{"text":8748,"type":46},{"type":40,"attrs":9400,"content":9401},{"textAlign":42},[9402,9407,9415,9420,9426,9431,9438,9443,9449,9454,9460],{"text":9403,"type":46,"marks":9404},"A significant milestone for European ",[9405],{"type":49,"attrs":9406},{"color":1496},{"text":9408,"type":46,"marks":9409},"lithium production",[9410,9413],{"type":55,"attrs":9411},{"href":9412,"uuid":3218,"anchor":42,"target":678,"linktype":60},"/article/why-are-lithium-prices-expected-to-decline-in-2027-",{"type":49,"attrs":9414},{"color":1496},{"text":9416,"type":46,"marks":9417}," this month, as ",[9418],{"type":49,"attrs":9419},{"color":1496},{"text":9421,"type":46,"marks":9422},"Vulcan Energy Resources ",[9423,9425],{"type":49,"attrs":9424},{"color":1496},{"type":693},{"text":9427,"type":46,"marks":9428},"closed $2.2 billion in project funding for a lithium brine field and renewable energy project in Germany's Upper Rhine Valley. European and German government agencies were among the backers. There were also major funding announcements in the ",[9429],{"type":49,"attrs":9430},{"color":1496},{"text":9432,"type":46,"marks":9433},"ESS and solar sectors",[9434,9436],{"type":55,"attrs":9435},{"href":828,"uuid":829,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":9437},{"color":1496},{"text":9439,"type":46,"marks":9440},", with ",[9441],{"type":49,"attrs":9442},{"color":1496},{"text":9444,"type":46,"marks":9445},"Sunraycer, Solar Landscape ",[9446,9448],{"type":49,"attrs":9447},{"color":1496},{"type":693},{"text":9450,"type":46,"marks":9451},"and ",[9452],{"type":49,"attrs":9453},{"color":1496},{"text":9455,"type":46,"marks":9456},"Spearmint Energy ",[9457,9459],{"type":49,"attrs":9458},{"color":1496},{"type":693},{"text":9461,"type":46,"marks":9462},"all set to establish new energy storage or storage-plus-solar sites with fresh financing.",[9463],{"type":49,"attrs":9464},{"color":1496},{"type":40,"attrs":9466,"content":9467},{"textAlign":42},[9468,9473,9479,9484,9490,9495,9501,9506,9512],{"text":9469,"type":46,"marks":9470},"This month's largest IPO came on the NASDAQ, where ",[9471],{"type":49,"attrs":9472},{"color":1496},{"text":9474,"type":46,"marks":9475},"Fervo Energy",[9476,9478],{"type":49,"attrs":9477},{"color":1496},{"type":693},{"text":9480,"type":46,"marks":9481},", a geothermal energy firm that has struck agreements with Google, Shell and others, raised almost $2 billion. The Hong Kong Stock Exchange saw IPOs from Chinese industrial robotics developer ",[9482],{"type":49,"attrs":9483},{"color":1496},{"text":9485,"type":46,"marks":9486},"Robotphoenix",[9487,9489],{"type":49,"attrs":9488},{"color":1496},{"type":693},{"text":9491,"type":46,"marks":9492}," as well as autonomous tractor maker ",[9493],{"type":49,"attrs":9494},{"color":1496},{"text":9496,"type":46,"marks":9497},"UISEE Technologies",[9498,9500],{"type":49,"attrs":9499},{"color":1496},{"type":693},{"text":9502,"type":46,"marks":9503},", while ",[9504],{"type":49,"attrs":9505},{"color":1496},{"text":9507,"type":46,"marks":9508},"Kaoko Metals",[9509,9511],{"type":49,"attrs":9510},{"color":1496},{"type":693},{"text":9513,"type":46,"marks":9514},", a minerals exploration firm focused on Namibian projects including copper, listed on the Australian Securities Exchange.",[9515],{"type":49,"attrs":9516},{"color":1496},{"type":596,"attrs":9518},{"id":9519,"body":9520},"2c0ace3f-3835-4571-80f8-a958a14b1ad3",[9521],{"id":9522,"_uid":9523,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29164500","i-a2506105-e694-407e-b0cb-c1e3352bebe7",{"type":596,"attrs":9525},{"id":9519,"body":9526},[9527],{"id":9528,"_uid":9529,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29164506","i-1bf3ecd9-7691-4dba-ae62-7d238890de2c",{"type":596,"attrs":9531},{"id":9519,"body":9532},[9533],{"id":9534,"_uid":9535,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29164510","i-8085a38e-96a6-4638-a344-836d4dee3f48",{"type":596,"attrs":9537},{"id":9538,"body":9539},"2db9e37d-fe38-4b10-9591-cbae3432c0c0",[9540],{"id":9541,"_uid":9542,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28849425","i-57f445b7-08b6-4a98-aec2-6ad76aea6c71",{"type":596,"attrs":9544},{"id":9538,"body":9545},[9546],{"id":9547,"_uid":9548,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29164597","i-abdf8923-edc8-40ff-bc00-b6374e87b23b",{"type":40,"attrs":9550,"content":9551},{"textAlign":42},[9552,9558,9563,9569,9574,9580],{"text":9553,"type":46,"marks":9554},"FuelCell Energy",[9555,9557],{"type":49,"attrs":9556},{"color":1496},{"type":693},{"text":9559,"type":46,"marks":9560},"'s share price has risen in expectation of increased demand for its clean energy solutions from the growing AI data centre segment, while battery maker-turned-solar cell manufacturer ",[9561],{"type":49,"attrs":9562},{"color":1496},{"text":9564,"type":46,"marks":9565},"T1 Energy ",[9566,9568],{"type":49,"attrs":9567},{"color":1496},{"type":693},{"text":9570,"type":46,"marks":9571},"also saw an increase in anticipation of growing solar energy demand from the same application. 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Chinese battery firm ",[9608],{"type":49,"attrs":9609},{"color":1496},{"text":9611,"type":46,"marks":9612},"Narada ",[9613,9615],{"type":49,"attrs":9614},{"color":1496},{"type":693},{"text":9617,"type":46,"marks":9618},"saw the largest percentage fall after it disclosed overdue debts in excess of $75 million.",[9619],{"type":49,"attrs":9620},{"color":1496},{"type":200,"attrs":9622,"content":9623},{"level":202,"textAlign":2676},[9624],{"text":9625,"type":46,"marks":9626},"Spotlight: Post-IPO share price performance",[9627],{"type":49,"attrs":9628},{"color":1496},{"type":40,"attrs":9630,"content":9631},{"textAlign":2676},[9632,9638],{"text":9633,"type":46,"marks":9634},"Seres Group",[9635,9637],{"type":49,"attrs":9636},{"color":1496},{"type":693},{"text":9639,"type":46,"marks":9640},", a Chinese EV and electric powertrain manufacturer, listed on the Hong Kong Stock Exchange in November. As of 29 May, its share price was 51% of what it was at its IPO.",[9641],{"type":49,"attrs":9642},{"color":1496},{"type":596,"attrs":9644},{"id":9519,"body":9645},[9646],{"id":9647,"_uid":9648,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"29176620","i-af1cf625-2ded-4b63-873f-e08786b8f0a8",{"type":200,"attrs":9650,"content":9651},{"level":202,"textAlign":42},[9652],{"text":9653,"type":46},"Funding 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first green bond, drawing in more than $580 million in investment, and took out a bilateral bank loan for over $400 million, to support its transition to battery-electric vehicles.",[9691],{"type":49,"attrs":9692},{"color":1496},{"type":80,"content":9694},[9695],{"type":40,"attrs":9696,"content":9697},{"textAlign":42},[9698,9703,9709,9714,9720],{"text":9699,"type":46,"marks":9700},"In Texas, solar and storage developer ",[9701],{"type":49,"attrs":9702},{"color":1496},{"text":9704,"type":46,"marks":9705},"Sunraycer ",[9706,9708],{"type":49,"attrs":9707},{"color":1496},{"type":693},{"text":9710,"type":46,"marks":9711},"secured $901 million to build three new sites, while ",[9712],{"type":49,"attrs":9713},{"color":1496},{"text":9715,"type":46,"marks":9716},"Solar Landscape ",[9717,9719],{"type":49,"attrs":9718},{"color":1496},{"type":693},{"text":9721,"type":46,"marks":9722},"is using a $600 million debt facility to support its expansion.",[9723],{"type":49,"attrs":9724},{"color":1496},{"type":80,"content":9726},[9727],{"type":40,"attrs":9728,"content":9729},{"textAlign":42},[9730,9735,9740],{"text":9731,"type":46,"marks":9732},"There was further movement in Texas, where ",[9733],{"type":49,"attrs":9734},{"color":1496},{"text":9455,"type":46,"marks":9736},[9737,9739],{"type":49,"attrs":9738},{"color":1496},{"type":693},{"text":9741,"type":46,"marks":9742},"will continue development of its Red Egret BESS site with $450 million in new financing.",[9743],{"type":49,"attrs":9744},{"color":1496},{"type":80,"content":9746},[9747],{"type":40,"attrs":9748,"content":9749},{"textAlign":42},[9750,9755,9761],{"text":9751,"type":46,"marks":9752},"Chinese robotics firm ",[9753],{"type":49,"attrs":9754},{"color":1496},{"text":9756,"type":46,"marks":9757},"Robotera ",[9758,9760],{"type":49,"attrs":9759},{"color":1496},{"type":693},{"text":9762,"type":46,"marks":9763},"raised over $200 million in new investment from SF Group, HSG, IDG Capital and others.",[9764],{"type":49,"attrs":9765},{"color":1496},{"type":40,"attrs":9767,"content":9768},{"textAlign":2676},[9769,9774,9780,9784,9789,9794,9800],{"text":9770,"type":46,"marks":9771},"Over",[9772],{"type":49,"attrs":9773},{"color":1496},{"text":9775,"type":46,"marks":9776}," $11 billion worth of financial transactions were tracked in May across over 60 deals",[9777,9779],{"type":49,"attrs":9778},{"color":1496},{"type":693},{"text":380,"type":46,"marks":9781},[9782],{"type":49,"attrs":9783},{"color":1496},{"text":3336,"type":46,"marks":9785},[9786,9788],{"type":49,"attrs":9787},{"color":1496},{"type":693},{"text":9790,"type":46,"marks":9791},"To view all of this funding data in Excel, 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",[9834],{"type":49,"attrs":9835},{"color":1496},{"text":9837,"type":46,"marks":9838},"will create the largest utility firm in the world",[9839,9841],{"type":55,"attrs":9840},{"href":375,"uuid":376,"anchor":42,"target":678,"linktype":60},{"type":49,"attrs":9842},{"color":1496},{"text":9844,"type":46,"marks":9845}," as NextEra looks to capitalise on the data centre boom",[9846],{"type":49,"attrs":9847},{"color":1496},{"type":80,"content":9849},[9850],{"type":40,"attrs":9851,"content":9852},{"textAlign":2676},[9853,9858,9864,9869,9875],{"text":9854,"type":46,"marks":9855},"Clean energy-focused private equity firm ",[9856],{"type":49,"attrs":9857},{"color":1496},{"text":9859,"type":46,"marks":9860},"FH Capital",[9861,9863],{"type":49,"attrs":9862},{"color":1496},{"type":693},{"text":9865,"type":46,"marks":9866}," is to acquire a 75.1% stake in Chinese solar and energy storage firm ",[9867],{"type":49,"attrs":9868},{"color":1496},{"text":9870,"type":46,"marks":9871},"Jinko Solar",[9872,9874],{"type":49,"attrs":9873},{"color":1496},{"type":693},{"text":9876,"type":46,"marks":9877},"'s US manufacturing operations.",[9878],{"type":49,"attrs":9879},{"color":1496},{"type":80,"content":9881},[9882],{"type":40,"attrs":9883,"content":9884},{"textAlign":2676},[9885,9889,9891,9895],{"text":9886,"type":46,"marks":9887},"Zhejiang Huayou Cobalt ",[9888],{"type":693},{"text":9890,"type":46},"is to acquire all of ",{"text":9892,"type":46,"marks":9893},"Atlantic Lithium",[9894],{"type":693},{"text":9896,"type":46},"'s shares in a fully cash-funded transaction worth ~$210 million.",{"type":80,"content":9898},[9899],{"type":40,"attrs":9900,"content":9901},{"textAlign":2676},[9902,9904,9908,9909,9913,9915,9919],{"text":9903,"type":46},"The electric spin-off of ",{"text":9905,"type":46,"marks":9906},"Harley Davidson",[9907],{"type":693},{"text":338,"type":46},{"text":9910,"type":46,"marks":9911},"LiveWire Group",[9912],{"type":693},{"text":9914,"type":46},", bought US electric motorcycle firm ",{"text":9916,"type":46,"marks":9917},"Dust Moto",[9918],{"type":693},{"text":380,"type":46},{"type":80,"content":9921},[9922],{"type":40,"attrs":9923,"content":9924},{"textAlign":2676},[9925,9929,9931,9935,9937],{"text":9926,"type":46,"marks":9927},"Nextpower ",[9928],{"type":693},{"text":9930,"type":46},"acquired ",{"text":9932,"type":46,"marks":9933},"Zigor Corporation's ",[9934],{"type":693},{"text":9936,"type":46},"power conversion product portfolio and its US subsidiary, ",{"text":9938,"type":46,"marks":9939},"Apex Power",[9940],{"type":693},{"type":200,"attrs":9942,"content":9943},{"level":202,"textAlign":42},[9944],{"text":9945,"type":46,"marks":9946},"2025/26 performance of energy transition IPO market",[9947],{"type":49,"attrs":9948},{"color":1496},{"type":596,"attrs":9950},{"id":9538,"body":9951},[9952],{"id":9953,"_uid":9954,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28849422","i-aeafcbd9-a9f7-48b5-8547-156aad074582",{"type":200,"attrs":9956,"content":9957},{"level":202,"textAlign":2676},[9958],{"text":9959,"type":46,"marks":9960},"Market listings and updates",[9961],{"type":49,"attrs":9962},{"color":1496},{"type":40,"attrs":9964,"content":9965},{"textAlign":2676},[9966,9971,9977,9982,9987,9992,9998,10003,10009],{"text":9967,"type":46,"marks":9968},"In May, we tracked IPOs across US, Hong Kong and Australian exchanges. These included drone developer ",[9969],{"type":49,"attrs":9970},{"color":1496},{"text":9972,"type":46,"marks":9973},"Exyn",[9974,9976],{"type":49,"attrs":9975},{"color":1496},{"type":693},{"text":9978,"type":46,"marks":9979},", which develops autonomous drone systems for GPS-denied environments, as well as a major offering from geothermal energy developer ",[9980],{"type":49,"attrs":9981},{"color":1496},{"text":9474,"type":46,"marks":9983},[9984,9986],{"type":49,"attrs":9985},{"color":1496},{"type":693},{"text":9988,"type":46,"marks":9989},", which raised over $1.89 billion. On the Hong Kong Stock Exchange, robotics firm ",[9990],{"type":49,"attrs":9991},{"color":1496},{"text":9993,"type":46,"marks":9994},"Robotphoenix ",[9995,9997],{"type":49,"attrs":9996},{"color":1496},{"type":693},{"text":9999,"type":46,"marks":10000},"raised $96 million and autonomous vehicle developer ",[10001],{"type":49,"attrs":10002},{"color":1496},{"text":10004,"type":46,"marks":10005},"UISEE Technologies ",[10006,10008],{"type":49,"attrs":10007},{"color":1496},{"type":693},{"text":10010,"type":46,"marks":10011},"raised over $111 million.",[10012],{"type":49,"attrs":10013},{"color":1496},{"type":200,"attrs":10015,"content":10016},{"level":202,"textAlign":2676},[10017,10022],{"type":1581,"attrs":10018},{"id":10019,"alt":274,"src":10020,"title":274,"source":274,"copyright":274,"meta_data":10021},181774488263945,"https://a.storyblok.com/f/287943243085208/645x669/7e2aced98e/screenshot-2026-05-29-162137.png",{},{"type":1581,"attrs":10023},{"id":10024,"alt":274,"src":10025,"title":274,"source":274,"copyright":274,"meta_data":10026},182785744727348,"https://a.storyblok.com/f/287943243085208/649x675/47d965f3c7/screenshot-2026-06-01-125658.png",{},{"type":200,"attrs":10028,"content":10029},{"level":202,"textAlign":2676},[10030],{"text":10031,"type":46},"Announcements",{"type":40,"attrs":10033,"content":10034},{"textAlign":2676},[10035],{"text":10036,"type":46,"marks":10037},"Throughout May, several energy transition and critical mineral companies progressed or announced plans to list across US exchanges.",[10038],{"type":49,"attrs":10039},{"color":1496},{"type":77,"content":10041},[10042,10058,10101],{"type":80,"content":10043},[10044],{"type":40,"attrs":10045,"content":10046},{"textAlign":2676},[10047,10053],{"text":10048,"type":46,"marks":10049},"ProLogium",[10050,10052],{"type":49,"attrs":10051},{"color":1496},{"type":693},{"text":10054,"type":46,"marks":10055},", a Taiwanese battery maker, announced it is to go public via a SPAC merger later this year, listing on the New York Stock Exchange in a bid to fund a new gigafactory in France",[10056],{"type":49,"attrs":10057},{"color":1496},{"type":80,"content":10059},[10060],{"type":40,"attrs":10061,"content":10062},{"textAlign":2676},[10063,10068,10073,10079,10084,10090,10095],{"text":3336,"type":46,"marks":10064},[10065,10067],{"type":49,"attrs":10066},{"color":1496},{"type":693},{"text":10069,"type":46,"marks":10070},"Developer of energy infrastructure for data centres ",[10071],{"type":49,"attrs":10072},{"color":1496},{"text":10074,"type":46,"marks":10075},"SB Energy",[10076,10078],{"type":49,"attrs":10077},{"color":1496},{"type":693},{"text":10080,"type":46,"marks":10081},", a subsidiary of ",[10082],{"type":49,"attrs":10083},{"color":1496},{"text":10085,"type":46,"marks":10086},"SoftBank",[10087,10089],{"type":49,"attrs":10088},{"color":1496},{"type":693},{"text":10091,"type":46,"marks":10092},", confidentially filed for an IPO, while SoftBank is also exploring an offering for tis autonomous robotics spin-off ",[10093],{"type":49,"attrs":10094},{"color":1496},{"text":10096,"type":46,"marks":10097},"Roze",[10098,10100],{"type":49,"attrs":10099},{"color":1496},{"type":693},{"type":80,"content":10102},[10103],{"type":40,"attrs":10104,"content":10105},{"textAlign":2676},[10106,10111,10117],{"text":10107,"type":46,"marks":10108},"France-headquartered nuclear firm ",[10109],{"type":49,"attrs":10110},{"color":1496},{"text":10112,"type":46,"marks":10113},"Newcleo ",[10114,10116],{"type":49,"attrs":10115},{"color":1496},{"type":693},{"text":10118,"type":46,"marks":10119},"is to list on the Nasdaq via a SPAC merger, it has announced, as it moves forward with plans to work with the US Department of Energy",[10120],{"type":49,"attrs":10121},{"color":1496},"Welcome to Energy Transition Capital Monthly , part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.\n",[10124,10125,10126,10127,10128,10129,10130,10131,10132,10133,10134,10137,10138,10139,10140,10141,10142,10143,10144,10145,10146,10147,10148,10149,10150],{"slug":652,"name":653},{"slug":264,"name":265},{"slug":5880,"name":5881},{"slug":4951,"name":4952},{"slug":1690,"name":1691},{"slug":1613,"name":1693},{"slug":1961,"name":1962},{"slug":621,"name":622},{"slug":270,"name":271},{"slug":267,"name":268},{"slug":10135,"name":10136},"fluorspar","Fluorspar",{"slug":343,"name":627},{"slug":1524,"name":1525},{"slug":1186,"name":1187},{"slug":1697,"name":1698},{"slug":6480,"name":6481},{"slug":780,"name":781},{"slug":6786,"name":6787},{"slug":1622,"name":1965},{"slug":1967,"name":1968},{"slug":1970,"name":1971},{"slug":4954,"name":4955},{"slug":8719,"name":8720},{"slug":9358,"name":9359},{"slug":1701,"name":1702},{"id":10152,"uuid":10153,"name":10154,"slug":10155,"full_slug":10156,"content":10157},121614699371805,"b185f98f-d288-44d3-8fd0-1210abde5581","Energy Transition Profitability Heatmap","energy-transition-profitability-heatmap-2","publications/briefings/profitability-heatmaps/energy-transition-profitability-heatmap-2",{"_uid":10158,"date":8389,"content":10159,"excerpt":10165,"component":8416,"categories":10173,"visibility":783,"publication_frequency":8721,"formattedDate":8426},"a7f36ba6-22ee-4b92-bbec-59218f99bb53",{"type":37,"content":10160},[10161,10166],{"type":40,"attrs":10162,"content":10163},{"textAlign":42},[10164],{"text":10165,"type":46},"Welcome to Benchmark’s “Energy Transition Profitability Heatmap”. This heatmap evaluates the operating margin of listed companies across the EV & Battery supply chain. By focusing on operating margin, it provides a clear lens into the core performance of businesses.",{"type":596,"attrs":10167},{"id":10168,"body":10169},"e98064fc-7d19-466f-b46a-6695cdf0e6b3",[10170],{"id":10171,"_uid":10172,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28942913","i-db8b7627-f3aa-408e-b4cf-2eb23d4d3e16",[10174,10175,10176],{"slug":264,"name":265},{"slug":621,"name":622},{"slug":6786,"name":6787},{"id":10178,"uuid":10179,"name":10180,"slug":10181,"full_slug":10182,"content":10183},175704397724269,"5148691a-a5a2-457d-be6e-d08015a0b327","EV Automakers League Table Q1 2026","ev-automakers-league-table-q1-2026","publications/briefings/automaker-league-tables/ev-automakers-league-table-q1-2026",{"_uid":10184,"date":8389,"content":10185,"excerpt":10205,"component":8416,"categories":10206,"visibility":783,"publication_frequency":8721,"formattedDate":8426},"513e3eff-5266-4533-8bc1-4cfbb6491b30",{"type":37,"content":10186},[10187,10192,10199],{"type":40,"attrs":10188,"content":10189},{"textAlign":42},[10190],{"text":10191,"type":46},"This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis. ",{"type":596,"attrs":10193},{"id":10194,"body":10195},"d4eb8e2a-1c92-4317-82da-f2dee43aec9c",[10196],{"id":10197,"_uid":10198,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28934581","i-a48a952a-1192-464a-9bf5-a413e1b2dee0",{"type":596,"attrs":10200},{"id":10194,"body":10201},[10202],{"id":10203,"_uid":10204,"type":743,"component":744,"fixed_height":274,"use_fixed_height":282,"fixed_height_mobile":274,"fixed_height_tablet":274},"28924075","i-e0a4961a-3733-48e3-be77-acb8a3db95de","This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis.",[10207,10208],{"slug":267,"name":268},{"slug":264,"name":265},1781195647116]