“Scaling is everything” key takeaways from Day 2 of Benchmark Week

Day two of Benchmark Week 2025 continued in Los Angeles, focusing on how policy, technology, and localisation are shaping the evolution of energy transition supply chains.

Benchmark’s lifetime achievement award went to Bob Galyen, who worked at the heart of China’s battery revolution as chief technology officer for CATL and has been an industry leader throughout his career. Benchmark chief executive said Bob is “one of the most accomplished engineers and innovators” in the industry.

Three key themes emerged across the day’s sessions:

1. Scale and innovation are key to industrial competitiveness

Setting the tone early, Bob Galyen remarked that “scaling is everything in this industry, being able to take machines and convert them into something that can make gigawatt level production […] is a remarkable journey.”

Benchmark CEO Andrew Miller awarding Bob Galyen Benchmark’s lifetime achievement award. Photo credit: Jens Reiterer

The idea of scaling, both production and technology, featured throughout the day’s discussions. Speakers emphasised that innovation is needed not only in mining and processing to improve domestic supply, but also further up the supply chain in battery component technologies.

2. Policy stability and risk management tools are key to investor confidence

Investor confidence in the critical minerals and battery sectors depends on predictable policy and clear market signals. This message was reinforced through discussion of Intercontinental Exchange’s (ICE) lithium and cobalt futures, supported by Benchmark’s price assessments, which provide new avenues for price risk management, helping developers and financiers hedge volatility and improve project visibility.

Adam Panayi Benchmark CRO, talking to Noemi Gallardo and Trelynd Bradley. Photo credit: Jens Reiterer

Speakers stressed that close coordination with federal agencies is essential to stabilise markets and scale supply chain investments.

Trelynd Bradley, Deputy Director of Innovation & Emerging Technologies at the California Governor’s Office of Business and Economic Development, commented, “The problem is the commodity price within the sector is so up-and-down […] and it’s hard to get financing for these projects. However, we can reduce that volatility in the market, and that’s where the federal government is a great partner.”

3. Building local supply chains will take time

Bob Lee, President, North America, LG Energy Solution. Photo credit: Jens Reiterer

Bob Lee, President of LG Energy Solution North America said, “The products that I see being localised the earliest tend to be mechanical components […] and electronics.” He added, “The active materials I think are going to take the longest in terms [of] validation and getting into the supply chain, [but] there are a lot of opportunities.”

This view was echoed in sessions on anode technologies, which highlighted that long-term partners providing capital and offtake are essential to developing domestic supply and reducing reliance on China.

Flemming Bjoernslev, Senior Advisor at Aquatech, noted, “if you do things right […] you can develop projects that can ramp up quite quickly.” He emphasised that understanding your resource, maintaining robust data, and advancing pilot plant projects can enable faster project development.

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