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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. ","f84d2613-69b2-49af-a5ac-e54280762706",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},148103977584224,"https://a.storyblok.com/f/287943243085208/512x512/1491bc3cc9/bryan-bille.jpeg","asset",{},"https://www.linkedin.com/in/bryanbille/","author","Lead Analyst - Government Policy","Critical Mineral, Battery and EV Supply ",[],[],[562,893,1137,1526,1851,2129],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},194131353880583,"23058151-3c90-4933-a151-d618baff03e1","Cobalt, copper and controls: DRC Regional Spotlight","cobalt-copper-and-controls-drc-regional-spotlight","article/cobalt-copper-and-controls-drc-regional-spotlight",{"_uid":569,"date":570,"tags":571,"editor":587,"content":597,"excerpt":850,"featured":51,"reporter":851,"component":864,"seo_title":565,"categories":865,"visibility":882,"data_vis_image":883,"featured_image":887,"seo_description":891,"formattedDate":892},"95da1746-1488-4cb8-b981-442b69f157c0","2026-07-03 00:00",[572,575,578,581,584],{"slug":573,"name":574},"drc","DRC",{"slug":576,"name":577},"cmoc","CMOC",{"slug":579,"name":580},"data-visualisation","Data Visualisation",{"slug":582,"name":583},"cobalt-prices","Cobalt prices",{"slug":585,"name":586},"africa","Africa",[588],{"slug":589,"name":590,"content":591},"matthew-bird","Matthew Bird",{"job_title":592,"image":593,"bio":595,"linkedin":596},"Senior Editor - Supply Chains & Data Visualisation",{"filename":594},"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":598,"content":599},"doc",[600,617,633,643,663,673,696,701,706,711,724,738,743,750,756,762,768,774,779,785,799,805,810,815,820,837],{"type":601,"attrs":602,"content":603},"paragraph",{"textAlign":49},[604,607,615],{"text":605,"type":606},"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025. Its transformation into a major supplier of both minerals follows ","text",{"text":608,"type":606,"marks":609},"significant investment from China",[610],{"type":611,"attrs":612},"link",{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":614},"https://intelligence.benchmarkminerals.com/article/copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns","url",{"text":616,"type":606}," over the last 15 years.",{"type":601,"attrs":618,"content":619},{"textAlign":49},[620,622,631],{"text":621,"type":606},"The DRC is also home to one of the world’s largest hard rock lithium deposits, the Manono site in the country’s Tanganyika Province. Manono North, ",{"text":623,"type":606,"marks":624},"owned by Zijin",[625],{"type":611,"attrs":626},{"href":627,"uuid":628,"anchor":49,"target":629,"linktype":630},"/article/chinese-lithium-miners-zijin-and-zangge-consolidate-in-1-87-billion-deal","3e8942f4-b569-4ec0-a869-a00eae697a36","_blank","story",{"text":632,"type":606},", began operating earlier in 2026 and has an eventual planned capacity of 120ktpa. A separate, AVZ-owned and CATL-backed Manono project is due to come online in 2032, with a planned capacity of 90ktpa.",{"type":634,"attrs":635},"blok",{"id":636,"body":637},"45abb075-b456-4f95-8947-2ebd5e9ecea1",[638],{"id":639,"_uid":640,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29534786","i-f1238a6b-cb51-4bc8-aae1-5fe52216608e","visualisation","ContentFlourish",{"type":601,"attrs":644,"content":645},{"textAlign":49},[646,651,659],{"text":647,"type":606,"marks":648},"As Africa's role in the global battery supply chain continues to accelerate, ",[649],{"type":650},"italic",{"text":652,"type":606,"marks":653},"Benchmark's Giga Africa 2026",[654,658],{"type":611,"attrs":655},{"href":656,"uuid":49,"anchor":49,"target":657,"linktype":614},"https://www.benchmarkminerals.com/events/giga-africa","_self",{"type":650},{"text":660,"type":606,"marks":661}," event brings together government, industry and finance to forge lasting partnerships, unlock defining deals and gain in-depth market insights.",[662],{"type":650},{"type":664,"attrs":665,"content":667},"heading",{"level":666,"textAlign":49},2,[668],{"text":669,"type":606,"marks":670},"Policy",[671],{"type":672},"bold",{"type":601,"attrs":674,"content":675},{"textAlign":49},[676,678,685,687,694],{"text":677,"type":606},"Supplies of cobalt from the DRC have been strained since the government’s imposition of cobalt export restrictions, beginning with a ",{"text":679,"type":606,"marks":680},"ban in February 2025",[681],{"type":611,"attrs":682},{"href":683,"uuid":684,"anchor":49,"target":629,"linktype":630},"/article/how-have-cobalt-prices-reacted-to-the-drcs-recent-export-ban","4bad6e55-e538-4354-9895-617ca4895205",{"text":686,"type":606},". That ban caused a significant spike in cobalt prices by March 2025, before they rose further on the announcement that the government would be ending the ban and instead ",{"text":688,"type":606,"marks":689},"imposing export quotas",[690],{"type":611,"attrs":691},{"href":692,"uuid":693,"anchor":49,"target":629,"linktype":630},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"text":695,"type":606}," from 16 October 2025. In 2026, the annual export quota is set at 96,600t. It was reported to Benchmark at a recent industry event that producers hit the Q4 2025 quota, and appear likely to have done the same in Q1 2026.",{"type":601,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":606},"The ban and quota have both been aimed at boosting low cobalt prices. The effect on prices has been stark: before the ban, cobalt sulphate (EXW China) was priced at $3,588 per tonne; as of 17 June 2026, the price is 265% higher at $13,098 per tonne.",{"type":601,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":606},"The DRC has almost no cobalt refining capacity, with most exported to China for processing. In 2025, China imported 98% of the DRC’s cobalt hydroxide, and 72% of the DRC’s mined supply came from majority-Chinese-owned projects.",{"type":601,"attrs":707,"content":708},{"textAlign":49},[709],{"text":710,"type":606},"In April 2026, the government approved a draft decree that would establish a strategic reserve of critical minerals. It aims to prevent downward price pressures on cobalt threatened by releases from growing global stockpiles, which have been built since its export restrictions have been in place.",{"type":601,"attrs":712,"content":713},{"textAlign":49},[714,716,722],{"text":715,"type":606},"More broadly, ",{"text":717,"type":606,"marks":718},"the African Copperbelt",[719],{"type":611,"attrs":720},{"href":721,"uuid":49,"anchor":49,"target":629,"linktype":614},"https://intelligence.benchmarkminerals.com/publications/special-issues/powering-the-transition-africas-critical-mineral-moment",{"text":723,"type":606},", of which the DRC is a part, remains a focal point of US–China competition. The US is expanding its presence in the DRC through infrastructure, diplomacy, and asset-level engagement, while China remains dominant in ownership.",{"type":601,"attrs":725,"content":726},{"textAlign":49},[727,729,736],{"text":728,"type":606},"The US’ strategy has evolved beyond logistics, combining the Sakania–Lobito Corridor upgrade and up to $1bn in rail financing from the US International Development Finance Corporation (DFC). It is part of a broader ",{"text":730,"type":606,"marks":731},"minerals-for-security approach",[732],{"type":611,"attrs":733},{"href":734,"uuid":735,"anchor":49,"target":629,"linktype":630},"/article/us-considers-minerals-for-security-deal-with-the-drc","37f56d4f-9c55-4995-acef-842dd648536a",{"text":737,"type":606}," that has included the Washington Accords peace agreement with Rwanda, a US-DRC Strategic Partnership, and targeted investments and offtake agreements to secure copper and cobalt supply.",{"type":601,"attrs":739,"content":740},{"textAlign":49},[741],{"text":742,"type":606},"Yet despite US efforts, including support for non-Chinese ownership in assets such as Chemaf, China continues to reinforce its position through trade and infrastructure. It has supported a ~$1.4bn upgrade of the TAZARA rail corridor, which runs through Tanzania but comes into competition with the Sakania-Lobito Corridor.",{"type":664,"attrs":744,"content":745},{"level":666,"textAlign":49},[746],{"text":747,"type":606,"marks":748},"In numbers",[749],{"type":672},{"type":634,"attrs":751},{"id":636,"body":752},[753],{"id":754,"_uid":755,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29460996","i-92617fd8-513a-4b7f-9a0a-9df1be9a5955",{"type":634,"attrs":757},{"id":636,"body":758},[759],{"id":760,"_uid":761,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29306694","i-f728a04a-0dde-4782-a7b6-49af29f71198",{"type":634,"attrs":763},{"id":636,"body":764},[765],{"id":766,"_uid":767,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29307757","i-47ec6093-f4ac-40e3-b3e9-63e3eb025e3c",{"type":634,"attrs":769},{"id":636,"body":770},[771],{"id":772,"_uid":773,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29310965","i-988a6e3a-c628-47e4-8b4f-63a78f597ff1",{"type":664,"attrs":775,"content":776},{"level":666,"textAlign":49},[777],{"text":778,"type":606},"In focus: CMOC Group",{"type":634,"attrs":780},{"id":636,"body":781},[782],{"id":783,"_uid":784,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29310269","i-4c112cf5-166b-4df0-ae5a-940d8fc0adc6",{"type":601,"attrs":786,"content":787},{"textAlign":49},[788,790,797],{"text":789,"type":606},"Chinese firm ",{"text":791,"type":606,"marks":792},"CMOC Group",[793],{"type":611,"attrs":794},{"href":795,"uuid":796,"anchor":49,"target":629,"linktype":630},"/article/cmoc-guidance-gives-little-hope-for-cobalt-prices-in-2025","388e4b54-2cb2-4e3d-a8cd-579571321bdf",{"text":798,"type":606}," is the majority owner of over half of all cobalt mining projects in the DRC, which accounts for 40% of all mined supply globally. While it is a producer of a range of minerals, its revenue from its cobalt and copper operations has grown 292% between 2018 and 2025 to $8.5 billion. By comparison, its phosphorus business, largely focused on Brazil, was larger by revenue in 2018, but was smaller than cobalt and copper at $566 million by 2025.",{"type":634,"attrs":800},{"id":636,"body":801},[802],{"id":803,"_uid":804,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29486792","i-c2713403-a734-410a-a4b6-154ccce06d80",{"type":601,"attrs":806,"content":807},{"textAlign":49},[808],{"text":809,"type":606},"Increasing global cobalt and copper prices have driven significant share price growth for CMOC. That trend has been helped by the sustained strength of its cobalt output despite the DRC’s export ban and quota, hitting a record 117,666 tonnes from its majority-owned operations in the country in 2025, over half of all DRC unweighted supply.",{"type":601,"attrs":811,"content":812},{"textAlign":49},[813],{"text":814,"type":606},"The DRC’s government began an investigation into the company’s Tenke Fungurume cobalt and copper mine earlier this year following a report from the Environmental Investigation Agency (EIA), which alleged its processing plant was increasing air sulphur dioxide (SO2) levels to levels dangerous to those living nearby. The mine has also seen a brief dip in production owing to a strike this year.",{"type":601,"attrs":816,"content":817},{"textAlign":49},[818],{"text":819,"type":606},"CMOC has continued expansion in the DRC, confirming late in 2025 that it had secured board approval to expand its Kisanfu copper mine in the country, a project it expects to be complete by 2027 at a cost of $1.08 billion. The expansion is anticipated to increase its current 150kt average annual production by an additional 100kt.",{"type":601,"attrs":821,"content":822},{"textAlign":49},[823,827,833],{"text":824,"type":606,"marks":825},"To find out more about ",[826],{"type":650},{"text":828,"type":606,"marks":829},"Giga Africa 2026",[830,832],{"type":611,"attrs":831},{"href":656,"uuid":49,"anchor":49,"target":629,"linktype":614},{"type":650},{"text":834,"type":606,"marks":835},", fill out the form below:",[836],{"type":650},{"type":634,"attrs":838},{"id":839,"body":840},"4e78fc85-3f23-48db-8058-d3fb914485f7",[841],{"id":842,"_uid":843,"component":844,"wrap_in_box":50,"redirect_url":845,"success_file":847,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":849,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-62818ef8-7616-49fd-ae04-1a2e06b6b83a","ContentHubspotForm",{"id":547,"url":547,"linktype":630,"fieldtype":846,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":848},{},[],"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025. Its transformation into a major supplier of both minerals follows significant investment from China over the last 15 years.\n\nThe DRC is also home to one of the world’s largest hard rock lithium deposits, the Manono site in the country’s Tanganyika Province. It recently started operating. Manono North, owned by Zijin, is currently operating and has an eventual planned capacity of 120ktpa. A separate, AVZ-owned and CATL-backed Manono project is due to come online in 2032, with a planned capacity of 90ktpa.",[852,861],{"slug":853,"name":854,"content":855},"benjamin-roche","Benjamin Roche",{"job_title":856,"image":857,"bio":859,"linkedin":860},"Editor – Energy Transition Supply Chains",{"filename":858},"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/",{"slug":544,"name":543,"content":862},{"job_title":557,"image":863,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article",[866,868,871,874,877,879],{"slug":867,"name":115},"cobalt",{"slug":869,"name":870},"copper","Copper",{"slug":872,"name":873},"critical-minerals","Critical Minerals",{"slug":875,"name":876},"raw-materials","Raw Materials",{"slug":878,"name":8},"lithium",{"slug":880,"name":881},"geopolitics","Geopolitics","private",{"id":884,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":885,"copyright":547,"fieldtype":553,"meta_data":886,"is_external_url":50},194132824048139,"https://a.storyblok.com/f/287943243085208/635x753/78f6deb816/screenshot-2026-07-03-142811.png",{},{"id":888,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":889,"copyright":547,"fieldtype":553,"meta_data":890,"is_external_url":50},129067203844707,"https://a.storyblok.com/f/287943243085208/cc962f2397/bm-drc-flag.jpg",{},"The Democratic Republic of Congo (DRC) is the world’s leading supplier of mined cobalt, supplying three quarters of 2025 cobalt, and is the second largest supplier of mined copper, supplying 15% in 2025.","Jul 03, 2026",{"id":894,"uuid":895,"name":896,"slug":897,"full_slug":898,"content":899},179241508563904,"7a2ab405-0e9f-4cae-9566-0cda20e22de2","BESS up, EVs down: US Regional Spotlight","regional-spotlight-united-states","article/regional-spotlight-united-states",{"_uid":900,"date":901,"tags":902,"editor":920,"content":924,"excerpt":1097,"featured":51,"reporter":1098,"component":864,"seo_title":896,"categories":1105,"visibility":882,"data_vis_image":1129,"featured_image":1131,"seo_description":1135,"formattedDate":1136},"842a3cd3-63d6-4173-8ac7-3c05001e69d0","2026-05-26 00:00",[903,906,909,911,914,917],{"slug":904,"name":905},"usa","USA",{"slug":907,"name":908},"bess","BESS",{"slug":910,"name":669},"policy",{"slug":912,"name":913},"ford","Ford",{"slug":915,"name":916},"nextera-energy","NextEra Energy",{"slug":918,"name":919},"regional-spotlight","Regional Spotlight",[921],{"slug":589,"name":590,"content":922},{"job_title":592,"image":923,"bio":595,"linkedin":596},{"filename":594},{"type":598,"content":925},[926,940,945,950,963,968,986,993,998,1005,1010,1017,1023,1029,1035,1040,1045,1050,1055,1061,1066,1071,1076,1081],{"type":601,"attrs":927,"content":928},{"textAlign":49},[929,931,938],{"text":930,"type":606},"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":932,"type":606,"marks":933},"EV sales were down",[934],{"type":611,"attrs":935},{"href":936,"uuid":937,"anchor":49,"target":629,"linktype":630},"/publications/briefings/all-ev-sales/april-2026-major-market-ev-sales","c50df223-e0c3-4243-8410-b01c0a0e1b89",{"text":939,"type":606}," 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":601,"attrs":941,"content":942},{"textAlign":49},[943],{"text":944,"type":606},"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":601,"attrs":946,"content":947},{"textAlign":49},[948],{"text":949,"type":606},"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":601,"attrs":951,"content":952},{"textAlign":49},[953,955,961],{"text":954,"type":606},"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":956,"type":606,"marks":957},"Benchmark’s Q2 2026 BESS Forecast",[958],{"type":611,"attrs":959},{"href":960,"uuid":49,"anchor":49,"target":629,"linktype":614},"https://data.benchmarkminerals.com/bess/data-reports",{"text":962,"type":606},", 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":601,"attrs":964,"content":965},{"textAlign":49},[966],{"text":967,"type":606},"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":601,"attrs":969,"content":970},{"textAlign":49},[971,975,982],{"text":972,"type":606,"marks":973},"Join government officials, financiers, and industry participants at our premier supply chain conference, ",[974],{"type":650},{"text":976,"type":606,"marks":977},"Giga US 26",[978,981],{"type":611,"attrs":979},{"href":980,"uuid":49,"anchor":49,"target":629,"linktype":614},"https://www.benchmarkminerals.com/events/giga-usa",{"type":650},{"text":983,"type":606,"marks":984},", in Washington DC on 9–10th June to get more insights on Trump's policy agenda and the US’ next steps on energy security.",[985],{"type":650},{"type":634,"attrs":987},{"id":988,"body":989},"616767c7-219c-4354-b512-2a9bc6422070",[990],{"id":991,"_uid":992,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29059039","i-425f35ea-a769-4828-8082-c2ff19231ca6",{"type":664,"attrs":994,"content":995},{"level":666,"textAlign":49},[996],{"text":997,"type":606},"Key policies",{"type":634,"attrs":999},{"id":1000,"body":1001},"52d27f2b-42e7-4527-b5df-693507734ed9",[1002],{"id":1003,"_uid":1004,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29073627","i-90d3cebd-e112-4ff6-a2da-9b4848d66ac4",{"type":664,"attrs":1006,"content":1007},{"level":666,"textAlign":49},[1008],{"text":1009,"type":606},"US in numbers",{"type":634,"attrs":1011},{"id":1012,"body":1013},"4227142a-8d51-4289-a431-11a6771f8202",[1014],{"id":1015,"_uid":1016,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28992264","i-37d2e424-136f-40cb-b736-32ec74109ca6",{"type":634,"attrs":1018},{"id":1012,"body":1019},[1020],{"id":1021,"_uid":1022,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29058740","i-ba3bc790-14a9-44d3-aed3-ad31a878c02d",{"type":634,"attrs":1024},{"id":1000,"body":1025},[1026],{"id":1027,"_uid":1028,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29074500","i-1b05f7d2-36b5-4f77-a9a6-d4cd8cbd9d57",{"type":634,"attrs":1030},{"id":1000,"body":1031},[1032],{"id":1033,"_uid":1034,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28991795","i-ee060959-8747-4033-a3b3-6904d0d41106",{"type":664,"attrs":1036,"content":1037},{"level":666,"textAlign":49},[1038],{"text":1039,"type":606},"In focus: BESS, Ford and NextEra",{"type":601,"attrs":1041,"content":1042},{"textAlign":49},[1043],{"text":1044,"type":606},"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":601,"attrs":1046,"content":1047},{"textAlign":49},[1048],{"text":1049,"type":606},"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":601,"attrs":1051,"content":1052},{"textAlign":49},[1053],{"text":1054,"type":606},"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":634,"attrs":1056},{"id":1000,"body":1057},[1058],{"id":1059,"_uid":1060,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"29038954","i-41018da0-5330-46c1-8c14-5e0ae88f0968",{"type":601,"attrs":1062,"content":1063},{"textAlign":49},[1064],{"text":1065,"type":606},"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":601,"attrs":1067,"content":1068},{"textAlign":49},[1069],{"text":1070,"type":606},"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":601,"attrs":1072,"content":1073},{"textAlign":49},[1074],{"text":1075,"type":606},"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":601,"attrs":1077,"content":1078},{"textAlign":49},[1079],{"text":1080,"type":606},"Previous Regional Spotlights:",{"type":1082,"content":1083},"bullet_list",[1084],{"type":1085,"content":1086},"list_item",[1087],{"type":601,"attrs":1088,"content":1089},{"textAlign":49},[1090],{"text":1091,"type":606,"marks":1092},"Supply chain dominance: China Regional Spotlight",[1093],{"type":611,"attrs":1094},{"href":1095,"uuid":1096,"anchor":49,"target":629,"linktype":630},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635","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?",[1099,1102],{"slug":853,"name":854,"content":1100},{"job_title":856,"image":1101,"bio":859,"linkedin":860},{"filename":858},{"slug":544,"name":543,"content":1103},{"job_title":557,"image":1104,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1106,1108,1111,1113,1114,1117,1120,1121,1124,1125,1127],{"slug":1107,"name":261},"anode",{"slug":1109,"name":1110},"batteries","Batteries",{"slug":1112,"name":298},"cathode",{"slug":872,"name":873},{"slug":1115,"name":1116},"ess","ESS",{"slug":1118,"name":1119},"ev","EV",{"slug":880,"name":881},{"slug":1122,"name":1123},"gigafactories","Battery & Gigafactory",{"slug":878,"name":8},{"slug":1126,"name":189},"natural-graphite",{"slug":1128,"name":414},"rare-earths",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1130},{},{"id":1132,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1133,"copyright":547,"fieldtype":553,"meta_data":1134,"is_external_url":50},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.","May 26, 2026",{"id":1138,"uuid":1139,"name":1140,"slug":1141,"full_slug":1142,"content":1143},159401286976525,"664d77ea-f0d7-424b-bc00-0482409644fd","How is Europe progressing on its CRMA targets?","how-is-europe-progressing-on-its-crma-targets-","article/how-is-europe-progressing-on-its-crma-targets-",{"_uid":1144,"date":1145,"tags":1146,"editor":547,"content":1157,"excerpt":1486,"featured":51,"reporter":1487,"component":864,"seo_title":1140,"categories":1494,"visibility":882,"data_vis_image":1516,"featured_image":1520,"seo_description":1524,"formattedDate":1525},"2d3decb0-777e-48cc-9d3a-3ef49931c126","2026-03-27 00:00",[1147,1150,1153,1156],{"slug":1148,"name":1149},"european-union","European Union",{"slug":1151,"name":1152},"europe","Europe",{"slug":1154,"name":1155},"critical-raw-materials-act","Critical Raw Materials Act",{"slug":579,"name":580},{"type":598,"content":1158},[1159,1196,1204,1212,1219,1227,1263,1313,1349,1357,1365,1373,1381,1402,1410,1445,1481],{"type":601,"attrs":1160,"content":1161},{"textAlign":49},[1162,1169,1177,1182,1191],{"text":1163,"type":606,"marks":1164},"The ",[1165],{"type":1166,"attrs":1167},"textStyle",{"color":1168},"#000000",{"text":1149,"type":606,"marks":1170},[1171,1175],{"type":611,"attrs":1172},{"href":1173,"uuid":1174,"anchor":49,"target":657,"linktype":630},"/article/the-challenges-and-opportunities-of-europe-s-gigafactory-pipeline","6c3070da-9e0b-401f-b4d3-b32170207485",{"type":1166,"attrs":1176},{"color":1168},{"text":1178,"type":606,"marks":1179}," still requires significant investment in ",[1180],{"type":1166,"attrs":1181},{"color":1168},{"text":1183,"type":606,"marks":1184},"critical battery mineral projects",[1185,1189],{"type":611,"attrs":1186},{"href":1187,"uuid":1188,"anchor":49,"target":657,"linktype":630},"/videos/building-europe-s-critical-metals-value-chain-interview-with-european-metals-dr-james-watson","24a22b3e-dda6-476c-bf33-1089aa329c55",{"type":1166,"attrs":1190},{"color":1168},{"text":1192,"type":606,"marks":1193}," if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.",[1194],{"type":1166,"attrs":1195},{"color":1168},{"type":601,"attrs":1197,"content":1198},{"textAlign":49},[1199],{"text":1200,"type":606,"marks":1201},"The Act set targets for 10% of the bloc’s critical mineral demand to be met by domestic mining, 40% by domestic processing, and 25% by recycling. Further, no more than 65% of demand for one critical mineral should be met by a single country.",[1202],{"type":1166,"attrs":1203},{"color":1168},{"type":601,"attrs":1205,"content":1206},{"textAlign":49},[1207],{"text":1208,"type":606,"marks":1209},"Benchmark analysis shows that with the exception of lithium and nickel extraction, the bloc is forecast to miss the targets for battery metals across mining, processing and recycling.",[1210],{"type":1166,"attrs":1211},{"color":1168},{"type":634,"attrs":1213},{"id":1214,"body":1215},"43829a63-bc75-4e1f-a2d1-b527d795018c",[1216],{"id":1217,"_uid":1218,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28206187","i-2aa811de-d503-4ecf-9197-4351af5bd8d2",{"type":664,"attrs":1220,"content":1221},{"level":666,"textAlign":49},[1222],{"text":1223,"type":606,"marks":1224},"Where has most progress been made?",[1225],{"type":1166,"attrs":1226},{"color":1168},{"type":601,"attrs":1228,"content":1229},{"textAlign":49},[1230,1235,1244,1249,1258],{"text":1231,"type":606,"marks":1232},"Lithium and nickel mining within the EU is currently forecast to meet over 10% of domestic demand. For lithium, the largest EU projects set to come online by 2030 are ",[1233],{"type":1166,"attrs":1234},{"color":1168},{"text":1236,"type":606,"marks":1237},"Vulcan Energy’s",[1238,1242],{"type":611,"attrs":1239},{"href":1240,"uuid":1241,"anchor":49,"target":657,"linktype":630},"/videos/panel-discussion-building-a-european-lithium-supply-chain-challenges-and-opportunities","145a62ae-f4db-4dab-9b13-a8264072ed0d",{"type":1166,"attrs":1243},{"color":1168},{"text":1245,"type":606,"marks":1246}," Upper Rhine Valley Project, which uses DLE and ",[1247],{"type":1166,"attrs":1248},{"color":1168},{"text":1250,"type":606,"marks":1251},"Keliber’s hard rock",[1252,1256],{"type":611,"attrs":1253},{"href":1254,"uuid":1255,"anchor":49,"target":657,"linktype":630},"/videos/sibanye-stillwaters-innovative-contribution-to-lithium-keliber-and-pcam-gallicam-european-supply","fa1f2bc9-9113-4c55-ac9a-e78c7a119a35",{"type":1166,"attrs":1257},{"color":1168},{"text":1259,"type":606,"marks":1260}," Kaustinen project in Finland.",[1261],{"type":1166,"attrs":1262},{"color":1168},{"type":601,"attrs":1264,"content":1265},{"textAlign":49},[1266,1271,1280,1285,1294,1299,1308],{"text":1267,"type":606,"marks":1268},"On the recycling side, the EU has acknowledged the risk that ",[1269],{"type":1166,"attrs":1270},{"color":1168},{"text":1272,"type":606,"marks":1273},"black mass “leakage”",[1274,1278],{"type":611,"attrs":1275},{"href":1276,"uuid":1277,"anchor":49,"target":657,"linktype":630},"/article/in-charts-comparing-the-european-and-north-american-black-mass-markets","17ddc210-2e26-425d-a51d-27a520917277",{"type":1166,"attrs":1279},{"color":1168},{"text":1281,"type":606,"marks":1282}," out of the region poses. Whilst there is significant capacity for pre-treating scrap batteries into ",[1283],{"type":1166,"attrs":1284},{"color":1168},{"text":1286,"type":606,"marks":1287},"black mass",[1288,1292],{"type":611,"attrs":1289},{"href":1290,"uuid":1291,"anchor":49,"target":657,"linktype":630},"/article/what-is-black-mass-and-how-is-it-priced","7e1c5466-a467-471e-adca-9f45d75f0441",{"type":1166,"attrs":1293},{"color":1168},{"text":1295,"type":606,"marks":1296},", the bloc needs more refining capacity to convert this into chemicals. Progress was made on this front in March 2025, when it was proposed to ",[1297],{"type":1166,"attrs":1298},{"color":1168},{"text":1300,"type":606,"marks":1301},"reclassify black mass as a hazardous waste",[1302,1306],{"type":611,"attrs":1303},{"href":1304,"uuid":1305,"anchor":49,"target":657,"linktype":630},"/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage","ffae495f-722e-4740-ba5f-40c3fdbe2d18",{"type":1166,"attrs":1307},{"color":1168},{"text":1309,"type":606,"marks":1310},". With this classification, exports would be restricted to OECD countries only, making it easier to track the movement of black mass.",[1311],{"type":1166,"attrs":1312},{"color":1168},{"type":601,"attrs":1314,"content":1315},{"textAlign":49},[1316,1321,1330,1335,1344],{"text":1317,"type":606,"marks":1318},"Progress on the implementation of the CRMA has also been made. A key part of this is the establishment of Strategic Projects. These are projects that the EU deems vital to the production of critical minerals. In 2025, ",[1319],{"type":1166,"attrs":1320},{"color":1168},{"text":1322,"type":606,"marks":1323},"47 projects were given the Strategic classification",[1324,1328],{"type":611,"attrs":1325},{"href":1326,"uuid":1327,"anchor":49,"target":657,"linktype":630},"/article/eu-strategic-projects-could-help-progress-on-crma-goals","d9455e37-4678-4f4f-a0bf-63f788af84d7",{"type":1166,"attrs":1329},{"color":1168},{"text":1331,"type":606,"marks":1332}," within the EU, along with ",[1333],{"type":1166,"attrs":1334},{"color":1168},{"text":1336,"type":606,"marks":1337},"13 further projects",[1338,1342],{"type":611,"attrs":1339},{"href":1340,"uuid":1341,"anchor":49,"target":657,"linktype":630},"/article/eu-identifies-13-global-critical-mineral-projects-to-support-crma-targets","3b4b414a-cfc5-48de-bbcc-2b488ec78b48",{"type":1166,"attrs":1343},{"color":1168},{"text":1345,"type":606,"marks":1346}," from outside of the region.",[1347],{"type":1166,"attrs":1348},{"color":1168},{"type":664,"attrs":1350,"content":1351},{"level":666,"textAlign":49},[1352],{"text":1353,"type":606,"marks":1354},"Where is the most progress required?",[1355],{"type":1166,"attrs":1356},{"color":1168},{"type":601,"attrs":1358,"content":1359},{"textAlign":49},[1360],{"text":1361,"type":606,"marks":1362},"The EU has no needle coke production nor any domestic synthetic graphite capacity expected to come online by 2030. As such, the bloc is wholly dependent on imports for synthetic anode, though the region does have some flake graphite mines and is forecast to meet 17% of its spherical graphite needs domestically in 2030.",[1363],{"type":1166,"attrs":1364},{"color":1168},{"type":601,"attrs":1366,"content":1367},{"textAlign":49},[1368],{"text":1369,"type":606,"marks":1370},"Of the battery metals, manganese is the furthest away from hitting the CRMA targets, with no sizable domestic mined source of manganese and only one operating facility producing the high purity manganese sulphate monohydrate (HPMSM) required for battery applications. The largest HPMSM pipeline project is Euro Manganese’s Chvaletice project which isn’t expected online until at least 2030 if it proceeds to schedule.",[1371],{"type":1166,"attrs":1372},{"color":1168},{"type":664,"attrs":1374,"content":1375},{"level":666,"textAlign":49},[1376],{"text":1377,"type":606,"marks":1378},"How do EU policies support the goal?",[1379],{"type":1166,"attrs":1380},{"color":1168},{"type":601,"attrs":1382,"content":1383},{"textAlign":49},[1384,1388,1397],{"text":1163,"type":606,"marks":1385},[1386],{"type":1166,"attrs":1387},{"color":1168},{"text":1389,"type":606,"marks":1390},"RESourceEU Action Plan",[1391,1395],{"type":611,"attrs":1392},{"href":1393,"uuid":1394,"anchor":49,"target":657,"linktype":630},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-december-2025","c1b66b19-6e88-4b60-9edc-f631ba9834c1",{"type":1166,"attrs":1396},{"color":1168},{"text":1398,"type":606,"marks":1399}," was adopted in December 2025, aiming to accelerate the EU’s battery and permanent magnet supply chain security efforts. Part of this is an EU CRM Financing Hub, which aims to help finance and derisk projects through a variety of existing EU funding programs, such as the EU Innovation Fund. The hub aims to secure and deploy EUR3 billion ($3.5 bn) by the end of 2026.",[1400],{"type":1166,"attrs":1401},{"color":1168},{"type":601,"attrs":1403,"content":1404},{"textAlign":49},[1405],{"text":1406,"type":606,"marks":1407},"Another part of the Action Plan to be implemented this year is the Critical Raw Material Centre, which is supposed to coordinate the CRM Financing Hub and support joint stockpiling and purchasing efforts, and which the EU Commission hopes, in the end, to turn into a strategic market-shaping mechanism.",[1408],{"type":1166,"attrs":1409},{"color":1168},{"type":601,"attrs":1411,"content":1412},{"textAlign":49},[1413,1417,1426,1431,1440],{"text":1163,"type":606,"marks":1414},[1415],{"type":1166,"attrs":1416},{"color":1168},{"text":1418,"type":606,"marks":1419},"Industrial Accelerator Act",[1420,1424],{"type":611,"attrs":1421},{"href":1422,"uuid":1423,"anchor":49,"target":657,"linktype":630},"/article/industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers","f241906f-ea0d-4bcf-84e5-4ca9c212a23f",{"type":1166,"attrs":1425},{"color":1168},{"text":1427,"type":606,"marks":1428}," (IAA), tabled by the European Commission in March 2026, plans to mandate a certain proportion of electric vehicles and batteries to be “",[1429],{"type":1166,"attrs":1430},{"color":1168},{"text":1432,"type":606,"marks":1433},"Made in EU",[1434,1438],{"type":611,"attrs":1435},{"href":1436,"uuid":1437,"anchor":49,"target":657,"linktype":630},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-2-2026","4a0659e5-0b2b-441e-877d-2b232bcecee6",{"type":1166,"attrs":1439},{"color":1168},{"text":1441,"type":606,"marks":1442},"”, which could provide demand-side support for domestic projects.",[1443],{"type":1166,"attrs":1444},{"color":1168},{"type":601,"attrs":1446,"content":1447},{"textAlign":49},[1448,1453,1462,1467,1476],{"text":1449,"type":606,"marks":1450},"Although the EU has set ambitious targets across the critical mineral space and has made some progress towards them, significantly more investment is required to meet them. ",[1451],{"type":1166,"attrs":1452},{"color":1168},{"text":1454,"type":606,"marks":1455},"Coherent policy action",[1456,1460],{"type":611,"attrs":1457},{"href":1458,"uuid":1459,"anchor":49,"target":657,"linktype":630},"/article/europe-policy-and-defence-key-quotes-from-giga-europe-2026","c7988c65-254d-49b5-b9b1-bab4bf5071b7",{"type":1166,"attrs":1461},{"color":1168},{"text":1463,"type":606,"marks":1464}," and potentially public capital will be needed to draw in ",[1465],{"type":1166,"attrs":1466},{"color":1168},{"text":1468,"type":606,"marks":1469},"private capital",[1470,1474],{"type":611,"attrs":1471},{"href":1472,"uuid":1473,"anchor":49,"target":657,"linktype":630},"/videos/investing-in-critical-mineral-supply-chains-interview-with-quentin-lamarche","fb13450b-1ab4-4728-9bd3-46363996f176",{"type":1166,"attrs":1475},{"color":1168},{"text":1477,"type":606,"marks":1478}," and derisk critical mineral investments.",[1479],{"type":1166,"attrs":1480},{"color":1168},{"type":601,"attrs":1482,"content":1483},{"textAlign":49},[1484],{"type":1485},"hard_break","The European Union still requires significant investment in critical mineral projects if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.\nThe Act set targets for 10% of the bloc’s critical mineral demand to be met by domestic mining, 40% by domestic processing, and 25% by recycling. Further, no more than 65% of demand for one critical mineral should be met by a single country.\nBenchmark analysis shows that with the exception of lithium and nickel extraction, the bloc is forecast to miss the targets for battery metals across mining, processing and recycling.",[1488,1491],{"slug":589,"name":590,"content":1489},{"job_title":592,"image":1490,"bio":595,"linkedin":596},{"filename":594},{"slug":544,"name":543,"content":1492},{"job_title":557,"image":1493,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1495,1496,1497,1498,1500,1503,1506,1507,1510,1513,1515],{"slug":872,"name":873},{"slug":878,"name":8},{"slug":867,"name":115},{"slug":1499,"name":150},"nickel",{"slug":1501,"name":1502},"manganese","Manganese",{"slug":1504,"name":1505},"synthetic-graphite","Synthetic Graphite",{"slug":1126,"name":189},{"slug":1508,"name":1509},"graphite","Graphite",{"slug":1511,"name":1512},"recycling","Recycling",{"slug":1514,"name":373},"black-mass",{"slug":880,"name":881},{"id":1517,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1518,"copyright":547,"fieldtype":553,"meta_data":1519,"is_external_url":50},159405371505186,"https://a.storyblok.com/f/287943243085208/1590x2164/5bd373204a/crma-q1-2026-2x.png",{},{"id":1521,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1522,"copyright":547,"fieldtype":553,"meta_data":1523,"is_external_url":50},129067466984180,"https://a.storyblok.com/f/287943243085208/c71059049a/bm-european-commission-flags-e1649948622413.jpg",{},"The European Union still requires significant investment in critical mineral projects if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024.","Mar 27, 2026",{"id":1527,"uuid":1423,"name":1528,"slug":1529,"full_slug":1530,"content":1531},151669564625181,"Industrial Accelerator Act adds Made in EU requirements for automakers","industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers","article/industrial-accelerator-act-adds-made-in-eu-requirements-for-automakers",{"_uid":1532,"date":1533,"tags":1534,"editor":1541,"content":1545,"excerpt":1823,"featured":51,"reporter":1824,"component":864,"seo_title":1838,"categories":1839,"visibility":882,"data_vis_image":1843,"featured_image":1847,"seo_description":1849,"formattedDate":1850},"9fb65b23-4c8d-474e-8b71-58f2587e6e54","2026-03-05 00:00",[1535,1536,1539,1540],{"slug":1151,"name":1152},{"slug":1537,"name":1538},"european-commission","European Commission",{"slug":1148,"name":1149},{"slug":579,"name":580},[1542],{"slug":589,"name":590,"content":1543},{"job_title":592,"image":1544,"bio":595,"linkedin":596},{"filename":594},{"type":598,"content":1546},[1547,1569,1577,1599,1607,1615,1650,1657,1665,1673,1681,1689,1697,1705,1711,1719,1727,1735,1743,1793,1815],{"type":601,"attrs":1548,"content":1549},{"textAlign":49},[1550,1555,1564],{"text":1551,"type":606,"marks":1552},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for ",[1553],{"type":1166,"attrs":1554},{"color":1168},{"text":1556,"type":606,"marks":1557},"electric vehicles",[1558,1562],{"type":611,"attrs":1559},{"href":1560,"uuid":1561,"anchor":49,"target":657,"linktype":630},"/article/what-is-behind-europes-2025-ev-sales-surge","cefbe53e-3573-4ecf-845a-f034c58de3d6",{"type":1166,"attrs":1563},{"color":1168},{"text":1565,"type":606,"marks":1566}," as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP to 20% by 2035, up from 14.3% in 2024.",[1567],{"type":1166,"attrs":1568},{"color":1168},{"type":601,"attrs":1570,"content":1571},{"textAlign":49},[1572],{"text":1573,"type":606,"marks":1574},"The act was proposed on Wednesday 4 March after delays and renegotiations pushed its publication to the wire. Further negotiations between the Council and the European Parliament are required before the IAA can be adopted and enter into force.",[1575],{"type":1166,"attrs":1576},{"color":1168},{"type":601,"attrs":1578,"content":1579},{"textAlign":49},[1580,1585,1594],{"text":1581,"type":606,"marks":1582},"The “Made in EU” rules add tough requirements for ",[1583],{"type":1166,"attrs":1584},{"color":1168},{"text":1586,"type":606,"marks":1587},"automakers",[1588,1592],{"type":611,"attrs":1589},{"href":1590,"uuid":1591,"anchor":49,"target":657,"linktype":630},"/videos/what-is-the-outlook-for-the-european-ev-market","8e83e0aa-866e-4453-8e9e-d7841bf8bb09",{"type":1166,"attrs":1593},{"color":1168},{"text":1595,"type":606,"marks":1596}," looking to benefit from incentive schemes, financial support for corporate vehicles, or public procurement, though there are exceptions for the “small cars” segment.",[1597],{"type":1166,"attrs":1598},{"color":1168},{"type":664,"attrs":1600,"content":1601},{"level":666,"textAlign":49},[1602],{"text":1603,"type":606,"marks":1604},"What counts as “Made in EU” for electric vehicles?",[1605],{"type":1166,"attrs":1606},{"color":1168},{"type":601,"attrs":1608,"content":1609},{"textAlign":49},[1610],{"text":1611,"type":606,"marks":1612},"The Industrial Accelerator Act lays out the requirements for an electric vehicle to be defined as “Made in EU”, with these rules coming into play after the regulation officially enters into force:",[1613],{"type":1166,"attrs":1614},{"color":1168},{"type":1616,"attrs":1617,"content":1619},"ordered_list",{"order":1618},1,[1620,1630,1640],{"type":1085,"content":1621},[1622],{"type":601,"attrs":1623,"content":1624},{"textAlign":49},[1625],{"text":1626,"type":606,"marks":1627},"The vehicle must be assembled in the EU.",[1628],{"type":1166,"attrs":1629},{"color":1168},{"type":1085,"content":1631},[1632],{"type":601,"attrs":1633,"content":1634},{"textAlign":49},[1635],{"text":1636,"type":606,"marks":1637},"At least 70% by value of its non-battery components must be of EU origin.",[1638],{"type":1166,"attrs":1639},{"color":1168},{"type":1085,"content":1641},[1642],{"type":601,"attrs":1643,"content":1644},{"textAlign":49},[1645],{"text":1646,"type":606,"marks":1647},"For the battery, at least three “main specific components” must be of EU origin, including at least one cell. The other components include modules, packs, cathodes, anodes, electrolytes, separators, current collectors, battery management systems (BMS), and/or battery thermal management systems (BTMS).",[1648],{"type":1166,"attrs":1649},{"color":1168},{"type":634,"attrs":1651},{"id":1652,"body":1653},"02f0923f-9c0e-4511-be17-a27456544b41",[1654],{"id":1655,"_uid":1656,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27907693","i-709edae1-bd91-4987-a9fd-cd677a49ba00",{"type":601,"attrs":1658,"content":1659},{"textAlign":49},[1660],{"text":1661,"type":606,"marks":1662},"For the last rule, requirements ramp up after three years, after which at least five main components, including cells, cathode, and BMS, must be from the EU. Furthermore, 50% by value of the e-powertrain and main electronic systems must also be of EU origin.",[1663],{"type":1166,"attrs":1664},{"color":1168},{"type":601,"attrs":1666,"content":1667},{"textAlign":49},[1668],{"text":1669,"type":606,"marks":1670},"All three stipulations must be met for the public procurement of EVs, public incentive schemes and financial support for corporate vehicles.",[1671],{"type":1166,"attrs":1672},{"color":1168},{"type":664,"attrs":1674,"content":1675},{"level":666,"textAlign":49},[1676],{"text":1677,"type":606,"marks":1678},"What is the exception for small vehicles?",[1679],{"type":1166,"attrs":1680},{"color":1168},{"type":601,"attrs":1682,"content":1683},{"textAlign":49},[1684],{"text":1685,"type":606,"marks":1686},"There is an exception for vehicles falling into the new M1E subcategory defined as small electric vehicles 4.2 metres or smaller as outlined in the EU Commission's December 2025 CO2 emissions legislation proposal. The goal is to stimulate demand for small cars with lower regulatory burdens and a super credit system, making small EV sales count as 1.3 units instead of 1 for emissions calculations.",[1687],{"type":1166,"attrs":1688},{"color":1168},{"type":601,"attrs":1690,"content":1691},{"textAlign":49},[1692],{"text":1693,"type":606,"marks":1694},"In December 2025, the European Commission published changes to the car CO₂ law, including a scheme to boost small, made-in-EU BEVs. Under this “super credit” scheme, small BEVs count as 1.3 units instead of 1.",[1695],{"type":1166,"attrs":1696},{"color":1168},{"type":601,"attrs":1698,"content":1699},{"textAlign":49},[1700],{"text":1701,"type":606,"marks":1702},"To comply as M1E vehicles, they must firstly be assembled in the EU, and additionally must meet just one of two requirements: either have at least 70% by value of its components (excluding battery) be of EU origin, or, have a battery with at least three “main specific components” of EU origin, of which the cells must be one.",[1703],{"type":1166,"attrs":1704},{"color":1168},{"type":634,"attrs":1706},{"id":1652,"body":1707},[1708],{"id":1709,"_uid":1710,"type":641,"component":642,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27896915","i-a493b8ec-c432-44db-a534-d45a31d32544",{"type":664,"attrs":1712,"content":1713},{"level":666,"textAlign":49},[1714],{"text":1715,"type":606,"marks":1716},"What are the consequences of this exception?",[1717],{"type":1166,"attrs":1718},{"color":1168},{"type":601,"attrs":1720,"content":1721},{"textAlign":49},[1722],{"text":1723,"type":606,"marks":1724},"These “Made in EU” definitions do as promised to create a lower regulatory burden for small car production. The requirement for assembly in the EU has been expected since the M1E's creation, and meeting a 70% EU origin threshold for all non-battery components should be achievable for legacy OEMs with EU manufacturing.",[1725],{"type":1166,"attrs":1726},{"color":1168},{"type":601,"attrs":1728,"content":1729},{"textAlign":49},[1730],{"text":1731,"type":606,"marks":1732},"Therefore, the battery origin requirement becomes superfluous, and OEMs could continue to use cells and packs imported from China, leaving the door open to cheaper LFP cells, which are more commonly used in small, low-range, low-cost vehicles.",[1733],{"type":1166,"attrs":1734},{"color":1168},{"type":664,"attrs":1736,"content":1737},{"level":666,"textAlign":49},[1738],{"text":1739,"type":606,"marks":1740},"Are automakers ready for “Made in EU” requirements?",[1741],{"type":1166,"attrs":1742},{"color":1168},{"type":601,"attrs":1744,"content":1745},{"textAlign":49},[1746,1751,1760,1765,1774,1779,1788],{"text":1747,"type":606,"marks":1748},"For non-M1E or full size vehicles, the “Made in EU” requirements have just massively stepped up the requirements for manufacturers to meet in order to receive subsidy support. Progression to ",[1749],{"type":1166,"attrs":1750},{"color":1168},{"text":1752,"type":606,"marks":1753},"develop localised",[1754,1758],{"type":611,"attrs":1755},{"href":1756,"uuid":1757,"anchor":49,"target":657,"linktype":630},"/videos/scaling-up-gigafactories-in-emea","dc6da4db-7720-4bd4-925d-c910ea4de304",{"type":1166,"attrs":1759},{"color":1168},{"text":1761,"type":606,"marks":1762}," supply chains would need to be front and centre for the next few years, as ",[1763],{"type":1166,"attrs":1764},{"color":1168},{"text":1766,"type":606,"marks":1767},"European cell capacity",[1768,1772],{"type":611,"attrs":1769},{"href":1770,"uuid":1771,"anchor":49,"target":657,"linktype":630},"/article/inobats-planned-spanish-gigafactory-gains-state-support","7fba56b4-ba97-41bb-9c82-964e0b097e77",{"type":1166,"attrs":1773},{"color":1168},{"text":1775,"type":606,"marks":1776}," still lags behind demand expectations. This will get significantly harder again after three years with the expansion to ",[1777],{"type":1166,"attrs":1778},{"color":1168},{"text":1780,"type":606,"marks":1781},"Cathode Active Material",[1782,1786],{"type":611,"attrs":1783},{"href":1784,"uuid":1785,"anchor":49,"target":657,"linktype":630},"/article/europes-cathode-scene-set-to-diversify-as-supply-increases","bf235ce9-a2e5-43bf-98ac-ee8ef8120a46",{"type":1166,"attrs":1787},{"color":1168},{"text":1789,"type":606,"marks":1790}," (CAM), although the exclusion of pCAM from the list of battery components may provide some reprieve. ",[1791],{"type":1166,"attrs":1792},{"color":1168},{"type":601,"attrs":1794,"content":1795},{"textAlign":49},[1796,1801,1810],{"text":1797,"type":606,"marks":1798},"With some domestic EU cell manufacturers having struggled to ramp up to significant volumes so far, meeting “Made in EU” requirements may also work to ",[1799],{"type":1166,"attrs":1800},{"color":1168},{"text":1802,"type":606,"marks":1803},"incentivise larger overseas players",[1804,1808],{"type":611,"attrs":1805},{"href":1806,"uuid":1807,"anchor":49,"target":657,"linktype":630},"/article/byd-is-overtaking-tesla-in-europe","c0599b0d-784d-4b24-9142-145a377c7c4a",{"type":1166,"attrs":1809},{"color":1168},{"text":1811,"type":606,"marks":1812}," in expanding EU capacity to provide the majority of the kWh needed. However, provisions included in the IAA on large-scale investments (more than EUR 100m) in the region also look to limit ownership stakes or require approval before getting the go-ahead. ",[1813],{"type":1166,"attrs":1814},{"color":1168},{"type":601,"attrs":1816,"content":1817},{"textAlign":49},[1818],{"text":1819,"type":606,"marks":1820},"Ultimately, with a patchwork of EU member states providing differing levels of subsidy support anyway, this will add a new layer of regulation to bring into OEMs' supply chain and strategy calculations.",[1821],{"type":1166,"attrs":1822},{"color":1168},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for electric vehicles as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP to 20% by 2035, up from 14.3% in 2024.\n\nThe act was proposed on Wednesday 4 March after delays and renegotiations pushed its publication to the wire. Further negotiations between the Council and the European Parliament are required before the IAA can be adopted and enter into force.\n\nThe “Made in EU” rules add tough requirements for automakers looking to benefit from incentive schemes, financial support for corporate vehicles, or public procurement, though there are exceptions for the “small cars” segment.",[1825,1835],{"slug":1826,"name":1827,"content":1828},"will-roberts","Will Roberts",{"job_title":1829,"image":1830,"bio":1832,"linkedin":1833,"markets_covered":1834},"Automotive Research Lead",{"filename":1831},"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/","EV and Battery",{"slug":544,"name":543,"content":1836},{"job_title":557,"image":1837,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"Industrial Accelerator Act adds Made in EU rules for automakers",[1840,1841,1842],{"slug":1109,"name":1110},{"slug":1118,"name":1119},{"slug":880,"name":881},{"id":1844,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1845,"copyright":547,"fieldtype":553,"meta_data":1846,"is_external_url":50},151672412929283,"https://a.storyblok.com/f/287943243085208/1588x1364/731aabcce5/eu-made-evs-2x.png",{},{"id":1521,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1522,"copyright":547,"fieldtype":553,"meta_data":1848,"is_external_url":50},{},"The EU Commission's proposed Industrial Accelerator Act (IAA) introduces new “Made in EU” stipulations for electric vehicles as part of a range of measures aimed at increasing the manufacturing sector’s share of the bloc’s GDP.","Mar 05, 2026",{"id":1852,"uuid":1853,"name":1854,"slug":1855,"full_slug":1856,"content":1857},143467791599991,"feaae01d-533b-45b9-8ad8-39aab491e0f0","How much would 60 days’ of US battery minerals cost in 2026?","how-much-would-60-days-of-us-battery-minerals-cost-in-2026-","article/how-much-would-60-days-of-us-battery-minerals-cost-in-2026-",{"_uid":1858,"date":1859,"tags":1860,"editor":1869,"content":1873,"excerpt":2103,"featured":51,"reporter":2104,"component":864,"seo_title":1854,"categories":2108,"visibility":2120,"author_company":547,"data_vis_image":2121,"featured_image":2123,"seo_description":2127,"author_full_name":547,"author_job_title":547,"formattedDate":2128},"d9f59f49-a185-4751-a1fc-00b4cae71917","2026-02-10 00:00",[1861,1862,1863,1866],{"slug":904,"name":905},{"slug":579,"name":580},{"slug":1864,"name":1865},"north-america","North America",{"slug":1867,"name":1868},"president-trump","President Trump",[1870],{"slug":589,"name":590,"content":1871},{"job_title":592,"image":1872,"bio":595,"linkedin":596},{"filename":594},{"type":598,"content":1874},[1875,1896,1904,1926,1940,1948,1956,1981,1989,2025,2033,2041,2063,2071,2079,2087,2089,2099],{"type":601,"attrs":1876,"content":1877},{"textAlign":49},[1878,1882,1891],{"text":1163,"type":606,"marks":1879},[1880],{"type":1166,"attrs":1881},{"color":1168},{"text":1883,"type":606,"marks":1884},"Trump Administration’s",[1885,1889],{"type":611,"attrs":1886},{"href":1887,"uuid":1888,"anchor":49,"target":657,"linktype":630},"/article/trump-executive-order-to-accelerate-us-critical-mineral-push","4c982897-6a41-4f57-acd3-dc3a31e3beb5",{"type":1166,"attrs":1890},{"color":1168},{"text":1892,"type":606,"marks":1893}," Project Vault aims to create a strategic reserve of critical minerals, funded by $1.67bn in private capital and a $10bn loan from the US Export-Import Bank.",[1894],{"type":1166,"attrs":1895},{"color":1168},{"type":601,"attrs":1897,"content":1898},{"textAlign":49},[1899],{"text":1900,"type":606,"marks":1901},"Full details of the reserve have yet to be announced, though the aim is reportedly to build up strategic stocks equivalent to 60 days of demand of selected minerals to protect industries such as automotive and renewable energy against future critical mineral supply shocks and price swings.",[1902],{"type":1166,"attrs":1903},{"color":1168},{"type":601,"attrs":1905,"content":1906},{"textAlign":49},[1907,1912,1921],{"text":1908,"type":606,"marks":1909},"At ",[1910],{"type":1166,"attrs":1911},{"color":1168},{"text":1913,"type":606,"marks":1914},"today’s prices",[1915,1919],{"type":611,"attrs":1916},{"href":1917,"uuid":1918,"anchor":49,"target":657,"linktype":630},"/article/automaker-exposure-to-lithium-prices-highlights-need-for-hedging","3c5b6177-fc1a-4177-9e1d-3c8e4bb0b052",{"type":1166,"attrs":1920},{"color":1168},{"text":1922,"type":606,"marks":1923}," and based on 2026 demand, this would cost $991 million for key battery minerals (lithium, cobalt, nickel, manganese, graphite and coke), with lithium being the largest contributor.",[1924],{"type":1166,"attrs":1925},{"color":1168},{"type":664,"attrs":1927,"content":1928},{"level":666,"textAlign":49},[1929,1935],{"type":1930,"attrs":1931},"image",{"id":1932,"alt":547,"src":1933,"title":547,"source":547,"copyright":547,"meta_data":1934},143468612214513,"https://a.storyblok.com/f/287943243085208/5067x5592/3289156235/60-day-stockpile-infographic-v2.jpg",{},{"text":1936,"type":606,"marks":1937},"What is Project Vault?",[1938],{"type":1166,"attrs":1939},{"color":1168},{"type":601,"attrs":1941,"content":1942},{"textAlign":49},[1943],{"text":1944,"type":606,"marks":1945},"Project Vault will act as a strategic stockpile. These usually address a specific problem: short-term supply availability during an emergency. In this case, Project Vault intends to absorb sudden supply disruptions by releasing physical material and to provide confidence to key domestic industries that some emergency supply is available within US borders if needed. The initiative echoes the model of the 50-year-old US Strategic Petroleum Reserve, established in the aftermath of the 1973 Arab oil embargo and today holding hundreds of millions of barrels of crude oil in the US.",[1946],{"type":1166,"attrs":1947},{"color":1168},{"type":601,"attrs":1949,"content":1950},{"textAlign":49},[1951],{"text":1952,"type":606,"marks":1953},"Commodities trading houses, including Hartree Partners, Mercuria, and Traxys, have agreed to procure minerals for the stockpiles. More than a dozen downstream companies have also committed to participate, including General Motors, Stellantis, Boeing, Google, and GE Vernova. In effect, Project Vault serves as an option-like buffer, as participating companies pay a fee to secure the right to draw from the stockpile in defined emergencies when they are unable to source material from regular markets.",[1954],{"type":1166,"attrs":1955},{"color":1168},{"type":601,"attrs":1957,"content":1958},{"textAlign":49},[1959,1965,1975],{"text":1960,"type":606,"marks":1961},"Benchmark Intelligence subscribers can access exclusive policy analysis in the ",[1962,1964],{"type":1166,"attrs":1963},{"color":1168},{"type":650},{"text":1966,"type":606,"marks":1967},"Geo-Economic and Policy Briefing",[1968,1972,1974],{"type":611,"attrs":1969},{"href":1970,"uuid":1971,"anchor":49,"target":657,"linktype":630},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-1-2026","ce29258c-984f-40e2-8a4c-e4eabcf2debf",{"type":1166,"attrs":1973},{"color":1168},{"type":650},{"text":1976,"type":606,"marks":1977},".",[1978,1980],{"type":1166,"attrs":1979},{"color":1168},{"type":650},{"type":664,"attrs":1982,"content":1983},{"level":666,"textAlign":49},[1984],{"text":1985,"type":606,"marks":1986},"How much would other minerals cost?",[1987],{"type":1166,"attrs":1988},{"color":1168},{"type":601,"attrs":1990,"content":1991},{"textAlign":49},[1992,1997,2006,2011,2020],{"text":1993,"type":606,"marks":1994},"Beyond battery minerals, Benchmark calculates that 60 days’ worth of ",[1995],{"type":1166,"attrs":1996},{"color":1168},{"text":1998,"type":606,"marks":1999},"US refined copper demand",[2000,2004],{"type":611,"attrs":2001},{"href":2002,"uuid":2003,"anchor":49,"target":657,"linktype":630},"/article/lme-cme-arbitrage-continues-to-be-broad-on-forward-curve","25c8095d-21e1-47f0-97e4-95ba863678ec",{"type":1166,"attrs":2005},{"color":1168},{"text":2007,"type":606,"marks":2008}," in 2026 at current prices would add $3.7bn to the bill. Demand for ",[2009],{"type":1166,"attrs":2010},{"color":1168},{"text":2012,"type":606,"marks":2013},"rare earths",[2014,2018],{"type":611,"attrs":2015},{"href":2016,"uuid":2017,"anchor":49,"target":657,"linktype":630},"/article/geopolitics-to-drive-rare-earth-supply-diversification","5136172b-ff3e-4bc9-9226-8a5a9c97b2cb",{"type":1166,"attrs":2019},{"color":1168},{"text":2021,"type":606,"marks":2022}," for use in rare earth permanent magnets (REPMs) would cost another $235mn.",[2023],{"type":1166,"attrs":2024},{"color":1168},{"type":601,"attrs":2026,"content":2027},{"textAlign":49},[2028],{"text":2029,"type":606,"marks":2030},"In all, the US has 60 minerals on its critical mineral list. As yet, it is unclear whether Project Vault would seek to build a stockpile of all of these minerals, nor whether 60 days would be the target stock level for all the minerals held.",[2031],{"type":1166,"attrs":2032},{"color":1168},{"type":664,"attrs":2034,"content":2035},{"level":666,"textAlign":49},[2036],{"text":2037,"type":606,"marks":2038},"What are the limitations of strategic reserves?",[2039],{"type":1166,"attrs":2040},{"color":1168},{"type":601,"attrs":2042,"content":2043},{"textAlign":49},[2044,2049,2058],{"text":2045,"type":606,"marks":2046},"A US strategic reserve does not tackle the underlying issue of upstream ",[2047],{"type":1166,"attrs":2048},{"color":1168},{"text":2050,"type":606,"marks":2051},"supply concentration",[2052,2056],{"type":611,"attrs":2053},{"href":2054,"uuid":2055,"anchor":49,"target":657,"linktype":630},"/publications/briefings/china-briefings/benchmark-china-briefing-february-2026","f8f24e8a-d6d8-42ce-b17e-36481655661c",{"type":1166,"attrs":2057},{"color":1168},{"text":2059,"type":606,"marks":2060},". Policy measures to derisk domestic and other ex-China projects and improve bankability are required, in addition to building reserves.",[2061],{"type":1166,"attrs":2062},{"color":1168},{"type":601,"attrs":2064,"content":2065},{"textAlign":49},[2066],{"text":2067,"type":606,"marks":2068},"Project Vault should be considered as just one tool that can be deployed alongside others such as export restrictions, tariffs, local content requirements, upstream funding, equity investments, and government-backed offtake agreements.",[2069],{"type":1166,"attrs":2070},{"color":1168},{"type":601,"attrs":2072,"content":2073},{"textAlign":49},[2074],{"text":2075,"type":606,"marks":2076},"Sources have told Benchmark that without clear guidance and transparent sourcing, there is the risk that the US reserve may itself be dependent on Chinese supplies for minerals such as rare earths, given China’s dominance in those markets.",[2077],{"type":1166,"attrs":2078},{"color":1168},{"type":601,"attrs":2080,"content":2081},{"textAlign":49},[2082,2083],{"type":1485},{"text":2084,"type":606,"marks":2085},"The insights in this article were produced using data from Benchmark's Price Assessments and Forecasts. For more information, get in touch with the form below:",[2086],{"type":650},{"type":601,"attrs":2088},{"textAlign":49},{"type":634,"attrs":2090},{"id":2091,"body":2092},"cbde0f77-60d6-4cd4-889c-7c953f459358",[2093],{"id":842,"_uid":2094,"component":844,"wrap_in_box":50,"redirect_url":2095,"success_file":2096,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":2098,"show_on_intelligence":50},"i-4fbce6da-0576-4b0f-acfa-59f42c56c8ea",{"id":547,"url":547,"linktype":630,"fieldtype":846,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2097},{},[],{"type":601,"attrs":2100,"content":2101},{"textAlign":49},[2102],{"type":1485},"The Trump Administration’s Project Vault aims to create a strategic reserve of critical minerals, funded by $1.67bn in private capital and a $10bn loan from the US Export-Import Bank.\n\nFull details of the reserve have yet to be announced, though the aim is reportedly to build up strategic stocks equivalent to 60 days of demand of selected minerals to protect industries such as automotive and renewable energy against future critical mineral supply shocks and price swings.\n\nAt today’s prices and based on 2026 demand, this would cost $991 million for key battery minerals (lithium, cobalt, nickel, manganese, graphite and coke), with lithium being the largest contributor.",[2105],{"slug":544,"name":543,"content":2106},{"job_title":557,"image":2107,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[2109,2110,2111,2112,2113,2114,2115,2116,2117,2118,2119],{"slug":880,"name":881},{"slug":872,"name":873},{"slug":867,"name":115},{"slug":869,"name":870},{"slug":1508,"name":1509},{"slug":878,"name":8},{"slug":1501,"name":1502},{"slug":1126,"name":189},{"slug":1499,"name":150},{"slug":1128,"name":414},{"slug":1504,"name":1505},"public",{"id":1932,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1933,"copyright":547,"fieldtype":553,"meta_data":2122,"is_external_url":50},{},{"id":2124,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2125,"copyright":547,"fieldtype":553,"meta_data":2126,"is_external_url":50},129073182050001,"https://a.storyblok.com/f/287943243085208/6e42e2c186/bm-the-white-house.jpg",{},"The Trump Administration’s Project Vault aims to create a strategic reserve of critical minerals. At today’s prices and based on 2026 demand, 60 days of battery minerals would cost $991 million with lithium being the largest contributor.","Feb 10, 2026",{"id":2130,"uuid":2131,"name":2132,"slug":2133,"full_slug":2134,"content":2135},133953813375087,"e542f7da-a136-47b6-ae07-b590262c5865","In conversation with UP Catalyst CTO Sebastian Pohlmann","in-conversation-with-up-catalyst-cto-sebastian-pohlmann","article/in-conversation-with-up-catalyst-cto-sebastian-pohlmann",{"_uid":2136,"date":2137,"live":50,"tags":2138,"editor":547,"content":2139,"excerpt":2253,"featured":50,"reporter":2254,"_editable":2268,"component":864,"seo_title":2132,"categories":2269,"visibility":2120,"author_company":547,"data_vis_image":2278,"featured_image":2280,"seo_description":2284,"author_full_name":547,"author_job_title":547,"formattedDate":2285},"c0a5e184-d046-4ba7-be56-1dcdd7f73f38","2026-01-14 23:59",[],{"type":598,"content":2140},[2141,2146,2152,2157,2162,2167,2172,2179,2184,2189,2202,2215,2220,2225,2230,2235,2240,2245,2250],{"type":601,"attrs":2142,"content":2143},{"textAlign":49},[2144],{"text":2145,"type":606},"Estonian startup UP Catalyst is turning CO₂ emissions into battery-grade graphite. As one of the 47 strategic projects selected under the EU’s Critical Raw Materials Act (CRMA) and with funding from the European Investment Bank (EIB), UP Catalyst’s twin mission is to help Europe reduce its dependence on Chinese graphite and address decarbonisation. Following a site visit in Maardu, just outside Tallinn (Estonia), Benchmark sat down with Sebastian Pohlmann, Chief Technology Officer (CTO) at UP Catalyst, to learn more about the company, its low-carbon production process and the opportunities and challenges in accomplishing its twin mission.",{"type":664,"attrs":2147,"content":2149},{"level":2148,"textAlign":49},4,[2150],{"text":2151,"type":606},"UP Catalyst’s carbon-negative graphite production process and 2030 production target",{"type":601,"attrs":2153,"content":2154},{"textAlign":49},[2155],{"text":2156,"type":606},"UP Catalyst is a University of Tartu spin-off developing carbon-negative, battery-grade graphite from CO₂ emissions and biomass waste,  positioning itself as a low-carbon alternative to conventional graphite production. For this, it uses its patented Molten Salt Carbon Capture and Electrochemical Transformation (MSCC-ET) process, in which molten salt is heated to around 700°C and renewable electricity is used to convert CO₂ or biomass into oxygen and solid carbon materials, including graphite.",{"type":601,"attrs":2158,"content":2159},{"textAlign":49},[2160],{"text":2161,"type":606}," “The graphite produced by us is even carbon-negative, requiring 4 kg of CO₂ to produce 1 kg of graphite”, explained Pohlmann.",{"type":601,"attrs":2163,"content":2164},{"textAlign":49},[2165],{"text":2166,"type":606},"The company claims that the MSCC-ET process produces a carbon footprint up to 20 times lower than conventional routes to comparable carbon materials.",{"type":601,"attrs":2168,"content":2169},{"textAlign":49},[2170],{"text":2171,"type":606},"UP Catalyst sets a production target of 30,000 t/year of graphite by 2030, primarily for lithium-ion battery anodes in both electric vehicles (EVs) and stationary energy storage systems (BESS). However, Pohlmann emphasised that this depends on successful validation, scale-up, and supply chain integration. The company is now scaling up by constructing its first industrial production unit.",{"type":601,"attrs":2173,"content":2174},{"textAlign":49},[2175],{"type":1930,"attrs":2176},{"id":49,"alt":547,"src":2177,"title":49,"source":49,"copyright":49,"meta_data":2178},"https://res.cloudinary.com/benchmarkminerals/images/w_677,h_579,c_scale/f_auto,q_auto/v1768382247/www-production/image_13518308fc25/image_13518308fc25.jpeg?_i=AA",{},{"type":601,"attrs":2180,"content":2181},{"textAlign":49},[2182],{"text":2183,"type":606},"UP Catalyst’s facilities",{"type":664,"attrs":2185,"content":2186},{"level":2148,"textAlign":49},[2187],{"text":2188,"type":606},"UP Catalyst faces a funding gap and competitiveness challenges, even with the EU CRMA Strategic Project designation",{"type":601,"attrs":2190,"content":2191},{"textAlign":49},[2192,2194,2200],{"text":2193,"type":606},"Last year, UP Catalyst moved into the European spotlight as its project was designated as one of the ",{"text":2195,"type":606,"marks":2196},"47 strategic projects under the EU CRMA",[2197],{"type":611,"attrs":2198},{"href":2199,"uuid":49,"anchor":49,"target":49,"linktype":614},"https://source.benchmarkminerals.com/article/eu-strategic-projects-could-help-progress-on-crma-goals",{"text":2201,"type":606},". Those projects are supposed to benefit from streamlined permitting, improved access to finance, and coordinated support from both national governments and EU institutions. The EIB provided an EUR18 million ($21 million) injection of venture debt in 2025 to support UP Catalyst’s early-stage scaling of its capital-intensive technology and industrial project. Next to EU funding, the Estonian start-up has received national backing from the Estonian government.",{"type":601,"attrs":2203,"content":2204},{"textAlign":49},[2205,2207,2213],{"text":2206,"type":606},"With China currently accounting for 96% of synthetic and 72% natural graphite production according to the ",{"text":2208,"type":606,"marks":2209},"Benchmark Natural and Synthetic Graphite Forecasts",[2210],{"type":611,"attrs":2211},{"href":2212,"uuid":49,"anchor":49,"target":49,"linktype":614},"https://portal.benchmarkminerals.com/natural-graphite/data-reports/forecasts",{"text":2214,"type":606},", UP Catalyst must compete globally with low-cost Chinese producers and therefore balance sustainability with cost competitiveness. To illustrate this, Pohlmann outlined that the original equipment manufacturers (OEMs) usually show a strong interest in UP Catalyst’s low-carbon graphite. However, in practice, their purchasing decisions still tend to favour established Chinese suppliers, mainly because of cost, scale, and perceived supply security.",{"type":601,"attrs":2216,"content":2217},{"textAlign":49},[2218],{"text":2219,"type":606},"“Downstream players and consumers are not willing to pay a green premium”, emphasised Pohlmann.",{"type":601,"attrs":2221,"content":2222},{"textAlign":49},[2223],{"text":2224,"type":606},"Even though the EU has already implemented sustainability requirements in public procurement rules, as well as carbon footprint requirements in the EU Battery Regulation, he claims that more measures are needed to incentivise demand for low-carbon EV and ESS batteries, alongside classic supply-side support. Otherwise, UP Catalyst and other similar low-carbon CRM projects will struggle to displace incumbent CRM players, especially in the Chinese-dominated graphite and anode market.",{"type":601,"attrs":2226,"content":2227},{"textAlign":49},[2228],{"text":2229,"type":606},"Even with EU Strategic Project designation under the CRMA and multiple available EU funding tools, Pohlmann argued that a funding gap persists, especially for smaller players. He refers to the US, where it is usually easier for smaller technology companies to secure support from government institutions such as the US Department of Energy. European policy support and funding not only lag behind in scale but also in effectiveness, as accessing EU-level support often requires navigating complex, time-consuming application processes. “For a start-up with fewer than 50 employees, we do not have a dedicated team solely working on securing grants and navigating all EU funding schemes”, said Pohlmann.",{"type":664,"attrs":2231,"content":2232},{"level":2148,"textAlign":49},[2233],{"text":2234,"type":606},"A greater sense of urgency, more demand-side measures and public-private partnerships are needed",{"type":601,"attrs":2236,"content":2237},{"textAlign":49},[2238],{"text":2239,"type":606},"Finally, turning policy strategies and action plans into concrete action remains a challenge for Europe.",{"type":601,"attrs":2241,"content":2242},{"textAlign":49},[2243],{"text":2244,"type":606},"“Industrial policy strategies should be matched by urgency in implementation, which is currently lacking”, feels Pohlmann.",{"type":601,"attrs":2246,"content":2247},{"textAlign":49},[2248],{"text":2249,"type":606},"This disconnect is particularly apparent in the time required to move from CRM Strategic Project designation under the CRMA to full financial close and the construction of large-scale plants. In addition to the previously mentioned need for demand-side measures, blended finance and public-private partnerships were identified as ways to help close the funding and competitiveness gaps in Europe.",{"type":601,"attrs":2251,"content":2252},{"textAlign":49},[],"Estonian startup UP Catalyst is turning CO₂ emissions into battery-grade graphite. As one of the 47 strategic projects selected under the EU’s Critical Raw Materials Act (CRMA) and with funding from the European Investment Bank (EIB), UP Catalyst’s twin mission is to help Europe reduce its dependence on Chinese graphite and address decarbonisation. Following a...\n",[2255,2258],{"slug":544,"name":543,"content":2256},{"job_title":557,"image":2257,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},{"slug":2259,"name":2260,"content":2261},"george-ingall","George Ingall",{"job_title":2262,"image":2263,"bio":2265,"linkedin":2266,"markets_covered":2267},"Price Analyst - Rare Earths & Battery Minerals",{"filename":2264},"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","\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c0a5e184-d046-4ba7-be56-1dcdd7f73f38\", \"id\": \"\"}-->",[2270,2271,2272,2275,2276,2277],{"slug":1107,"name":261},{"slug":1109,"name":1110},{"slug":2273,"name":2274},"battery-technology","Battery Technology",{"slug":872,"name":873},{"slug":880,"name":881},{"slug":1508,"name":1509},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2279},{},{"id":2281,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2282,"copyright":547,"fieldtype":553,"meta_data":2283,"is_external_url":50},136407262543252,"https://a.storyblok.com/f/287943243085208/1200x600/8eb8d6b55d/img_7016_1351967eda0d.avif",{},"Estonian startup UP Catalyst is turning CO₂ emissions into battery-grade graphite. As one of the 47 strategic projects selected under the EU’s Critical Raw Materials Act (CRMA) and with funding from the European Investment Bank (EIB)","Jan 14, 2026",1783958151752]