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He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":597,"content":598},"doc",[599,618,632,637,642,649,663,677,698,708,724,729,734,739,751,757,762,770,775,781,786],{"type":600,"attrs":601,"content":602},"paragraph",{"textAlign":49},[603,606,616],{"text":604,"type":605},"China’s government has released its latest Five-Year Plan for ","text",{"text":607,"type":605,"marks":608},"New Energy",[609],{"type":610,"attrs":611},"link",{"href":612,"uuid":613,"anchor":49,"target":614,"linktype":615},"/publications/briefings/energy-indicators/energy-indicators-monthly-june-2026","6b32afd6-809c-4c2f-a538-4683c895cc79","_blank","story",{"text":617,"type":605}," System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.",{"type":600,"attrs":619,"content":620},{"textAlign":49},[621,623,630],{"text":622,"type":605},"“The plan sets conservative and in-line new energy targets, serving more as a policy floor rather than a strict ceiling,” said Calvin Xu, a BESS analyst at Benchmark. “Supported by strong industry momentum, ",{"text":624,"type":605,"marks":625},"actual installations and deployments",[626],{"type":610,"attrs":627},{"href":628,"uuid":629,"anchor":49,"target":614,"linktype":615},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"text":631,"type":605}," have consistently outperformed official goals during the previous five-year plan.”",{"type":600,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":605},"The plan is largely focused on “reinforcing market certainty” by providing “clear long-term development direction across renewables, energy storage, grid integration and power market reform,” Xu explained. Upcoming provincial targets and implementation rules are expected to provide more granular detail.",{"type":600,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":605},"The National Energy Administration's Director-General Wang Hongzhi said during a press conference that total related investment over the plan's duration is expected to exceed RMB 20 trillion (US$2.9 trillion).",{"type":643,"attrs":644,"content":646},"heading",{"level":645,"textAlign":49},2,[647],{"text":648,"type":605},"BESS and EV energy storage",{"type":600,"attrs":650,"content":651},{"textAlign":49},[652,654,661],{"text":653,"type":605},"The new plan targets 300GW in cumulative new-type ",{"text":655,"type":605,"marks":656},"energy storage",[657],{"type":610,"attrs":658},{"href":659,"uuid":660,"anchor":49,"target":614,"linktype":615},"/article/chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025","db816297-be5a-4df5-abc9-4cf304f3e2cd",{"text":662,"type":605}," installed by 2030. However, China’s record under the previous five-year plan suggests it is likely to significantly overshoot this number.",{"type":600,"attrs":664,"content":665},{"textAlign":49},[666,668,675],{"text":667,"type":605},"The 14th Five-Year Plan's 30GW new-type energy storage target was surpassed by 427%, hitting 158GW in 2025. A ",{"text":669,"type":605,"marks":670},"shorter-term 180GW target",[671],{"type":610,"attrs":672},{"href":673,"uuid":674,"anchor":49,"target":614,"linktype":615},"/article/china-sets-180gw-target-for-bess-by-2027","5b7453ab-7ce0-47ec-ba4e-8e22fcd3a8dd",{"text":676,"type":605}," for 2027, set in a September 2025 policy document, is already forecast by Benchmark to be exceeded by 99%, with cumulative installations expected to reach 358GW in 2027.",{"type":600,"attrs":678,"content":679},{"textAlign":49},[680,687,689,696],{"text":681,"type":605,"marks":682},"Benchmark’s BESS Forecast",[683],{"type":610,"attrs":684},{"href":685,"uuid":686,"anchor":49,"target":614,"linktype":615},"/article/benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects","3e888653-ccc0-48d2-89aa-6b0b4e35e911",{"text":688,"type":605}," shows that ",{"text":690,"type":605,"marks":691},"cumulative installed capacity",[692],{"type":610,"attrs":693},{"href":694,"uuid":695,"anchor":49,"target":614,"linktype":615},"/article/china-bess-installations-in-december-surpass-us-2025-total","e2705a82-dc4e-449f-9777-6a15bc082b5e",{"text":697,"type":605}," is projected to reach 704GW by 2030 – 135% above the stated policy target, underscoring how far market momentum has already outpaced official ambition.",{"type":699,"attrs":700},"blok",{"id":701,"body":702},"ae5a0913-2f69-48e0-b765-3fc72aeab89a",[703],{"id":704,"_uid":705,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29507747","i-c92e358a-0b09-4b34-8880-895cebd36082","visualisation","ContentFlourish",{"type":600,"attrs":709,"content":710},{"textAlign":49},[711,717,719],{"text":712,"type":605,"marks":713},"The need for diverse energy storage technologies, including for long-duration systems, is ",[714],{"type":715,"attrs":716},"textStyle",{"color":551},{"text":718,"type":605},"emphasised ",{"text":720,"type":605,"marks":721},"in the plan. Applications are to be expanded across generation-side co-operation, grid stability support, microgrids, and virtual power plants.",[722],{"type":715,"attrs":723},{"color":551},{"type":643,"attrs":725,"content":726},{"level":645,"textAlign":49},[727],{"text":728,"type":605},"Coal and oil to peak",{"type":600,"attrs":730,"content":731},{"textAlign":49},[732],{"text":733,"type":605},"Non-fossil fuel energy is to reach a quarter of all energy consumption and 50% of power generation by 2030, according to the plan .The government is targeting 900GW of distributed renewable connections to the grid, with the share of total generation from new energy, which excludes conventional hydropower and nuclear, reaching 30%.",{"type":600,"attrs":735,"content":736},{"textAlign":49},[737],{"text":738,"type":605},"Total energy production capacity is targeted at 5.8 billion tonnes of standard coal equivalent. Coal and oil consumption are to peak by 2030, with non-fossil energy’s share of total consumption rising to 25%.",{"type":600,"attrs":740,"content":741},{"textAlign":49},[742,744,749],{"text":743,"type":605},"Non-fossil fuel energy installed capacity is expected to pass 3,500GW, a near-50% increase from the end of the previous five-year plan, with wind and solar ",{"text":745,"type":605,"marks":746}," ",[747],{"type":715,"attrs":748},{"color":551},{"text":750,"type":605},"becoming the dominant generation source. Non-fossil energy sources are to account for 50% of total electricity output.",{"type":699,"attrs":752},{"id":701,"body":753},[754],{"id":755,"_uid":756,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29509372","i-2702e26f-2a20-4c53-b218-bee9ccae2f34",{"type":643,"attrs":758,"content":759},{"level":645,"textAlign":49},[760],{"text":761,"type":605},"EV charging and energy storage",{"type":600,"attrs":763,"content":764},{"textAlign":49},[765],{"text":766,"type":605,"marks":767},"The plan also aims to further integrate electric vehicles (EVs) into the grid for electricity storage, making “full use of electric vehicle energy storage resources”.",[768],{"type":715,"attrs":769},{"color":551},{"type":600,"attrs":771,"content":772},{"textAlign":49},[773],{"text":774,"type":605},"The national target sets the total volume of charging facilities to reach 40 million units by 2030. Beyond hardware expansion, the policy prioritizes high-power charging deployment and vehicle-grid integration (VGI), t targeting a total aggregated adjustable charging capacity of vehicle – grid interaction of 50GW by 2030. The sector will shift its focus from pure capacity growth to coordinated development with power grids, and integrated PV-storage-charging stations will become a mainstream solution to mitigate grid pressure and boost local renewable energy consumption.",{"type":699,"attrs":776},{"id":701,"body":777},[778],{"id":779,"_uid":780,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29510081","i-06e54c8f-09f9-46e0-8c9f-a2b7db087a27",{"type":643,"attrs":782,"content":783},{"level":645,"textAlign":49},[784],{"text":785,"type":605},"Power market reform",{"type":600,"attrs":787,"content":788},{"textAlign":49},[789,791,798],{"text":790,"type":605}," A market reform agenda also featured in the plan aims to unify China’s ",{"text":792,"type":605,"marks":793},"national electricity market",[794],{"type":610,"attrs":795},{"href":796,"uuid":797,"anchor":49,"target":614,"linktype":615},"/article/china-introduces-national-capacity-pricing-for-gridside-ess-","cf6f633d-0990-45e9-b405-0feefc7463f1",{"text":799,"type":605}," by the end of 2030. It includes measures to integrate spot, medium-and-long-term, ancillary services, and capacity markets, and to link inter-province and intra-province trading. There are also plans to more fully integrate virtual power plants, storage, and demand-side resources into the market.","China’s government has released its latest Five-Year Plan for New Energy System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.\n\n“The plan sets conservative and in-line new energy targets, serving more as a policy floor rather than a strict ceiling,” said Calvin Xu, a BESS analyst at Benchmark. “Supported by strong industry momentum, actual installations and deployments have consistently outperformed official goals during the previous five-year plan.”\n\nThe plan is largely focused on “reinforcing market certainty” by providing “clear long-term development direction across renewables, energy storage, grid integration and power market reform,” Xu explained. Upcoming provincial targets and implementation rules are expected to provide more granular detail.",[802],{"slug":803,"name":804,"content":805},"calvin-xu","Calvin Xu",{"job_title":806,"image":807,"bio":809,"linkedin":810,"markets_covered":811},"Analyst - BESS",{"filename":808},"https://a.storyblok.com/f/287943243085208/512x512/096bdfc0f7/calvin-xu.png","Calvin is a BESS Analyst focusing on China market. He works on daily research of China's BESS projects, legislation and policy analysis. He also works on the monthly and quarterly reports focusing on China market and the OEMs updates. Now he is assisting on the data centre database. Calvin holds a MSc of e-Business Management at University of Warwick. ","https://www.linkedin.com/in/zhengxu0416/","BESS","article","China’s 15th Five-Year Plan for New Energy Systems: Key Takeaways",[815,818,821,823,824],{"slug":816,"name":817},"ess","ESS",{"slug":819,"name":820},"ev","EV",{"slug":822,"name":607},"new-energy",{"slug":544,"name":543},{"slug":825,"name":826},"battery-technology","Battery Technology","private",{"id":829,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":830,"copyright":551,"fieldtype":831,"meta_data":832,"is_external_url":50},191671505559864,"https://a.storyblok.com/f/287943243085208/1588x1378/0e06c5e580/china-s-government-is-targeting-a-52-increase-in-combined-wind-solar-by-2030-vs-2025-2x.png","asset",{},{"id":834,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":835,"copyright":551,"fieldtype":831,"meta_data":836,"is_external_url":50},129072942429772,"https://a.storyblok.com/f/287943243085208/063b75224a/bm-sustainable-transport-in-china.jpg",{},"China’s government has released its latest Five-Year Plan for New Energy System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.","Jun 26, 2026",{"id":840,"uuid":841,"name":842,"slug":843,"full_slug":844,"content":845},190616091795513,"4b45f94b-6c0c-435a-95d2-21f947ed2682","China's battery exports reach $40bn in first five months of 2026 as new markets emerge","china-s-battery-exports-reach-40bn-in-first-five-months-of-2026-as-new-markets-emerge","article/china-s-battery-exports-reach-40bn-in-first-five-months-of-2026-as-new-markets-emerge",{"_uid":846,"date":847,"tags":848,"editor":862,"content":866,"excerpt":996,"featured":51,"reporter":997,"component":812,"seo_title":1008,"categories":1009,"visibility":827,"data_vis_image":1016,"featured_image":1018,"seo_description":1022,"formattedDate":1023},"fb56a6e7-c146-4ced-8cd4-5eb8786fcd62","2026-06-23 00:00",[849,850,853,856,859],{"slug":566,"name":567},{"slug":851,"name":852},"usa","USA",{"slug":854,"name":855},"australia","Australia",{"slug":857,"name":858},"hungary","Hungary",{"slug":860,"name":861},"germany","Germany",[863],{"slug":588,"name":589,"content":864},{"job_title":591,"image":865,"bio":594,"linkedin":595},{"filename":593},{"type":597,"content":867},[868,888,910,918,928,948,956,963,971,980,988],{"type":600,"attrs":869,"content":870},{"textAlign":49},[871,876,883],{"text":872,"type":605,"marks":873},"China's ",[874],{"type":715,"attrs":875},{"color":551},{"text":877,"type":605,"marks":878},"lithium ion battery ",[879,881],{"type":610,"attrs":880},{"href":628,"uuid":629,"anchor":49,"target":614,"linktype":615},{"type":715,"attrs":882},{"color":551},{"text":884,"type":605,"marks":885},"exports reached US$8 billion in May 2026, up 37% year-on-year (YOY), bringing the year to May total to $40 billion. That marks a 45% increase on the same period in 2025. According to China Automotive Battery Innovation Alliance (CABIA) data, exports reached 29GWh in May, taking the Jan–May total to 145GWh.",[886],{"type":715,"attrs":887},{"color":551},{"type":600,"attrs":889,"content":890},{"textAlign":49},[891,896,905],{"text":892,"type":605,"marks":893},"The year to May figures reflect a front-loaded quarter. March exports hit a record $9.7 billion, likely driven in part by exporters pulling forward shipments ahead of the 1 April cut to the battery export rebate. Levels ",[894],{"type":715,"attrs":895},{"color":551},{"text":897,"type":605,"marks":898},"normalised in April ",[899,903],{"type":610,"attrs":900},{"href":901,"uuid":902,"anchor":49,"target":614,"linktype":615},"/article/chinese-battery-exports-in-april-remain-strong-despite-changes-to-tax-rebate","3521483c-762d-492a-a0c0-7f5e8e33f44a",{"type":715,"attrs":904},{"color":551},{"text":906,"type":605,"marks":907},"and May, but remain well ahead of the same months in 2025.",[908],{"type":715,"attrs":909},{"color":551},{"type":600,"attrs":911,"content":912},{"textAlign":49},[913],{"text":914,"type":605,"marks":915},"The number of countries importing more than $100 million diversified in May, rising to 18 from 13 in May 2025, while those recording more than $10 million climbed from 47 to 62. The share taken by the top five importers of Chinese batteries dropped from 49% to 45% compared with the same period in 2025, continuing a gradual broadening of the market.",[916],{"type":715,"attrs":917},{"color":551},{"type":643,"attrs":919,"content":920},{"level":645,"textAlign":49},[921],{"text":922,"type":605,"marks":923},"Broader acceleration in consumption",[924,926],{"type":715,"attrs":925},{"color":551},{"type":927},"bold",{"type":600,"attrs":929,"content":930},{"textAlign":49},[931,936,943],{"text":932,"type":605,"marks":933},"The most significant development for 2026 is the acceleration in markets where imports represent genuine domestic demand due to a lack of EV production facilities. Australia, at $2 billion year to May, up 151% compared to the same period in 2025, is the largest of such markets. Its imports are driven by utility-scale and commercial ",[934],{"type":715,"attrs":935},{"color":551},{"text":937,"type":605,"marks":938},"battery energy stationary storage (BESS) deployments",[939,941],{"type":610,"attrs":940},{"href":685,"uuid":686,"anchor":49,"target":614,"linktype":615},{"type":715,"attrs":942},{"color":551},{"text":944,"type":605,"marks":945},". It has no material re-export manufacturing base, unlike the other largest importers of China-made cells such as Germany.",[946],{"type":715,"attrs":947},{"color":551},{"type":600,"attrs":949,"content":950},{"textAlign":49},[951],{"text":952,"type":605,"marks":953},"Chile ($485 million year to May) and Nigeria ($362 million year to May) have both shown strong demand for Chinese battery imports, the vast majority of which can be attributed to the BESS market. Nigeria recorded a monthly high of $97 million in May, the first time it has approached $100 million in a single month, reflecting commercial and industrial BESS demand driven by grid unreliability and growing utility-scale developer activity. Nigeria also has a growing electric two and three-wheeler market, with some players manufacturing domestically and therefore using Chinese batteries, the volume will be relatively small however.",[954],{"type":715,"attrs":955},{"color":551},{"type":699,"attrs":957},{"id":958,"body":959},"922cb447-18b1-4f2d-b52d-e7980837dac4",[960],{"id":961,"_uid":962,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29472967","i-86539281-f776-465a-b2d0-48a232b62af8",{"type":600,"attrs":964,"content":965},{"textAlign":49},[966],{"text":967,"type":605,"marks":968},"Pakistan ($259 million) and the Philippines ($232 million) are both showing consistent upward trajectories. At smaller scale, Jordan, Kenya, Yemen, and Colombia are each generating steady monthly flows consistent with active BESS market development rather than one-off project deliveries. Uganda, though small in absolute terms ($25 million, +317%), has shown the most consistent growth rate of any frontier market in the dataset.",[969],{"type":715,"attrs":970},{"color":551},{"type":643,"attrs":972,"content":973},{"level":645,"textAlign":49},[974],{"text":975,"type":605,"marks":976},"Manufacturing hubs dominate the top line",[977,979],{"type":715,"attrs":978},{"color":551},{"type":927},{"type":600,"attrs":981,"content":982},{"textAlign":49},[983],{"text":984,"type":605,"marks":985},"The largest importers by value are predominantly manufacturing hubs, countries where Chinese cells are assembled into electric vehicles (EVs) exported to third markets. Among these, the most significant growth in imports of Chinese batteries were for Germany, which led at $5.8 billion year to May, and whose volumes feed the manufacturing lines of BMW, Volkswagen, and Mercedes. Also notable among the top ten is Hungary, whose growth in Chinese imports reflects BYD's Szeged plant and BMW's new Debrecen facility in the country.",[986],{"type":715,"attrs":987},{"color":551},{"type":600,"attrs":989,"content":990},{"textAlign":49},[991],{"text":992,"type":605,"marks":993},"The US was down 26% year to May 2026 compared to 2025 at $3.6 billion, as tariff barriers continue to suppress volumes, though it was the second-largest market by value.",[994],{"type":715,"attrs":995},{"color":551},"China's lithium ion battery exports reached US$8 billion in May 2026, up 37% year-on-year (YOY), bringing the year to May total to $40 billion. That marks a 45% increase on the same period in 2025. According to China Automotive Battery Innovation Alliance (CABIA) data, exports reached 29GWh in May, taking the Jan–May total to 145GWh.\n\nThe year to May figures reflect a front-loaded quarter. March exports hit a record $9.7 billion, likely driven in part by exporters pulling forward shipments ahead of the 1 April cut to the battery export rebate. Levels normalised in April and May, but remain well ahead of the same months in 2025.",[998],{"slug":999,"name":1000,"content":1001},"iola-hughes","Iola Hughes",{"job_title":1002,"image":1003,"bio":1005,"linkedin":1006,"markets_covered":1007},"Head of Research",{"filename":1004},"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","China's Jan-May battery exports reach $40bn as new markets emerge",[1010,1011,1014,1015],{"slug":544,"name":543},{"slug":1012,"name":1013},"gigafactories","Battery & Gigafactory",{"slug":819,"name":820},{"slug":816,"name":817},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1017},{},{"id":1019,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1020,"copyright":551,"fieldtype":831,"meta_data":1021,"is_external_url":50},129067562556204,"https://a.storyblok.com/f/287943243085208/8d36ef7062/bm-exports.jpg",{},"China's lithium ion battery exports reached US$8 billion in May 2026, up 37% year-on-year (YOY), bringing the year to May total to $40 billion. That marks a 45% increase on the same period in 2025.","Jun 23, 2026",{"id":1025,"uuid":1026,"name":1027,"slug":1028,"full_slug":1029,"content":1030},188824312534559,"28f34dd6-884f-4a75-9318-2cdda457d5ac","Could the Middle East become an anode supply chain hub?","could-the-middle-east-become-an-anode-supply-chain-hub-","article/could-the-middle-east-become-an-anode-supply-chain-hub-",{"_uid":1031,"date":1032,"tags":1033,"editor":1043,"content":1053,"excerpt":1178,"featured":51,"reporter":1179,"component":812,"seo_title":1027,"categories":1189,"visibility":827,"data_vis_image":1201,"featured_image":1203,"seo_description":1208,"formattedDate":1209},"e83c7de6-5ac1-4776-bc7c-7e9b6da47a2c","2026-06-18 00:00",[1034,1037,1040],{"slug":1035,"name":1036},"middle-east","Middle East",{"slug":1038,"name":1039},"nextsource-materials","NextSource Materials",{"slug":1041,"name":1042},"shinzoom","Shinzoom",[1044],{"slug":1045,"name":1046,"content":1047},"matthew-bird","Matthew Bird",{"job_title":1048,"image":1049,"bio":1051,"linkedin":1052},"Senior Editor - Supply Chains & Data Visualisation",{"filename":1050},"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":597,"content":1054},[1055,1078,1100,1108,1115,1123,1131,1139,1147,1155,1165],{"type":600,"attrs":1056,"content":1057},{"textAlign":49},[1058,1064,1073],{"text":1059,"type":605,"marks":1060},"The ",[1061],{"type":715,"attrs":1062},{"color":1063},"#000000",{"text":1036,"type":605,"marks":1065},[1066,1071],{"type":610,"attrs":1067},{"href":1068,"uuid":49,"anchor":49,"target":1069,"linktype":1070},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-middle-east-and-north-africas-pivot-to-critical-minerals-and-clean-energy-2025","_self","url",{"type":715,"attrs":1072},{"color":1063},{"text":1074,"type":605,"marks":1075}," is rapidly establishing itself as a key growth hub for the anode supply chain, underpinned by large-scale investments, strategic geographic positioning, and competitively priced energy.",[1076],{"type":715,"attrs":1077},{"color":1063},{"type":600,"attrs":1079,"content":1080},{"textAlign":49},[1081,1086,1095],{"text":1082,"type":605,"marks":1083},"The region’s push into battery materials reflects a broader shift as Gulf economies look to ",[1084],{"type":715,"attrs":1085},{"color":1063},{"text":1087,"type":605,"marks":1088},"diversify away from hydrocarbons",[1089,1093],{"type":610,"attrs":1090},{"href":1091,"uuid":1092,"anchor":49,"target":1069,"linktype":615},"/article/sovereign-wealth-funds-support-the-middle-easts-pivot-to-clean-energy-supply-chains","dd5cc0ca-55e4-45c5-9b45-45e858a59fc0",{"type":715,"attrs":1094},{"color":1063},{"text":1096,"type":605,"marks":1097}," and position themselves within the global energy transition.",[1098],{"type":715,"attrs":1099},{"color":1063},{"type":600,"attrs":1101,"content":1102},{"textAlign":49},[1103],{"text":1104,"type":605,"marks":1105},"As of 2026, the region has no active capacity, yet Benchmark data shows that the Middle East will account for 11% of 2030 capacity for traditional anode active material (AAM) in the ex-China market, with this share remaining broadly stable through to 2035.",[1106],{"type":715,"attrs":1107},{"color":1063},{"type":699,"attrs":1109},{"id":1110,"body":1111},"05c286c2-dc38-4d58-8896-8f072cb96fdd",[1112],{"id":1113,"_uid":1114,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29421155","i-21a8cd89-6073-4b40-a91c-5f3f5626dffd",{"type":643,"attrs":1116,"content":1117},{"level":645,"textAlign":49},[1118],{"text":1119,"type":605,"marks":1120},"What recent activity has there been in the Middle East for AAM?",[1121],{"type":715,"attrs":1122},{"color":1063},{"type":600,"attrs":1124,"content":1125},{"textAlign":49},[1126],{"text":1127,"type":605,"marks":1128},"In mid-May, construction began on a 200ktpa synthetic graphite AAM facility in Sohar, Oman, backed by Zhongke Xingcheng (Shinzoom) with an investment of RMB 8bn ($1.2bn). The scale of the project places it amongst the largest planned anode facilities globally and highlights increasing Chinese participation in overseas processing capacity as companies expand beyond domestic markets.",[1129],{"type":715,"attrs":1130},{"color":1063},{"type":600,"attrs":1132,"content":1133},{"textAlign":49},[1134],{"text":1135,"type":605,"marks":1136},"In June, Shinzoom’s commitment to the region was highlighted as it cancelled two integrated anode projects it was developing in China (130ktpa and 100kpta) and a third in Morocco (100ktpa) in order to focus on the Oman project.",[1137],{"type":715,"attrs":1138},{"color":1063},{"type":600,"attrs":1140,"content":1141},{"textAlign":49},[1142],{"text":1143,"type":605,"marks":1144},"Meanwhile, NextSource Materials secured a final investment decision (FID) for Phase 1 of its proposed Battery Anode Facility (BAF) in the Industrial City of Abu Dhabi. Phase 1 capacity is expected to reach 14ktpa, set to supply Mitsubishi Chemical’s initial offtake requirement of 9ktpa of uncoated spherical graphite (USPG).",[1145],{"type":715,"attrs":1146},{"color":1063},{"type":600,"attrs":1148,"content":1149},{"textAlign":49},[1150],{"text":1151,"type":605,"marks":1152},"These developments sit within a broader regional strategy. Countries such as Saudi Arabia are deploying sovereign wealth capital and industrial policy to build out mid- and downstream battery supply chains, alongside upstream resource investments. This includes domestic plans for anode production and international investments in critical minerals. The Middle East’s advantages, including low-cost energy, access to capital, and proximity to both European and Asian demand centres, are increasingly drawing interest from global players.",[1153],{"type":715,"attrs":1154},{"color":1063},{"type":600,"attrs":1156,"content":1157},{"textAlign":49},[1158],{"text":1159,"type":605,"marks":1160},"This insight draws from Benchmark's comprehensive Graphite & Anode Service, consisting of IOSCO-assured prices, capacity assessments, forecasts and supply chain data. Bringing clarity to these opaque markets, this subscription facilitates smarter investment decisions, strategy and successful commercial outcomes. To learn more, submit your details below and our team will be in touch:",[1161,1163],{"type":715,"attrs":1162},{"color":1063},{"type":1164},"italic",{"type":699,"attrs":1166},{"id":1167,"body":1168},"8477e4ad-2608-45b4-b185-31bc84534daa",[1169],{"id":1170,"_uid":1171,"component":1172,"wrap_in_box":50,"redirect_url":1173,"success_file":1175,"default_height":551,"success_message":551,"v2_hubspot_form":50,"success_sub_text":551,"hidden_field_values":1177,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-912e9a0a-f4cb-4545-99a7-5b34278f4ec9","ContentHubspotForm",{"id":551,"url":551,"linktype":615,"fieldtype":1174,"cached_url":551},"multilink",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1176},{},[],"The Middle East is rapidly establishing itself as a key growth hub for the anode supply chain, underpinned by large-scale investments, strategic geographic positioning, and competitively priced energy.\n\nThe region’s push into battery materials reflects a broader shift as Gulf economies look to diversify away from hydrocarbons and position themselves within the global energy transition.\n\nAs of 2026, the region has no active capacity, yet Benchmark data shows that the Middle East will account for 11% of 2030 capacity for traditional anode active material (AAM) in the ex-China market, with this share remaining broadly stable through to 2035.",[1180],{"slug":1181,"name":1182,"content":1183},"tony-alderson","Tony Alderson",{"job_title":1184,"image":1185,"bio":1187,"linkedin":1188,"markets_covered":261},"Research Manager - Anode",{"filename":1186},"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/",[1190,1192,1193,1195,1198],{"slug":1191,"name":261},"anode",{"slug":544,"name":543},{"slug":1194,"name":189},"natural-graphite",{"slug":1196,"name":1197},"graphite","Graphite",{"slug":1199,"name":1200},"synthetic-graphite","Synthetic Graphite",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1202},{},{"id":1204,"alt":551,"name":551,"focus":551,"title":551,"source":1205,"filename":1206,"copyright":551,"fieldtype":831,"meta_data":1207,"is_external_url":50},188827174644647,"Image credit: Shinzoom","https://a.storyblok.com/f/287943243085208/1080x810/5c63404b53/shinzoom-anode-ceremony.jpg",{"alt":551,"title":551,"source":1205,"copyright":551},"The Middle East is rapidly establishing itself as a key growth hub for the anode supply chain, underpinned by large-scale investments, strategic geographic positioning, and competitively priced energy.","Jun 18, 2026",{"id":1211,"uuid":660,"name":1212,"slug":1213,"full_slug":1214,"content":1215},188466349768965,"Chinese OEM energy storage offtakes in H1 2026 quadruple compared to H1 2025","chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025","article/chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025",{"_uid":1216,"date":1217,"tags":1218,"editor":1232,"content":1236,"excerpt":1393,"featured":51,"reporter":1394,"component":812,"seo_title":1398,"categories":1399,"visibility":827,"data_vis_image":1402,"featured_image":1404,"seo_description":1408,"formattedDate":1409},"89b25332-78eb-4e21-ade3-4f818fc147b8","2026-06-17 00:00",[1219,1222,1225,1228,1231],{"slug":1220,"name":1221},"sodium-ion-2","Sodium ion",{"slug":1223,"name":1224},"catl","CATL",{"slug":1226,"name":1227},"hyperstrong","HyperStrong",{"slug":1229,"name":1230},"hithium","HiTHIUM",{"slug":566,"name":567},[1233],{"slug":588,"name":589,"content":1234},{"job_title":591,"image":1235,"bio":594,"linkedin":595},{"filename":593},{"type":597,"content":1237},[1238,1272,1289,1296,1305,1341,1349,1357,1366,1388],{"type":600,"attrs":1239,"content":1240},{"textAlign":49},[1241,1246,1253,1258,1267],{"text":1242,"type":605,"marks":1243},"Global ",[1244],{"type":715,"attrs":1245},{"color":551},{"text":1247,"type":605,"marks":1248},"battery energy stationary storage",[1249,1251],{"type":610,"attrs":1250},{"href":685,"uuid":686,"anchor":49,"target":614,"linktype":615},{"type":715,"attrs":1252},{"color":551},{"text":1254,"type":605,"marks":1255}," (BESS) offtake agreements from ",[1256],{"type":715,"attrs":1257},{"color":551},{"text":1259,"type":605,"marks":1260},"Chinese OEMs",[1261,1265],{"type":610,"attrs":1262},{"href":1263,"uuid":1264,"anchor":49,"target":614,"linktype":615},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"type":715,"attrs":1266},{"color":551},{"text":1268,"type":605,"marks":1269}," in H1 2026 were over four times their H1 2025 level in GWh terms, Benchmark analysis shows, reaching 659GWh so far in 2026.",[1270],{"type":715,"attrs":1271},{"color":551},{"type":600,"attrs":1273,"content":1274},{"textAlign":49},[1275,1284],{"text":1276,"type":605,"marks":1277},"Large offtake agreements",[1278,1282],{"type":610,"attrs":1279},{"href":1280,"uuid":1281,"anchor":49,"target":614,"linktype":615},"/article/lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla","c9e36cab-5f2c-4a05-9341-1aad24c0277d",{"type":715,"attrs":1283},{"color":551},{"text":1285,"type":605,"marks":1286}," of ≥10GWh capacity represented the largest proportion, with 474GWh capacity signed in H1 2026 through 25 agreements, up from 102GWh in H1 2025 from five agreements.",[1287],{"type":715,"attrs":1288},{"color":551},{"type":699,"attrs":1290},{"id":1291,"body":1292},"de7a690f-a5ad-406a-8d2f-1be2ac69143e",[1293],{"id":1294,"_uid":1295,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29392061","i-43aa9bcc-ba11-43b0-a94d-a66a263d00d1",{"type":643,"attrs":1297,"content":1298},{"level":645,"textAlign":49},[1299],{"text":1300,"type":605,"marks":1301},"Growing cell sizes meeting higher demand",[1302,1304],{"type":715,"attrs":1303},{"color":551},{"type":927},{"type":600,"attrs":1306,"content":1307},{"textAlign":49},[1308,1313,1322,1327,1336],{"text":1309,"type":605,"marks":1310},"Battery manufacturers ",[1311],{"type":715,"attrs":1312},{"color":551},{"text":1314,"type":605,"marks":1315},"looking to meet growing BESS capacity demand",[1316,1320],{"type":610,"attrs":1317},{"href":1318,"uuid":1319,"anchor":49,"target":614,"linktype":615},"/article/battery-manufacturers-ramp-up-cell-size-to-meet-growing-bess-capacity-demands","8a3561ee-39d5-443e-abf1-4148319e3650",{"type":715,"attrs":1321},{"color":551},{"text":1323,"type":605,"marks":1324}," are pushing towards larger capacity cells, which in some cases are optimised for longer duration solutions. These include ",[1325],{"type":715,"attrs":1326},{"color":551},{"text":1328,"type":605,"marks":1329},"CATL’s 587Ah cell",[1330,1334],{"type":610,"attrs":1331},{"href":1332,"uuid":1333,"anchor":49,"target":614,"linktype":615},"/article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","dd7b0985-5771-4a9e-b68e-7060e85efa48",{"type":715,"attrs":1335},{"color":551},{"text":1337,"type":605,"marks":1338},", which reached GWh-scale shipments in June 2025, as well as HiTHIUM's ∞Cell 587Ah, which entered mass production in August, with the accompanying ∞Power 6.25MWh two-hour system completing its first unit rollout. This was a trend noted by Benchmark analyst Calvin Xu at the recent solar and new energy-focused SNEC conference in Shanghai (3–5 June), where long-duration cells were a focus of the event.",[1339],{"type":715,"attrs":1340},{"color":551},{"type":600,"attrs":1342,"content":1343},{"textAlign":49},[1344],{"text":1345,"type":605,"marks":1346},"A second wave of manufacturers, including REPT Battero, CALB, Ganfeng Lithium, Gotion High-Tech, Sunwoda, Great Power, Pengcheng Infinity, CORNEX, and Rongjie Energy, have all committed to mass production of large-capacity cells in H2 2026. Multiple companies also previewed 600Ah+ and 700Ah+ products at SNEC, notably including a 1,300Ah cell from HiTHIUM.",[1347],{"type":715,"attrs":1348},{"color":551},{"type":600,"attrs":1350,"content":1351},{"textAlign":49},[1352],{"text":1353,"type":605,"marks":1354},"“We have seen that BESS projects in some provinces, like Ningxia or Xinjiang, are shifting towards four hour-plus duration this year. The larger capacity cells and systems are designed to meet this longer-duration storage demand,” Xu said.",[1355],{"type":715,"attrs":1356},{"color":551},{"type":643,"attrs":1358,"content":1359},{"level":645,"textAlign":49},[1360],{"text":1361,"type":605,"marks":1362},"Sodium ion role growing",[1363,1365],{"type":715,"attrs":1364},{"color":551},{"type":927},{"type":600,"attrs":1367,"content":1368},{"textAlign":49},[1369,1374,1383],{"text":1370,"type":605,"marks":1371},"Among the notable offtake agreements struck in the first half of 2026 was ",[1372],{"type":715,"attrs":1373},{"color":551},{"text":1375,"type":605,"marks":1376},"a 60GWh deal for CATL to supply sodium-ion battery storage systems to HyperStrong",[1377,1381],{"type":610,"attrs":1378},{"href":1379,"uuid":1380,"anchor":49,"target":614,"linktype":615},"/article/hyperstrong-and-catl-sign-three-year-60gwh-sodium-ion-bess-battery-supply-agreement","559ec0b3-b734-4f91-9dcf-4c2548f38fe3",{"type":715,"attrs":1382},{"color":551},{"text":1384,"type":605,"marks":1385},". The most displayed format was a 160–180Ah cell with the same dimensions as the standard 314Ah lithium form factor, allowing them to be more easily deployed into current systems. CATL also showed 300Ah+ cells for LDES, and REPT Battero debuted its Wending 320Ah sodium ion cell for storage applications. During the show, CATL confirmed GWh-scale batch delivery of sodium ion storage systems for 2026.",[1386],{"type":715,"attrs":1387},{"color":551},{"type":600,"attrs":1389,"content":1390},{"textAlign":49},[1391],{"text":1392,"type":605},"Outside of China, sodium ion interest has also been increasing, with GM and Peak Energy recently partnering to produce sodium ion cells in Michigan from 2028. Currently the vast majority of sodium ion cathode and anode supply is concentrated in China, a challenge GM and Peak will need to overcome to produce 45X eligible cells.","Global battery energy stationary storage (BESS) offtake agreements from Chinese OEMs in H1 2026 were over four times their H1 2025 level in GWh terms, Benchmark analysis shows, reaching 659GWh so far in 2026.\n\nLarge offtake agreements of ≥10GWh capacity represented the largest proportion, with 474GWh capacity signed in H1 2026 through 25 agreements, up from 102GWh in H1 2025 from five agreements.",[1395],{"slug":803,"name":804,"content":1396},{"job_title":806,"image":1397,"bio":809,"linkedin":810,"markets_covered":811},{"filename":808},"Chinese OEM energy storage offtakes in H1 2026 quadruple H1 2025",[1400,1401],{"slug":816,"name":817},{"slug":544,"name":543},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1403},{},{"id":1405,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1406,"copyright":551,"fieldtype":831,"meta_data":1407,"is_external_url":50},188475360393561,"https://a.storyblok.com/f/287943243085208/1430x954/8d2cfc585b/hithium-snec-booth.jpg",{},"Global battery energy stationary storage (BESS) offtake agreements from Chinese OEMs in H1 2026 were over four times their H1 2025 level in GWh terms, Benchmark analysis shows, reaching 659GWh so far in 2026.","Jun 17, 2026",{"id":1411,"uuid":1412,"name":1413,"slug":1414,"full_slug":1415,"content":1416},188058012453355,"3d3b0521-aaed-4ef9-9a8c-97ccfd4102c8","Global EV sales reach 1.8 million units in May 2026 ","global-ev-sales-reach-1-8-million-units-in-may-2026","article/global-ev-sales-reach-1-8-million-units-in-may-2026",{"_uid":1417,"date":1418,"tags":1419,"editor":1431,"content":1435,"excerpt":1711,"featured":51,"reporter":1712,"component":812,"seo_title":1413,"categories":1723,"visibility":1726,"data_vis_image":1727,"featured_image":1731,"seo_description":1735,"formattedDate":1736},"8749630b-bb37-4629-ab9b-f3bc2f2f5fee","2026-06-16 00:00",[1420,1423,1426,1429,1430],{"slug":1421,"name":1422},"ev-sales","EV Sales",{"slug":1424,"name":1425},"north-america","North America",{"slug":1427,"name":1428},"europe","Europe",{"slug":566,"name":567},{"slug":584,"name":585},[1432],{"slug":1045,"name":1046,"content":1433},{"job_title":1048,"image":1434,"bio":1051,"linkedin":1052},{"filename":1050},{"type":597,"content":1436},[1437,1473,1480,1488,1523,1531,1552,1561,1568,1576,1598,1634,1641,1662,1670,1677,1685,1693,1702],{"type":600,"attrs":1438,"content":1439},{"textAlign":49},[1440,1445,1454,1459,1468],{"text":1441,"type":605,"marks":1442},"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.8 million electric vehicles were sold globally in May 2026, bringing YTD 2026 ",[1443],{"type":715,"attrs":1444},{"color":1063},{"text":1446,"type":605,"marks":1447},"EV sales",[1448,1452],{"type":610,"attrs":1449},{"href":1450,"uuid":1451,"anchor":49,"target":1069,"linktype":615},"/publications/briefings/all-ev-sales/may-2026-major-market-ev-sales","e683e326-828c-4191-9ac4-fd2a28fd64e1",{"type":715,"attrs":1453},{"color":1063},{"text":1455,"type":605,"marks":1456}," to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7%",[1457],{"type":715,"attrs":1458},{"color":1063},{"text":1460,"type":605,"marks":1461}," month-on-month",[1462,1466],{"type":610,"attrs":1463},{"href":1464,"uuid":1465,"anchor":49,"target":1069,"linktype":615},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"type":715,"attrs":1467},{"color":1063},{"text":1469,"type":605,"marks":1470}," (m-o-m).",[1471],{"type":715,"attrs":1472},{"color":1063},{"type":699,"attrs":1474},{"id":1475,"body":1476},"0a389bc4-f579-4b9b-aad8-a443402f6f76",[1477],{"id":1478,"_uid":1479,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29390230","i-f643a4c2-ecfd-47ff-ba8b-c89572f93ee0",{"type":600,"attrs":1481,"content":1482},{"textAlign":49},[1483],{"text":1484,"type":605,"marks":1485},"Benchmark Mineral Intelligence Data Manager, Charles Lester, commented: ",[1486],{"type":715,"attrs":1487},{"color":1063},{"type":600,"attrs":1489,"content":1490},{"textAlign":49},[1491,1496,1504,1509,1518],{"text":1492,"type":605,"marks":1493},"\"The global EV market continued its mixed regional trajectory in May 2026. Europe remains the standout performer, up 26% year-to-date, supported by policy incentives and a growing Chinese OEM presence. Fuel prices remain elevated and, with the situation in the ",[1494],{"type":715,"attrs":1495},{"color":1063},{"text":1036,"type":605,"marks":1497},[1498,1502],{"type":610,"attrs":1499},{"href":1500,"uuid":1501,"anchor":49,"target":1069,"linktype":615},"/article/clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices","3b25b657-92e9-4b2a-9fe0-95c159fc48ef",{"type":715,"attrs":1503},{"color":1063},{"text":1505,"type":605,"marks":1506}," continuing to evolve, the outlook for ",[1507],{"type":715,"attrs":1508},{"color":1063},{"text":1510,"type":605,"marks":1511},"petrol prices",[1512,1516],{"type":610,"attrs":1513},{"href":1514,"uuid":1515,"anchor":49,"target":1069,"linktype":615},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"type":715,"attrs":1517},{"color":1063},{"text":1519,"type":605,"marks":1520}," will be one to watch in the coming months. ",[1521],{"type":715,"attrs":1522},{"color":1063},{"type":600,"attrs":1524,"content":1525},{"textAlign":49},[1526],{"text":1527,"type":605,"marks":1528},"\"China's domestic market remains subdued, down 15% year-to-date, though exports continue to surge to record levels, with BYD, Chery and Geely leading the charge internationally. The gap between China's domestic weakness and its export strength continues to widen. ",[1529],{"type":715,"attrs":1530},{"color":1063},{"type":600,"attrs":1532,"content":1533},{"textAlign":49},[1534,1539,1547],{"text":1535,"type":605,"marks":1536},"\"",[1537],{"type":715,"attrs":1538},{"color":1063},{"text":1425,"type":605,"marks":1540},[1541,1545],{"type":610,"attrs":1542},{"href":1543,"uuid":1544,"anchor":49,"target":1069,"linktype":615},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2",{"type":715,"attrs":1546},{"color":1063},{"text":1548,"type":605,"marks":1549}," continues to lag, down 25% year-to-date, though Canada's newly established tariff quota agreement with China is beginning to open the door to new competition. Overall, regional divergence, China's accelerating export pivot, and shifting policy landscapes continue to define the global EV market.\" ",[1550],{"type":715,"attrs":1551},{"color":1063},{"type":600,"attrs":1553,"content":1554},{"textAlign":49},[1555],{"type":1556,"attrs":1557},"image",{"id":1558,"alt":551,"src":1559,"title":551,"source":551,"copyright":551,"meta_data":1560},188111301338021,"https://a.storyblok.com/f/287943243085208/1280x720/525a9bbcc5/benchmark-may-2026-sales.jpg",{},{"type":643,"attrs":1562,"content":1563},{"level":645,"textAlign":49},[1564],{"text":1428,"type":605,"marks":1565},[1566],{"type":715,"attrs":1567},{"color":1063},{"type":600,"attrs":1569,"content":1570},{"textAlign":49},[1571],{"text":1572,"type":605,"marks":1573},"In the European market, EV sales have grown by 2% m-o-m and by 23% y-o-y in May 2026, resulting in EV sales up by 26% YTD. The EV market continues to benefit from several EV subsidy schemes across Europe, alongside the impact on EV purchases due to rising fuel prices following the conflict in the Middle East. ",[1574],{"type":715,"attrs":1575},{"color":1063},{"type":600,"attrs":1577,"content":1578},{"textAlign":49},[1579,1584,1593],{"text":1580,"type":605,"marks":1581},"The share of ",[1582],{"type":715,"attrs":1583},{"color":1063},{"text":1585,"type":605,"marks":1586},"EVs sold in Europe that are produced in China",[1587,1591],{"type":610,"attrs":1588},{"href":1589,"uuid":1590,"anchor":49,"target":1069,"linktype":615},"/article/almost-half-of-evs-sold-in-europe-in-2026-contain-europe-made-cells","9e32de15-a444-40d6-be33-b749b248d932",{"type":715,"attrs":1592},{"color":1063},{"text":1594,"type":605,"marks":1595}," has been increasing. Over 2025, 19% of EVs sold in Europe were produced in China. Now in 2026, this figure has been growing, despite the EU BEV tariffs and some subsidy schemes that are preferential toward more local, European EV production. In the UK, 32% of EVs sold YTD are produced in China. However, in Germany it is 14% and in France only 10%. ",[1596],{"type":715,"attrs":1597},{"color":1063},{"type":600,"attrs":1599,"content":1600},{"textAlign":49},[1601,1606,1615,1620,1629],{"text":1602,"type":605,"marks":1603},"As the Chinese EV sales share grows in Europe, there have been announcements from Chinese OEMs to produce in Europe by utilising excess European capacity. This trend has accelerated notably in recent weeks. ",[1604],{"type":715,"attrs":1605},{"color":1063},{"text":1607,"type":605,"marks":1608},"Stellantis",[1609,1613],{"type":610,"attrs":1610},{"href":1611,"uuid":1612,"anchor":49,"target":1069,"linktype":615},"/article/life-in-the-fastlane-stellantis-investor-day-2026","f128bb5d-bb4f-4ac4-9c56-ded8ce39e790",{"type":715,"attrs":1614},{"color":1063},{"text":1616,"type":605,"marks":1617}," has confirmed it will begin producing Leapmotor's B10 compact EV at its plant near Zaragoza, Spain, in the second half of 2026, with three further Leapmotor models planned. Stellantis is also reportedly considering producing Dongfeng models in Europe, while Ford has confirmed talks with Geely over the partial sale of its Valencia, Spain, plant. Nissan and Chery continue to be linked with an agreement to produce Chery models at Nissan's Sunderland, UK, facility. Elsewhere, a much-anticipated SAIC-MG announcement for a European facility was announced, expected to be built in Spain by 2028 with an annual capacity of 120,000 vehicles. ",[1618],{"type":715,"attrs":1619},{"color":1063},{"text":1621,"type":605,"marks":1622},"BYD",[1623,1627],{"type":610,"attrs":1624},{"href":1625,"uuid":1626,"anchor":49,"target":1069,"linktype":615},"/article/byd-joins-queue-of-chinese-oems-eyeing-underutilised-european-vehicle-plants","a540f8b0-5845-4627-87de-51a7252fba2c",{"type":715,"attrs":1628},{"color":1063},{"text":1630,"type":605,"marks":1631}," is expected to start EV production in Hungary toward the end of 2026, while reportedly pausing its project in Turkey. ",[1632],{"type":715,"attrs":1633},{"color":1063},{"type":643,"attrs":1635,"content":1636},{"level":645,"textAlign":49},[1637],{"text":1425,"type":605,"marks":1638},[1639],{"type":715,"attrs":1640},{"color":1063},{"type":600,"attrs":1642,"content":1643},{"textAlign":49},[1644,1649,1657],{"text":1645,"type":605,"marks":1646},"In ",[1647],{"type":715,"attrs":1648},{"color":1063},{"text":1425,"type":605,"marks":1650},[1651,1655],{"type":610,"attrs":1652},{"href":1653,"uuid":1654,"anchor":49,"target":1069,"linktype":615},"/videos/panel-driving-demand-what-s-powering-the-next-phase-of-the-u-s-ev-market-","636d0e9d-d843-403c-b8b4-a220238a1d65",{"type":715,"attrs":1656},{"color":1063},{"text":1658,"type":605,"marks":1659},", EV sales remain weak, down 26% y-o-y and down 25% YTD, following the major pull-back in OEMs' plans alongside the removal of the EV tax credit in September last year, alongside weaker legislative drivers. ",[1660],{"type":715,"attrs":1661},{"color":1063},{"type":600,"attrs":1663,"content":1664},{"textAlign":49},[1665],{"text":1666,"type":605,"marks":1667},"Following Canada's announcement of a tariff quota agreement that allows 49,000 Chinese-built EVs to enter Canada at a lower rate, down from the previous 100% surtax, BYD has announced it will enter the Canadian market by the end of 2026. BYD confirmed plans for more than 20 dealerships across Toronto, Vancouver, Montreal and Calgary, with an initial lineup including the Atto 3, Seal, Dolphin and Seagull.  ",[1668],{"type":715,"attrs":1669},{"color":1063},{"type":643,"attrs":1671,"content":1672},{"level":645,"textAlign":49},[1673],{"text":567,"type":605,"marks":1674},[1675],{"type":715,"attrs":1676},{"color":1063},{"type":600,"attrs":1678,"content":1679},{"textAlign":49},[1680],{"text":1681,"type":605,"marks":1682},"Following a slow start to EV sales in China in the opening months of the year, EV sales have been improving and now sit at -15% YTD May 2026 vs YTD May 2025. Despite weaker EV sales across the country, battery demand has been impacted less. This is because the proportion of EVs sold in China has moved from smaller vehicles to larger vehicles, a direct impact of the change in subsidy scheme that was introduced in early 2026, therefore the average EV battery size (kWh) has increased in China so far this year. ",[1683],{"type":715,"attrs":1684},{"color":1063},{"type":600,"attrs":1686,"content":1687},{"textAlign":49},[1688],{"text":1689,"type":605,"marks":1690},"Chinese NEV exports continue to climb to another monthly record at almost 450,000 units in May. Both BEV and PHEV exports saw strong growth. Following weaker domestic sales in China so far this year compared to 2025, more and more Chinese OEMs have looked to expand further into the global market. The major players include BYD, which leads EV exports, followed by Chery and Geely, while Tesla's Shanghai factory also remains a significant contributor to China's overall NEV export figures. ",[1691],{"type":715,"attrs":1692},{"color":1063},{"type":600,"attrs":1694,"content":1695},{"textAlign":49},[1696],{"text":1697,"type":605,"marks":1698},"This insight draws from Benchmark's granular EV & Battery Service, consisting of monthly EV sales figures, detailed forecasts to 2050 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:",[1699,1701],{"type":715,"attrs":1700},{"color":1063},{"type":1164},{"type":699,"attrs":1703},{"id":1475,"body":1704},[1705],{"id":1170,"_uid":1706,"component":1172,"wrap_in_box":50,"redirect_url":1707,"success_file":1708,"default_height":551,"success_message":551,"v2_hubspot_form":50,"success_sub_text":551,"hidden_field_values":1710,"show_on_intelligence":50},"i-c77c8094-8373-455a-badb-95efc4bd5254",{"id":551,"url":551,"linktype":615,"fieldtype":1174,"cached_url":551},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1709},{},[],"Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.8 million electric vehicles were sold globally in May 2026, bringing YTD 2026 EV sales to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7% month-on-month (m-o-m). ",[1713],{"slug":1714,"name":1715,"content":1716},"charles-lester","Charles Lester",{"job_title":1717,"image":1718,"bio":1720,"linkedin":1721,"markets_covered":1722},"Data Manager",{"filename":1719},"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/","EV and Battery",[1724,1725],{"slug":544,"name":543},{"slug":819,"name":820},"public",{"id":1728,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1729,"copyright":551,"fieldtype":831,"meta_data":1730,"is_external_url":50},188059155168775,"https://a.storyblok.com/f/287943243085208/1280x720/c1822577ce/benchmark-may-2026-ev-sales.jpg",{},{"id":1732,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1733,"copyright":551,"fieldtype":831,"meta_data":1734,"is_external_url":50},188061873516795,"https://a.storyblok.com/f/287943243085208/3840x2160/c65dfa8b41/electric-vehicles-charging.jpeg",{},"Benchmark Mineral Intelligence reports that 1.8 million electric vehicles (EVs) were sold globally in May 2026, bringing YTD 2026 EV sales to 7.5 million. In May 2026, EV sales increased by 3% year-on-year (y-o-y) and by 7% month-on-month (m-o-m).","Jun 16, 2026",{"id":1738,"uuid":1739,"name":1740,"slug":1741,"full_slug":1742,"content":1743},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":1744,"date":1745,"tags":1746,"editor":1759,"content":1763,"excerpt":1973,"featured":51,"reporter":1974,"component":812,"seo_title":1975,"categories":1976,"visibility":1726,"data_vis_image":1980,"featured_image":1982,"seo_description":1987,"formattedDate":1988},"8ebf4ba3-d9a2-440f-87b2-ca799166bd1c","2026-06-10 00:00",[1747,1750,1753,1756],{"slug":1748,"name":1749},"giga-us-2026","Giga US 2026",{"slug":1751,"name":1752},"gm","GM",{"slug":1754,"name":1755},"lges","LGES",{"slug":1757,"name":1758},"lucid-motors","Lucid Motors",[1760],{"slug":1045,"name":1046,"content":1761},{"job_title":1048,"image":1762,"bio":1051,"linkedin":1052},{"filename":1050},{"type":597,"content":1764},[1765,1786,1794,1893,1901,1909,1917,1925,1933,1941,1949,1957,1965],{"type":600,"attrs":1766,"content":1767},{"textAlign":49},[1768,1773,1781],{"text":1769,"type":605,"marks":1770},"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 ",[1771],{"type":715,"attrs":1772},{"color":1063},{"text":1749,"type":605,"marks":1774},[1775,1779],{"type":610,"attrs":1776},{"href":1777,"uuid":1778,"anchor":49,"target":1069,"linktype":615},"/article/trade-geopolitics-and-growth-are-shaping-the-us-battery-market","5927011c-7c3b-4e6c-9c8f-218577afb178",{"type":715,"attrs":1780},{"color":1063},{"text":1782,"type":605,"marks":1783}," in Washington DC.",[1784],{"type":715,"attrs":1785},{"color":1063},{"type":600,"attrs":1787,"content":1788},{"textAlign":49},[1789],{"text":1790,"type":605,"marks":1791},"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:  ",[1792],{"type":715,"attrs":1793},{"color":1063},{"type":1795,"content":1796},"bullet_list",[1797,1817,1836,1855,1874],{"type":1798,"content":1799},"list_item",[1800],{"type":600,"attrs":1801,"content":1802},{"textAlign":49},[1803,1812],{"text":1804,"type":605,"marks":1805},"Bob Galyen",[1806,1810],{"type":610,"attrs":1807},{"href":1808,"uuid":1809,"anchor":49,"target":1069,"linktype":615},"/videos/benchmark-lifetime-achievement-award-2025","6aaf4380-3413-41b6-a3d9-46f4abfc56ec",{"type":715,"attrs":1811},{"color":1063},{"text":1813,"type":605,"marks":1814},", former CTO at CATL and CTO at NAATBatt International",[1815],{"type":715,"attrs":1816},{"color":1063},{"type":1798,"content":1818},[1819],{"type":600,"attrs":1820,"content":1821},{"textAlign":49},[1822,1831],{"text":1823,"type":605,"marks":1824},"Arnold Schwarzenegger",[1825,1829],{"type":610,"attrs":1826},{"href":1827,"uuid":1828,"anchor":49,"target":1069,"linktype":615},"/videos/fireside-chat-with-arnold-schwarzenegger","491c1c20-ea18-4aa0-bc91-97919cd1b111",{"type":715,"attrs":1830},{"color":1063},{"text":1832,"type":605,"marks":1833},", Former Governor of California",[1834],{"type":715,"attrs":1835},{"color":1063},{"type":1798,"content":1837},[1838],{"type":600,"attrs":1839,"content":1840},{"textAlign":49},[1841,1850],{"text":1842,"type":605,"marks":1843},"JB Straubel",[1844,1848],{"type":610,"attrs":1845},{"href":1846,"uuid":1847,"anchor":49,"target":1069,"linktype":615},"/videos/fireside-chat-with-redwood-materials-ceo-jb-straubel-and-benchmark","e9fd89f8-4a14-4754-9335-9eb05db26025",{"type":715,"attrs":1849},{"color":1063},{"text":1851,"type":605,"marks":1852},", co-founder of Tesla and CEO of Redwood Materials",[1853],{"type":715,"attrs":1854},{"color":1063},{"type":1798,"content":1856},[1857],{"type":600,"attrs":1858,"content":1859},{"textAlign":49},[1860,1869],{"text":1861,"type":605,"marks":1862},"Senator Lisa Murkowski",[1863,1867],{"type":610,"attrs":1864},{"href":1865,"uuid":1866,"anchor":49,"target":1069,"linktype":615},"/videos/word-of-welcome-from-u-s-senator-lisa-murkowski","cb3daf9e-367d-4d4d-bcf8-845613de9cda",{"type":715,"attrs":1868},{"color":1063},{"text":1870,"type":605,"marks":1871},", United States Senator from Alaska",[1872],{"type":715,"attrs":1873},{"color":1063},{"type":1798,"content":1875},[1876],{"type":600,"attrs":1877,"content":1878},{"textAlign":49},[1879,1888],{"text":1880,"type":605,"marks":1881},"Prof. Sir Stanley Whittingham",[1882,1886],{"type":610,"attrs":1883},{"href":1884,"uuid":1885,"anchor":49,"target":1069,"linktype":615},"/videos/professor-stanley-whittingham-on-the-future-of-batteries","5cde3d1b-62d7-484c-a8f4-4eec35f0a7ab",{"type":715,"attrs":1887},{"color":1063},{"text":1889,"type":605,"marks":1890},", Nobel Prize winner and pioneer of the lithium-ion battery",[1891],{"type":715,"attrs":1892},{"color":1063},{"type":600,"attrs":1894,"content":1895},{"textAlign":49},[1896],{"text":1897,"type":605,"marks":1898},"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. ",[1899],{"type":715,"attrs":1900},{"color":1063},{"type":600,"attrs":1902,"content":1903},{"textAlign":49},[1904],{"text":1905,"type":605,"marks":1906},"“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.”",[1907],{"type":715,"attrs":1908},{"color":1063},{"type":600,"attrs":1910,"content":1911},{"textAlign":49},[1912],{"text":1913,"type":605,"marks":1914},"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.”",[1915],{"type":715,"attrs":1916},{"color":1063},{"type":643,"attrs":1918,"content":1919},{"level":645,"textAlign":49},[1920],{"text":1921,"type":605,"marks":1922},"From GM to LG: Denise Gray’s career",[1923],{"type":715,"attrs":1924},{"color":1063},{"type":600,"attrs":1926,"content":1927},{"textAlign":49},[1928],{"text":1929,"type":605,"marks":1930},"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.",[1931],{"type":715,"attrs":1932},{"color":1063},{"type":600,"attrs":1934,"content":1935},{"textAlign":49},[1936],{"text":1937,"type":605,"marks":1938},"“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.”",[1939],{"type":715,"attrs":1940},{"color":1063},{"type":600,"attrs":1942,"content":1943},{"textAlign":49},[1944],{"text":1945,"type":605,"marks":1946},"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.",[1947],{"type":715,"attrs":1948},{"color":1063},{"type":600,"attrs":1950,"content":1951},{"textAlign":49},[1952],{"text":1953,"type":605,"marks":1954},"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.",[1955],{"type":715,"attrs":1956},{"color":1063},{"type":600,"attrs":1958,"content":1959},{"textAlign":49},[1960],{"text":1961,"type":605,"marks":1962},"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.",[1963],{"type":715,"attrs":1964},{"color":1063},{"type":600,"attrs":1966,"content":1967},{"textAlign":49},[1968],{"text":1969,"type":605,"marks":1970},"“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.",[1971],{"type":715,"attrs":1972},{"color":1063},"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.",[],"Denise Gray receives Lifetime Achievement Award at Giga US 2026",[1977,1978,1979],{"slug":544,"name":543},{"slug":819,"name":820},{"slug":816,"name":817},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1981},{},{"id":1983,"alt":551,"name":551,"focus":551,"title":1984,"source":551,"filename":1985,"copyright":551,"fieldtype":831,"meta_data":1986,"is_external_url":50},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":551,"title":1984,"source":551,"copyright":551},"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":1990,"uuid":1778,"name":1991,"slug":1992,"full_slug":1993,"content":1994},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":1995,"date":1745,"tags":1996,"editor":2000,"content":2004,"excerpt":2306,"featured":51,"reporter":2307,"component":812,"seo_title":1991,"categories":2308,"visibility":1726,"data_vis_image":2320,"featured_image":2322,"seo_description":2326,"formattedDate":1988},"6d302ec4-3156-4e2d-a3ce-64938e02940a",[1997,1998,1999],{"slug":1748,"name":1749},{"slug":851,"name":852},{"slug":1424,"name":1425},[2001],{"slug":1045,"name":1046,"content":2002},{"job_title":1048,"image":2003,"bio":1051,"linkedin":1052},{"filename":1050},{"type":597,"content":2005},[2006,2081,2089,2097,2119,2127,2149,2171,2195,2203,2224,2232,2240,2248,2256,2264,2291,2301],{"type":600,"attrs":2007,"content":2008},{"textAlign":49},[2009,2014,2021,2026,2034,2039,2048,2053,2062,2067,2076],{"text":2010,"type":605,"marks":2011},"Andy Miller, chief executive of Benchmark, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving ",[2012],{"type":715,"attrs":2013},{"color":1063},{"text":2015,"type":605,"marks":2016},"energy security landscape in the US",[2017,2019],{"type":610,"attrs":2018},{"href":1543,"uuid":1544,"anchor":49,"target":1069,"linktype":615},{"type":715,"attrs":2020},{"color":1063},{"text":2022,"type":605,"marks":2023},", shaped by ",[2024],{"type":715,"attrs":2025},{"color":1063},{"text":2027,"type":605,"marks":2028},"trade policy",[2029,2032],{"type":610,"attrs":2030},{"href":2031,"uuid":49,"anchor":49,"target":1069,"linktype":1070},"https://source.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"type":715,"attrs":2033},{"color":1063},{"text":2035,"type":605,"marks":2036},", ",[2037],{"type":715,"attrs":2038},{"color":1063},{"text":2040,"type":605,"marks":2041},"geopolitics",[2042,2046],{"type":610,"attrs":2043},{"href":2044,"uuid":2045,"anchor":49,"target":1069,"linktype":615},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":715,"attrs":2047},{"color":1063},{"text":2049,"type":605,"marks":2050},", and ",[2051],{"type":715,"attrs":2052},{"color":1063},{"text":2054,"type":605,"marks":2055},"rising demand",[2056,2060],{"type":610,"attrs":2057},{"href":2058,"uuid":2059,"anchor":49,"target":1069,"linktype":615},"/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":715,"attrs":2061},{"color":1063},{"text":2063,"type":605,"marks":2064}," from ",[2065],{"type":715,"attrs":2066},{"color":1063},{"text":2068,"type":605,"marks":2069},"emerging markets such as data centres",[2070,2074],{"type":610,"attrs":2071},{"href":2072,"uuid":2073,"anchor":49,"target":1069,"linktype":615},"/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","213c7915-b6a1-48e4-9d82-9a263f102c25",{"type":715,"attrs":2075},{"color":1063},{"text":2077,"type":605,"marks":2078},".",[2079],{"type":715,"attrs":2080},{"color":1063},{"type":600,"attrs":2082,"content":2083},{"textAlign":49},[2084],{"text":2085,"type":605,"marks":2086},"“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.”",[2087],{"type":715,"attrs":2088},{"color":1063},{"type":643,"attrs":2090,"content":2091},{"level":645,"textAlign":49},[2092],{"text":2093,"type":605,"marks":2094},"Batteries are central to energy security",[2095],{"type":715,"attrs":2096},{"color":1063},{"type":600,"attrs":2098,"content":2099},{"textAlign":49},[2100,2105,2114],{"text":2101,"type":605,"marks":2102},"Miller emphasised that batteries are now central to energy security, with demand extending beyond ",[2103],{"type":715,"attrs":2104},{"color":1063},{"text":2106,"type":605,"marks":2107},"electric vehicles",[2108,2112],{"type":610,"attrs":2109},{"href":2110,"uuid":2111,"anchor":49,"target":1069,"linktype":615},"/article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","3a93dd71-07f9-4d99-82c4-f907a3d0771b",{"type":715,"attrs":2113},{"color":1063},{"text":2115,"type":605,"marks":2116}," (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.",[2117],{"type":715,"attrs":2118},{"color":1063},{"type":600,"attrs":2120,"content":2121},{"textAlign":49},[2122],{"text":2123,"type":605,"marks":2124},"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.",[2125],{"type":715,"attrs":2126},{"color":1063},{"type":600,"attrs":2128,"content":2129},{"textAlign":49},[2130,2135,2144],{"text":2131,"type":605,"marks":2132},"“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 ",[2133],{"type":715,"attrs":2134},{"color":1063},{"text":2136,"type":605,"marks":2137},"stationary storage",[2138,2142],{"type":610,"attrs":2139},{"href":2140,"uuid":2141,"anchor":49,"target":1069,"linktype":615},"/article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","e10ddd56-09be-471c-ab8b-7f1503670661",{"type":715,"attrs":2143},{"color":1063},{"text":2145,"type":605,"marks":2146}," is reshaping demand.",[2147],{"type":715,"attrs":2148},{"color":1063},{"type":600,"attrs":2150,"content":2151},{"textAlign":49},[2152,2157,2166],{"text":2153,"type":605,"marks":2154},"“In Q1 26 alone the US installed almost 10GWh of ",[2155],{"type":715,"attrs":2156},{"color":1063},{"text":2158,"type":605,"marks":2159},"stationary storage battery",[2160,2164],{"type":610,"attrs":2161},{"href":2162,"uuid":2163,"anchor":49,"target":1069,"linktype":615},"/videos/what-does-the-us-storage-market-currently-look-like","2eb77eea-249b-4ed7-b45c-0cdabb7d1a25",{"type":715,"attrs":2165},{"color":1063},{"text":2167,"type":605,"marks":2168}," capacity,” Miller said, adding that a single grid-scale project can represent “the equivalent of tens of thousands of electric vehicles”.",[2169],{"type":715,"attrs":2170},{"color":1063},{"type":600,"attrs":2172,"content":2173},{"textAlign":49},[2174,2180,2190],{"text":2175,"type":605,"marks":2176},"Watch Andy Miller's ",[2177,2179],{"type":715,"attrs":2178},{"color":1063},{"type":1164},{"text":2181,"type":605,"marks":2182},"opening keynote here",[2183,2187,2189],{"type":610,"attrs":2184},{"href":2185,"uuid":2186,"anchor":49,"target":1069,"linktype":615},"/videos/benchmark-opening-keynote-welcome-to-giga-us-2026","0072d0fe-4a54-4147-afb1-d1ae0e0c4174",{"type":715,"attrs":2188},{"color":1063},{"type":1164},{"text":2077,"type":605,"marks":2191},[2192,2194],{"type":715,"attrs":2193},{"color":1063},{"type":1164},{"type":643,"attrs":2196,"content":2197},{"level":645,"textAlign":49},[2198],{"text":2199,"type":605,"marks":2200},"The US battery supply chain is retooling",[2201],{"type":715,"attrs":2202},{"color":1063},{"type":600,"attrs":2204,"content":2205},{"textAlign":49},[2206,2211,2220],{"text":2207,"type":605,"marks":2208},"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 ",[2209],{"type":715,"attrs":2210},{"color":1063},{"text":2212,"type":605,"marks":2213},"broader range of applications",[2214,2218],{"type":610,"attrs":2215},{"href":2216,"uuid":2217,"anchor":49,"target":1069,"linktype":615},"/article/tesla-to-discontinue-the-model-s-and-x-as-it-pivots-towards-humanoid-robots","d988206d-9e4d-43bd-8969-21ef3bdb3281",{"type":715,"attrs":2219},{"color":1063},{"text":2077,"type":605,"marks":2221},[2222],{"type":715,"attrs":2223},{"color":1063},{"type":600,"attrs":2225,"content":2226},{"textAlign":49},[2227],{"text":2228,"type":605,"marks":2229},"“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.",[2230],{"type":715,"attrs":2231},{"color":1063},{"type":600,"attrs":2233,"content":2234},{"textAlign":49},[2235],{"text":2236,"type":605,"marks":2237},"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.",[2238],{"type":715,"attrs":2239},{"color":1063},{"type":600,"attrs":2241,"content":2242},{"textAlign":49},[2243],{"text":2244,"type":605,"marks":2245},"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.",[2246],{"type":715,"attrs":2247},{"color":1063},{"type":600,"attrs":2249,"content":2250},{"textAlign":49},[2251],{"text":2252,"type":605,"marks":2253},"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.",[2254],{"type":715,"attrs":2255},{"color":1063},{"type":600,"attrs":2257,"content":2258},{"textAlign":49},[2259],{"text":2260,"type":605,"marks":2261},"“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.”",[2262],{"type":715,"attrs":2263},{"color":1063},{"type":600,"attrs":2265,"content":2266},{"textAlign":49},[2267,2273,2285],{"text":2268,"type":605,"marks":2269},"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 ",[2270,2272],{"type":715,"attrs":2271},{"color":1063},{"type":1164},{"text":2274,"type":605,"marks":2275},"Events page",[2276,2279,2282,2283],{"type":610,"attrs":2277},{"href":2278,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://www.benchmarkminerals.com/events/",{"type":715,"attrs":2280},{"color":2281},"#1155CC",{"type":1164},{"type":2284},"underline",{"text":2286,"type":605,"marks":2287}," or fill out the form below and one of the team will be in touch.",[2288,2290],{"type":715,"attrs":2289},{"color":1063},{"type":1164},{"type":699,"attrs":2292},{"id":2293,"body":2294},"29eb0497-caaa-4647-a067-ff4ed8c36ac4",[2295],{"id":1170,"_uid":2296,"component":1172,"wrap_in_box":50,"redirect_url":2297,"success_file":2298,"default_height":551,"success_message":551,"v2_hubspot_form":50,"success_sub_text":551,"hidden_field_values":2300,"show_on_intelligence":50},"i-1d2d647e-a20b-4df4-8739-a2e6490b5dd8",{"id":551,"url":551,"linktype":615,"fieldtype":1174,"cached_url":551},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2299},{},[],{"type":600,"attrs":2302,"content":2303},{"textAlign":49},[2304],{"type":2305},"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.”",[],[2309,2310,2311,2312,2315,2318],{"slug":816,"name":817},{"slug":544,"name":543},{"slug":819,"name":820},{"slug":2313,"name":2314},"critical-minerals","Critical Minerals",{"slug":2316,"name":2317},"raw-materials","Raw Materials",{"slug":2040,"name":2319},"Geopolitics",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2321},{},{"id":2323,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2324,"copyright":551,"fieldtype":831,"meta_data":2325,"is_external_url":50},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":2328,"uuid":686,"name":2329,"slug":2330,"full_slug":2331,"content":2332},184216704050300,"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":2333,"date":2334,"tags":2335,"editor":2340,"content":2344,"excerpt":2466,"featured":51,"reporter":2467,"component":812,"seo_title":2480,"categories":2481,"visibility":1726,"data_vis_image":2484,"featured_image":2488,"seo_description":2492,"formattedDate":2493},"0cab84f2-1ff6-49f0-9e80-9bd9013323a9","2026-06-05 00:00",[2336,2337,2338,2339],{"slug":584,"name":585},{"slug":566,"name":567},{"slug":1424,"name":1425},{"slug":1427,"name":1428},[2341],{"slug":1045,"name":1046,"content":2342},{"job_title":1048,"image":2343,"bio":1051,"linkedin":1052},{"filename":1050},{"type":597,"content":2345},[2346,2365,2396,2401,2408,2413,2418,2424,2429,2441,2447,2456],{"type":600,"attrs":2347,"content":2348},{"textAlign":49},[2349,2350,2354,2356,2363],{"text":1059,"type":605},{"text":1247,"type":605,"marks":2351},[2352],{"type":610,"attrs":2353},{"href":1332,"uuid":1333,"anchor":49,"target":1069,"linktype":615},{"text":2355,"type":605}," (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":2357,"type":605,"marks":2358},"operating",[2359],{"type":610,"attrs":2360},{"href":2361,"uuid":2362,"anchor":49,"target":1069,"linktype":615},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"text":2364,"type":605}," and in the pipeline.",{"type":600,"attrs":2366,"content":2367},{"textAlign":49},[2368,2370,2376,2378,2385,2387,2394],{"text":2369,"type":605},"This is nearly nine times the number of projects Benchmark tracked in the May 2022 edition of ",{"text":2371,"type":605,"marks":2372},"Benchmark's BESS database",[2373],{"type":610,"attrs":2374},{"href":2375,"uuid":49,"anchor":49,"target":1069,"linktype":1070},"https://www.benchmarkminerals.com/battery-energy-stationary-storage",{"text":2377,"type":605},". The ",{"text":2379,"type":605,"marks":2380},"average size of the projects",[2381],{"type":610,"attrs":2382},{"href":2383,"uuid":2384,"anchor":49,"target":1069,"linktype":615},"/article/is-the-energy-storage-market-shifting-to-longer-duration-capacities-","6c350409-abcd-42f5-a9a4-15e7729cd431",{"text":2386,"type":605}," in the database has ",{"text":2388,"type":605,"marks":2389},"increased significantly",[2390],{"type":610,"attrs":2391},{"href":2392,"uuid":2393,"anchor":49,"target":1069,"linktype":615},"/article/form-energy-announces-largest-capacity-energy-storage-system-to-date","0ff0e0c5-d9dd-4f8c-9b1b-4aa57cb0e0b4",{"text":2395,"type":605},", too, from 193MWh in 2022 to 316MWh today.",{"type":600,"attrs":2397,"content":2398},{"textAlign":49},[2399],{"text":2400,"type":605},"“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":699,"attrs":2402},{"id":2403,"body":2404},"4bce6fab-52b3-4721-b997-57344cdc9282",[2405],{"id":2406,"_uid":2407,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29263694","i-81a6bf72-8942-4546-8197-1db8f9eb7617",{"type":643,"attrs":2409,"content":2410},{"level":645,"textAlign":49},[2411],{"text":2412,"type":605},"What are the trends in the database?",{"type":600,"attrs":2414,"content":2415},{"textAlign":49},[2416],{"text":2417,"type":605},"Click through this interactive data story to reveal what sorts of projects make up the database and where they are.",{"type":699,"attrs":2419},{"id":2403,"body":2420},[2421],{"id":2422,"_uid":2423,"type":615,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3698199","i-31a3b391-4b87-4793-9c45-668aec3feee4",{"type":643,"attrs":2425,"content":2426},{"level":645,"textAlign":49},[2427],{"text":2428,"type":605},"How has the BESS market changed over the past five years?",{"type":600,"attrs":2430,"content":2431},{"textAlign":49},[2432,2434,2439],{"text":2433,"type":605},"The BESS market has grown significantly over the last five years, with a~15-times increase in annual ",{"text":2435,"type":605,"marks":2436},"grid-scale",[2437],{"type":610,"attrs":2438},{"href":796,"uuid":797,"anchor":49,"target":1069,"linktype":615},{"text":2440,"type":605}," 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":699,"attrs":2442},{"id":2403,"body":2443},[2444],{"id":2445,"_uid":2446,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29253869","i-a9a8098c-7bca-45fe-8a5d-9ad4d72cc903",{"type":600,"attrs":2448,"content":2449},{"textAlign":49},[2450],{"text":2451,"type":605,"marks":2452},"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:",[2453,2455],{"type":715,"attrs":2454},{"color":551},{"type":1164},{"type":699,"attrs":2457},{"id":2458,"body":2459},"b4f30120-3b86-4f8c-a38b-cb4c1565a288",[2460],{"id":1170,"_uid":2461,"component":1172,"wrap_in_box":50,"redirect_url":2462,"success_file":2463,"default_height":551,"success_message":551,"v2_hubspot_form":50,"success_sub_text":551,"hidden_field_values":2465,"show_on_intelligence":50},"i-dcc9d729-77dc-4d24-a120-5cded55104a0",{"id":551,"url":551,"linktype":615,"fieldtype":1174,"cached_url":551},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2464},{},[],"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.",[2468,2471],{"slug":999,"name":1000,"content":2469},{"job_title":1002,"image":2470,"bio":1005,"linkedin":1006,"markets_covered":1007},{"filename":1004},{"slug":2472,"name":2473,"content":2474},"pete-tillotson","Pete Tillotson",{"job_title":2475,"image":2476,"bio":2478,"linkedin":2479,"markets_covered":811},"Senior Analyst - BESS",{"filename":2477},"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/","Benchmark BESS database surpasses 10,000 projects",[2482,2483],{"slug":816,"name":817},{"slug":544,"name":543},{"id":2485,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2486,"copyright":551,"fieldtype":831,"meta_data":2487,"is_external_url":50},184218836560728,"https://a.storyblok.com/f/287943243085208/1588x1840/c17cadeb60/10k-bess-by-region-2x.png",{},{"id":2489,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2490,"copyright":551,"fieldtype":831,"meta_data":2491,"is_external_url":50},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. 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The interview examines how policy certainty can support long-term investment and growth.",{"id":3126,"uuid":3127,"name":3128,"slug":3129,"full_slug":3130,"content":3131},188105515380204,"08cf2a82-3a75-4787-be89-82354b67d02f","Key takeaways from Giga US 2026: Interview with Benchmark CEO Andrew Miller","key-takeaways-from-giga-us-2026-interview-with-benchmark-ceo-andrew-miller","videos/key-takeaways-from-giga-us-2026-interview-with-benchmark-ceo-andrew-miller",{"_uid":3132,"date":1418,"tags":3133,"event":1749,"speaker":3140,"vimeoId":3141,"duration":3142,"featured":51,"component":3079,"seo_title":3143,"thumbnail":3144,"categories":3148,"visibility":1726,"description":3153,"previewVimeoId":551,"seo_description":3153,"formattedDate":1736},"29b34397-5642-46a2-a3e6-04993f9650bb",[3134,3135,3136,3139],{"slug":851,"name":852},{"slug":1748,"name":1749},{"slug":3137,"name":3138},"benchmark","Benchmark",{"slug":1424,"name":1425},"Andrew Miller, CEO, Benchmark; Bryan Bille, Lead Policy and Geopolitical Analyst, Benchmark","1201775651","357","Key takeaways from Giga US 2026 with Benchmark CEO Andrew Miller",{"id":3145,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":3146,"copyright":551,"fieldtype":831,"meta_data":3147,"is_external_url":50},188106250072519,"https://a.storyblok.com/f/287943243085208/1920x1080/9bc0a49780/andy-miller.jpg",{},[3149,3150,3151,3152],{"slug":544,"name":543},{"slug":2313,"name":2314},{"slug":816,"name":817},{"slug":819,"name":820},"Benchmark CEO Andrew Miller discussed his key takeaways from the Giga US 2026 conference in Washington, DC.",[3155,3454,3779,3932,4050,4853,4881,4913],{"id":3156,"uuid":3157,"name":3158,"slug":3159,"full_slug":3160,"content":3161},138553074892234,"a080d30b-30a1-4fe5-95a3-34abfe4ff26a","Battery Snapshot: Q4 2025","battery-snapshot-q4-2025","publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"_uid":3162,"date":3163,"live":50,"content":3164,"excerpt":3440,"component":3441,"categories":3442,"visibility":827,"publication_frequency":3452,"formattedDate":3453},"97c38a44-58df-4a44-ad75-e29feced16fd","2026-01-26 00:00",{"type":597,"content":3165},[3166,3184,3186,3191,3198,3301,3302,3307,3313,3392,3398,3399,3404,3434],{"type":600,"attrs":3167,"content":3168},{"textAlign":49},[3169,3171,3175,3177,3183],{"text":3170,"type":605},"Welcome to your ",{"text":3172,"type":605,"marks":3173},"Quarterly Battery Snapshot",[3174],{"type":927},{"text":3176,"type":605},", 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":3178,"type":605,"marks":3179},"Benchmark’s Q4 2025 forecasts",[3180],{"type":610,"attrs":3181},{"href":3182,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://www.benchmarkminerals.com/supply-chain-data",{"text":2077,"type":605},{"type":3185},"horizontal_rule",{"type":643,"attrs":3187,"content":3188},{"level":645,"textAlign":49},[3189],{"text":3190,"type":605},"Demand trends",{"type":699,"attrs":3192},{"id":3193,"body":3194},"6ec89532-b609-4849-8592-a3f874d57bad",[3195],{"id":3196,"_uid":3197,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317250","i-a1924b99-7ac8-41f3-9d8c-3b59ea2883e6",{"type":1795,"content":3199},[3200,3215,3238,3261,3268,3287,3294],{"type":1798,"content":3201},[3202],{"type":600,"attrs":3203,"content":3204},{"textAlign":49},[3205,3207,3213],{"text":3206,"type":605},"Benchmark increased its 2025 forecast for cell demand by 9% compared to its Q3 2025 forecast, due to changes in demand adjustment factors. ",{"text":3208,"type":605,"marks":3209},"2025 battery demand",[3210],{"type":610,"attrs":3211},{"href":3212,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la",{"text":3214,"type":605}," is forecast to have increased 27.8% compared to 2024 (as of the Q4 2025 forecast).",{"type":1798,"content":3216},[3217],{"type":600,"attrs":3218,"content":3219},{"textAlign":49},[3220,3222,3228,3230,3236],{"text":3221,"type":605},"Over 300 GWh of new ",{"text":3223,"type":605,"marks":3224},"BESS capacity",[3225],{"type":610,"attrs":3226},{"href":3227,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":3229,"type":605}," is forecast to have been deployed in 2025, ",{"text":3231,"type":605,"marks":3232},"up 44% from 211 GWh",[3233],{"type":610,"attrs":3234},{"href":3235,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"text":3237,"type":605}," of new capacity deployed in 2024. New capacity installations are forecast to increase a further 51% in 2026.",{"type":1798,"content":3239},[3240],{"type":600,"attrs":3241,"content":3242},{"textAlign":49},[3243,3245,3251,3253,3259],{"text":3244,"type":605},"Although the ",{"text":3246,"type":605,"marks":3247},"BESS market",[3248],{"type":610,"attrs":3249},{"href":3250,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":3252,"type":605}," is rapidly growing, ",{"text":3254,"type":605,"marks":3255},"EVs still represent",[3256],{"type":610,"attrs":3257},{"href":3258,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"text":3260,"type":605}," the largest share of the battery market (76% in 2025).",{"type":1798,"content":3262},[3263],{"type":600,"attrs":3264,"content":3265},{"textAlign":49},[3266],{"text":3267,"type":605},"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":1798,"content":3269},[3270],{"type":600,"attrs":3271,"content":3272},{"textAlign":49},[3273,3277,3284],{"text":3274,"type":605,"marks":3275},"Download Benchmark’s special issue reviewing the ",[3276],{"type":1164},{"text":3278,"type":605,"marks":3279},"first year of Trump 2.0",[3280,3283],{"type":610,"attrs":3281},{"href":3282,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/publications/special-issues/1351985",{"type":1164},{"text":2077,"type":605,"marks":3285},[3286],{"type":1164},{"type":1798,"content":3288},[3289],{"type":600,"attrs":3290,"content":3291},{"textAlign":49},[3292],{"text":3293,"type":605},"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":1798,"content":3295},[3296],{"type":600,"attrs":3297,"content":3298},{"textAlign":49},[3299],{"text":3300,"type":605},"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":3185},{"type":643,"attrs":3303,"content":3304},{"level":645,"textAlign":49},[3305],{"text":3306,"type":605},"Supply trends",{"type":699,"attrs":3308},{"id":3193,"body":3309},[3310],{"id":3311,"_uid":3312,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317244","i-365d2889-e8ec-42a9-b0a1-99eb356da367",{"type":1795,"content":3314},[3315,3329,3336,3351,3378,3385],{"type":1798,"content":3316},[3317],{"type":600,"attrs":3318,"content":3319},{"textAlign":49},[3320,3322,3328],{"text":3321,"type":605},"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":3323,"type":605,"marks":3324},"LFP cell pipeline",[3325],{"type":610,"attrs":3326},{"href":3327,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market",{"text":2077,"type":605},{"type":1798,"content":3330},[3331],{"type":600,"attrs":3332,"content":3333},{"textAlign":49},[3334],{"text":3335,"type":605},"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":1798,"content":3337},[3338],{"type":600,"attrs":3339,"content":3340},{"textAlign":49},[3341,3343,3349],{"text":3342,"type":605},"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":3344,"type":605,"marks":3345},"Inobat’s Tier 3 facility in Spain",[3346],{"type":610,"attrs":3347},{"href":3348,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/inobats-planned-spanish-gigafactory-gains-state-support",{"text":3350,"type":605},", with a capacity of 32 GWh due online in 2027.",{"type":1798,"content":3352},[3353],{"type":600,"attrs":3354,"content":3355},{"textAlign":49},[3356,3361,3363,3369,3371,3377],{"text":1224,"type":605,"marks":3357},[3358],{"type":610,"attrs":3359},{"href":3360,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth",{"text":3362,"type":605}," 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":3364,"type":605,"marks":3365},"China’s export controls",[3366],{"type":610,"attrs":3367},{"href":3368,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"text":3370,"type":605},", though these have now been suspended until ",{"text":3372,"type":605,"marks":3373},"10 November 2026",[3374],{"type":610,"attrs":3375},{"href":3376,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://source.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":2077,"type":605},{"type":1798,"content":3379},[3380],{"type":600,"attrs":3381,"content":3382},{"textAlign":49},[3383],{"text":3384,"type":605},"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":1798,"content":3386},[3387],{"type":600,"attrs":3388,"content":3389},{"textAlign":49},[3390],{"text":3391,"type":605},"The top 15 companies are forecast to represent 84%, 56%, and 79% of the cell, cathode, and anode markets in 2025, respectively.",{"type":699,"attrs":3393},{"id":3193,"body":3394},[3395],{"id":3396,"_uid":3397,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317249","i-e5b799bc-2ba4-4cc5-8eb4-36c6684b168b",{"type":3185},{"type":643,"attrs":3400,"content":3401},{"level":645,"textAlign":49},[3402],{"text":3403,"type":605},"Market balances",{"type":1795,"content":3405},[3406,3413,3420,3427],{"type":1798,"content":3407},[3408],{"type":600,"attrs":3409,"content":3410},{"textAlign":49},[3411],{"text":3412,"type":605},"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":1798,"content":3414},[3415],{"type":600,"attrs":3416,"content":3417},{"textAlign":49},[3418],{"text":3419,"type":605},"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":1798,"content":3421},[3422],{"type":600,"attrs":3423,"content":3424},{"textAlign":49},[3425],{"text":3426,"type":605},"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":1798,"content":3428},[3429],{"type":600,"attrs":3430,"content":3431},{"textAlign":49},[3432],{"text":3433,"type":605},"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":699,"attrs":3435},{"id":3193,"body":3436},[3437],{"id":3438,"_uid":3439,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"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","briefing",[3443,3444,3445,3447,3449],{"slug":1191,"name":261},{"slug":544,"name":543},{"slug":3446,"name":298},"cathode",{"slug":3448,"name":8},"lithium",{"slug":3450,"name":3451},"silicon-anode","Silicon Anode","quarterly","Jan 26, 2026",{"id":3455,"uuid":3456,"name":3457,"slug":3458,"full_slug":3459,"content":3460},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":3461,"date":3462,"content":3463,"excerpt":3759,"component":3441,"categories":3760,"visibility":827,"publication_frequency":3452,"formattedDate":3778},"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f","2026-05-01 00:00",{"type":597,"content":3464},[3465,3476,3481,3488,3496,3514,3541,3550,3559,3573,3578,3583,3601,3608,3615,3620,3638,3656,3689,3707,3724,3738,3745,3752],{"type":600,"attrs":3466,"content":3467},{"textAlign":49},[3468,3470,3474],{"text":3469,"type":605},"Welcome to the ",{"text":3471,"type":605,"marks":3472},"Benchmark Battery Minerals Snapshot",[3473],{"type":927},{"text":3475,"type":605},". 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":643,"attrs":3477,"content":3478},{"level":645,"textAlign":49},[3479],{"text":3480,"type":605},"Highlights",{"type":699,"attrs":3482},{"id":3483,"body":3484},"8dee7372-d0ea-4720-9313-704603fc336c",[3485],{"id":3486,"_uid":3487,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233015","i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6",{"type":600,"attrs":3489,"content":3490},{"textAlign":49},[3491,3494],{"text":8,"type":605,"marks":3492},[3493],{"type":927},{"text":3495,"type":605},": The market is forecast to be broadly balanced out to 2033, though with a slight deficit in 2026 of 32kt LCE. This is supporting near term price rises. However, in 2027, a slight surplus (albeit one that is effectively a balanced market) is expected to lead to a drop in prices. ",{"type":600,"attrs":3497,"content":3498},{"textAlign":49},[3499,3503,3505,3512],{"text":3500,"type":605,"marks":3501},"Cobalt:",[3502],{"type":927},{"text":3504,"type":605}," The cobalt market is forecast to post a surplus of +61kt in 2025, as supply growth outpaces demand. However the DRC's ",{"text":3506,"type":605,"marks":3507},"cobalt export quotas",[3508],{"type":610,"attrs":3509},{"href":3510,"uuid":3511,"anchor":49,"target":1069,"linktype":615},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"text":3513,"type":605}," 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":600,"attrs":3515,"content":3516},{"textAlign":49},[3517,3521,3523,3530,3532,3539],{"text":3518,"type":605,"marks":3519},"Nickel: ",[3520],{"type":927},{"text":3522,"type":605},"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":3524,"type":605,"marks":3525},"nickel smelter permits",[3526],{"type":610,"attrs":3527},{"href":3528,"uuid":3529,"anchor":49,"target":1069,"linktype":615},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"text":3531,"type":605}," and is using ",{"text":3533,"type":605,"marks":3534},"RKAB quotas",[3535],{"type":610,"attrs":3536},{"href":3537,"uuid":3538,"anchor":49,"target":1069,"linktype":615},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"text":3540,"type":605}," to control output. The market surplus is anticipated to continue into the early 2030s without further intervention.",{"type":600,"attrs":3542,"content":3543},{"textAlign":49},[3544,3548],{"text":3545,"type":605,"marks":3546},"Natural graphite: ",[3547],{"type":927},{"text":3549,"type":605},"Although the overall flake graphite market is in a surplus, the -100 mesh size suited for battery anode applications is in a deficit.",{"type":600,"attrs":3551,"content":3552},{"textAlign":49},[3553,3557],{"text":3554,"type":605,"marks":3555},"Synthetic graphite:",[3556],{"type":927},{"text":3558,"type":605}," 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":600,"attrs":3560,"content":3561},{"textAlign":49},[3562,3566],{"text":3563,"type":605,"marks":3564},"For a price-focused outlook for 2026, read Benchmark's ",[3565],{"type":1164},{"text":3567,"type":605,"marks":3568},"2026 Outlook Whitepaper: A Turning Point for Critical Materials?",[3569,3572],{"type":610,"attrs":3570},{"href":3571,"uuid":49,"anchor":49,"target":1069,"linktype":1070},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":1164},{"type":643,"attrs":3574,"content":3575},{"level":645,"textAlign":49},[3576],{"text":3577,"type":605},"Demand Overview",{"type":600,"attrs":3579,"content":3580},{"textAlign":49},[3581],{"text":3582,"type":605},"Battery demand in 2026 is forecast to reach 2.2TWh, a 21% y-o-y increased compared to 2025. BESS demand is the fastest growing market at 54% growth year-on-year, though EVs remain the largest demand market.",{"type":600,"attrs":3584,"content":3585},{"textAlign":49},[3586,3590,3597],{"text":3587,"type":605,"marks":3588},"Read the ",[3589],{"type":1164},{"text":3591,"type":605,"marks":3592},"Battery Snapshot Briefing",[3593,3596],{"type":610,"attrs":3594},{"href":3595,"uuid":3157,"anchor":49,"target":1069,"linktype":615},"/publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"type":1164},{"text":3598,"type":605,"marks":3599}," for a more detailed  overview of battery, cathode, and anode trends over the last quarter.",[3600],{"type":1164},{"type":699,"attrs":3602},{"id":3603,"body":3604},"ae7dd51c-f548-42c9-bf58-118a09756323",[3605],{"id":3606,"_uid":3607,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233026","i-173e450f-4256-445c-bea3-1120e346a647",{"type":699,"attrs":3609},{"id":3610,"body":3611},"f9a9d512-0e1a-40f8-840d-0e01a4cd84b2",[3612],{"id":3613,"_uid":3614,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233024","i-8703e94d-0ef9-4984-8738-dc9c94411524",{"type":643,"attrs":3616,"content":3617},{"level":645,"textAlign":49},[3618],{"text":3619,"type":605},"Supply Overview",{"type":600,"attrs":3621,"content":3622},{"textAlign":49},[3623,3627,3629,3636],{"text":3624,"type":605,"marks":3625},"Lithium: ",[3626],{"type":927},{"text":3628,"type":605},"Global mined lithium supply is projected to grow 260kt (+15%) between 2025 and 2026, with this rising to 270kt LCE if recycling is included. ",{"text":3630,"type":605,"marks":3631},"Africa",[3632],{"type":610,"attrs":3633},{"href":3634,"uuid":3635,"anchor":49,"target":1069,"linktype":615},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":3637,"type":605}," is expected to be the largest contributor to this, adding 107kt, followed by Australia adding 75kt. China's mined additions will be just over 50kt. The largest output increase for an individual mine is forecast to be Greenbushes in Australia. China's dominance in lithium chemical production is set to drop from 66% in 2026 to 39% by 2035.",{"type":600,"attrs":3639,"content":3640},{"textAlign":49},[3641,3645,3647,3654],{"text":3642,"type":605,"marks":3643},"Cobalt: ",[3644],{"type":927},{"text":3646,"type":605},"Mined cobalt output in the DRC is forecast to fall significantly in 2026 due to the ",{"text":3648,"type":605,"marks":3649},"export quotas",[3650],{"type":610,"attrs":3651},{"href":3652,"uuid":3653,"anchor":49,"target":1069,"linktype":615},"/videos/beyond-the-ban-unpacking-the-drcs-cobalt-export-suspension-decision","071fbb42-04e6-4a3f-aa90-61e2b1422e2f",{"text":3655,"type":605}," 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":600,"attrs":3657,"content":3658},{"textAlign":49},[3659,3663,3665,3672,3674,3678,3685],{"text":3660,"type":605,"marks":3661},"Nickel:",[3662],{"type":927},{"text":3664,"type":605}," 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":3666,"type":605,"marks":3667},"MHP",[3668],{"type":610,"attrs":3669},{"href":3670,"uuid":3671,"anchor":49,"target":1069,"linktype":615},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"text":3673,"type":605}," is the primary growth product, supported by an increase in HPAL operations. ",{"text":3675,"type":605,"marks":3676},"Read Benchmark's Special Issue \"",[3677],{"type":1164},{"text":3679,"type":605,"marks":3680},"Nickel Margins Shrink as Indonesia Sets the Cost Floor",[3681,3684],{"type":610,"attrs":3682},{"href":3683,"uuid":49,"anchor":49,"target":1069,"linktype":1070},"https://intelligence.benchmarkminerals.com/publications/special-issues/nickel-margins-shrink-as-indonesia-sets-the-cost-floor",{"type":1164},{"text":3686,"type":605,"marks":3687},"\".",[3688],{"type":1164},{"type":600,"attrs":3690,"content":3691},{"textAlign":49},[3692,3696,3698,3705],{"text":3693,"type":605,"marks":3694},"Natural Graphite:",[3695],{"type":927},{"text":3697,"type":605}," Flake graphite supply is forecast to grow by around 2.6% in 2025, bolstered by ",{"text":3699,"type":605,"marks":3700},"strong growth in Africa",[3701],{"type":610,"attrs":3702},{"href":3703,"uuid":3704,"anchor":49,"target":1069,"linktype":615},"/article/site-visit-permanent-minerals-highlights-africas-growing-flake-graphite-role","fd8d9fa2-3a92-4168-973e-760f72a44ef2",{"text":3706,"type":605}," 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":600,"attrs":3708,"content":3709},{"textAlign":49},[3710,3713,3715,3722],{"text":3554,"type":605,"marks":3711},[3712],{"type":927},{"text":3714,"type":605}," Supply of ",{"text":3716,"type":605,"marks":3717},"synthetic graphite anode material",[3718],{"type":610,"attrs":3719},{"href":3720,"uuid":3721,"anchor":49,"target":1069,"linktype":615},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"text":3723,"type":605}," 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":600,"attrs":3725,"content":3726},{"textAlign":49},[3727,3731],{"text":3728,"type":605,"marks":3729},"For an overview of the key developments across the full mine-to-grid supply chain in 2025, read Benchmark's ",[3730],{"type":1164},{"text":3732,"type":605,"marks":3733},"Mine to Grid: 2025 Year in Review.",[3734,3737],{"type":610,"attrs":3735},{"href":3736,"uuid":49,"anchor":49,"target":1069,"linktype":1070},"https://intelligence.benchmarkminerals.com/publications/special-issues/mine-to-grid-2025-year-in-review",{"type":1164},{"type":699,"attrs":3739},{"id":3740,"body":3741},"460e993a-79c9-4fa1-ace6-d6c4e2fac716",[3742],{"id":3743,"_uid":3744,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233023","i-19fa6e70-a0c6-41d0-a02e-6f17dd018654",{"type":699,"attrs":3746},{"id":3747,"body":3748},"a89ed7b4-b92e-4cae-9bbb-21d7c045e141",[3749],{"id":3750,"_uid":3751,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233018","i-e8fce755-4b63-421a-bb30-0828d738850b",{"type":699,"attrs":3753},{"id":3754,"body":3755},"fdcacd79-f9f2-40ba-a018-cc8f18097df7",[3756],{"id":3757,"_uid":3758,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"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.",[3761,3762,3763,3765,3766,3767,3770,3771,3773,3776,3777],{"slug":1191,"name":261},{"slug":3446,"name":298},{"slug":3764,"name":115},"cobalt",{"slug":2313,"name":2314},{"slug":3448,"name":8},{"slug":3768,"name":3769},"manganese","Manganese",{"slug":1194,"name":189},{"slug":3772,"name":150},"nickel",{"slug":3774,"name":3775},"phosphate","Phosphate",{"slug":1196,"name":1197},{"slug":1199,"name":1200},"May 01, 2026",{"id":3780,"uuid":3781,"name":3782,"slug":3783,"full_slug":3784,"content":3785},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":3786,"date":3787,"content":3788,"excerpt":3916,"component":3441,"categories":3917,"visibility":827,"publication_frequency":188,"formattedDate":3931},"6b354c5d-0332-4e3a-b369-7b6ef9dc814e","2026-06-08 00:00",{"type":597,"content":3789},[3790,3800,3812,3824,3829,3838,3850,3862,3869,3880,3886,3894,3900,3907],{"type":600,"attrs":3791,"content":3792},{"textAlign":49},[3793,3794,3798],{"text":3469,"type":605},{"text":3795,"type":605,"marks":3796},"Benchmark China Briefing",[3797],{"type":927},{"text":3799,"type":605},". This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China.",{"type":600,"attrs":3801,"content":3802},{"textAlign":49},[3803,3805,3811],{"text":3804,"type":605},"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":3806,"type":605,"marks":3807},"here",[3808],{"type":610,"attrs":3809},{"href":3810,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://www.benchmarkminerals.com/forecasts",{"text":2077,"type":605},{"type":600,"attrs":3813,"content":3814},{"textAlign":49},[3815,3817,3822],{"text":3816,"type":605},"You can also read our recent ",{"text":3818,"type":605,"marks":3819},"Regional Spotlight",[3820],{"type":610,"attrs":3821},{"href":1263,"uuid":1264,"anchor":49,"target":614,"linktype":615},{"text":3823,"type":605},", featuring visualisations of China's mine-to-grid supply chain and an overview of the country's recent policy changes.",{"type":643,"attrs":3825,"content":3826},{"level":645,"textAlign":49},[3827],{"text":3828,"type":605},"Battery & EV Roundup",{"type":600,"attrs":3830,"content":3831},{"textAlign":49},[3832],{"text":3833,"type":605,"marks":3834},"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. ",[3835],{"type":715,"attrs":3836},{"color":3837},"black",{"type":600,"attrs":3839,"content":3840},{"textAlign":49},[3841,3843,3848],{"text":3842,"type":605},"China’s overall EV market is ",{"text":3844,"type":605,"marks":3845},"down 17% year-to-date",[3846],{"type":610,"attrs":3847},{"href":1464,"uuid":1465,"anchor":49,"target":614,"linktype":615},{"text":3849,"type":605},". 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":600,"attrs":3851,"content":3852},{"textAlign":49},[3853,3855,3860],{"text":3854,"type":605},"As domestic growth slows, ",{"text":3856,"type":605,"marks":3857},"EV exports from China have surged",[3858],{"type":610,"attrs":3859},{"href":1514,"uuid":1515,"anchor":49,"target":614,"linktype":615},{"text":3861,"type":605},". 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":699,"attrs":3863},{"id":3864,"body":3865},"858cf747-2f46-4c0c-96f1-a65479ccf034",[3866],{"id":3867,"_uid":3868,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29262678","i-cd5547f5-c322-492c-abca-b515cafc2244",{"type":600,"attrs":3870,"content":3871},{"textAlign":49},[3872,3874,3879],{"text":3873,"type":605},"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":3875,"type":605,"marks":3876},"particularly in Europe",[3877],{"type":610,"attrs":3878},{"href":2361,"uuid":2362,"anchor":49,"target":614,"linktype":615},{"text":2077,"type":605},{"type":699,"attrs":3881},{"id":3864,"body":3882},[3883],{"id":3884,"_uid":3885,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29262688","i-54311456-d308-4b6d-a7f6-3e435118c223",{"type":600,"attrs":3887,"content":3888},{"textAlign":49},[3889],{"text":3890,"type":605,"marks":3891},"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.",[3892],{"type":715,"attrs":3893},{"color":1063},{"type":699,"attrs":3895},{"id":3864,"body":3896},[3897],{"id":3898,"_uid":3899,"type":615,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700913","i-42c2b7c2-8369-45c8-823b-1096e5c20cfe",{"type":643,"attrs":3901,"content":3902},{"level":645,"textAlign":49},[3903],{"text":3904,"type":605,"marks":3905},"China: EV battery supply chain trade dynamics",[3906],{"type":927},{"type":699,"attrs":3908},{"id":3864,"body":3909},[3910,3913],{"id":3911,"_uid":3912,"type":615,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700916","i-097462f6-6c56-4fb7-bdd8-cbc4f8cf7886",{"id":3914,"_uid":3915,"type":615,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"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.",[3918,3919,3920,3921,3922,3923,3924,3925,3926,3927,3928,3929,3930],{"slug":544,"name":543},{"slug":819,"name":820},{"slug":816,"name":817},{"slug":2313,"name":2314},{"slug":3764,"name":115},{"slug":3446,"name":298},{"slug":3448,"name":8},{"slug":1196,"name":1197},{"slug":1194,"name":189},{"slug":3768,"name":3769},{"slug":3772,"name":150},{"slug":822,"name":607},{"slug":1199,"name":1200},"Jun 08, 2026",{"id":3933,"uuid":613,"name":3934,"slug":3935,"full_slug":3936,"content":3937},188502293903791,"Energy Indicators Monthly - June 2026","energy-indicators-monthly-june-2026","publications/briefings/energy-indicators/energy-indicators-monthly-june-2026",{"_uid":3938,"date":1217,"content":3939,"excerpt":4043,"component":3441,"categories":4044,"visibility":827,"publication_frequency":188,"formattedDate":1409},"07ea97dd-f122-428e-8b9b-3b3daf5c3aeb",{"type":597,"content":3940},[3941,3946,3950,3962,3975,3985,3990,4028],{"type":600,"attrs":3942,"content":3943},{"textAlign":49},[3944],{"text":3945,"type":605},"This report offers energy indicators for major global economies, designed to enhance understanding of the energy transition and to complement Benchmark’s data.",{"type":643,"attrs":3947,"content":3948},{"level":645,"textAlign":49},[3949],{"text":3480,"type":605},{"type":600,"attrs":3951,"content":3952},{"textAlign":49},[3953,3955,3960],{"text":3954,"type":605},"The US peace deal with Iran announced on 15 June sent oil prices tumbling, with Brent crude dipping below the $80 mark for the first time since March the following day. The easing of a US naval blockade and reports of Iranian oil being shipped through ",{"text":3956,"type":605,"marks":3957},"the Strait of Hormuz",[3958],{"type":610,"attrs":3959},{"href":2044,"uuid":2045,"anchor":49,"target":614,"linktype":615},{"text":3961,"type":605}," have driven it down, and the International Energy Agency (IEA) is now predicting an oil supply surplus in 2027 as a result of long-term resumption in shipping through the waterway. The organisation also expects global oil demand to drop by 1.1 million barrels per day before recovering next year on falling prices.",{"type":600,"attrs":3963,"content":3964},{"textAlign":49},[3965,3967,3973],{"text":3966,"type":605},"In renewables, Portugal's government has announced plans to create new areas where renewable energy development can be fast-tracked, boosting a sector that already provided 80% of the country's electricity consumption in Q1 2026. Electricity prices in both Portugal and Spain were among the lowest in Europe in the first part of the year, as recent buildout of renewables capacity in both countries shielded it from a spike in fossil fuel prices since the beginning of ",{"text":3968,"type":605,"marks":3969},"the Iran war",[3970],{"type":610,"attrs":3971},{"href":3972,"uuid":49,"anchor":49,"target":614,"linktype":1070},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":3974,"type":605},".     ",{"type":699,"attrs":3976},{"id":3977,"body":3978},"d200c24a-eb31-4c5f-8e42-e875db73a1e2",[3979,3982],{"id":3980,"_uid":3981,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382294","i-1f861b0d-cc1f-4815-be16-7d8b9148c98c",{"id":3983,"_uid":3984,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382313","i-0523a15c-5ce6-4dc6-8d21-efe4494357e0",{"type":643,"attrs":3986,"content":3987},{"level":645,"textAlign":49},[3988],{"text":3989,"type":605},"Energy in the news this month",{"type":1795,"content":3991},[3992,4007,4014,4021],{"type":1798,"content":3993},[3994],{"type":600,"attrs":3995,"content":3996},{"textAlign":49},[3997,3999,4005],{"text":3998,"type":605},"The US allowed a waiver of sanctions on Russian oil, initially introduced to mitigate heightened energy prices amid the Iran war, to lapse without renewal, with ",{"text":4000,"type":605,"marks":4001},"President Donald Trump",[4002],{"type":610,"attrs":4003},{"href":4004,"uuid":49,"anchor":49,"target":614,"linktype":1070},"https://intelligence.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"text":4006,"type":605}," indicating the waiver may not be reintroduced following the deal to end the war",{"type":1798,"content":4008},[4009],{"type":600,"attrs":4010,"content":4011},{"textAlign":49},[4012],{"text":4013,"type":605},"Russian oil output fell 10% short of government targets in May due to Ukrainian strikes on Russia's energy infrastructure, down 5% year-on-year",{"type":1798,"content":4015},[4016],{"type":600,"attrs":4017,"content":4018},{"textAlign":49},[4019],{"text":4020,"type":605},"EU proposals for the spending of member nation income on cross-border energy infrastructure after Sweden threatened restrictions of its electricity exports in protest at the plans",{"type":1798,"content":4022},[4023],{"type":600,"attrs":4024,"content":4025},{"textAlign":49},[4026],{"text":4027,"type":605},"Brazil's government said it would end diesel and gasoline subsidies should crude prices remain steady around the $80 per barrel mark",{"type":699,"attrs":4029},{"id":3977,"body":4030},[4031,4034,4037,4040],{"id":4032,"_uid":4033,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410060","i-195f3256-c4d0-4254-a095-479c24016ede",{"id":4035,"_uid":4036,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382300","i-d8fa1b7b-dcac-423e-813e-4b4f193c5357",{"id":4038,"_uid":4039,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382311","i-873e3ed5-4a03-4590-bbc8-fafe191e6be3",{"id":4041,"_uid":4042,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382305","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.",[4045,4046,4049],{"slug":2040,"name":2319},{"slug":4047,"name":4048},"sustainability","Sustainability",{"slug":822,"name":607},{"id":4051,"uuid":4052,"name":4053,"slug":4054,"full_slug":4055,"content":4056},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":4057,"date":4058,"content":4059,"excerpt":4817,"component":3441,"categories":4818,"visibility":827,"publication_frequency":188,"formattedDate":4852},"322e1cef-ea61-4ce9-b2ed-6dac4192571d","2026-05-29 00:00",{"type":597,"content":4060},[4061,4072,4085,4089,4156,4208,4215,4221,4227,4234,4240,4276,4312,4321,4335,4341,4346,4352,4458,4497,4502,4636,4644,4650,4658,4709,4722,4727,4735],{"type":600,"attrs":4062,"content":4063},{"textAlign":49},[4064,4066,4070],{"text":4065,"type":605},"Welcome to",{"text":4067,"type":605,"marks":4068}," Energy Transition Capital Monthly",[4069],{"type":927},{"text":4071,"type":605},", 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":600,"attrs":4073,"content":4074},{"textAlign":49},[4075,4077,4084],{"text":4076,"type":605},"To access this report’s accompanying funding and IPO database, ",{"text":4078,"type":605,"marks":4079},"click here",[4080,4083],{"type":610,"attrs":4081},{"href":4082,"uuid":49,"anchor":49,"target":614,"linktype":831},"https://a.storyblok.com/f/287943243085208/x/1ca7f29a05/benchmark-etc-funding-data-may-2026.xlsx",{"type":2284},{"text":2077,"type":605},{"type":643,"attrs":4086,"content":4087},{"level":645,"textAlign":49},[4088],{"text":3480,"type":605},{"type":600,"attrs":4090,"content":4091},{"textAlign":49},[4092,4097,4106,4111,4117,4122,4129,4134,4140,4145,4151],{"text":4093,"type":605,"marks":4094},"A significant milestone for European ",[4095],{"type":715,"attrs":4096},{"color":3837},{"text":4098,"type":605,"marks":4099},"lithium production",[4100,4104],{"type":610,"attrs":4101},{"href":4102,"uuid":4103,"anchor":49,"target":614,"linktype":615},"/article/why-are-lithium-prices-expected-to-decline-in-2027-","03f0f24b-0a8e-4114-bc7f-28fcad4b081f",{"type":715,"attrs":4105},{"color":3837},{"text":4107,"type":605,"marks":4108}," this month, as ",[4109],{"type":715,"attrs":4110},{"color":3837},{"text":4112,"type":605,"marks":4113},"Vulcan Energy Resources ",[4114,4116],{"type":715,"attrs":4115},{"color":3837},{"type":927},{"text":4118,"type":605,"marks":4119},"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 ",[4120],{"type":715,"attrs":4121},{"color":3837},{"text":4123,"type":605,"marks":4124},"ESS and solar sectors",[4125,4127],{"type":610,"attrs":4126},{"href":1332,"uuid":1333,"anchor":49,"target":614,"linktype":615},{"type":715,"attrs":4128},{"color":3837},{"text":4130,"type":605,"marks":4131},", with ",[4132],{"type":715,"attrs":4133},{"color":3837},{"text":4135,"type":605,"marks":4136},"Sunraycer, Solar Landscape ",[4137,4139],{"type":715,"attrs":4138},{"color":3837},{"type":927},{"text":4141,"type":605,"marks":4142},"and ",[4143],{"type":715,"attrs":4144},{"color":3837},{"text":4146,"type":605,"marks":4147},"Spearmint Energy ",[4148,4150],{"type":715,"attrs":4149},{"color":3837},{"type":927},{"text":4152,"type":605,"marks":4153},"all set to establish new energy storage or storage-plus-solar sites with fresh financing.",[4154],{"type":715,"attrs":4155},{"color":3837},{"type":600,"attrs":4157,"content":4158},{"textAlign":49},[4159,4164,4170,4175,4181,4186,4192,4197,4203],{"text":4160,"type":605,"marks":4161},"This month's largest IPO came on the NASDAQ, where ",[4162],{"type":715,"attrs":4163},{"color":3837},{"text":4165,"type":605,"marks":4166},"Fervo Energy",[4167,4169],{"type":715,"attrs":4168},{"color":3837},{"type":927},{"text":4171,"type":605,"marks":4172},", 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 ",[4173],{"type":715,"attrs":4174},{"color":3837},{"text":4176,"type":605,"marks":4177},"Robotphoenix",[4178,4180],{"type":715,"attrs":4179},{"color":3837},{"type":927},{"text":4182,"type":605,"marks":4183}," as well as autonomous tractor maker ",[4184],{"type":715,"attrs":4185},{"color":3837},{"text":4187,"type":605,"marks":4188},"UISEE Technologies",[4189,4191],{"type":715,"attrs":4190},{"color":3837},{"type":927},{"text":4193,"type":605,"marks":4194},", while ",[4195],{"type":715,"attrs":4196},{"color":3837},{"text":4198,"type":605,"marks":4199},"Kaoko Metals",[4200,4202],{"type":715,"attrs":4201},{"color":3837},{"type":927},{"text":4204,"type":605,"marks":4205},", a minerals exploration firm focused on Namibian projects including copper, listed on the Australian Securities Exchange.",[4206],{"type":715,"attrs":4207},{"color":3837},{"type":699,"attrs":4209},{"id":4210,"body":4211},"2c0ace3f-3835-4571-80f8-a958a14b1ad3",[4212],{"id":4213,"_uid":4214,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164500","i-a2506105-e694-407e-b0cb-c1e3352bebe7",{"type":699,"attrs":4216},{"id":4210,"body":4217},[4218],{"id":4219,"_uid":4220,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164506","i-1bf3ecd9-7691-4dba-ae62-7d238890de2c",{"type":699,"attrs":4222},{"id":4210,"body":4223},[4224],{"id":4225,"_uid":4226,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164510","i-8085a38e-96a6-4638-a344-836d4dee3f48",{"type":699,"attrs":4228},{"id":4229,"body":4230},"2db9e37d-fe38-4b10-9591-cbae3432c0c0",[4231],{"id":4232,"_uid":4233,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28849425","i-57f445b7-08b6-4a98-aec2-6ad76aea6c71",{"type":699,"attrs":4235},{"id":4229,"body":4236},[4237],{"id":4238,"_uid":4239,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164597","i-abdf8923-edc8-40ff-bc00-b6374e87b23b",{"type":600,"attrs":4241,"content":4242},{"textAlign":49},[4243,4249,4254,4260,4265,4271],{"text":4244,"type":605,"marks":4245},"FuelCell Energy",[4246,4248],{"type":715,"attrs":4247},{"color":3837},{"type":927},{"text":4250,"type":605,"marks":4251},"'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 ",[4252],{"type":715,"attrs":4253},{"color":3837},{"text":4255,"type":605,"marks":4256},"T1 Energy ",[4257,4259],{"type":715,"attrs":4258},{"color":3837},{"type":927},{"text":4261,"type":605,"marks":4262},"also saw an increase in anticipation of growing solar energy demand from the same application. ",[4263],{"type":715,"attrs":4264},{"color":3837},{"text":4266,"type":605,"marks":4267},"New Gonow Auto",[4268,4270],{"type":715,"attrs":4269},{"color":3837},{"type":927},{"text":4272,"type":605,"marks":4273},", a Chinese EV firm, was also among the top performers.",[4274],{"type":715,"attrs":4275},{"color":3837},{"type":600,"attrs":4277,"content":4278},{"textAlign":49},[4279,4285,4290,4296,4301,4307],{"text":4280,"type":605,"marks":4281},"Brenmiller",[4282,4284],{"type":715,"attrs":4283},{"color":3837},{"type":927},{"text":4286,"type":605,"marks":4287},"'s share price dipped as it announced a transition to a new CEO, while nanomaterial developer ",[4288],{"type":715,"attrs":4289},{"color":3837},{"text":4291,"type":605,"marks":4292},"Nanoco Technologies ",[4293,4295],{"type":715,"attrs":4294},{"color":3837},{"type":927},{"text":4297,"type":605,"marks":4298},"fell after it said it would delist from the London Stock Exchange. Chinese battery firm ",[4299],{"type":715,"attrs":4300},{"color":3837},{"text":4302,"type":605,"marks":4303},"Narada ",[4304,4306],{"type":715,"attrs":4305},{"color":3837},{"type":927},{"text":4308,"type":605,"marks":4309},"saw the largest percentage fall after it disclosed overdue debts in excess of $75 million.",[4310],{"type":715,"attrs":4311},{"color":3837},{"type":643,"attrs":4313,"content":4315},{"level":645,"textAlign":4314},"left",[4316],{"text":4317,"type":605,"marks":4318},"Spotlight: Post-IPO share price performance",[4319],{"type":715,"attrs":4320},{"color":3837},{"type":600,"attrs":4322,"content":4323},{"textAlign":4314},[4324,4330],{"text":4325,"type":605,"marks":4326},"Seres Group",[4327,4329],{"type":715,"attrs":4328},{"color":3837},{"type":927},{"text":4331,"type":605,"marks":4332},", 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.",[4333],{"type":715,"attrs":4334},{"color":3837},{"type":699,"attrs":4336},{"id":4210,"body":4337},[4338],{"id":4339,"_uid":4340,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29176620","i-af1cf625-2ded-4b63-873f-e08786b8f0a8",{"type":643,"attrs":4342,"content":4343},{"level":645,"textAlign":49},[4344],{"text":4345,"type":605},"Funding 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",[4377,4379],{"type":715,"attrs":4378},{"color":3837},{"type":927},{"text":4381,"type":605,"marks":4382},"issued its 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.",[4383],{"type":715,"attrs":4384},{"color":3837},{"type":1798,"content":4386},[4387],{"type":600,"attrs":4388,"content":4389},{"textAlign":49},[4390,4395,4401,4406,4412],{"text":4391,"type":605,"marks":4392},"In Texas, solar and storage developer ",[4393],{"type":715,"attrs":4394},{"color":3837},{"text":4396,"type":605,"marks":4397},"Sunraycer ",[4398,4400],{"type":715,"attrs":4399},{"color":3837},{"type":927},{"text":4402,"type":605,"marks":4403},"secured $901 million to build three new sites, while ",[4404],{"type":715,"attrs":4405},{"color":3837},{"text":4407,"type":605,"marks":4408},"Solar Landscape ",[4409,4411],{"type":715,"attrs":4410},{"color":3837},{"type":927},{"text":4413,"type":605,"marks":4414},"is using a $600 million debt facility to support its expansion.",[4415],{"type":715,"attrs":4416},{"color":3837},{"type":1798,"content":4418},[4419],{"type":600,"attrs":4420,"content":4421},{"textAlign":49},[4422,4427,4432],{"text":4423,"type":605,"marks":4424},"There was further movement in Texas, where ",[4425],{"type":715,"attrs":4426},{"color":3837},{"text":4146,"type":605,"marks":4428},[4429,4431],{"type":715,"attrs":4430},{"color":3837},{"type":927},{"text":4433,"type":605,"marks":4434},"will continue development of its Red Egret BESS site with $450 million in new financing.",[4435],{"type":715,"attrs":4436},{"color":3837},{"type":1798,"content":4438},[4439],{"type":600,"attrs":4440,"content":4441},{"textAlign":49},[4442,4447,4453],{"text":4443,"type":605,"marks":4444},"Chinese robotics firm ",[4445],{"type":715,"attrs":4446},{"color":3837},{"text":4448,"type":605,"marks":4449},"Robotera ",[4450,4452],{"type":715,"attrs":4451},{"color":3837},{"type":927},{"text":4454,"type":605,"marks":4455},"raised over $200 million in new investment from SF Group, HSG, IDG Capital and others.",[4456],{"type":715,"attrs":4457},{"color":3837},{"type":600,"attrs":4459,"content":4460},{"textAlign":4314},[4461,4466,4472,4476,4482,4487,4493],{"text":4462,"type":605,"marks":4463},"Over",[4464],{"type":715,"attrs":4465},{"color":3837},{"text":4467,"type":605,"marks":4468}," $11 billion worth of financial transactions were tracked in May across over 60 deals",[4469,4471],{"type":715,"attrs":4470},{"color":3837},{"type":927},{"text":2077,"type":605,"marks":4473},[4474],{"type":715,"attrs":4475},{"color":3837},{"text":4477,"type":605,"marks":4478}," ",[4479,4481],{"type":715,"attrs":4480},{"color":3837},{"type":927},{"text":4483,"type":605,"marks":4484},"To view all of this funding data in Excel, ",[4485],{"type":715,"attrs":4486},{"color":3837},{"text":4078,"type":605,"marks":4488},[4489,4491],{"type":610,"attrs":4490},{"href":4082,"uuid":49,"anchor":49,"target":614,"linktype":831},{"type":715,"attrs":4492},{"color":3837},{"text":2077,"type":605,"marks":4494},[4495],{"type":715,"attrs":4496},{"color":3837},{"type":643,"attrs":4498,"content":4499},{"level":645,"textAlign":4314},[4500],{"text":4501,"type":605},"M&A activity and other market news",{"type":1795,"content":4503},[4504,4543,4575,4592,4615],{"type":1798,"content":4505},[4506],{"type":600,"attrs":4507,"content":4508},{"textAlign":4314},[4509,4515,4520,4526,4531,4538],{"text":4510,"type":605,"marks":4511},"NextEra Energy",[4512,4514],{"type":715,"attrs":4513},{"color":3837},{"type":927},{"text":4516,"type":605,"marks":4517},"'s acquisition of ",[4518],{"type":715,"attrs":4519},{"color":3837},{"text":4521,"type":605,"marks":4522},"Dominion 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Davidson",[4602],{"type":927},{"text":2035,"type":605},{"text":4605,"type":605,"marks":4606},"LiveWire Group",[4607],{"type":927},{"text":4609,"type":605},", bought US electric motorcycle firm ",{"text":4611,"type":605,"marks":4612},"Dust Moto",[4613],{"type":927},{"text":2077,"type":605},{"type":1798,"content":4616},[4617],{"type":600,"attrs":4618,"content":4619},{"textAlign":4314},[4620,4624,4626,4630,4632],{"text":4621,"type":605,"marks":4622},"Nextpower ",[4623],{"type":927},{"text":4625,"type":605},"acquired ",{"text":4627,"type":605,"marks":4628},"Zigor Corporation's ",[4629],{"type":927},{"text":4631,"type":605},"power conversion product portfolio and its US subsidiary, ",{"text":4633,"type":605,"marks":4634},"Apex Power",[4635],{"type":927},{"type":643,"attrs":4637,"content":4638},{"level":645,"textAlign":49},[4639],{"text":4640,"type":605,"marks":4641},"2025/26 performance of energy transition IPO market",[4642],{"type":715,"attrs":4643},{"color":3837},{"type":699,"attrs":4645},{"id":4229,"body":4646},[4647],{"id":4648,"_uid":4649,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28849422","i-aeafcbd9-a9f7-48b5-8547-156aad074582",{"type":643,"attrs":4651,"content":4652},{"level":645,"textAlign":4314},[4653],{"text":4654,"type":605,"marks":4655},"Market listings and updates",[4656],{"type":715,"attrs":4657},{"color":3837},{"type":600,"attrs":4659,"content":4660},{"textAlign":4314},[4661,4666,4672,4677,4682,4687,4693,4698,4704],{"text":4662,"type":605,"marks":4663},"In May, we tracked IPOs across US, Hong Kong and Australian exchanges. These included drone developer ",[4664],{"type":715,"attrs":4665},{"color":3837},{"text":4667,"type":605,"marks":4668},"Exyn",[4669,4671],{"type":715,"attrs":4670},{"color":3837},{"type":927},{"text":4673,"type":605,"marks":4674},", which develops autonomous drone systems for GPS-denied environments, as well as a major offering from geothermal energy developer ",[4675],{"type":715,"attrs":4676},{"color":3837},{"text":4165,"type":605,"marks":4678},[4679,4681],{"type":715,"attrs":4680},{"color":3837},{"type":927},{"text":4683,"type":605,"marks":4684},", which raised over $1.89 billion. On the Hong Kong Stock Exchange, robotics firm ",[4685],{"type":715,"attrs":4686},{"color":3837},{"text":4688,"type":605,"marks":4689},"Robotphoenix ",[4690,4692],{"type":715,"attrs":4691},{"color":3837},{"type":927},{"text":4694,"type":605,"marks":4695},"raised $96 million and autonomous vehicle developer ",[4696],{"type":715,"attrs":4697},{"color":3837},{"text":4699,"type":605,"marks":4700},"UISEE Technologies ",[4701,4703],{"type":715,"attrs":4702},{"color":3837},{"type":927},{"text":4705,"type":605,"marks":4706},"raised over $111 million.",[4707],{"type":715,"attrs":4708},{"color":3837},{"type":643,"attrs":4710,"content":4711},{"level":645,"textAlign":4314},[4712,4717],{"type":1556,"attrs":4713},{"id":4714,"alt":551,"src":4715,"title":551,"source":551,"copyright":551,"meta_data":4716},181774488263945,"https://a.storyblok.com/f/287943243085208/645x669/7e2aced98e/screenshot-2026-05-29-162137.png",{},{"type":1556,"attrs":4718},{"id":4719,"alt":551,"src":4720,"title":551,"source":551,"copyright":551,"meta_data":4721},182785744727348,"https://a.storyblok.com/f/287943243085208/649x675/47d965f3c7/screenshot-2026-06-01-125658.png",{},{"type":643,"attrs":4723,"content":4724},{"level":645,"textAlign":4314},[4725],{"text":4726,"type":605},"Announcements",{"type":600,"attrs":4728,"content":4729},{"textAlign":4314},[4730],{"text":4731,"type":605,"marks":4732},"Throughout May, several energy transition and critical mineral companies progressed or announced plans to list across US exchanges.",[4733],{"type":715,"attrs":4734},{"color":3837},{"type":1795,"content":4736},[4737,4753,4796],{"type":1798,"content":4738},[4739],{"type":600,"attrs":4740,"content":4741},{"textAlign":4314},[4742,4748],{"text":4743,"type":605,"marks":4744},"ProLogium",[4745,4747],{"type":715,"attrs":4746},{"color":3837},{"type":927},{"text":4749,"type":605,"marks":4750},", 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",[4751],{"type":715,"attrs":4752},{"color":3837},{"type":1798,"content":4754},[4755],{"type":600,"attrs":4756,"content":4757},{"textAlign":4314},[4758,4763,4768,4774,4779,4785,4790],{"text":4477,"type":605,"marks":4759},[4760,4762],{"type":715,"attrs":4761},{"color":3837},{"type":927},{"text":4764,"type":605,"marks":4765},"Developer of energy infrastructure for data centres ",[4766],{"type":715,"attrs":4767},{"color":3837},{"text":4769,"type":605,"marks":4770},"SB Energy",[4771,4773],{"type":715,"attrs":4772},{"color":3837},{"type":927},{"text":4775,"type":605,"marks":4776},", a subsidiary of ",[4777],{"type":715,"attrs":4778},{"color":3837},{"text":4780,"type":605,"marks":4781},"SoftBank",[4782,4784],{"type":715,"attrs":4783},{"color":3837},{"type":927},{"text":4786,"type":605,"marks":4787},", confidentially filed for an IPO, while SoftBank is also exploring an offering for tis autonomous robotics spin-off ",[4788],{"type":715,"attrs":4789},{"color":3837},{"text":4791,"type":605,"marks":4792},"Roze",[4793,4795],{"type":715,"attrs":4794},{"color":3837},{"type":927},{"type":1798,"content":4797},[4798],{"type":600,"attrs":4799,"content":4800},{"textAlign":4314},[4801,4806,4812],{"text":4802,"type":605,"marks":4803},"France-headquartered nuclear firm ",[4804],{"type":715,"attrs":4805},{"color":3837},{"text":4807,"type":605,"marks":4808},"Newcleo ",[4809,4811],{"type":715,"attrs":4810},{"color":3837},{"type":927},{"text":4813,"type":605,"marks":4814},"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",[4815],{"type":715,"attrs":4816},{"color":3837},"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",[4819,4820,4821,4822,4824,4825,4826,4829,4830,4831,4832,4835,4836,4837,4838,4839,4840,4841,4842,4843,4844,4846,4849,4850,4851],{"slug":1191,"name":261},{"slug":544,"name":543},{"slug":825,"name":826},{"slug":4823,"name":373},"black-mass",{"slug":3446,"name":298},{"slug":3764,"name":115},{"slug":4827,"name":4828},"copper","Copper",{"slug":2313,"name":2314},{"slug":816,"name":817},{"slug":819,"name":820},{"slug":4833,"name":4834},"fluorspar","Fluorspar",{"slug":2040,"name":2319},{"slug":1012,"name":1013},{"slug":1196,"name":1197},{"slug":3448,"name":8},{"slug":3768,"name":3769},{"slug":1194,"name":189},{"slug":822,"name":607},{"slug":3772,"name":150},{"slug":3774,"name":3775},{"slug":4845,"name":414},"rare-earths",{"slug":4847,"name":4848},"recycling","Recycling",{"slug":3450,"name":3451},{"slug":4047,"name":4048},{"slug":1199,"name":1200},"May 29, 2026",{"id":4854,"uuid":4855,"name":4856,"slug":4857,"full_slug":4858,"content":4859},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":4860,"date":4861,"content":4862,"excerpt":4868,"component":3441,"categories":4876,"visibility":827,"publication_frequency":3452,"formattedDate":4880},"a7f36ba6-22ee-4b92-bbec-59218f99bb53","2026-05-12 00:00",{"type":597,"content":4863},[4864,4869],{"type":600,"attrs":4865,"content":4866},{"textAlign":49},[4867],{"text":4868,"type":605},"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":699,"attrs":4870},{"id":4871,"body":4872},"e98064fc-7d19-466f-b46a-6695cdf0e6b3",[4873],{"id":4874,"_uid":4875,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28942913","i-db8b7627-f3aa-408e-b4cf-2eb23d4d3e16",[4877,4878,4879],{"slug":544,"name":543},{"slug":2313,"name":2314},{"slug":822,"name":607},"May 12, 2026",{"id":4882,"uuid":4883,"name":4884,"slug":4885,"full_slug":4886,"content":4887},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":4888,"date":4861,"content":4889,"excerpt":4909,"component":3441,"categories":4910,"visibility":827,"publication_frequency":3452,"formattedDate":4880},"513e3eff-5266-4533-8bc1-4cfbb6491b30",{"type":597,"content":4890},[4891,4896,4903],{"type":600,"attrs":4892,"content":4893},{"textAlign":49},[4894],{"text":4895,"type":605},"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":699,"attrs":4897},{"id":4898,"body":4899},"d4eb8e2a-1c92-4317-82da-f2dee43aec9c",[4900],{"id":4901,"_uid":4902,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28934581","i-a48a952a-1192-464a-9bf5-a413e1b2dee0",{"type":699,"attrs":4904},{"id":4898,"body":4905},[4906],{"id":4907,"_uid":4908,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"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.",[4911,4912],{"slug":819,"name":820},{"slug":544,"name":543},{"id":4914,"uuid":4915,"name":4916,"slug":4917,"full_slug":4918,"content":4919},188509059540492,"47c7310f-4962-483a-9370-a204759133d5","Geo-economic and policy briefing - Edition 5 2026","Geo-economic-and-policy-briefing-edition-5-2026","publications/briefings/geo-economic-and-policy-briefings/Geo-economic-and-policy-briefing-edition-5-2026",{"_uid":4920,"date":1418,"content":4921,"excerpt":5068,"component":3441,"categories":5069,"visibility":827,"publication_frequency":188,"formattedDate":1736},"9c33db64-3143-49b5-a2b2-19b68f5e7a3c",{"type":597,"content":4922},[4923,4937,4967,4974,4988,4994,4999,5004,5009,5014,5019,5032,5038,5052,5057,5062],{"type":643,"attrs":4924,"content":4926},{"level":4925,"textAlign":49},4,[4927,4933],{"text":4928,"type":605,"marks":4929},"1. ",[4930,4932],{"type":715,"attrs":4931},{"color":551},{"type":927},{"text":4934,"type":605,"marks":4935},"US political opposition rises against AI data centre build-out, adding political risk to BESS demand",[4936],{"type":927},{"type":600,"attrs":4938,"content":4939},{"textAlign":49},[4940,4942,4948,4950,4955,4963],{"text":4941,"type":605},"The rapid expansion of artificial intelligence (AI) and hyperscale data centres is reshaping global electricity demand, with battery energy storage systems (BESS) emerging as a critical component in ensuring grid reliability. As operators increasingly turn to solar and wind to meet growing electricity demand, energy storage is becoming essential to provide firm, dispatchable power. According to ",{"text":4943,"type":605,"marks":4944},"Benchmark’s Q2 2026 BESS Forecast",[4945],{"type":610,"attrs":4946},{"href":4947,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://data.benchmarkminerals.com/bess/data-reports",{"text":4949,"type":605},", global BESS demand from data centres is expected to increase by more than 160% by 2030. The US is set to account for nearly half of this growth, reflecting its dominant position in the global data centre market and the scale of its hyperscale project pipeline. Additionally, ",{"text":4951,"type":605,"marks":4952},"BESS for data centre applications represented ",[4953],{"type":715,"attrs":4954},{"color":551},{"text":4956,"type":605,"marks":4957},"14% of total US installations in 2025",[4958,4961],{"type":610,"attrs":4959},{"href":4960,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://intelligence.benchmarkminerals.com/article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon",{"type":715,"attrs":4962},{"color":551},{"text":2077,"type":605,"marks":4964},[4965],{"type":715,"attrs":4966},{"color":551},{"type":699,"attrs":4968},{"id":4969,"body":4970},"38832c2a-c937-479d-ac3e-ec9052d1591d",[4971],{"id":4972,"_uid":4973,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410342","i-b4151e4e-b760-4264-8a88-26ed04f2e2ee",{"type":600,"attrs":4975,"content":4977},{"textAlign":4976},"justify",[4978,4980,4986],{"text":4979,"type":605},"This surge in electricity demand is closely tied to partnerships between technology companies and large energy developers. NextEra Energy Resources (NEER), one of the largest solar and storage developers in the US, has emerged as a key counterparty for companies including Meta and Google. These firms are pursuing long-term agreements to secure reliable, clean electricity for large-scale – hyperscale - data centres. In May 2026, ",{"text":4981,"type":605,"marks":4982},"NEER announced plans to acquire Dominion Energy for $67bn",[4983],{"type":610,"attrs":4984},{"href":4985,"uuid":49,"anchor":49,"target":49,"linktype":1070},"https://intelligence.benchmarkminerals.com/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth",{"text":4987,"type":605},", a move that would create the world’s largest regulated utility business. The combined entity is expected to play a central role in meeting rising electricity demand, particularly in Virginia, the leading US data centre hub. NEER has a reported BESS development pipeline of 43 GW through 2032, with more than 10 GW already operational, positioning it to capitalise on accelerating storage deployment.",{"type":699,"attrs":4989},{"id":4969,"body":4990},[4991],{"id":4992,"_uid":4993,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410330","i-3d81a41e-312e-4e0c-a78a-8229439b5487",{"type":600,"attrs":4995,"content":4996},{"textAlign":4976},[4997],{"text":4998,"type":605},"The growth in data centres, driven by AI, is also influencing US energy policy at both state and federal levels. Policymakers are seeking to balance the need for rapid infrastructure expansion with concerns around grid stability, affordability, and energy security. Virginia has taken a leading role in adapting to this shift. In April 2026, the state passed legislation requiring utilities to procure more than 20 GW of energy storage capacity by 2045, including 4 GW of long-duration energy storage (LDES). The policy is designed to ensure that the grid can accommodate rising electricity demand from data centres while maintaining reliability. Other states are introducing similar measures. California, for example, has mandated the procurement of 6 GW of new clean energy and storage capacity by 2032 to support grid stability. At the same time, nearly 30 states are advancing so-called “large load” legislation, aimed at ensuring that data centre developers bear the cost of new generation capacity rather than passing it on to ratepayers.",{"type":600,"attrs":5000,"content":5001},{"textAlign":4976},[5002],{"text":5003,"type":605},"However, the rapid pace and scale of data centre development have also triggered growing local opposition. Concerns over electricity consumption and affordability, water usage, land use, and tax incentives have contributed to an increasingly organised backlash, which is beginning to shape political debate ahead of the November 2026 midterm elections. According to Data Centre Watch, at least 48 projects representing $156bn in investment were blocked or delayed by local opposition in 2025, up from a combined $64bn over the two years to March 2025. This trend has intensified in 2026. In the first quarter alone, at least 75 projects worth approximately $130bn were stalled or halted, nearly matching the total for the whole of 2025 within a single quarter. Public opposition appears to cut across political and geographic lines, although it is more pronounced among younger, Democratic, and rural voters. An Ipsos survey found that the share of Americans opposed to having a data centre built nearby rose from nearly half in late 2025 to around 70% within a few months. Key concerns include grid strain, rising electricity costs, environmental impacts, and local land use issues.",{"type":600,"attrs":5005,"content":5006},{"textAlign":4976},[5007],{"text":5008,"type":605},"This growing resistance is feeding into legislative activity. More than 300 bills related to data centres were introduced in US state legislatures in the first six weeks of 2026 alone. Formal moratorium proposals were introduced in 14 states between January and March, while around 12 states have advanced broader statewide moratorium efforts, including Minnesota, Michigan, Oklahoma, Georgia, South Carolina, Maryland, Pennsylvania, New York, and Vermont. Maine has taken the most concrete step to date, with its legislature passing a moratorium on data centre facilities exceeding 20MW, set to run through November 2027. However, the bill was vetoed by Governor Janet Mills in April 2026, so no statewide moratorium has been enacted yet.",{"type":600,"attrs":5010,"content":5011},{"textAlign":4976},[5012],{"text":5013,"type":605},"At the federal level, legislative proposals reflect similar tensions. Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez introduced the Artificial Intelligence Data Centre Moratorium Act, which would impose a nationwide pause on constructing or upgrading data centres with power demand of 20MW or more until stronger regulatory safeguards are established. The proposal is not expected to advance. In contrast, the Trump administration has continued to promote data centre expansion as part of a broader industrial and technological strategy. Its 23 July 2025 executive order, titled \"Accelerating Federal Permitting of Data Centre Infrastructure,\" forms part of a wider AI Action Plan aimed at supporting domestic infrastructure growth. The policy directs federal agencies to streamline permitting processes, open federal land for development, and provide financial support through loans, guarantees, grants, and tax incentives. Importantly, the thresholds for qualification under the executive order are structured as alternative criteria rather than cumulative requirements. Projects may qualify if they involve at least 100MW of incremental load, commit $500m or more in capital expenditure, support national security objectives, or are designated by relevant federal authorities.",{"type":600,"attrs":5015,"content":5016},{"textAlign":4976},[5017],{"text":5018,"type":605},"Taken together, these developments highlight a rapidly evolving landscape in which the expansion of AI and data centre infrastructure is driving both investment and policy change. While the growth outlook for BESS and associated energy infrastructure remains strong, the sector faces increasing scrutiny that is likely to influence the pace and geography of deployment in the coming years.",{"type":643,"attrs":5020,"content":5021},{"level":4925,"textAlign":4976},[5022,5026],{"text":5023,"type":605,"marks":5024},"2. Monthly round-up of ",[5025],{"type":927},{"text":5027,"type":605,"marks":5028},"the remaining key geopolitical and policy updates",[5029,5031],{"type":715,"attrs":5030},{"color":3837},{"type":927},{"type":699,"attrs":5033},{"id":4969,"body":5034},[5035],{"id":5036,"_uid":5037,"type":706,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29409733","i-0e363156-a60f-4ce8-830f-6115b2a8b7b4",{"type":643,"attrs":5039,"content":5040},{"level":4925,"textAlign":4976},[5041,5046],{"text":5042,"type":605,"marks":5043},"3. ",[5044],{"type":715,"attrs":5045},{"color":3837},{"text":5047,"type":605,"marks":5048},"Key Macro-economic Indicators",[5049,5051],{"type":715,"attrs":5050},{"color":3837},{"type":927},{"type":600,"attrs":5053,"content":5054},{"textAlign":4976},[5055],{"text":5056,"type":605},"The US economy added 172,000 new jobs in May, beating forecasts, while a combined 93,000 jobs were also revised up in March and April figures. That data point comes as the OECD has warned that the energy crisis resulting from the war in the Middle East could cut global growth to 2.1% in 2026 and 1.8% in 2027 if left unresolved, while interest rates in the US and elsewhere could be increased to combat inflation.",{"type":600,"attrs":5058,"content":5059},{"textAlign":4976},[5060],{"text":5061,"type":605},"China’s economy saw a slowdown in April, with industrial output down to 4.1% from more than 6% in Q1. The slowdown was largely driven by construction-related output, while more advanced manufacturing remained strong. New Eurostat numbers, meanwhile, showed that EU seasonally adjusted GDP was down 0.1% in Q1, and 0.2% in the euro area. AI has been the economic focus of Canada’s government this month, with a new AI strategy expected to boost GDP by 3% by boosting productivity.",{"type":699,"attrs":5063},{"id":4969,"body":5064},[5065],{"id":5066,"_uid":5067,"type":615,"component":707,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3698939","i-59c6aa49-e1b4-49fc-a1ee-075e46f94356","This is your monthly geo-economic and policy briefing, part of your Benchmark Intelligence subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs). ",[5070,5071,5072,5073,5074,5075,5076,5077],{"slug":1191,"name":261},{"slug":544,"name":543},{"slug":825,"name":826},{"slug":2313,"name":2314},{"slug":816,"name":817},{"slug":2040,"name":2319},{"slug":3772,"name":150},{"slug":4845,"name":414},1782840965314]