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Page","",[],[],[555,720,938,1287,1560,1802,1935,2197],{"id":556,"uuid":557,"name":558,"slug":559,"full_slug":560,"content":561},192670811467535,"68543360-8f50-44f7-bf25-7196240f3445","Polestar to be banned from US market under Connected Vehicle Rule","polestar-to-be-banned-from-us-market-under-connected-vehicle-rule","article/polestar-to-be-banned-from-us-market-under-connected-vehicle-rule",{"_uid":562,"date":563,"tags":564,"editor":580,"content":590,"excerpt":690,"featured":51,"reporter":691,"component":702,"seo_title":558,"categories":703,"visibility":708,"data_vis_image":709,"featured_image":714,"seo_description":718,"formattedDate":719},"e2a8a7c7-a693-44d9-a9e4-fe51ac44d0ac","2026-06-29 00:00",[565,568,571,574,577],{"slug":566,"name":567},"geely","Geely",{"slug":569,"name":570},"polestar","Polestar",{"slug":572,"name":573},"volvo","Volvo",{"slug":575,"name":576},"usa","USA",{"slug":578,"name":579},"data-visualisation","Data Visualisation",[581],{"slug":582,"name":583,"content":584},"benjamin-roche","Benjamin Roche",{"job_title":585,"image":586,"bio":588,"linkedin":589},"Editor – Energy Transition Supply Chains",{"filename":587},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":591,"content":592},"doc",[593,612,644,649,659,669,674,679,684],{"type":594,"attrs":595,"content":596},"paragraph",{"textAlign":49},[597,600,610],{"text":598,"type":599},"Electric vehicle (EV) manufacturer Polestar is to exit the ","text",{"text":601,"type":599,"marks":602},"US market",[603],{"type":604,"attrs":605},"link",{"href":606,"uuid":607,"anchor":49,"target":608,"linktype":609},"/article/regional-spotlight-united-states","7a2ab405-0e9f-4cae-9566-0cda20e22de2","_blank","story",{"text":611,"type":599}," after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country. Only 6% of its retail sales came from the US in Q1 2026, the company has said.",{"type":594,"attrs":613,"content":614},{"textAlign":49},[615,617,624,626,633,635,642],{"text":616,"type":599},"The company is ",{"text":618,"type":599,"marks":619},"majority-owned by Geely",[620],{"type":604,"attrs":621},{"href":622,"uuid":623,"anchor":49,"target":608,"linktype":609},"/article/canada-and-china-strike-deal-to-allow-chinese-made-evs-into-canada","ecfaceba-f3ed-44bb-8177-b73107d3ebc6",{"text":625,"type":599},", and had previously indicated that the Connected Vehicle Rule, proposed under the ",{"text":627,"type":599,"marks":628},"Biden administration",[629],{"type":604,"attrs":630},{"href":631,"uuid":632,"anchor":49,"target":608,"linktype":609},"/article/one-year-on-the-ira-has-changed-the-battery-landscape-in-the-us","210d690e-52c3-4574-ba74-911486f55c1b",{"text":634,"type":599}," to ",{"text":636,"type":599,"marks":637},"restrict import of vehicles using Chinese software and hardware",[638],{"type":604,"attrs":639},{"href":640,"uuid":641,"anchor":49,"target":608,"linktype":609},"/article/what-policy-levers-does-the-us-use-to-limit-chinese-ev-competition","92047bd3-db23-4ef1-a69c-bdccdd756b9e",{"text":643,"type":599},", would largely prevent it from selling in the US. Since being passed, the rule has been upheld by the Trump administration, and the fresh decision to withhold authorisation reflects sustained US efforts across party lines to limit sales of Chinese EVs in the market.",{"type":594,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":599},"Volvo Cars, also majority-owned by Geely, was granted a specific authorisation under the rules by the Department of Commerce earlier this year. The company had announced additional investments into its sites in South Carolina and, while the reason for the authorisation has not been made public, Volvo may have been able to leverage its greater European production and development infrastructure than Polestar to eradicate ineligible components from its vehicles.",{"type":650,"attrs":651},"blok",{"id":652,"body":653},"e23d584a-0749-4b9c-a896-b253c1879a31",[654],{"id":655,"_uid":656,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29511726","i-c3155539-cde1-426a-b16e-8c67f1be7ab3","visualisation","ContentFlourish",{"type":660,"attrs":661,"content":663},"heading",{"level":662,"textAlign":49},2,[664],{"text":665,"type":599,"marks":666},"An indication of US approach to Chinese OEMs",[667],{"type":668},"bold",{"type":594,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":599},"Will Roberts, automotive research lead at Benchmark, said that the Connected Vehicle Rule has “loomed for some time now as highly restrictive for a select few OEMs who both operate in the US and have links to China”.",{"type":594,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":599},"“It also supports the ongoing expectation that any major incursion into the US domestic car market from Chinese manufacturers would likely be met with similar-strength measures to halt it,” he added. “Polestar’s loss of US market access may not be a major setback in terms of the company’s global sales, but serves as an indicator of the seriousness of this policy.”",{"type":594,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":599},"It is notable that the Polestar 3 is covered by the ban despite the vehicle being manufactured within the US, in South Carolina. Polestar has said that it will continue to sell remaining inventory of both it and the Polestar 4. The company has also indicated that it is renewing its focus on the European market, which it says already accounts for almost 80% of its retail sales.",{"type":650,"attrs":685},{"id":652,"body":686},[687],{"id":688,"_uid":689,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29508427","i-8b9223e3-13e9-46e0-8585-4f1b555e9a31","Electric vehicle (EV) manufacturer Polestar is to exit the US market after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country. Only 6% of its retail sales came from the US in Q1 2026, the company has said.\n\nThe company is majority-owned by Geely, and had previously indicated that the Connected Vehicle Rule, proposed under the Biden administration to restrict import of vehicles using Chinese software and hardware, would largely prevent it from selling in the US. Since being passed, the rule has been upheld by the Trump administration, and the fresh decision to withhold authorisation reflects sustained US efforts across party lines to limit sales of Chinese EVs in the market.",[692],{"slug":693,"name":694,"content":695},"will-roberts","Will Roberts",{"job_title":696,"image":697,"bio":699,"linkedin":700,"markets_covered":701},"Automotive Research Lead",{"filename":698},"https://a.storyblok.com/f/287943243085208/852x854/474a3cfca2/will-r.png","Will is part of the EV & Battery research team. As Automotive Research Lead, he manages all aspects of the team's view on global vehicle markets. Will leads forecasting for both the total vehicle market globally as well as electrified vehicles and works extensively on electric vehicle and battery market analysis, with a particular focus on the effects of legislation in the North American & European markets and, auto OEM strategy in the transition to EV. In addition, Will is also leading research in EV motors, vehicle platforms and systems. Will graduated from the University of Exeter, with a BSc in Physics and MSc in Mechanical Engineering.","https://www.linkedin.com/in/willroberts227/","EV and Battery","article",[704,707],{"slug":705,"name":706},"ev","EV",{"slug":544,"name":543},"private",{"id":710,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":711,"copyright":551,"fieldtype":712,"meta_data":713,"is_external_url":50},192676235125713,"https://a.storyblok.com/f/287943243085208/710x502/f10e7341a6/screenshot-2026-06-29-114121.png","asset",{},{"id":715,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":716,"copyright":551,"fieldtype":712,"meta_data":717,"is_external_url":50},192675984479179,"https://a.storyblok.com/f/287943243085208/1500x1125/00902f49a6/small-polestar-pic.jpg",{},"Electric vehicle (EV) manufacturer Polestar is to exit the US market after the US Department of Commerce said it would not grant the majority-Chinese-owned, Sweden-based company authorisation to sell its vehicles in the country.","Jun 29, 2026",{"id":721,"uuid":722,"name":723,"slug":724,"full_slug":725,"content":726},191264321528320,"d27d23b1-f39e-4c31-999a-582e39033222","China targets US rare earth and defence-linked entities with dual-use export ban","china-targets-us-rare-earth-and-defence-linked-entities-with-dual-use-export-ban","article/china-targets-us-rare-earth-and-defence-linked-entities-with-dual-use-export-ban",{"_uid":727,"date":728,"tags":729,"editor":746,"content":756,"excerpt":908,"featured":51,"reporter":909,"component":702,"seo_title":919,"categories":920,"visibility":708,"data_vis_image":930,"featured_image":932,"seo_description":936,"formattedDate":937},"b8ed8157-d194-41d2-929a-84ca4e99f15b","2026-06-25 00:00",[730,733,734,737,740,743],{"slug":731,"name":732},"china","China",{"slug":575,"name":576},{"slug":735,"name":736},"mp-materials","MP Materials",{"slug":738,"name":739},"usa-rare-earth","USA Rare Earth",{"slug":741,"name":742},"defence","Defence",{"slug":744,"name":745},"export-restrictions","Export restrictions",[747],{"slug":748,"name":749,"content":750},"matthew-bird","Matthew Bird",{"job_title":751,"image":752,"bio":754,"linkedin":755},"Senior Editor - Supply Chains & Data Visualisation",{"filename":753},"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":591,"content":757},[758,823,845,852,860,868,876,884,892,900],{"type":594,"attrs":759,"content":760},{"textAlign":49},[761,768,778,783,792,797,805,810,818],{"text":762,"type":599,"marks":763},"China has added 10 US entities to its export control list, prohibiting ",[764],{"type":765,"attrs":766},"textStyle",{"color":767},"#000000",{"text":769,"type":599,"marks":770},"exports of dual-use items",[771,776],{"type":604,"attrs":772},{"href":773,"uuid":774,"anchor":49,"target":775,"linktype":609},"/videos/rare-earths-benchmark-briefing","bd1a742a-4f00-4711-80cb-6add5f05fa08","_self",{"type":765,"attrs":777},{"color":767},{"text":779,"type":599,"marks":780}," from China to those companies with immediate effect from 22 June 2026. The Ministry of Commerce named ",[781],{"type":765,"attrs":782},{"color":767},{"text":784,"type":599,"marks":785},"rare earth and magnet developers",[786,790],{"type":604,"attrs":787},{"href":788,"uuid":789,"anchor":49,"target":775,"linktype":609},"/article/why-the-us-is-becoming-a-rare-earth-mine-to-magnet-destination","bb0713da-7c91-498a-a956-853d2402c999",{"type":765,"attrs":791},{"color":767},{"text":793,"type":599,"marks":794}," ",[795],{"type":765,"attrs":796},{"color":767},{"text":736,"type":599,"marks":798},[799,803],{"type":604,"attrs":800},{"href":801,"uuid":802,"anchor":49,"target":775,"linktype":609},"/article/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance","b489988f-ca11-452a-87b9-f797cba52943",{"type":765,"attrs":804},{"color":767},{"text":806,"type":599,"marks":807}," and ",[808],{"type":765,"attrs":809},{"color":767},{"text":739,"type":599,"marks":811},[812,816],{"type":604,"attrs":813},{"href":814,"uuid":815,"anchor":49,"target":775,"linktype":609},"/article/usa-rare-earth-acquires-serra-verde","033fd4f7-dd04-42d6-9b9e-d31d2ed1321c",{"type":765,"attrs":817},{"color":767},{"text":819,"type":599,"marks":820}," in addition to eight other companies in defence-related industries.",[821],{"type":765,"attrs":822},{"color":767},{"type":594,"attrs":824,"content":825},{"textAlign":49},[826,831,840],{"text":827,"type":599,"marks":828},"The measure is entity-specific rather than a blanket restriction on rare earth exports to the US. Beijing positioned the move as a response to recent US actions targeting Chinese military-linked companies, including additions to the Pentagon’s 1260H list. In practice, the policy escalates previous ",[829],{"type":765,"attrs":830},{"color":767},{"text":832,"type":599,"marks":833},"licensing controls",[834,838],{"type":604,"attrs":835},{"href":836,"uuid":837,"anchor":49,"target":775,"linktype":609},"/article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","2ce683a6-703c-4398-9e3a-b31983d16207",{"type":765,"attrs":839},{"color":767},{"text":841,"type":599,"marks":842}," into a full prohibition on dual-use exports to the named firms.",[843],{"type":765,"attrs":844},{"color":767},{"type":650,"attrs":846},{"id":847,"body":848},"4a3801a8-fab3-4f7e-bac8-654c47e08293",[849],{"id":850,"_uid":851,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29487034","i-c04c097b-9d9a-442c-ab53-a66fa677c42b",{"type":660,"attrs":853,"content":854},{"level":662,"textAlign":49},[855],{"text":856,"type":599,"marks":857},"What impact could this have on rare earths and magnets?",[858],{"type":765,"attrs":859},{"color":767},{"type":594,"attrs":861,"content":862},{"textAlign":49},[863],{"text":864,"type":599,"marks":865},"MP Materials is relatively insulated in the near term, supported by its Mountain Pass mine and operational NdPr separation capacity in the US. However, exposure remains at the heavy rare earth stage. Dysprosium and terbium separation is not expected before end-2027, and the company’s deposit is light rare earth enriched, leaving reliance on third-party heavy rare earth inputs. The primary impact is likely to be on downstream timing, costs, and execution rather than upstream supply.",[866],{"type":765,"attrs":867},{"color":767},{"type":594,"attrs":869,"content":870},{"textAlign":49},[871],{"text":872,"type":599,"marks":873},"USA Rare Earth faces greater near- to medium-term exposure. Its Round Top project is expected online in 2029, while its Stillwater magnet facility is due to start in 2026. Interim reliance on external feedstock and refined materials creates vulnerability, particularly if access to Chinese-origin inputs, equipment, or technical expertise is constrained.",[874],{"type":765,"attrs":875},{"color":767},{"type":660,"attrs":877,"content":878},{"level":662,"textAlign":49},[879],{"text":880,"type":599,"marks":881},"What is the impact on the downstream companies listed?",[882],{"type":765,"attrs":883},{"color":767},{"type":594,"attrs":885,"content":886},{"textAlign":49},[887],{"text":888,"type":599,"marks":889},"For the robotics and drone companies named, including Red Cat and Teal Drones, the restriction is likely to have a more immediate operational impact. These firms depend on high-performance NdFeB magnets for motors, actuators, and control systems. Limited access to Chinese-origin rare earth materials and components may constrain procurement, increase input costs, and extend qualification timelines for alternative suppliers, particularly where heavy rare earth content such as Dy and Tb is required for high-temperature performance.",[890],{"type":765,"attrs":891},{"color":767},{"type":594,"attrs":893,"content":894},{"textAlign":49},[895],{"text":896,"type":599,"marks":897},"The move underscores structural weaknesses outside China in separation and magnet production rather than mining. Liquidity for ex-China Dy and Tb remains limited, keeping markets tight and prices elevated. Companies in affected sectors will need to secure non-Chinese supply, where options remain narrow.",[898],{"type":765,"attrs":899},{"color":767},{"type":594,"attrs":901,"content":902},{"textAlign":49},[903],{"text":904,"type":599,"marks":905},"In the short term, disruption is likely to concentrate in downstream processing and magnet manufacturing, with tighter feedstock availability, higher costs, and potential delays. Over the longer term, the policy reinforces momentum towards US mine-to-magnet vertically integrated supply chain. ",[906],{"type":765,"attrs":907},{"color":767},"China has added 10 US entities to its export control list, prohibiting exports of dual-use items from China to those companies with immediate effect from 22 June 2026. The Ministry of Commerce named rare earth and magnet developers MP Materials and USA Rare Earth in addition to eight other companies in defence-related industries.\n\nThe measure is entity-specific rather than a blanket restriction on rare earth exports to the US. Beijing positioned the move as a response to recent US actions targeting Chinese military-linked companies, including additions to the Pentagon’s 1260H list. In practice, the policy escalates previous licensing controls into a full prohibition on dual-use exports to the named firms.",[910],{"slug":911,"name":912,"content":913},"neha-mukherjee","Neha Mukherjee",{"job_title":914,"image":915,"bio":917,"linkedin":918,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":916},"https://a.storyblok.com/f/287943243085208/512x512/687eb77e03/neha-mukherjee.jpeg","Neha is a Research Manager at Benchmark Mineral Intelligence, where she leads the market analysis of rare earth elements, covering supply, demand, cost, pricing, and ESG factors. She has two years of experience in the critical minerals sector and has executed consulting projects focused on market due diligence. Her background includes roles in energy market consulting and management consulting. Neha holds a Master’s degree in Sustainable Energy from the University of Glasgow and a B.Tech in Electrical Engineering from India.","https://www.linkedin.com/in/neha-mukherjee-5825b0135/","China targets US rare earth and defence entities with export ban",[921,923,926,929],{"slug":922,"name":414},"rare-earths",{"slug":924,"name":925},"critical-minerals","Critical Minerals",{"slug":927,"name":928},"raw-materials","Raw Materials",{"slug":544,"name":543},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":712,"meta_data":931},{},{"id":933,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":934,"copyright":551,"fieldtype":712,"meta_data":935,"is_external_url":50},129070861066712,"https://a.storyblok.com/f/287943243085208/5537c4f740/bm-rare-earth-magnets.jpg",{},"China has added 10 US entities to its export control list, prohibiting exports of dual-use items from China to those companies with immediate effect from 22 June 2026. This includes rare earth and magnet developers MP Materials and USA Rare Earths.","Jun 25, 2026",{"id":939,"uuid":940,"name":941,"slug":942,"full_slug":943,"content":944},185968997655466,"5927011c-7c3b-4e6c-9c8f-218577afb178","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":945,"date":946,"tags":947,"editor":955,"content":959,"excerpt":1265,"featured":51,"reporter":1266,"component":702,"seo_title":941,"categories":1267,"visibility":1278,"data_vis_image":1279,"featured_image":1281,"seo_description":1285,"formattedDate":1286},"6d302ec4-3156-4e2d-a3ce-64938e02940a","2026-06-10 00:00",[948,951,952],{"slug":949,"name":950},"giga-us-2026","Giga US 2026",{"slug":575,"name":576},{"slug":953,"name":954},"north-america","North America",[956],{"slug":748,"name":749,"content":957},{"job_title":751,"image":958,"bio":754,"linkedin":755},{"filename":753},{"type":591,"content":960},[961,1036,1044,1052,1074,1082,1104,1126,1151,1159,1180,1188,1196,1204,1212,1220,1247,1260],{"type":594,"attrs":962,"content":963},{"textAlign":49},[964,969,976,981,990,995,1003,1008,1017,1022,1031],{"text":965,"type":599,"marks":966},"Andy Miller, chief executive of Benchmark, opened Giga US 2026 in Washington, DC by outlining a rapidly evolving ",[967],{"type":765,"attrs":968},{"color":767},{"text":970,"type":599,"marks":971},"energy security landscape in the US",[972,974],{"type":604,"attrs":973},{"href":606,"uuid":607,"anchor":49,"target":775,"linktype":609},{"type":765,"attrs":975},{"color":767},{"text":977,"type":599,"marks":978},", shaped by ",[979],{"type":765,"attrs":980},{"color":767},{"text":982,"type":599,"marks":983},"trade policy",[984,988],{"type":604,"attrs":985},{"href":986,"uuid":49,"anchor":49,"target":775,"linktype":987},"https://source.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review","url",{"type":765,"attrs":989},{"color":767},{"text":991,"type":599,"marks":992},", ",[993],{"type":765,"attrs":994},{"color":767},{"text":544,"type":599,"marks":996},[997,1001],{"type":604,"attrs":998},{"href":999,"uuid":1000,"anchor":49,"target":775,"linktype":609},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":765,"attrs":1002},{"color":767},{"text":1004,"type":599,"marks":1005},", and ",[1006],{"type":765,"attrs":1007},{"color":767},{"text":1009,"type":599,"marks":1010},"rising demand",[1011,1015],{"type":604,"attrs":1012},{"href":1013,"uuid":1014,"anchor":49,"target":775,"linktype":609},"/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":765,"attrs":1016},{"color":767},{"text":1018,"type":599,"marks":1019}," from ",[1020],{"type":765,"attrs":1021},{"color":767},{"text":1023,"type":599,"marks":1024},"emerging markets such as data centres",[1025,1029],{"type":604,"attrs":1026},{"href":1027,"uuid":1028,"anchor":49,"target":775,"linktype":609},"/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","213c7915-b6a1-48e4-9d82-9a263f102c25",{"type":765,"attrs":1030},{"color":767},{"text":1032,"type":599,"marks":1033},".",[1034],{"type":765,"attrs":1035},{"color":767},{"type":594,"attrs":1037,"content":1038},{"textAlign":49},[1039],{"text":1040,"type":599,"marks":1041},"“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.”",[1042],{"type":765,"attrs":1043},{"color":767},{"type":660,"attrs":1045,"content":1046},{"level":662,"textAlign":49},[1047],{"text":1048,"type":599,"marks":1049},"Batteries are central to energy security",[1050],{"type":765,"attrs":1051},{"color":767},{"type":594,"attrs":1053,"content":1054},{"textAlign":49},[1055,1060,1069],{"text":1056,"type":599,"marks":1057},"Miller emphasised that batteries are now central to energy security, with demand extending beyond ",[1058],{"type":765,"attrs":1059},{"color":767},{"text":1061,"type":599,"marks":1062},"electric vehicles",[1063,1067],{"type":604,"attrs":1064},{"href":1065,"uuid":1066,"anchor":49,"target":775,"linktype":609},"/article/us-battery-imports-fall-to-five-year-low-after-section-301-tariffs-raised-to-25-","3a93dd71-07f9-4d99-82c4-f907a3d0771b",{"type":765,"attrs":1068},{"color":767},{"text":1070,"type":599,"marks":1071}," (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.",[1072],{"type":765,"attrs":1073},{"color":767},{"type":594,"attrs":1075,"content":1076},{"textAlign":49},[1077],{"text":1078,"type":599,"marks":1079},"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.",[1080],{"type":765,"attrs":1081},{"color":767},{"type":594,"attrs":1083,"content":1084},{"textAlign":49},[1085,1090,1099],{"text":1086,"type":599,"marks":1087},"“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 ",[1088],{"type":765,"attrs":1089},{"color":767},{"text":1091,"type":599,"marks":1092},"stationary storage",[1093,1097],{"type":604,"attrs":1094},{"href":1095,"uuid":1096,"anchor":49,"target":775,"linktype":609},"/article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","e10ddd56-09be-471c-ab8b-7f1503670661",{"type":765,"attrs":1098},{"color":767},{"text":1100,"type":599,"marks":1101}," is reshaping demand.",[1102],{"type":765,"attrs":1103},{"color":767},{"type":594,"attrs":1105,"content":1106},{"textAlign":49},[1107,1112,1121],{"text":1108,"type":599,"marks":1109},"“In Q1 26 alone the US installed almost 10GWh of ",[1110],{"type":765,"attrs":1111},{"color":767},{"text":1113,"type":599,"marks":1114},"stationary storage battery",[1115,1119],{"type":604,"attrs":1116},{"href":1117,"uuid":1118,"anchor":49,"target":775,"linktype":609},"/videos/what-does-the-us-storage-market-currently-look-like","2eb77eea-249b-4ed7-b45c-0cdabb7d1a25",{"type":765,"attrs":1120},{"color":767},{"text":1122,"type":599,"marks":1123}," capacity,” Miller said, adding that a single grid-scale project can represent “the equivalent of tens of thousands of electric vehicles”.",[1124],{"type":765,"attrs":1125},{"color":767},{"type":594,"attrs":1127,"content":1128},{"textAlign":49},[1129,1136,1146],{"text":1130,"type":599,"marks":1131},"Watch Andy Miller's ",[1132,1134],{"type":765,"attrs":1133},{"color":767},{"type":1135},"italic",{"text":1137,"type":599,"marks":1138},"opening keynote here",[1139,1143,1145],{"type":604,"attrs":1140},{"href":1141,"uuid":1142,"anchor":49,"target":775,"linktype":609},"/videos/benchmark-opening-keynote-welcome-to-giga-us-2026","0072d0fe-4a54-4147-afb1-d1ae0e0c4174",{"type":765,"attrs":1144},{"color":767},{"type":1135},{"text":1032,"type":599,"marks":1147},[1148,1150],{"type":765,"attrs":1149},{"color":767},{"type":1135},{"type":660,"attrs":1152,"content":1153},{"level":662,"textAlign":49},[1154],{"text":1155,"type":599,"marks":1156},"The US battery supply chain is retooling",[1157],{"type":765,"attrs":1158},{"color":767},{"type":594,"attrs":1160,"content":1161},{"textAlign":49},[1162,1167,1176],{"text":1163,"type":599,"marks":1164},"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 ",[1165],{"type":765,"attrs":1166},{"color":767},{"text":1168,"type":599,"marks":1169},"broader range of applications",[1170,1174],{"type":604,"attrs":1171},{"href":1172,"uuid":1173,"anchor":49,"target":775,"linktype":609},"/article/tesla-to-discontinue-the-model-s-and-x-as-it-pivots-towards-humanoid-robots","d988206d-9e4d-43bd-8969-21ef3bdb3281",{"type":765,"attrs":1175},{"color":767},{"text":1032,"type":599,"marks":1177},[1178],{"type":765,"attrs":1179},{"color":767},{"type":594,"attrs":1181,"content":1182},{"textAlign":49},[1183],{"text":1184,"type":599,"marks":1185},"“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.",[1186],{"type":765,"attrs":1187},{"color":767},{"type":594,"attrs":1189,"content":1190},{"textAlign":49},[1191],{"text":1192,"type":599,"marks":1193},"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.",[1194],{"type":765,"attrs":1195},{"color":767},{"type":594,"attrs":1197,"content":1198},{"textAlign":49},[1199],{"text":1200,"type":599,"marks":1201},"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.",[1202],{"type":765,"attrs":1203},{"color":767},{"type":594,"attrs":1205,"content":1206},{"textAlign":49},[1207],{"text":1208,"type":599,"marks":1209},"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.",[1210],{"type":765,"attrs":1211},{"color":767},{"type":594,"attrs":1213,"content":1214},{"textAlign":49},[1215],{"text":1216,"type":599,"marks":1217},"“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.”",[1218],{"type":765,"attrs":1219},{"color":767},{"type":594,"attrs":1221,"content":1222},{"textAlign":49},[1223,1229,1241],{"text":1224,"type":599,"marks":1225},"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 ",[1226,1228],{"type":765,"attrs":1227},{"color":767},{"type":1135},{"text":1230,"type":599,"marks":1231},"Events page",[1232,1235,1238,1239],{"type":604,"attrs":1233},{"href":1234,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://www.benchmarkminerals.com/events/",{"type":765,"attrs":1236},{"color":1237},"#1155CC",{"type":1135},{"type":1240},"underline",{"text":1242,"type":599,"marks":1243}," or fill out the form below and one of the team will be in touch.",[1244,1246],{"type":765,"attrs":1245},{"color":767},{"type":1135},{"type":650,"attrs":1248},{"id":1249,"body":1250},"29eb0497-caaa-4647-a067-ff4ed8c36ac4",[1251],{"id":1252,"_uid":1253,"component":1254,"wrap_in_box":50,"redirect_url":1255,"success_file":1257,"default_height":551,"success_message":551,"v2_hubspot_form":50,"success_sub_text":551,"hidden_field_values":1259,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-1d2d647e-a20b-4df4-8739-a2e6490b5dd8","ContentHubspotForm",{"id":551,"url":551,"linktype":609,"fieldtype":1256,"cached_url":551},"multilink",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":712,"meta_data":1258},{},[],{"type":594,"attrs":1261,"content":1262},{"textAlign":49},[1263],{"type":1264},"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.”",[],[1268,1271,1274,1275,1276,1277],{"slug":1269,"name":1270},"ess","ESS",{"slug":1272,"name":1273},"batteries","Batteries",{"slug":705,"name":706},{"slug":924,"name":925},{"slug":927,"name":928},{"slug":544,"name":543},"public",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":712,"meta_data":1280},{},{"id":1282,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1283,"copyright":551,"fieldtype":712,"meta_data":1284,"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.","Jun 10, 2026",{"id":1288,"uuid":1000,"name":1289,"slug":1290,"full_slug":1291,"content":1292},181369921793545,"What the sulphuric acid supply crunch means for critical minerals","what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals",{"_uid":1293,"date":1294,"tags":1295,"editor":1305,"content":1309,"excerpt":1532,"featured":51,"reporter":1533,"component":702,"seo_title":1289,"categories":1534,"visibility":1278,"data_vis_image":1550,"featured_image":1554,"seo_description":1558,"formattedDate":1559},"5bdd9893-c4e6-46f9-8ddb-fe23b8a740d0","2026-05-28 00:00",[1296,1299,1301,1304],{"slug":1297,"name":1298},"sulphuric-acid","sulphuric acid",{"slug":1300,"name":1300},"sulphur",{"slug":1302,"name":1303},"middle-east","Middle East",{"slug":578,"name":579},[1306],{"slug":748,"name":749,"content":1307},{"job_title":751,"image":1308,"bio":754,"linkedin":755},{"filename":753},{"type":591,"content":1310},[1311,1346,1354,1362,1386,1395,1403,1434,1451,1458,1467,1475,1483,1489,1497,1522],{"type":594,"attrs":1312,"content":1313},{"textAlign":49},[1314,1319,1327,1332,1341],{"text":1315,"type":599,"marks":1316},"Conflict in the ",[1317],{"type":765,"attrs":1318},{"color":767},{"text":1303,"type":599,"marks":1320},[1321,1325],{"type":604,"attrs":1322},{"href":1323,"uuid":1324,"anchor":49,"target":775,"linktype":609},"/article/middle-east-escalation-disrupts-energy-storage-deployment-and-chinese-overseas-expansion","16e5191e-fffd-47f2-953d-ca1adb9595a5",{"type":765,"attrs":1326},{"color":767},{"text":1328,"type":599,"marks":1329}," and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the ",[1330],{"type":765,"attrs":1331},{"color":767},{"text":1333,"type":599,"marks":1334},"processing of many critical minerals",[1335,1339],{"type":604,"attrs":1336},{"href":1337,"uuid":1338,"anchor":49,"target":775,"linktype":609},"/article/what-does-the-middle-east-conflict-mean-for-battery-supply-chains-","3ba99529-b0e2-4bd1-b7d2-2189b7845e75",{"type":765,"attrs":1340},{"color":767},{"text":1342,"type":599,"marks":1343}," used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.",[1344],{"type":765,"attrs":1345},{"color":767},{"type":594,"attrs":1347,"content":1348},{"textAlign":49},[1349],{"text":1350,"type":599,"marks":1351},"Prices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.",[1352],{"type":765,"attrs":1353},{"color":767},{"type":594,"attrs":1355,"content":1356},{"textAlign":49},[1357],{"text":1358,"type":599,"marks":1359},"“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[1360],{"type":765,"attrs":1361},{"color":767},{"type":594,"attrs":1363,"content":1364},{"textAlign":49},[1365,1371,1380],{"text":1366,"type":599,"marks":1367},"Benchmark’s in-house team of expert analysts have compiled a ",[1368,1370],{"type":765,"attrs":1369},{"color":767},{"type":1135},{"text":1372,"type":599,"marks":1373},"free-to-read Special Issue",[1374,1377,1379],{"type":604,"attrs":1375},{"href":1376,"uuid":49,"anchor":49,"target":775,"linktype":987},"https://source.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"type":765,"attrs":1378},{"color":767},{"type":1135},{"text":1381,"type":599,"marks":1382}," exploring the impact of the sulphuric acid supply crunch on critical mineral supply chains.",[1383,1385],{"type":765,"attrs":1384},{"color":767},{"type":1135},{"type":660,"attrs":1387,"content":1388},{"level":662,"textAlign":49},[1389],{"text":1390,"type":599,"marks":1391},"How much have costs increased?",[1392,1394],{"type":765,"attrs":1393},{"color":767},{"type":668},{"type":594,"attrs":1396,"content":1397},{"textAlign":49},[1398],{"text":1399,"type":599,"marks":1400},"Using Acuity’s price data along with Benchmark’s expert understanding of the cost of production for a large suite of critical minerals, the impact of rising sulphur and acid prices on the cost base has been assessed.",[1401],{"type":765,"attrs":1402},{"color":767},{"type":594,"attrs":1404,"content":1405},{"textAlign":49},[1406,1415,1420,1429],{"text":1407,"type":599,"marks":1408},"For lithium",[1409,1413],{"type":604,"attrs":1410},{"href":1411,"uuid":1412,"anchor":49,"target":775,"linktype":609},"/article/why-are-lithium-prices-surging-in-china-again-","80c1a819-5c60-4407-ba5d-e6a023df02b5",{"type":765,"attrs":1414},{"color":767},{"text":1416,"type":599,"marks":1417},", sulphuric acid previously accounted for 3% of the cost of producing lithium chemical from ",[1418],{"type":765,"attrs":1419},{"color":767},{"text":1421,"type":599,"marks":1422},"hard rock sources",[1423,1427],{"type":604,"attrs":1424},{"href":1425,"uuid":1426,"anchor":49,"target":775,"linktype":609},"/article/greenbushes-downgrades-production-guidance-as-ore-grade-decline-accelerates","afd41dd3-acc7-4431-9c51-de8391eaa25b",{"type":765,"attrs":1428},{"color":767},{"text":1430,"type":599,"marks":1431},". It is now 11% and has overtaken energy inputs to become the largest individual C1 cost component.",[1432],{"type":765,"attrs":1433},{"color":767},{"type":594,"attrs":1435,"content":1436},{"textAlign":49},[1437,1446],{"text":1438,"type":599,"marks":1439},"For nickel",[1440,1444],{"type":604,"attrs":1441},{"href":1442,"uuid":1443,"anchor":49,"target":775,"linktype":609},"/article/production-quotas-control-nickel-price-nickel-q1-2026-price-review","9e149244-10b5-4bac-a43c-079b19971251",{"type":765,"attrs":1445},{"color":767},{"text":1447,"type":599,"marks":1448}," (produced via HPAL) and purified phosphoric acid (PPA), sulphur and sulphuric acid were already major contributors to costs. Though at these elevated prices, sulphur now represents 42% of HPAL nickel costs and sulphuric acid 59% of PPA production.",[1449],{"type":765,"attrs":1450},{"color":767},{"type":650,"attrs":1452},{"id":1453,"body":1454},"479f56f7-2adf-4e0d-ba98-1d4035c06adf",[1455],{"id":1456,"_uid":1457,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29150441","i-981e3ff7-0bd9-4fac-b4e6-3b2ca929dc6c",{"type":660,"attrs":1459,"content":1460},{"level":662,"textAlign":49},[1461],{"text":1462,"type":599,"marks":1463},"How much supply relies on sulphuric acid?",[1464,1466],{"type":765,"attrs":1465},{"color":767},{"type":668},{"type":594,"attrs":1468,"content":1469},{"textAlign":49},[1470],{"text":1471,"type":599,"marks":1472},"Benchmark analysis shows that over half of lithium, cobalt, rare earths, and purified phosphoric acid (PPA) production in 2026 is exposed to shocks in sulphur and sulphuric acid markets. For high-purity manganese sulphate monohydrate (HPMSM), used in manganese-containing batteries, 100% of supply is exposed.",[1473],{"type":765,"attrs":1474},{"color":767},{"type":594,"attrs":1476,"content":1477},{"textAlign":49},[1478],{"text":1479,"type":599,"marks":1480},"The nickel market is less exposed, though the growing high-pressure acid leaching (HPAL) industry in Indonesia depends on sulphur imports from the Middle East to produce the required acid in situ.",[1481],{"type":765,"attrs":1482},{"color":767},{"type":650,"attrs":1484},{"id":1453,"body":1485},[1486],{"id":1487,"_uid":1488,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28872665","i-493ef9bc-39e5-40df-91a8-b103206d1123",{"type":594,"attrs":1490,"content":1491},{"textAlign":49},[1492],{"text":1493,"type":599,"marks":1494},"“With the reopening of the Strait of Hormuz still an open question, and damage to Middle Eastern oil refineries set to extend disruption to sulphur supply even if the Strait is reopened, the outstanding risk is that more critical minerals players cut production or even shut down operations entirely,” Talbot said. “Critical minerals prices have already skyrocketed since the start of this year; more supply disruptions could push prices up even further.”",[1495],{"type":765,"attrs":1496},{"color":767},{"type":594,"attrs":1498,"content":1499},{"textAlign":49},[1500,1506,1516],{"text":1501,"type":599,"marks":1502},"For more timely market analysis of key energy transition supply chains, ",[1503,1505],{"type":765,"attrs":1504},{"color":767},{"type":1135},{"text":1507,"type":599,"marks":1508},"create a free account",[1509,1512,1514,1515],{"type":604,"attrs":1510},{"href":1511,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://account.benchmarkminerals.com/register",{"type":765,"attrs":1513},{"color":1237},{"type":1135},{"type":1240},{"text":1517,"type":599,"marks":1518}," or fill out the form below to learn more about our Intelligence subscription:",[1519,1521],{"type":765,"attrs":1520},{"color":767},{"type":1135},{"type":650,"attrs":1523},{"id":1453,"body":1524},[1525],{"id":1526,"_uid":1527,"component":1254,"wrap_in_box":50,"redirect_url":1528,"success_file":1529,"default_height":551,"success_message":551,"v2_hubspot_form":50,"success_sub_text":551,"hidden_field_values":1531,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b ","i-e0dd1eab-50d2-4fc9-97a8-a6336fd9b8a6",{"id":551,"url":551,"linktype":609,"fieldtype":1256,"cached_url":551},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":712,"meta_data":1530},{},[],"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis shows that for some minerals, sulphuric acid is no longer a background reagent, but a primary cost driver.\n\nPrices provided by Acuity show that between the start of the war in Iran at the end of February and mid-April, sulphuric acid prices surged by more than double and sulphur prices rose by 50%, albeit with regional variations.\n\n“Sulphuric acid is a vital feedstock for many critical minerals, and the disruption to the sulphur market from the ongoing Middle East conflict has had knock-on effects across key markets,” said Will Talbot, Benchmark’s research manager for raw materials. “Not only do high acid prices increase the cost base of lithium, nickel, copper, manganese, phosphoric acid and rare earth refiners, a lack of physical sulphur availability has already led some of these metal and chemical refiners to cut production.”",[],[1535,1536,1538,1541,1543,1545,1548,1549],{"slug":924,"name":925},{"slug":1537,"name":8},"lithium",{"slug":1539,"name":1540},"copper","Copper",{"slug":1542,"name":115},"cobalt",{"slug":1544,"name":150},"nickel",{"slug":1546,"name":1547},"phosphate","Phosphate",{"slug":922,"name":414},{"slug":544,"name":543},{"id":1551,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1552,"copyright":551,"fieldtype":712,"meta_data":1553,"is_external_url":50},181371539295885,"https://a.storyblok.com/f/287943243085208/1588x1204/27eaec8506/mineral-exposure-2x-6.png",{},{"id":1555,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1556,"copyright":551,"fieldtype":712,"meta_data":1557,"is_external_url":50},181369963523366,"https://a.storyblok.com/f/287943243085208/4000x2250/645b78f209/adobestock_303152854.jpeg",{},"Conflict in the Middle East and the subsequent closure of the Strait of Hormuz led to sulphuric acid prices skyrocketing. The material is a key feedstock for the processing of many critical minerals used in the energy transition. Benchmark’s analysis show","May 28, 2026",{"id":1561,"uuid":607,"name":1562,"slug":1563,"full_slug":1564,"content":1565},179241508563904,"BESS up, EVs down: US Regional Spotlight","regional-spotlight-united-states","article/regional-spotlight-united-states",{"_uid":1566,"date":1567,"tags":1568,"editor":1585,"content":1589,"excerpt":1762,"featured":51,"reporter":1763,"component":702,"seo_title":1562,"categories":1777,"visibility":708,"data_vis_image":1794,"featured_image":1796,"seo_description":1800,"formattedDate":1801},"842a3cd3-63d6-4173-8ac7-3c05001e69d0","2026-05-26 00:00",[1569,1570,1573,1576,1579,1582],{"slug":575,"name":576},{"slug":1571,"name":1572},"bess","BESS",{"slug":1574,"name":1575},"policy","Policy",{"slug":1577,"name":1578},"ford","Ford",{"slug":1580,"name":1581},"nextera-energy","NextEra Energy",{"slug":1583,"name":1584},"regional-spotlight","Regional Spotlight",[1586],{"slug":748,"name":749,"content":1587},{"job_title":751,"image":1588,"bio":754,"linkedin":755},{"filename":753},{"type":591,"content":1590},[1591,1605,1610,1615,1628,1633,1651,1658,1663,1670,1675,1682,1688,1694,1700,1705,1710,1715,1720,1726,1731,1736,1741,1746],{"type":594,"attrs":1592,"content":1593},{"textAlign":49},[1594,1596,1603],{"text":1595,"type":599},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025. In April 2026, ",{"text":1597,"type":599,"marks":1598},"EV sales were down",[1599],{"type":604,"attrs":1600},{"href":1601,"uuid":1602,"anchor":49,"target":608,"linktype":609},"/publications/briefings/all-ev-sales/april-2026-major-market-ev-sales","c50df223-e0c3-4243-8410-b01c0a0e1b89",{"text":1604,"type":599}," 33% year-to-date year-on-year – a mirror image of another major Western economy, Germany, which was up 33% over the same period. What is different about the US?",{"type":594,"attrs":1606,"content":1607},{"textAlign":49},[1608],{"text":1609,"type":599},"The 2025 expiration of federal tax credits, such as the 30D clean vehicle and 25E used EV credits, as well as other changes to the structure of the EV market introduced under the One Big Beautiful Bill Act (OBBBA), have resulted in major changes to demand. These changes mean internal combustion engine (ICE) car sales are expected to significantly outpace battery EVs (BEVs) through to 2030 in the US market, while there have already been a number of electrification-related write-offs and profit hits among US OEMs, including Ford with $19.5bn, General Motors with $7.9 billion, and Stellantis with $26bn.",{"type":594,"attrs":1611,"content":1612},{"textAlign":49},[1613],{"text":1614,"type":599},"Battery energy stationary storage (BESS) demand has not been affected in the same way by the OBBBA. The 45X manufacturing credit, introduced under the Biden administration’s Inflation Reduction Act (IRA), continues to support production of BESS cells despite some changes.",{"type":594,"attrs":1616,"content":1617},{"textAlign":49},[1618,1620,1626],{"text":1619,"type":599},"As well as these shifts, there is expected to be a significant increase in energy and energy storage demand from the growth of AI and the commensurate expansion in data centres across the US. According to ",{"text":1621,"type":599,"marks":1622},"Benchmark’s Q2 2026 BESS Forecast",[1623],{"type":604,"attrs":1624},{"href":1625,"uuid":49,"anchor":49,"target":608,"linktype":987},"https://data.benchmarkminerals.com/bess/data-reports",{"text":1627,"type":599},", global data centre BESS demand is expected to increase by over 160% through to 2030, with nearly half of this expected to come from the US as a result of its dominance in the data centre space.",{"type":594,"attrs":1629,"content":1630},{"textAlign":49},[1631],{"text":1632,"type":599},"Upstream, the US faces a similar challenge to many other nations in the West: the dominance of China. Both the Trump administration and the Biden administration preceding it have made policy announcements as they bid to secure access to critical minerals, including lithium, cobalt, rare earths and others.",{"type":594,"attrs":1634,"content":1635},{"textAlign":49},[1636,1640,1647],{"text":1637,"type":599,"marks":1638},"Join government officials, financiers, and industry participants at our premier supply chain conference, ",[1639],{"type":1135},{"text":1641,"type":599,"marks":1642},"Giga US 26",[1643,1646],{"type":604,"attrs":1644},{"href":1645,"uuid":49,"anchor":49,"target":608,"linktype":987},"https://www.benchmarkminerals.com/events/giga-usa",{"type":1135},{"text":1648,"type":599,"marks":1649},", in Washington DC on 9–10th June to get more insights on Trump's policy agenda and the US’ next steps on energy security.",[1650],{"type":1135},{"type":650,"attrs":1652},{"id":1653,"body":1654},"616767c7-219c-4354-b512-2a9bc6422070",[1655],{"id":1656,"_uid":1657,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29059039","i-425f35ea-a769-4828-8082-c2ff19231ca6",{"type":660,"attrs":1659,"content":1660},{"level":662,"textAlign":49},[1661],{"text":1662,"type":599},"Key policies",{"type":650,"attrs":1664},{"id":1665,"body":1666},"52d27f2b-42e7-4527-b5df-693507734ed9",[1667],{"id":1668,"_uid":1669,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29073627","i-90d3cebd-e112-4ff6-a2da-9b4848d66ac4",{"type":660,"attrs":1671,"content":1672},{"level":662,"textAlign":49},[1673],{"text":1674,"type":599},"US in numbers",{"type":650,"attrs":1676},{"id":1677,"body":1678},"4227142a-8d51-4289-a431-11a6771f8202",[1679],{"id":1680,"_uid":1681,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28992264","i-37d2e424-136f-40cb-b736-32ec74109ca6",{"type":650,"attrs":1683},{"id":1677,"body":1684},[1685],{"id":1686,"_uid":1687,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29058740","i-ba3bc790-14a9-44d3-aed3-ad31a878c02d",{"type":650,"attrs":1689},{"id":1665,"body":1690},[1691],{"id":1692,"_uid":1693,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29074500","i-1b05f7d2-36b5-4f77-a9a6-d4cd8cbd9d57",{"type":650,"attrs":1695},{"id":1665,"body":1696},[1697],{"id":1698,"_uid":1699,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28991795","i-ee060959-8747-4033-a3b3-6904d0d41106",{"type":660,"attrs":1701,"content":1702},{"level":662,"textAlign":49},[1703],{"text":1704,"type":599},"In focus: BESS, Ford and NextEra",{"type":594,"attrs":1706,"content":1707},{"textAlign":49},[1708],{"text":1709,"type":599},"On 11 May, the US’ second-largest automaker, Ford, launched its new subsidiary, Ford Energy. Its expansion into energy storage highlights the redirection of several US-based manufacturers’ focus onto BESS.",{"type":594,"attrs":1711,"content":1712},{"textAlign":49},[1713],{"text":1714,"type":599},"Ford Energy’s DC Block BESS cell will be LFP-based and will be used in the planned deployment of 20GWh in capacity annually by the firm, according to Ford CEO Jim Farley. Deliveries are expected to begin in 2027. The firm also announced on 18 May that it had signed a deal to deliver as much as 20GWh in energy storage to French utilities multinational EDF, starting in 2028.",{"type":594,"attrs":1716,"content":1717},{"textAlign":49},[1718],{"text":1719,"type":599},"The shift reflects a broader growth in demand for energy storage in the US, where the AI data centre (AIDC) segment is growing rapidly. Among the most significant players in this space is NextEra Energy Resources (NEER), one of the US’ largest solar and storage developers and integrators.",{"type":650,"attrs":1721},{"id":1665,"body":1722},[1723],{"id":1724,"_uid":1725,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29038954","i-41018da0-5330-46c1-8c14-5e0ae88f0968",{"type":594,"attrs":1727,"content":1728},{"textAlign":49},[1729],{"text":1730,"type":599},"NEER is vertically integrated, in that it develops, owns and operates storage assets while co-locating them with renewable generation and structuring long-term power purchase agreements with end users. This end-to-end capability allows it to deliver fully packaged energy solutions at a larger scale, making it a preferred partner for major US tech companies, including Meta and Google.",{"type":594,"attrs":1732,"content":1733},{"textAlign":49},[1734],{"text":1735,"type":599},"The company has a reported 43GW BESS development pipeline through 2032, with over 10GW currently operational. Recently, NEER agreed a deal to acquire Dominion Energy, a firm supplying electricity to northwestern US states including Virginia, where data centre expansion is particularly rapid.",{"type":594,"attrs":1737,"content":1738},{"textAlign":49},[1739],{"text":1740,"type":599},"The expansion of the AIDC segment is expected to drive a sustained growth in BESS demand, and therefore in an increase in raw materials demand.",{"type":594,"attrs":1742,"content":1743},{"textAlign":49},[1744],{"text":1745,"type":599},"Previous Regional Spotlights:",{"type":1747,"content":1748},"bullet_list",[1749],{"type":1750,"content":1751},"list_item",[1752],{"type":594,"attrs":1753,"content":1754},{"textAlign":49},[1755],{"text":1756,"type":599,"marks":1757},"Supply chain dominance: China Regional Spotlight",[1758],{"type":604,"attrs":1759},{"href":1760,"uuid":1761,"anchor":49,"target":608,"linktype":609},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635","The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025. In April 2026, EV sales were down 33% year-to-date year-on-year – a mirror image of another major Western economy, Germany, which was up 33% over the same period. What is different about the US?",[1764,1767],{"slug":582,"name":583,"content":1765},{"job_title":585,"image":1766,"bio":588,"linkedin":589},{"filename":587},{"slug":1768,"name":1769,"content":1770},"bryan-bille","Bryan Bille",{"job_title":1771,"image":1772,"bio":1774,"linkedin":1775,"markets_covered":1776},"Lead Analyst - Government Policy",{"filename":1773},"https://a.storyblok.com/f/287943243085208/512x512/1491bc3cc9/bryan-bille.jpeg","Bryan has more than 8 years of policy and geopolitical experience covering numerous areas, such as international trade, industrial policy, critical minerals, battery and EV supply chains and the broader energy transition. Bryan currently oversees Benchmark Mineral Intelligence’s policy and geopolitical coverage and leads Benchmark’s strategic outreach to policymakers. Before joining Benchmark, Bryan obtained a degree in corporate law from the University of Antwerp and an international political economy degree from King’s College London. He also held various positions within the Belgian diplomatic corps and politics, where he was involved in multiple policy issues and international negotiations at the EU level. ","https://www.linkedin.com/in/bryanbille/","Critical Mineral, Battery and EV Supply ",[1778,1780,1781,1783,1784,1785,1786,1787,1790,1791,1793],{"slug":1779,"name":261},"anode",{"slug":1272,"name":1273},{"slug":1782,"name":298},"cathode",{"slug":924,"name":925},{"slug":1269,"name":1270},{"slug":705,"name":706},{"slug":544,"name":543},{"slug":1788,"name":1789},"gigafactories","Battery & Gigafactory",{"slug":1537,"name":8},{"slug":1792,"name":189},"natural-graphite",{"slug":922,"name":414},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":712,"meta_data":1795},{},{"id":1797,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1798,"copyright":551,"fieldtype":712,"meta_data":1799,"is_external_url":50},129073473668985,"https://a.storyblok.com/f/287943243085208/5f43c94a9b/bm-us-flag-auto.jpg",{},"The US has taken a different course to many other major economies on the energy transition in general, and electric vehicles (EVs) in particular, since the return of Donald Trump as president in January 2025.","May 26, 2026",{"id":1803,"uuid":837,"name":1804,"slug":1805,"full_slug":1806,"content":1807},178946635897444,"China’s rare earth export controls show little sign of easing after Trump-Xi summit","china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit","article/china-s-rare-earth-export-controls-show-little-sign-of-easing-after-trump-xi-summit",{"_uid":1808,"date":1809,"tags":1810,"editor":1818,"content":1822,"excerpt":1915,"featured":51,"reporter":1916,"component":702,"seo_title":1920,"categories":1921,"visibility":708,"data_vis_image":1925,"featured_image":1929,"seo_description":1933,"formattedDate":1934},"1202cbfd-2b7c-4489-aff6-0ca0c3194fe2","2026-05-21 00:00",[1811,1812,1813,1814,1817],{"slug":731,"name":732},{"slug":575,"name":576},{"slug":953,"name":954},{"slug":1815,"name":1816},"rare-earths-prices","rare earths prices",{"slug":578,"name":579},[1819],{"slug":748,"name":749,"content":1820},{"job_title":751,"image":1821,"bio":754,"linkedin":755},{"filename":753},{"type":591,"content":1823},[1824,1838,1843,1848,1855,1885,1899,1905,1910],{"type":594,"attrs":1825,"content":1826},{"textAlign":49},[1827,1829,1836],{"text":1828,"type":599},"China’s ",{"text":1830,"type":599,"marks":1831},"rare earth export regime",[1832],{"type":604,"attrs":1833},{"href":1834,"uuid":1835,"anchor":49,"target":775,"linktype":609},"/videos/the-impact-of-export-controls-on-the-rare-earths-market","22e1aed6-2594-4f9a-a09f-805bcfe74d9e",{"text":1837,"type":599}," remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.",{"type":594,"attrs":1839,"content":1840},{"textAlign":49},[1841],{"text":1842,"type":599},"A White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",{"type":594,"attrs":1844,"content":1845},{"textAlign":49},[1846],{"text":1847,"type":599},"Physical market conditions point to only modest improvement. Export flows of low-grade magnets have recovered somewhat, particularly into commercial sectors such as automotive and consumer electronics. However, approvals remain inconsistent, with continued delays affecting aerospace, defence, and advanced manufacturing applications where rare earths have strategic importance. Yttrium exports remain constrained. US officials still report the need for case-by-case intervention to secure shipments.",{"type":650,"attrs":1849},{"id":1850,"body":1851},"a829a4d2-9f8e-418a-954d-dba10076b670",[1852],{"id":1853,"_uid":1854,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29073145","i-1409c8c8-68da-47a7-a758-7ccccee00940",{"type":594,"attrs":1856,"content":1857},{"textAlign":49},[1858,1865,1867,1874,1876,1883],{"text":1859,"type":599,"marks":1860},"Pricing signals",[1861],{"type":604,"attrs":1862},{"href":1863,"uuid":1864,"anchor":49,"target":775,"linktype":609},"/article/tight-supply-and-chinese-policy-drive-prices-rare-earths-q1-2026-price-review","f85d8788-f2e7-451e-a4e9-ac8d2eb07c47",{"text":1866,"type":599}," reinforce the persistence of constraints. Benchmark reports, for example, that Yttrium is trading at ~US$1,750/kg in North America compared with ~US$10/kg in China, highlighting severe regional price dislocation. More broadly, ",{"text":1868,"type":599,"marks":1869},"magnet prices",[1870],{"type":604,"attrs":1871},{"href":1872,"uuid":1873,"anchor":49,"target":775,"linktype":609},"/videos/why-benchmark-launched-rare-earth-permanent-magnet-prices","09f7d0a8-710e-49e5-92b2-5404b7f69535",{"text":1875,"type":599}," outside China are significantly higher, with ",{"text":1877,"type":599,"marks":1878},"premiums varying by region",[1879],{"type":604,"attrs":1880},{"href":1881,"uuid":1882,"anchor":49,"target":775,"linktype":609},"/article/benchmark-launches-industry-leading-rare-earth-permanent-magnet-prices","5955e2f6-a2c3-48aa-9bb8-3e1a96183b78",{"text":1884,"type":599},", application, and magnet composition, particularly those containing heavy rare earths.",{"type":594,"attrs":1886,"content":1887},{"textAlign":49},[1888,1890,1897],{"text":1889,"type":599},"In North America and Europe, OEMs are paying roughly twice as much for standard applications such as e-mobility, and up to three times more for defence-related uses. This ",{"text":1891,"type":599,"marks":1892},"divergence is being driven",[1893],{"type":604,"attrs":1894},{"href":1895,"uuid":1896,"anchor":49,"target":775,"linktype":609},"/article/ex-china-rare-earths-premium-to-grow-especially-for-heavies","15dc312f-8254-4eb3-a856-11af57feb532",{"text":1898,"type":599}," less by PrNd and more by small quantities of dysprosium and terbium. Even minimal additions of these heavy rare earths now command a disproportionate premium, forcing manufacturers in high-spec applications, especially defence, to absorb materially higher costs.",{"type":650,"attrs":1900},{"id":1850,"body":1901},[1902],{"id":1903,"_uid":1904,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29075303","i-db2a2e73-8935-4249-9ab1-17904e690c3e",{"type":594,"attrs":1906,"content":1907},{"textAlign":49},[1908],{"text":1909,"type":599},"The underlying market structure remains highly concentrated with China continuing to dominate heavy rare earth refining and magnet production, with ex-China supply remaining limited.",{"type":594,"attrs":1911,"content":1912},{"textAlign":49},[1913],{"text":1914,"type":599},"“In the absence of sustained investment in heavy rare earth processing capacity and magnet manufacturing, supply bottlenecks and price volatility are likely to persist despite incremental diplomatic engagement,” says Benchmark rare earths research manager Neha Mukherjee.","China’s rare earth export regime remains largely unchanged following the 14–15 May 2026 summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.\n\nA White House summary stated that Beijing had agreed to address US concerns over shortages of key rare earths, including yttrium, scandium, and neodymium. This marks a shift from October 2025, when Washington said China had committed to \"effectively eliminate\" export controls on critical minerals. That reference has now been dropped, signalling implicit acceptance that China’s export licensing regime – introduced in April 2025 in response to US tariffs, will remain in place.",[1917],{"slug":911,"name":912,"content":1918},{"job_title":914,"image":1919,"bio":917,"linkedin":918,"markets_covered":414},{"filename":916},"China’s rare earth export controls show little sign of easing",[1922,1923,1924],{"slug":922,"name":414},{"slug":924,"name":925},{"slug":544,"name":543},{"id":1926,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1927,"copyright":551,"fieldtype":712,"meta_data":1928,"is_external_url":50},178950310726154,"https://a.storyblok.com/f/287943243085208/1588x1312/fe54606b0a/us-defence-vs-supply-ree-2x.png",{},{"id":1930,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1931,"copyright":551,"fieldtype":712,"meta_data":1932,"is_external_url":50},178948122909096,"https://a.storyblok.com/f/287943243085208/3000x2000/cdc0ef81ab/trump-xi-jinping.jpg",{},"China’s rare earth export regime remains largely unchanged following the summit between US President Donald Trump and Chinese President Xi Jinping, underlining limited progress on one of the most strategically sensitive elements of bilateral trade.","May 21, 2026",{"id":1936,"uuid":1937,"name":1938,"slug":1939,"full_slug":1940,"content":1941},163775332777514,"3b25b657-92e9-4b2a-9fe0-95c159fc48ef","Clear uptick in March BEV sales reported so far as the Iran war impacts petrol prices","clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices","article/clear-uptick-in-march-bev-sales-reported-so-far-as-the-iran-war-impacts-petrol-prices",{"_uid":1942,"date":1943,"tags":1944,"editor":1950,"content":1954,"excerpt":2178,"featured":51,"reporter":2179,"component":702,"seo_title":2183,"categories":2184,"visibility":1278,"data_vis_image":2188,"featured_image":2192,"seo_description":1960,"formattedDate":2196},"2182a127-b142-4487-847a-436427db2f79","2026-04-08 00:00",[1945,1946,1949],{"slug":1302,"name":1303},{"slug":1947,"name":1948},"ev-sales","EV Sales",{"slug":578,"name":579},[1951],{"slug":748,"name":749,"content":1952},{"job_title":751,"image":1953,"bio":754,"linkedin":755},{"filename":753},{"type":591,"content":1955},[1956,1964,1995,2044,2051,2073,2081,2089,2097,2105,2111,2119,2127,2135,2143,2151,2159,2168],{"type":594,"attrs":1957,"content":1958},{"textAlign":49},[1959],{"text":1960,"type":599,"marks":1961},"Higher petrol prices and the threat of supply disruption have made consumers think twice about buying new internal combustion engine (ICE) vehicles and instead consider buying a battery electric vehicle (BEV).",[1962],{"type":765,"attrs":1963},{"color":767},{"type":594,"attrs":1965,"content":1966},{"textAlign":49},[1967,1972,1979,1984,1991],{"text":1968,"type":599,"marks":1969},"Early data releases covering BEV sales around the world for March 2026 show a clear uptick in interest due to the ",[1970],{"type":765,"attrs":1971},{"color":767},{"text":1973,"type":599,"marks":1974},"ongoing conflict in the Middle East",[1975,1977],{"type":604,"attrs":1976},{"href":1323,"uuid":1324,"anchor":49,"target":775,"linktype":609},{"type":765,"attrs":1978},{"color":767},{"text":1980,"type":599,"marks":1981}," and the closure of the ",[1982],{"type":765,"attrs":1983},{"color":767},{"text":1985,"type":599,"marks":1986},"Strait of Hormuz",[1987,1989],{"type":604,"attrs":1988},{"href":1337,"uuid":1338,"anchor":49,"target":775,"linktype":609},{"type":765,"attrs":1990},{"color":767},{"text":1032,"type":599,"marks":1992},[1993],{"type":765,"attrs":1994},{"color":767},{"type":594,"attrs":1996,"content":1997},{"textAlign":49},[1998,2003,2012,2017,2026,2030,2039],{"text":1999,"type":599,"marks":2000},"Almost every market with released data has so far shown a greater ",[2001],{"type":765,"attrs":2002},{"color":767},{"text":2004,"type":599,"marks":2005},"year-on-year increase",[2006,2010],{"type":604,"attrs":2007},{"href":2008,"uuid":2009,"anchor":49,"target":775,"linktype":609},"/videos/which-regions-have-the-fastest-growing-ev-markets-","be85ddf9-b2d5-41ce-b184-6d0c8c8ee4dc",{"type":765,"attrs":2011},{"color":767},{"text":2013,"type":599,"marks":2014}," after the start of the war in Iran (based on March registrations) than before the war began (based on ",[2015],{"type":765,"attrs":2016},{"color":767},{"text":2018,"type":599,"marks":2019},"January",[2020,2024],{"type":604,"attrs":2021},{"href":2022,"uuid":2023,"anchor":49,"target":775,"linktype":609},"/article/global-ev-sales-reached-1-2-million-units-in-the-opening-month-of-2026","b27e8012-ca1b-4c7c-9200-1f5ccdbc7c24",{"type":765,"attrs":2025},{"color":767},{"text":806,"type":599,"marks":2027},[2028],{"type":765,"attrs":2029},{"color":767},{"text":2031,"type":599,"marks":2032},"February",[2033,2037],{"type":604,"attrs":2034},{"href":2035,"uuid":2036,"anchor":49,"target":775,"linktype":609},"/article/global-ev-sales-reached-1-1-million-units-in-february-2026","c67ac4c5-ec20-418f-8ffb-364460a1918c",{"type":765,"attrs":2038},{"color":767},{"text":2040,"type":599,"marks":2041}," registrations).",[2042],{"type":765,"attrs":2043},{"color":767},{"type":650,"attrs":2045},{"id":2046,"body":2047},"7452d635-6f0d-4448-b106-f3f5827a9e74",[2048],{"id":2049,"_uid":2050,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28426345","i-cbfffc08-6ab8-4ac1-bac3-c4cc2f1b3914",{"type":594,"attrs":2052,"content":2053},{"textAlign":49},[2054,2059,2068],{"text":2055,"type":599,"marks":2056},"Petrol prices previously spiked as a result of Russia’s invasion of Ukraine, though the impact this had on EV sales was more muted. Compared to then, the ",[2057],{"type":765,"attrs":2058},{"color":767},{"text":2060,"type":599,"marks":2061},"EV market is more mature",[2062,2066],{"type":604,"attrs":2063},{"href":2064,"uuid":2065,"anchor":49,"target":775,"linktype":609},"/article/the-ev-market-past-present-and-future","fe291a62-d1e1-42fc-bf34-907bb7976f84",{"type":765,"attrs":2067},{"color":767},{"text":2069,"type":599,"marks":2070}," with broader consumer acceptance creating ideal conditions for BEVs to be a clearer choice.",[2071],{"type":765,"attrs":2072},{"color":767},{"type":660,"attrs":2074,"content":2075},{"level":662,"textAlign":49},[2076],{"text":2077,"type":599,"marks":2078},"How does this trend differ by country?",[2079],{"type":765,"attrs":2080},{"color":767},{"type":594,"attrs":2082,"content":2083},{"textAlign":49},[2084],{"text":2085,"type":599,"marks":2086},"New Zealand’s increase in March BEV registrations has been the standout in terms of year-on-year growth rates, surging by 263% compared to the same month last year. At the end of February, the country saw an increase in sales of 20% for the year, however after March, that growth rate is now more than 100% compared to 2025.",[2087],{"type":765,"attrs":2088},{"color":767},{"type":594,"attrs":2090,"content":2091},{"textAlign":49},[2092],{"text":2093,"type":599,"marks":2094},"Since the start of the war, with petrol prices rising by over 20%, Oceania in general has been among the first to face concern over supplies at the pump if the Strait does not reopen soon with a significant portion of refining capabilities offshored.",[2095],{"type":765,"attrs":2096},{"color":767},{"type":594,"attrs":2098,"content":2099},{"textAlign":49},[2100],{"text":2101,"type":599,"marks":2102},"Australia also saw a significant year-on-year growth rate, with 89% more BEV sales than March 2025. However, this actually represented a lower growth rate than the country had been experiencing so far this year as the first two months of 2025 were already very strong, with 111% growth albeit from a lower base. March 2025 is now a record month for Australian BEV registrations, more than 2,000 higher than the previous record set in June last year.",[2103],{"type":765,"attrs":2104},{"color":767},{"type":650,"attrs":2106},{"id":2046,"body":2107},[2108],{"id":2109,"_uid":2110,"type":609,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3641027","i-a6dba811-7b25-47b5-ac7a-cc48c2f8d509",{"type":594,"attrs":2112,"content":2113},{"textAlign":49},[2114],{"text":2115,"type":599,"marks":2116},"Although the impact on BEV sales in Europe has been more muted, the trend is still present. One stand-out has been Norway, which reversed a severe negative trend caused by changes to purchase tax incentives. It had been down 44% in the first two months, but March ended 51% higher than March 2025. This indicates the concern from consumers is more than enough to override lower incentive structures, even in markets that are very well progressed towards EVs.",[2117],{"type":765,"attrs":2118},{"color":767},{"type":594,"attrs":2120,"content":2121},{"textAlign":49},[2122],{"text":2123,"type":599,"marks":2124},"The UK followed its typical seasonality with a huge increase in sales in March coinciding with the release of new number plates. While sales were up 265% month on month, this was equivalent to 18% growth compared to March 2025, again reversing a negative year-to-date trend of -1% from the end of February.",[2125],{"type":765,"attrs":2126},{"color":767},{"type":594,"attrs":2128,"content":2129},{"textAlign":49},[2130],{"text":2131,"type":599,"marks":2132},"In France, although petrol prices have risen, some suppliers like TotalEnergies have introduced price caps. This spurred widespread ‘panic buying’ leading to reports of supply disruptions at the pump. Sales of BEVs in France jumped 69% YoY, although already off to a strong start thanks to new subsidy schemes, this still far outpaces the 36% growth seen for the January and February compared to the same period last year.",[2133],{"type":765,"attrs":2134},{"color":767},{"type":660,"attrs":2136,"content":2137},{"level":662,"textAlign":49},[2138],{"text":2139,"type":599,"marks":2140},"Is the trend expected for other countries?",[2141],{"type":765,"attrs":2142},{"color":767},{"type":594,"attrs":2144,"content":2145},{"textAlign":49},[2146],{"text":2147,"type":599,"marks":2148},"There are further expectations for significant upticks in much of Asia which has a typically higher reliance on oil from the Gulf, meaning many of these countries have seen more immediate impacts on petrol prices and supply. Many impacted nations currently have burgeoning EV markets which have experienced recent growth via exports from China but remain in early stages.",[2149],{"type":765,"attrs":2150},{"color":767},{"type":594,"attrs":2152,"content":2153},{"textAlign":49},[2154],{"text":2155,"type":599,"marks":2156},"It remains a question of how sustained an increase in EV sales could be, depending on inventory levels but also consumer spending. If the war progresses further and a short-term oil price crisis turns into an elongated supply crisis, inflationary pressures and economic downturn could have equally negative impacts on new vehicle purchases.",[2157],{"type":765,"attrs":2158},{"color":767},{"type":594,"attrs":2160,"content":2161},{"textAlign":49},[2162],{"text":2163,"type":599,"marks":2164},"The analysis in this article draws on Benchmark's EV & Battery Service and insights from our in-house team of experts. To learn more about the Service, please fill out the form below:",[2165,2167],{"type":765,"attrs":2166},{"color":767},{"type":1135},{"type":650,"attrs":2169},{"id":2170,"body":2171},"f69f871b-b882-4f77-a707-48b9505ddf00",[2172],{"id":1252,"_uid":2173,"component":1254,"wrap_in_box":50,"redirect_url":2174,"success_file":2175,"default_height":551,"success_message":551,"v2_hubspot_form":50,"success_sub_text":551,"hidden_field_values":2177,"show_on_intelligence":50},"i-3be55612-9bbf-40f9-b8aa-f8c62b37c384",{"id":551,"url":551,"linktype":609,"fieldtype":1256,"cached_url":551},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":712,"meta_data":2176},{},[],"Higher petrol prices and the threat of supply disruption have made consumers think twice about buying new internal combustion engine (ICE) vehicles and instead consider buying a battery electric vehicle (BEV).\n\nEarly data releases covering battery electric vehicle (BEV) sales around the world for March 2026 show a clear uptick in interest due to the ongoing conflict in the Middle East and the closure of the Strait of Hormuz.\n\nAlmost every market with released data has so far shown a greater year-on-year increase after the start of the war in Iran (based on March registrations) than before the war began (based on January and February registrations).",[2180],{"slug":693,"name":694,"content":2181},{"job_title":696,"image":2182,"bio":699,"linkedin":700,"markets_covered":701},{"filename":698},"Clear uptick in March BEV sales as Iran war impacts petrol prices",[2185,2186,2187],{"slug":1272,"name":1273},{"slug":705,"name":706},{"slug":544,"name":543},{"id":2189,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2190,"copyright":551,"fieldtype":712,"meta_data":2191,"is_external_url":50},163777289068597,"https://a.storyblok.com/f/287943243085208/1590x1520/ad24014911/bev-vs-petrol-2x.png",{},{"id":2193,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2194,"copyright":551,"fieldtype":712,"meta_data":2195,"is_external_url":50},129067548887845,"https://a.storyblok.com/f/287943243085208/a57d06c2f2/bm-evs-in-parking-lot.jpg",{},"Apr 08, 2026",{"id":2198,"uuid":1761,"name":1756,"slug":2199,"full_slug":2200,"content":2201},163720278676758,"regional-spotlight-china","article/regional-spotlight-china",{"_uid":2202,"date":1943,"tags":2203,"editor":2213,"content":2217,"excerpt":2501,"featured":51,"reporter":2502,"component":702,"seo_title":1756,"categories":2509,"visibility":708,"data_vis_image":2531,"featured_image":2535,"seo_description":2539,"formattedDate":2196},"30d39872-4c5a-4ece-9cff-c104527f47f4",[2204,2205,2208,2211,2212],{"slug":731,"name":732},{"slug":2206,"name":2207},"catl","CATL",{"slug":2209,"name":2210},"byd","BYD",{"slug":578,"name":579},{"slug":1583,"name":1584},[2214],{"slug":748,"name":749,"content":2215},{"job_title":751,"image":2216,"bio":754,"linkedin":755},{"filename":753},{"type":591,"content":2218},[2219,2239,2244,2258,2263,2270,2274,2282,2287,2301,2306,2320,2334,2339,2356,2366,2371,2376,2383,2388,2393,2407,2412,2417,2422,2428,2434,2440,2445,2450,2455,2461,2475,2480,2494],{"type":594,"attrs":2220,"content":2221},{"textAlign":49},[2222,2224,2228,2230,2237],{"text":2223,"type":599},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for ",{"text":1061,"type":599,"marks":2225},[2226],{"type":604,"attrs":2227},{"href":2035,"uuid":2036,"anchor":49,"target":608,"linktype":609},{"text":2229,"type":599}," (EVs) or ",{"text":2231,"type":599,"marks":2232},"battery energy stationary storage",[2233],{"type":604,"attrs":2234},{"href":2235,"uuid":2236,"anchor":49,"target":608,"linktype":609},"/article/global-bess-installments-increase-29-y-o-y","97c1dbbb-810f-4732-bbc5-3300ed5257d0",{"text":2238,"type":599}," (BESS). It is the world’s largest single miner of lithium and natural graphite – it is also, in both cases, the largest supplier of refined product – and the largest provider of needle coke and synthetic graphite. In rare earths, it controls over 90% of global refining capacity.",{"type":594,"attrs":2240,"content":2241},{"textAlign":49},[2242],{"text":2243,"type":599},"It is China’s outsized role in these supply chains that makes it so vital to have on-the-ground intelligence from the country. Benchmark’s China-based analysts take part in regular site visits, conferences and research trips to develop the direct insight that informs its services and Benchmark Intelligence.",{"type":594,"attrs":2245,"content":2246},{"textAlign":49},[2247,2249,2256],{"text":2248,"type":599},"In the short term, its largest companies, including most of ",{"text":2250,"type":599,"marks":2251},"the world’s major battery suppliers like CATL and BYD",[2252],{"type":604,"attrs":2253},{"href":2254,"uuid":2255,"anchor":49,"target":608,"linktype":609},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"text":2257,"type":599},", are seeing boosts to their stock as oil and gas price rises driven by geopolitical instability focus minds on energy security.",{"type":594,"attrs":2259,"content":2260},{"textAlign":49},[2261],{"text":2262,"type":599},"In the long term, China’s stranglehold on so many dimensions of the energy transition has sparked efforts by the US, EU and others to diversify production elsewhere. Even where it does not have domestic capacity, as in the case of cobalt mining, Chinese firms often have ownership of significant slices of the supply chain. China has recently exerted its considerable leverage in a range of sectors by imposing export controls, including on rare earths and cathode manufacturing tech, as it did in response to US tariffs in 2025.",{"type":650,"attrs":2264},{"id":2265,"body":2266},"035e99ff-885f-4d32-85f6-0246d48a7400",[2267],{"id":2268,"_uid":2269,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28334681","i-cf264017-8566-448b-ab03-009d0cc6f825",{"type":660,"attrs":2271,"content":2272},{"level":662,"textAlign":49},[2273],{"text":1662,"type":599},{"type":660,"attrs":2275,"content":2277},{"level":2276,"textAlign":49},3,[2278],{"text":2279,"type":599,"marks":2280},"Export controls",[2281],{"type":668},{"type":594,"attrs":2283,"content":2284},{"textAlign":49},[2285],{"text":2286,"type":599},"China’s range of export controls, expanded in 2025 as its latest trade war with the US unfolded, have allowed it to squeeze supply chains of rare earths.",{"type":594,"attrs":2288,"content":2289},{"textAlign":49},[2290,2292,2299],{"text":2291,"type":599},"After the announcement in April 2025 of US President Donald Trump’s ‘reciprocal’ tariff regime, China implemented new export controls on medium and heavy rare earths. Then, in October, it announced an expansion of controls that were ",{"text":2293,"type":599,"marks":2294},"later suspended following discussions with the US",[2295],{"type":604,"attrs":2296},{"href":2297,"uuid":2298,"anchor":49,"target":608,"linktype":609},"/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks","2ae4712d-a83a-477f-a268-79712ec75def",{"text":2300,"type":599},". That suspension is currently set to expire on 10 November 2026.",{"type":594,"attrs":2302,"content":2303},{"textAlign":49},[2304],{"text":2305,"type":599},"A range of rare earths remains on the export controls list. These include scandium, samarium, gadolinium, lutetium, yttrium, dysprosium, and terbium, which have defence applications. While monthly numbers can be volatile, there was a 22.5% fall in year-on-year exports of rare earths to the US in January and February.",{"type":594,"attrs":2307,"content":2308},{"textAlign":49},[2309,2311,2318],{"text":2310,"type":599},"Exports to Japan of dysprosium and terbium oxide, meanwhile, have fallen to zero as China has implemented tougher controls on the export to Japan of ",{"text":2312,"type":599,"marks":2313},"seven rare earths and any products that contain them",[2314],{"type":604,"attrs":2315},{"href":2316,"uuid":2317,"anchor":49,"target":608,"linktype":609},"/article/what-are-the-implications-of-chinas-latest-rare-earth-export-restrictions-on-japan","9ddd3f7e-bf73-4e2a-a28b-7311cc5fcf20",{"text":2319,"type":599},". As noted in Benchmark’s Rare Earth Service, Japan has no domestic production of these rare earths of its own, giving China considerable leverage over its supply.",{"type":594,"attrs":2321,"content":2322},{"textAlign":49},[2323,2325,2332],{"text":2324,"type":599},"It isn’t only raw materials that are affected. In 2025, China also placed ",{"text":2326,"type":599,"marks":2327},"export controls on technology",[2328],{"type":604,"attrs":2329},{"href":2330,"uuid":2331,"anchor":49,"target":608,"linktype":609},"/article/china-implements-export-restrictions-on-cathode-and-lithium-production-technologies","2900e59e-d077-47e8-ae89-dd1ab6bf7b3a",{"text":2333,"type":599}," used in the production of advanced forms of LFP and LMFP cathode, as well as in direct lithium extraction (DLE). Significantly, it was not the export of the cathode itself that was hit with restrictions, but the technology itself – frontier technology used in the development of the most advanced, fourth-generation cathode materials.",{"type":594,"attrs":2335,"content":2336},{"textAlign":49},[2337],{"text":2338,"type":599},"This has been seen as a dual strategy by China’s government both to stimulate exports of cathode, where the economy has overcapacity, and to protect Chinese advanced technology and intellectual property. Self-reliance in advanced tech is among the core priorities of China’s next five-year plan.",{"type":660,"attrs":2340,"content":2341},{"level":2276,"textAlign":49},[2342,2346,2352],{"text":2343,"type":599,"marks":2344},"The 15",[2345],{"type":668},{"text":2347,"type":599,"marks":2348},"th",[2349,2350],{"type":668},{"type":2351},"superscript",{"text":2353,"type":599,"marks":2354}," Five-Year Plan",[2355],{"type":668},{"type":594,"attrs":2357,"content":2358},{"textAlign":49},[2359,2361,2364],{"text":2360,"type":599},"The Chinese government’s 15",{"text":2347,"type":599,"marks":2362},[2363],{"type":2351},{"text":2365,"type":599}," Five-Year Plan was approved by the National People’s Congress during the March 2026 Two Sessions, following the release in September 2025 of the ‘Technology Roadmap for New-Type Energy Storage (2025–2035)’. That document outlined targets that have remained mostly unchanged in the full ‘Outline of the 15th Five-Year Plan’, published following the CCP’s ‘two sessions’ annual meeting.",{"type":594,"attrs":2367,"content":2368},{"textAlign":49},[2369],{"text":2370,"type":599},"The roadmap sets out the country’s planned pace of installation in energy storage, with a total installed new-type energy storage capacity of 180GW targeted by 2027 and 240GW by 2035. This number includes battery energy storage systems (BESS). Under the previous plan, an energy storage installation target of 30GW was far exceeded in practice, with installed capacity for the 2021-25 period passing 150GW.",{"type":594,"attrs":2372,"content":2373},{"textAlign":49},[2374],{"text":2375,"type":599},"Calvin Xu, a BESS analyst at Benchmark, says “the target of 240GW is not too ambitious based on the performance through to 2025, when the actual BESS installation capacity reached five times the original target”.",{"type":660,"attrs":2377,"content":2378},{"level":2276,"textAlign":49},[2379],{"text":2380,"type":599,"marks":2381},"EV policy changes",[2382],{"type":668},{"type":594,"attrs":2384,"content":2385},{"textAlign":49},[2386],{"text":2387,"type":599},"In 2025, the Chinese government announced a range of new measures aimed at driving the electric vehicle (EV) market towards greater efficiency and avoiding a race to the bottom on prices. These ‘anti-involution’ changes include an end to full exemptions from purchase tax for new energy vehicles (NEVs), with the introduction of a new 5% levy.",{"type":594,"attrs":2389,"content":2390},{"textAlign":49},[2391],{"text":2392,"type":599},"While this is still below the 10% levied on internal combustion engine (ICE) vehicles, it remains a significant change – particularly when paired with another recent change to state support for EV consumption, the alteration of China’s EV trade-in subsidy. This no longer guarantees a flat subsidy of RMB 20,000 (US$2,900), but rather a 12% subsidy on the value of a vehicle up to a cap of RMB 20,000.",{"type":594,"attrs":2394,"content":2395},{"textAlign":49},[2396,2398,2405],{"text":2397,"type":599},"In practice, ",{"text":2399,"type":599,"marks":2400},"as recently noted by Benchmark",[2401],{"type":604,"attrs":2402},{"href":2403,"uuid":2404,"anchor":49,"target":608,"linktype":609},"/article/weakened-fiscal-support-impacts-china-s-ev-market","bb986c7d-3f1c-4405-8646-4bfd1affc910",{"text":2406,"type":599},", this means that low- and medium-priced vehicles in China can cost as much as twice what they did before the changes. It remains to be seen whether these measures, which aim to avoid extreme price competition and increase OEMs’ focus on quality, will have implications for EV makers’ export markets.",{"type":594,"attrs":2408,"content":2409},{"textAlign":49},[2410],{"text":2411,"type":599},"Within China, the full package of changes means we expect growth of 8.7% across all vehicle classes in 2026. Beyond it, a number of Chinese automakers have set explicit 2026 overseas sales targets, and exports are expected to be a key point of competition in the sector this year, though an increasing number are establishing ex-China production sites.",{"type":660,"attrs":2413,"content":2414},{"level":662,"textAlign":49},[2415],{"text":2416,"type":599},"China in numbers",{"type":594,"attrs":2418,"content":2419},{"textAlign":49},[2420],{"text":2421,"type":599},"China’s upstream dominance rests on refining capacity, where it dominates across the lithium, cobalt, nickel, rare earths and graphite supply chains. While its share is expected to decline in most of these cases by 2035, the country is expected to maintain its leading position in each.",{"type":650,"attrs":2423},{"id":2265,"body":2424},[2425],{"id":2426,"_uid":2427,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28403015","i-d52798d1-c6fe-4608-8a81-f3519fcb5ec1",{"type":650,"attrs":2429},{"id":2265,"body":2430},[2431],{"id":2432,"_uid":2433,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28193340","i-49d41db1-d9eb-4a95-9554-bcb0f5221da4",{"type":650,"attrs":2435},{"id":2265,"body":2436},[2437],{"id":2438,"_uid":2439,"type":609,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3640495","i-5e07ea72-e7ba-4321-ae8b-f9fcc9191052",{"type":660,"attrs":2441,"content":2442},{"level":662,"textAlign":49},[2443],{"text":2444,"type":599},"In focus: CATL",{"type":594,"attrs":2446,"content":2447},{"textAlign":49},[2448],{"text":2449,"type":599},"Shares in China’s largest battery maker, CATL, hit a new high in March, closing at RMB 413 on the Shenzhen Stock Exchange on 20 March as the war in Iran drove strong expectations of an increase in battery demand. This builds on a strong share price performance that has followed impressive revenue figures for 2025.",{"type":594,"attrs":2451,"content":2452},{"textAlign":49},[2453],{"text":2454,"type":599},"The company, which was founded in 2011, has established itself as the world’s largest EV and energy storage battery supplier in the world in just 15 years. It had 39.2% market share in 2025, and supplied more EV and BESS cells than any other company. Of all BESS cells supplied globally last year, one in five came from the company’s plant in the county of Liyang in the Jiangsu province of China. Of all EV cells, 35% were produced by the company.",{"type":650,"attrs":2456},{"id":2265,"body":2457},[2458],{"id":2459,"_uid":2460,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28351772","i-93a942ae-4a9d-406b-a281-971532adfe42",{"type":594,"attrs":2462,"content":2463},{"textAlign":49},[2464,2466,2473],{"text":2465,"type":599},"In the middle of 2025, ",{"text":2467,"type":599,"marks":2468},"we asked whether CATL revenue growth would return",[2469],{"type":604,"attrs":2470},{"href":2471,"uuid":2472,"anchor":49,"target":608,"linktype":609},"/article/charting-the-evolution-of-catls-revenue-streams","62db0e85-b8ad-4ea7-80c5-d285c4b019c0",{"text":2474,"type":599}," after it had stalled in 2024. Revenue dropped in that year as the company adjusted prices to reflect lower prices of raw materials, though sales continued their growth. We noted that CATL’s increased vertical integration was helping it to improve product margins and, in the event, revenue surged 17% in 2025 to RMB 423.7bn, driving a boost to the company’s profits of 42% as they swelled to RMB 72.2bn.",{"type":594,"attrs":2476,"content":2477},{"textAlign":49},[2478],{"text":2479,"type":599},"A considerable part of that increased revenue came from the company’s expansion of its energy storage business, which grew from RMB 57.3bn to RMB 62.4bn last year. While it represented a smaller proportion of the company’s revenue, this was only because of the pace of expansion of its EV cell business.",{"type":594,"attrs":2481,"content":2482},{"textAlign":49},[2483,2487],{"text":2484,"type":599,"marks":2485},"Benchmark’s China Briefing provides a monthly bulletin on changes in the country from across the battery supply chain, as well as downstream. ",[2486],{"type":1135},{"text":2488,"type":599,"marks":2489},"This mine-to-grid update can be accessed here.",[2490,2493],{"type":604,"attrs":2491},{"href":2492,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://intelligence.benchmarkminerals.com/publications/briefings",{"type":1135},{"type":594,"attrs":2495,"content":2496},{"textAlign":49},[2497],{"text":2498,"type":599,"marks":2499},"Benchmark will also be in Shanghai, China for this year’s edition of Benchmark Week, with more details to follow soon.",[2500],{"type":1135},"It is difficult to overstate China’s role in the battery supply chain. It is the world’s largest producer of batteries, whether for electric vehicles (EVs) or battery energy stationary storage (BESS). It is the world’s largest single miner of lithium and natural graphite – it is also, in both cases, the largest supplier of refined product – and the largest provider of needle coke and synthetic graphite. 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It is the world’s largest producer of batteries, whether for electric vehicles (EVs) or battery energy stationary storage 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The interview explores NOAA’s role, legal frameworks, commercial timelines and how policy could shape seabed critical minerals development in the US.",{"id":3313,"uuid":3314,"name":3315,"slug":3316,"full_slug":3317,"content":3318},186731811362516,"64973b0d-0822-4864-abbb-c7bc6cf3affd"," Critical minerals in Defense Tech: The Hidden Backbone of Military Power","critical-minerals-in-defense-tech-the-hidden-backbone-of-military-power","videos/critical-minerals-in-defense-tech-the-hidden-backbone-of-military-power",{"_uid":3319,"date":3320,"tags":3321,"event":950,"speaker":3335,"vimeoId":3336,"duration":3337,"featured":50,"component":3258,"seo_title":3338,"thumbnail":3339,"categories":3343,"visibility":708,"description":3348,"previewVimeoId":551,"seo_description":3348,"formattedDate":3349},"e6da9709-925e-4689-b19c-fb07e42f7b15","2026-06-12 00:00",[3322,3323,3326,3329,3332],{"slug":741,"name":742},{"slug":3324,"name":3325},"lockheed-martin","Lockheed Martin",{"slug":3327,"name":3328},"department-of-defense","Department of Defense",{"slug":3330,"name":3331},"forge-nano","Forge Nano",{"slug":3333,"name":3334},"niocorp","NioCorp","Stacy Newstead, Materials Strategy & Risk Manager, Lockheed Martin; Eric Shields, Senior Battery Advisor, OUSD Industrial Policy; James Trevey, CTO, Forge Nano; Mark Smith, Chairman & CEO, NioCorp; Daniel Fletcher-Manuel, Director - Indexing & Derivatives, Benchmark Mineral Intelligence","1200154188","2420"," Critical minerals in Defense Tech",{"id":3340,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":3341,"copyright":551,"fieldtype":712,"meta_data":3342,"is_external_url":50},186732171834520,"https://a.storyblok.com/f/287943243085208/4200x2801/3b9d9a351f/008a5286.jpg",{},[3344,3345,3346,3347],{"slug":1272,"name":1273},{"slug":924,"name":925},{"slug":927,"name":928},{"slug":544,"name":543},"Assessing the US critical minerals stockpile and its role in stabilizing volatile Western prices, & the role of the government in price exchanges","Jun 12, 2026",[3351,3648,3967,4127,4248,5049,5077,5109],{"id":3352,"uuid":3353,"name":3354,"slug":3355,"full_slug":3356,"content":3357},138553074892234,"a080d30b-30a1-4fe5-95a3-34abfe4ff26a","Battery Snapshot: Q4 2025","battery-snapshot-q4-2025","publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"_uid":3358,"date":3359,"live":50,"content":3360,"excerpt":3636,"component":3637,"categories":3638,"visibility":708,"publication_frequency":3646,"formattedDate":3647},"97c38a44-58df-4a44-ad75-e29feced16fd","2026-01-26 00:00",{"type":591,"content":3361},[3362,3380,3382,3387,3394,3497,3498,3503,3509,3588,3594,3595,3600,3630],{"type":594,"attrs":3363,"content":3364},{"textAlign":49},[3365,3367,3371,3373,3379],{"text":3366,"type":599},"Welcome to your ",{"text":3368,"type":599,"marks":3369},"Quarterly Battery Snapshot",[3370],{"type":668},{"text":3372,"type":599},", 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":3374,"type":599,"marks":3375},"Benchmark’s Q4 2025 forecasts",[3376],{"type":604,"attrs":3377},{"href":3378,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://www.benchmarkminerals.com/supply-chain-data",{"text":1032,"type":599},{"type":3381},"horizontal_rule",{"type":660,"attrs":3383,"content":3384},{"level":662,"textAlign":49},[3385],{"text":3386,"type":599},"Demand trends",{"type":650,"attrs":3388},{"id":3389,"body":3390},"6ec89532-b609-4849-8592-a3f874d57bad",[3391],{"id":3392,"_uid":3393,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317250","i-a1924b99-7ac8-41f3-9d8c-3b59ea2883e6",{"type":1747,"content":3395},[3396,3411,3434,3457,3464,3483,3490],{"type":1750,"content":3397},[3398],{"type":594,"attrs":3399,"content":3400},{"textAlign":49},[3401,3403,3409],{"text":3402,"type":599},"Benchmark increased its 2025 forecast for cell demand by 9% compared to its Q3 2025 forecast, due to changes in demand adjustment factors. ",{"text":3404,"type":599,"marks":3405},"2025 battery demand",[3406],{"type":604,"attrs":3407},{"href":3408,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la",{"text":3410,"type":599}," is forecast to have increased 27.8% compared to 2024 (as of the Q4 2025 forecast).",{"type":1750,"content":3412},[3413],{"type":594,"attrs":3414,"content":3415},{"textAlign":49},[3416,3418,3424,3426,3432],{"text":3417,"type":599},"Over 300 GWh of new ",{"text":3419,"type":599,"marks":3420},"BESS capacity",[3421],{"type":604,"attrs":3422},{"href":3423,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":3425,"type":599}," is forecast to have been deployed in 2025, ",{"text":3427,"type":599,"marks":3428},"up 44% from 211 GWh",[3429],{"type":604,"attrs":3430},{"href":3431,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"text":3433,"type":599}," of new capacity deployed in 2024. New capacity installations are forecast to increase a further 51% in 2026.",{"type":1750,"content":3435},[3436],{"type":594,"attrs":3437,"content":3438},{"textAlign":49},[3439,3441,3447,3449,3455],{"text":3440,"type":599},"Although the ",{"text":3442,"type":599,"marks":3443},"BESS market",[3444],{"type":604,"attrs":3445},{"href":3446,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":3448,"type":599}," is rapidly growing, ",{"text":3450,"type":599,"marks":3451},"EVs still represent",[3452],{"type":604,"attrs":3453},{"href":3454,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"text":3456,"type":599}," the largest share of the battery market (76% in 2025).",{"type":1750,"content":3458},[3459],{"type":594,"attrs":3460,"content":3461},{"textAlign":49},[3462],{"text":3463,"type":599},"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":1750,"content":3465},[3466],{"type":594,"attrs":3467,"content":3468},{"textAlign":49},[3469,3473,3480],{"text":3470,"type":599,"marks":3471},"Download Benchmark’s special issue reviewing the ",[3472],{"type":1135},{"text":3474,"type":599,"marks":3475},"first year of Trump 2.0",[3476,3479],{"type":604,"attrs":3477},{"href":3478,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/publications/special-issues/1351985",{"type":1135},{"text":1032,"type":599,"marks":3481},[3482],{"type":1135},{"type":1750,"content":3484},[3485],{"type":594,"attrs":3486,"content":3487},{"textAlign":49},[3488],{"text":3489,"type":599},"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":1750,"content":3491},[3492],{"type":594,"attrs":3493,"content":3494},{"textAlign":49},[3495],{"text":3496,"type":599},"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":3381},{"type":660,"attrs":3499,"content":3500},{"level":662,"textAlign":49},[3501],{"text":3502,"type":599},"Supply trends",{"type":650,"attrs":3504},{"id":3389,"body":3505},[3506],{"id":3507,"_uid":3508,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317244","i-365d2889-e8ec-42a9-b0a1-99eb356da367",{"type":1747,"content":3510},[3511,3525,3532,3547,3574,3581],{"type":1750,"content":3512},[3513],{"type":594,"attrs":3514,"content":3515},{"textAlign":49},[3516,3518,3524],{"text":3517,"type":599},"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":3519,"type":599,"marks":3520},"LFP cell pipeline",[3521],{"type":604,"attrs":3522},{"href":3523,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market",{"text":1032,"type":599},{"type":1750,"content":3526},[3527],{"type":594,"attrs":3528,"content":3529},{"textAlign":49},[3530],{"text":3531,"type":599},"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":1750,"content":3533},[3534],{"type":594,"attrs":3535,"content":3536},{"textAlign":49},[3537,3539,3545],{"text":3538,"type":599},"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":3540,"type":599,"marks":3541},"Inobat’s Tier 3 facility in Spain",[3542],{"type":604,"attrs":3543},{"href":3544,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/inobats-planned-spanish-gigafactory-gains-state-support",{"text":3546,"type":599},", with a capacity of 32 GWh due online in 2027.",{"type":1750,"content":3548},[3549],{"type":594,"attrs":3550,"content":3551},{"textAlign":49},[3552,3557,3559,3565,3567,3573],{"text":2207,"type":599,"marks":3553},[3554],{"type":604,"attrs":3555},{"href":3556,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth",{"text":3558,"type":599}," 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":3560,"type":599,"marks":3561},"China’s export controls",[3562],{"type":604,"attrs":3563},{"href":3564,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"text":3566,"type":599},", though these have now been suspended until ",{"text":3568,"type":599,"marks":3569},"10 November 2026",[3570],{"type":604,"attrs":3571},{"href":3572,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://source.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":1032,"type":599},{"type":1750,"content":3575},[3576],{"type":594,"attrs":3577,"content":3578},{"textAlign":49},[3579],{"text":3580,"type":599},"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":1750,"content":3582},[3583],{"type":594,"attrs":3584,"content":3585},{"textAlign":49},[3586],{"text":3587,"type":599},"The top 15 companies are forecast to represent 84%, 56%, and 79% of the cell, cathode, and anode markets in 2025, respectively.",{"type":650,"attrs":3589},{"id":3389,"body":3590},[3591],{"id":3592,"_uid":3593,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317249","i-e5b799bc-2ba4-4cc5-8eb4-36c6684b168b",{"type":3381},{"type":660,"attrs":3596,"content":3597},{"level":662,"textAlign":49},[3598],{"text":3599,"type":599},"Market balances",{"type":1747,"content":3601},[3602,3609,3616,3623],{"type":1750,"content":3603},[3604],{"type":594,"attrs":3605,"content":3606},{"textAlign":49},[3607],{"text":3608,"type":599},"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":1750,"content":3610},[3611],{"type":594,"attrs":3612,"content":3613},{"textAlign":49},[3614],{"text":3615,"type":599},"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":1750,"content":3617},[3618],{"type":594,"attrs":3619,"content":3620},{"textAlign":49},[3621],{"text":3622,"type":599},"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":1750,"content":3624},[3625],{"type":594,"attrs":3626,"content":3627},{"textAlign":49},[3628],{"text":3629,"type":599},"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":650,"attrs":3631},{"id":3389,"body":3632},[3633],{"id":3634,"_uid":3635,"type":657,"component":658,"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",[3639,3640,3641,3642,3643],{"slug":1779,"name":261},{"slug":1272,"name":1273},{"slug":1782,"name":298},{"slug":1537,"name":8},{"slug":3644,"name":3645},"silicon-anode","Silicon Anode","quarterly","Jan 26, 2026",{"id":3649,"uuid":3650,"name":3651,"slug":3652,"full_slug":3653,"content":3654},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":3655,"date":3656,"content":3657,"excerpt":3953,"component":3637,"categories":3954,"visibility":708,"publication_frequency":3646,"formattedDate":3966},"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f","2026-05-01 00:00",{"type":591,"content":3658},[3659,3670,3675,3682,3690,3708,3735,3744,3753,3767,3772,3777,3795,3802,3809,3814,3832,3850,3883,3901,3918,3932,3939,3946],{"type":594,"attrs":3660,"content":3661},{"textAlign":49},[3662,3664,3668],{"text":3663,"type":599},"Welcome to the ",{"text":3665,"type":599,"marks":3666},"Benchmark Battery Minerals Snapshot",[3667],{"type":668},{"text":3669,"type":599},". 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":660,"attrs":3671,"content":3672},{"level":662,"textAlign":49},[3673],{"text":3674,"type":599},"Highlights",{"type":650,"attrs":3676},{"id":3677,"body":3678},"8dee7372-d0ea-4720-9313-704603fc336c",[3679],{"id":3680,"_uid":3681,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233015","i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6",{"type":594,"attrs":3683,"content":3684},{"textAlign":49},[3685,3688],{"text":8,"type":599,"marks":3686},[3687],{"type":668},{"text":3689,"type":599},": 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":594,"attrs":3691,"content":3692},{"textAlign":49},[3693,3697,3699,3706],{"text":3694,"type":599,"marks":3695},"Cobalt:",[3696],{"type":668},{"text":3698,"type":599}," The cobalt market is forecast to post a surplus of +61kt in 2025, as supply growth outpaces demand. However the DRC's ",{"text":3700,"type":599,"marks":3701},"cobalt export quotas",[3702],{"type":604,"attrs":3703},{"href":3704,"uuid":3705,"anchor":49,"target":775,"linktype":609},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"text":3707,"type":599}," 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":594,"attrs":3709,"content":3710},{"textAlign":49},[3711,3715,3717,3724,3726,3733],{"text":3712,"type":599,"marks":3713},"Nickel: ",[3714],{"type":668},{"text":3716,"type":599},"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":3718,"type":599,"marks":3719},"nickel smelter permits",[3720],{"type":604,"attrs":3721},{"href":3722,"uuid":3723,"anchor":49,"target":775,"linktype":609},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"text":3725,"type":599}," and is using ",{"text":3727,"type":599,"marks":3728},"RKAB quotas",[3729],{"type":604,"attrs":3730},{"href":3731,"uuid":3732,"anchor":49,"target":775,"linktype":609},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"text":3734,"type":599}," to control output. The market surplus is anticipated to continue into the early 2030s without further intervention.",{"type":594,"attrs":3736,"content":3737},{"textAlign":49},[3738,3742],{"text":3739,"type":599,"marks":3740},"Natural graphite: ",[3741],{"type":668},{"text":3743,"type":599},"Although the overall flake graphite market is in a surplus, the -100 mesh size suited for battery anode applications is in a deficit.",{"type":594,"attrs":3745,"content":3746},{"textAlign":49},[3747,3751],{"text":3748,"type":599,"marks":3749},"Synthetic graphite:",[3750],{"type":668},{"text":3752,"type":599}," 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":594,"attrs":3754,"content":3755},{"textAlign":49},[3756,3760],{"text":3757,"type":599,"marks":3758},"For a price-focused outlook for 2026, read Benchmark's ",[3759],{"type":1135},{"text":3761,"type":599,"marks":3762},"2026 Outlook Whitepaper: A Turning Point for Critical Materials?",[3763,3766],{"type":604,"attrs":3764},{"href":3765,"uuid":49,"anchor":49,"target":775,"linktype":987},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":1135},{"type":660,"attrs":3768,"content":3769},{"level":662,"textAlign":49},[3770],{"text":3771,"type":599},"Demand Overview",{"type":594,"attrs":3773,"content":3774},{"textAlign":49},[3775],{"text":3776,"type":599},"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":594,"attrs":3778,"content":3779},{"textAlign":49},[3780,3784,3791],{"text":3781,"type":599,"marks":3782},"Read the ",[3783],{"type":1135},{"text":3785,"type":599,"marks":3786},"Battery Snapshot Briefing",[3787,3790],{"type":604,"attrs":3788},{"href":3789,"uuid":3353,"anchor":49,"target":775,"linktype":609},"/publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"type":1135},{"text":3792,"type":599,"marks":3793}," for a more detailed  overview of battery, cathode, and anode trends over the last quarter.",[3794],{"type":1135},{"type":650,"attrs":3796},{"id":3797,"body":3798},"ae7dd51c-f548-42c9-bf58-118a09756323",[3799],{"id":3800,"_uid":3801,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233026","i-173e450f-4256-445c-bea3-1120e346a647",{"type":650,"attrs":3803},{"id":3804,"body":3805},"f9a9d512-0e1a-40f8-840d-0e01a4cd84b2",[3806],{"id":3807,"_uid":3808,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233024","i-8703e94d-0ef9-4984-8738-dc9c94411524",{"type":660,"attrs":3810,"content":3811},{"level":662,"textAlign":49},[3812],{"text":3813,"type":599},"Supply Overview",{"type":594,"attrs":3815,"content":3816},{"textAlign":49},[3817,3821,3823,3830],{"text":3818,"type":599,"marks":3819},"Lithium: ",[3820],{"type":668},{"text":3822,"type":599},"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":3824,"type":599,"marks":3825},"Africa",[3826],{"type":604,"attrs":3827},{"href":3828,"uuid":3829,"anchor":49,"target":775,"linktype":609},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":3831,"type":599}," 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":594,"attrs":3833,"content":3834},{"textAlign":49},[3835,3839,3841,3848],{"text":3836,"type":599,"marks":3837},"Cobalt: ",[3838],{"type":668},{"text":3840,"type":599},"Mined cobalt output in the DRC is forecast to fall significantly in 2026 due to the ",{"text":3842,"type":599,"marks":3843},"export quotas",[3844],{"type":604,"attrs":3845},{"href":3846,"uuid":3847,"anchor":49,"target":775,"linktype":609},"/videos/beyond-the-ban-unpacking-the-drcs-cobalt-export-suspension-decision","071fbb42-04e6-4a3f-aa90-61e2b1422e2f",{"text":3849,"type":599}," 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":594,"attrs":3851,"content":3852},{"textAlign":49},[3853,3857,3859,3866,3868,3872,3879],{"text":3854,"type":599,"marks":3855},"Nickel:",[3856],{"type":668},{"text":3858,"type":599}," 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":3860,"type":599,"marks":3861},"MHP",[3862],{"type":604,"attrs":3863},{"href":3864,"uuid":3865,"anchor":49,"target":775,"linktype":609},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"text":3867,"type":599}," is the primary growth product, supported by an increase in HPAL operations. ",{"text":3869,"type":599,"marks":3870},"Read Benchmark's Special Issue \"",[3871],{"type":1135},{"text":3873,"type":599,"marks":3874},"Nickel Margins Shrink as Indonesia Sets the Cost Floor",[3875,3878],{"type":604,"attrs":3876},{"href":3877,"uuid":49,"anchor":49,"target":775,"linktype":987},"https://intelligence.benchmarkminerals.com/publications/special-issues/nickel-margins-shrink-as-indonesia-sets-the-cost-floor",{"type":1135},{"text":3880,"type":599,"marks":3881},"\".",[3882],{"type":1135},{"type":594,"attrs":3884,"content":3885},{"textAlign":49},[3886,3890,3892,3899],{"text":3887,"type":599,"marks":3888},"Natural Graphite:",[3889],{"type":668},{"text":3891,"type":599}," Flake graphite supply is forecast to grow by around 2.6% in 2025, bolstered by ",{"text":3893,"type":599,"marks":3894},"strong growth in Africa",[3895],{"type":604,"attrs":3896},{"href":3897,"uuid":3898,"anchor":49,"target":775,"linktype":609},"/article/site-visit-permanent-minerals-highlights-africas-growing-flake-graphite-role","fd8d9fa2-3a92-4168-973e-760f72a44ef2",{"text":3900,"type":599}," 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":594,"attrs":3902,"content":3903},{"textAlign":49},[3904,3907,3909,3916],{"text":3748,"type":599,"marks":3905},[3906],{"type":668},{"text":3908,"type":599}," Supply of ",{"text":3910,"type":599,"marks":3911},"synthetic graphite anode material",[3912],{"type":604,"attrs":3913},{"href":3914,"uuid":3915,"anchor":49,"target":775,"linktype":609},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"text":3917,"type":599}," 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":594,"attrs":3919,"content":3920},{"textAlign":49},[3921,3925],{"text":3922,"type":599,"marks":3923},"For an overview of the key developments across the full mine-to-grid supply chain in 2025, read Benchmark's ",[3924],{"type":1135},{"text":3926,"type":599,"marks":3927},"Mine to Grid: 2025 Year in Review.",[3928,3931],{"type":604,"attrs":3929},{"href":3930,"uuid":49,"anchor":49,"target":775,"linktype":987},"https://intelligence.benchmarkminerals.com/publications/special-issues/mine-to-grid-2025-year-in-review",{"type":1135},{"type":650,"attrs":3933},{"id":3934,"body":3935},"460e993a-79c9-4fa1-ace6-d6c4e2fac716",[3936],{"id":3937,"_uid":3938,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233023","i-19fa6e70-a0c6-41d0-a02e-6f17dd018654",{"type":650,"attrs":3940},{"id":3941,"body":3942},"a89ed7b4-b92e-4cae-9bbb-21d7c045e141",[3943],{"id":3944,"_uid":3945,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233018","i-e8fce755-4b63-421a-bb30-0828d738850b",{"type":650,"attrs":3947},{"id":3948,"body":3949},"fdcacd79-f9f2-40ba-a018-cc8f18097df7",[3950],{"id":3951,"_uid":3952,"type":657,"component":658,"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.",[3955,3956,3957,3958,3959,3960,3961,3962,3963,3964,3965],{"slug":1779,"name":261},{"slug":1782,"name":298},{"slug":1542,"name":115},{"slug":924,"name":925},{"slug":1537,"name":8},{"slug":3306,"name":3307},{"slug":1792,"name":189},{"slug":1544,"name":150},{"slug":1546,"name":1547},{"slug":2522,"name":2523},{"slug":2529,"name":2530},"May 01, 2026",{"id":3968,"uuid":3969,"name":3970,"slug":3971,"full_slug":3972,"content":3973},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":3974,"date":3975,"content":3976,"excerpt":4109,"component":3637,"categories":4110,"visibility":708,"publication_frequency":188,"formattedDate":4126},"6b354c5d-0332-4e3a-b369-7b6ef9dc814e","2026-06-08 00:00",{"type":591,"content":3977},[3978,3988,4000,4011,4016,4025,4039,4053,4060,4073,4079,4087,4093,4100],{"type":594,"attrs":3979,"content":3980},{"textAlign":49},[3981,3982,3986],{"text":3663,"type":599},{"text":3983,"type":599,"marks":3984},"Benchmark China Briefing",[3985],{"type":668},{"text":3987,"type":599},". This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China.",{"type":594,"attrs":3989,"content":3990},{"textAlign":49},[3991,3993,3999],{"text":3992,"type":599},"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":3994,"type":599,"marks":3995},"here",[3996],{"type":604,"attrs":3997},{"href":3998,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://www.benchmarkminerals.com/forecasts",{"text":1032,"type":599},{"type":594,"attrs":4001,"content":4002},{"textAlign":49},[4003,4005,4009],{"text":4004,"type":599},"You can also read our recent ",{"text":1584,"type":599,"marks":4006},[4007],{"type":604,"attrs":4008},{"href":1760,"uuid":1761,"anchor":49,"target":608,"linktype":609},{"text":4010,"type":599},", featuring visualisations of China's mine-to-grid supply chain and an overview of the country's recent policy changes.",{"type":660,"attrs":4012,"content":4013},{"level":662,"textAlign":49},[4014],{"text":4015,"type":599},"Battery & EV Roundup",{"type":594,"attrs":4017,"content":4018},{"textAlign":49},[4019],{"text":4020,"type":599,"marks":4021},"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. ",[4022],{"type":765,"attrs":4023},{"color":4024},"black",{"type":594,"attrs":4026,"content":4027},{"textAlign":49},[4028,4030,4037],{"text":4029,"type":599},"China’s overall EV market is ",{"text":4031,"type":599,"marks":4032},"down 17% year-to-date",[4033],{"type":604,"attrs":4034},{"href":4035,"uuid":4036,"anchor":49,"target":608,"linktype":609},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"text":4038,"type":599},". 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":594,"attrs":4040,"content":4041},{"textAlign":49},[4042,4044,4051],{"text":4043,"type":599},"As domestic growth slows, ",{"text":4045,"type":599,"marks":4046},"EV exports from China have surged",[4047],{"type":604,"attrs":4048},{"href":4049,"uuid":4050,"anchor":49,"target":608,"linktype":609},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"text":4052,"type":599},". 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":650,"attrs":4054},{"id":4055,"body":4056},"858cf747-2f46-4c0c-96f1-a65479ccf034",[4057],{"id":4058,"_uid":4059,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29262678","i-cd5547f5-c322-492c-abca-b515cafc2244",{"type":594,"attrs":4061,"content":4062},{"textAlign":49},[4063,4065,4072],{"text":4064,"type":599},"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":4066,"type":599,"marks":4067},"particularly in Europe",[4068],{"type":604,"attrs":4069},{"href":4070,"uuid":4071,"anchor":49,"target":608,"linktype":609},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"text":1032,"type":599},{"type":650,"attrs":4074},{"id":4055,"body":4075},[4076],{"id":4077,"_uid":4078,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29262688","i-54311456-d308-4b6d-a7f6-3e435118c223",{"type":594,"attrs":4080,"content":4081},{"textAlign":49},[4082],{"text":4083,"type":599,"marks":4084},"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.",[4085],{"type":765,"attrs":4086},{"color":767},{"type":650,"attrs":4088},{"id":4055,"body":4089},[4090],{"id":4091,"_uid":4092,"type":609,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700913","i-42c2b7c2-8369-45c8-823b-1096e5c20cfe",{"type":660,"attrs":4094,"content":4095},{"level":662,"textAlign":49},[4096],{"text":4097,"type":599,"marks":4098},"China: EV battery supply chain trade dynamics",[4099],{"type":668},{"type":650,"attrs":4101},{"id":4055,"body":4102},[4103,4106],{"id":4104,"_uid":4105,"type":609,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700916","i-097462f6-6c56-4fb7-bdd8-cbc4f8cf7886",{"id":4107,"_uid":4108,"type":609,"component":658,"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.",[4111,4112,4113,4114,4115,4116,4117,4118,4119,4120,4121,4122,4125],{"slug":1272,"name":1273},{"slug":705,"name":706},{"slug":1269,"name":1270},{"slug":924,"name":925},{"slug":1542,"name":115},{"slug":1782,"name":298},{"slug":1537,"name":8},{"slug":2522,"name":2523},{"slug":1792,"name":189},{"slug":3306,"name":3307},{"slug":1544,"name":150},{"slug":4123,"name":4124},"new-energy","New Energy",{"slug":2529,"name":2530},"Jun 08, 2026",{"id":4128,"uuid":4129,"name":4130,"slug":4131,"full_slug":4132,"content":4133},188502293903791,"6b32afd6-809c-4c2f-a538-4683c895cc79","Energy Indicators Monthly - June 2026","energy-indicators-monthly-june-2026","publications/briefings/energy-indicators/energy-indicators-monthly-june-2026",{"_uid":4134,"date":4135,"content":4136,"excerpt":4240,"component":3637,"categories":4241,"visibility":708,"publication_frequency":188,"formattedDate":4247},"07ea97dd-f122-428e-8b9b-3b3daf5c3aeb","2026-06-17 00:00",{"type":591,"content":4137},[4138,4143,4147,4159,4172,4182,4187,4225],{"type":594,"attrs":4139,"content":4140},{"textAlign":49},[4141],{"text":4142,"type":599},"This report offers energy indicators for major global economies, designed to enhance understanding of the energy transition and to complement Benchmark’s data.",{"type":660,"attrs":4144,"content":4145},{"level":662,"textAlign":49},[4146],{"text":3674,"type":599},{"type":594,"attrs":4148,"content":4149},{"textAlign":49},[4150,4152,4157],{"text":4151,"type":599},"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":4153,"type":599,"marks":4154},"the Strait of Hormuz",[4155],{"type":604,"attrs":4156},{"href":999,"uuid":1000,"anchor":49,"target":608,"linktype":609},{"text":4158,"type":599}," 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":594,"attrs":4160,"content":4161},{"textAlign":49},[4162,4164,4170],{"text":4163,"type":599},"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":4165,"type":599,"marks":4166},"the Iran war",[4167],{"type":604,"attrs":4168},{"href":4169,"uuid":49,"anchor":49,"target":608,"linktype":987},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":4171,"type":599},".     ",{"type":650,"attrs":4173},{"id":4174,"body":4175},"d200c24a-eb31-4c5f-8e42-e875db73a1e2",[4176,4179],{"id":4177,"_uid":4178,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382294","i-1f861b0d-cc1f-4815-be16-7d8b9148c98c",{"id":4180,"_uid":4181,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382313","i-0523a15c-5ce6-4dc6-8d21-efe4494357e0",{"type":660,"attrs":4183,"content":4184},{"level":662,"textAlign":49},[4185],{"text":4186,"type":599},"Energy in the news this month",{"type":1747,"content":4188},[4189,4204,4211,4218],{"type":1750,"content":4190},[4191],{"type":594,"attrs":4192,"content":4193},{"textAlign":49},[4194,4196,4202],{"text":4195,"type":599},"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":4197,"type":599,"marks":4198},"President Donald Trump",[4199],{"type":604,"attrs":4200},{"href":4201,"uuid":49,"anchor":49,"target":608,"linktype":987},"https://intelligence.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"text":4203,"type":599}," indicating the waiver may not be reintroduced following the deal to end the war",{"type":1750,"content":4205},[4206],{"type":594,"attrs":4207,"content":4208},{"textAlign":49},[4209],{"text":4210,"type":599},"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":1750,"content":4212},[4213],{"type":594,"attrs":4214,"content":4215},{"textAlign":49},[4216],{"text":4217,"type":599},"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":1750,"content":4219},[4220],{"type":594,"attrs":4221,"content":4222},{"textAlign":49},[4223],{"text":4224,"type":599},"Brazil's government said it would end diesel and gasoline subsidies should crude prices remain steady around the $80 per barrel mark",{"type":650,"attrs":4226},{"id":4174,"body":4227},[4228,4231,4234,4237],{"id":4229,"_uid":4230,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410060","i-195f3256-c4d0-4254-a095-479c24016ede",{"id":4232,"_uid":4233,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382300","i-d8fa1b7b-dcac-423e-813e-4b4f193c5357",{"id":4235,"_uid":4236,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382311","i-873e3ed5-4a03-4590-bbc8-fafe191e6be3",{"id":4238,"_uid":4239,"type":657,"component":658,"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.",[4242,4243,4246],{"slug":544,"name":543},{"slug":4244,"name":4245},"sustainability","Sustainability",{"slug":4123,"name":4124},"Jun 17, 2026",{"id":4249,"uuid":4250,"name":4251,"slug":4252,"full_slug":4253,"content":4254},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":4255,"date":4256,"content":4257,"excerpt":5016,"component":3637,"categories":5017,"visibility":708,"publication_frequency":188,"formattedDate":5048},"322e1cef-ea61-4ce9-b2ed-6dac4192571d","2026-05-29 00:00",{"type":591,"content":4258},[4259,4270,4283,4287,4356,4408,4415,4421,4427,4434,4440,4476,4512,4521,4535,4541,4546,4552,4658,4696,4701,4834,4842,4848,4856,4907,4921,4926,4934],{"type":594,"attrs":4260,"content":4261},{"textAlign":49},[4262,4264,4268],{"text":4263,"type":599},"Welcome to",{"text":4265,"type":599,"marks":4266}," Energy Transition Capital Monthly",[4267],{"type":668},{"text":4269,"type":599},", 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":594,"attrs":4271,"content":4272},{"textAlign":49},[4273,4275,4282],{"text":4274,"type":599},"To access this report’s accompanying funding and IPO database, ",{"text":4276,"type":599,"marks":4277},"click here",[4278,4281],{"type":604,"attrs":4279},{"href":4280,"uuid":49,"anchor":49,"target":608,"linktype":712},"https://a.storyblok.com/f/287943243085208/x/1ca7f29a05/benchmark-etc-funding-data-may-2026.xlsx",{"type":1240},{"text":1032,"type":599},{"type":660,"attrs":4284,"content":4285},{"level":662,"textAlign":49},[4286],{"text":3674,"type":599},{"type":594,"attrs":4288,"content":4289},{"textAlign":49},[4290,4295,4304,4309,4315,4320,4329,4334,4340,4345,4351],{"text":4291,"type":599,"marks":4292},"A significant milestone for European ",[4293],{"type":765,"attrs":4294},{"color":4024},{"text":4296,"type":599,"marks":4297},"lithium production",[4298,4302],{"type":604,"attrs":4299},{"href":4300,"uuid":4301,"anchor":49,"target":608,"linktype":609},"/article/why-are-lithium-prices-expected-to-decline-in-2027-","03f0f24b-0a8e-4114-bc7f-28fcad4b081f",{"type":765,"attrs":4303},{"color":4024},{"text":4305,"type":599,"marks":4306}," this month, as ",[4307],{"type":765,"attrs":4308},{"color":4024},{"text":4310,"type":599,"marks":4311},"Vulcan Energy Resources ",[4312,4314],{"type":765,"attrs":4313},{"color":4024},{"type":668},{"text":4316,"type":599,"marks":4317},"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 ",[4318],{"type":765,"attrs":4319},{"color":4024},{"text":4321,"type":599,"marks":4322},"ESS and solar sectors",[4323,4327],{"type":604,"attrs":4324},{"href":4325,"uuid":4326,"anchor":49,"target":608,"linktype":609},"/article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","dd7b0985-5771-4a9e-b68e-7060e85efa48",{"type":765,"attrs":4328},{"color":4024},{"text":4330,"type":599,"marks":4331},", with ",[4332],{"type":765,"attrs":4333},{"color":4024},{"text":4335,"type":599,"marks":4336},"Sunraycer, Solar Landscape ",[4337,4339],{"type":765,"attrs":4338},{"color":4024},{"type":668},{"text":4341,"type":599,"marks":4342},"and ",[4343],{"type":765,"attrs":4344},{"color":4024},{"text":4346,"type":599,"marks":4347},"Spearmint Energy ",[4348,4350],{"type":765,"attrs":4349},{"color":4024},{"type":668},{"text":4352,"type":599,"marks":4353},"all set to establish new energy storage or storage-plus-solar sites with fresh financing.",[4354],{"type":765,"attrs":4355},{"color":4024},{"type":594,"attrs":4357,"content":4358},{"textAlign":49},[4359,4364,4370,4375,4381,4386,4392,4397,4403],{"text":4360,"type":599,"marks":4361},"This month's largest IPO came on the NASDAQ, where ",[4362],{"type":765,"attrs":4363},{"color":4024},{"text":4365,"type":599,"marks":4366},"Fervo Energy",[4367,4369],{"type":765,"attrs":4368},{"color":4024},{"type":668},{"text":4371,"type":599,"marks":4372},", 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 ",[4373],{"type":765,"attrs":4374},{"color":4024},{"text":4376,"type":599,"marks":4377},"Robotphoenix",[4378,4380],{"type":765,"attrs":4379},{"color":4024},{"type":668},{"text":4382,"type":599,"marks":4383}," as well as autonomous tractor maker ",[4384],{"type":765,"attrs":4385},{"color":4024},{"text":4387,"type":599,"marks":4388},"UISEE Technologies",[4389,4391],{"type":765,"attrs":4390},{"color":4024},{"type":668},{"text":4393,"type":599,"marks":4394},", while ",[4395],{"type":765,"attrs":4396},{"color":4024},{"text":4398,"type":599,"marks":4399},"Kaoko Metals",[4400,4402],{"type":765,"attrs":4401},{"color":4024},{"type":668},{"text":4404,"type":599,"marks":4405},", a minerals exploration firm focused on Namibian projects including copper, listed on the Australian Securities Exchange.",[4406],{"type":765,"attrs":4407},{"color":4024},{"type":650,"attrs":4409},{"id":4410,"body":4411},"2c0ace3f-3835-4571-80f8-a958a14b1ad3",[4412],{"id":4413,"_uid":4414,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164500","i-a2506105-e694-407e-b0cb-c1e3352bebe7",{"type":650,"attrs":4416},{"id":4410,"body":4417},[4418],{"id":4419,"_uid":4420,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164506","i-1bf3ecd9-7691-4dba-ae62-7d238890de2c",{"type":650,"attrs":4422},{"id":4410,"body":4423},[4424],{"id":4425,"_uid":4426,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164510","i-8085a38e-96a6-4638-a344-836d4dee3f48",{"type":650,"attrs":4428},{"id":4429,"body":4430},"2db9e37d-fe38-4b10-9591-cbae3432c0c0",[4431],{"id":4432,"_uid":4433,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28849425","i-57f445b7-08b6-4a98-aec2-6ad76aea6c71",{"type":650,"attrs":4435},{"id":4429,"body":4436},[4437],{"id":4438,"_uid":4439,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164597","i-abdf8923-edc8-40ff-bc00-b6374e87b23b",{"type":594,"attrs":4441,"content":4442},{"textAlign":49},[4443,4449,4454,4460,4465,4471],{"text":4444,"type":599,"marks":4445},"FuelCell Energy",[4446,4448],{"type":765,"attrs":4447},{"color":4024},{"type":668},{"text":4450,"type":599,"marks":4451},"'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 ",[4452],{"type":765,"attrs":4453},{"color":4024},{"text":4455,"type":599,"marks":4456},"T1 Energy ",[4457,4459],{"type":765,"attrs":4458},{"color":4024},{"type":668},{"text":4461,"type":599,"marks":4462},"also saw an increase in anticipation of growing solar energy demand from the same application. ",[4463],{"type":765,"attrs":4464},{"color":4024},{"text":4466,"type":599,"marks":4467},"New Gonow Auto",[4468,4470],{"type":765,"attrs":4469},{"color":4024},{"type":668},{"text":4472,"type":599,"marks":4473},", a Chinese EV firm, was also among the top performers.",[4474],{"type":765,"attrs":4475},{"color":4024},{"type":594,"attrs":4477,"content":4478},{"textAlign":49},[4479,4485,4490,4496,4501,4507],{"text":4480,"type":599,"marks":4481},"Brenmiller",[4482,4484],{"type":765,"attrs":4483},{"color":4024},{"type":668},{"text":4486,"type":599,"marks":4487},"'s share price dipped as it announced a transition to a new CEO, while nanomaterial developer ",[4488],{"type":765,"attrs":4489},{"color":4024},{"text":4491,"type":599,"marks":4492},"Nanoco Technologies ",[4493,4495],{"type":765,"attrs":4494},{"color":4024},{"type":668},{"text":4497,"type":599,"marks":4498},"fell after it said it would delist from the London Stock Exchange. Chinese battery firm ",[4499],{"type":765,"attrs":4500},{"color":4024},{"text":4502,"type":599,"marks":4503},"Narada ",[4504,4506],{"type":765,"attrs":4505},{"color":4024},{"type":668},{"text":4508,"type":599,"marks":4509},"saw the largest percentage fall after it disclosed overdue debts in excess of $75 million.",[4510],{"type":765,"attrs":4511},{"color":4024},{"type":660,"attrs":4513,"content":4515},{"level":662,"textAlign":4514},"left",[4516],{"text":4517,"type":599,"marks":4518},"Spotlight: Post-IPO share price performance",[4519],{"type":765,"attrs":4520},{"color":4024},{"type":594,"attrs":4522,"content":4523},{"textAlign":4514},[4524,4530],{"text":4525,"type":599,"marks":4526},"Seres Group",[4527,4529],{"type":765,"attrs":4528},{"color":4024},{"type":668},{"text":4531,"type":599,"marks":4532},", 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.",[4533],{"type":765,"attrs":4534},{"color":4024},{"type":650,"attrs":4536},{"id":4410,"body":4537},[4538],{"id":4539,"_uid":4540,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29176620","i-af1cf625-2ded-4b63-873f-e08786b8f0a8",{"type":660,"attrs":4542,"content":4543},{"level":662,"textAlign":49},[4544],{"text":4545,"type":599},"Funding 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",[4577,4579],{"type":765,"attrs":4578},{"color":4024},{"type":668},{"text":4581,"type":599,"marks":4582},"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.",[4583],{"type":765,"attrs":4584},{"color":4024},{"type":1750,"content":4586},[4587],{"type":594,"attrs":4588,"content":4589},{"textAlign":49},[4590,4595,4601,4606,4612],{"text":4591,"type":599,"marks":4592},"In Texas, solar and storage developer ",[4593],{"type":765,"attrs":4594},{"color":4024},{"text":4596,"type":599,"marks":4597},"Sunraycer ",[4598,4600],{"type":765,"attrs":4599},{"color":4024},{"type":668},{"text":4602,"type":599,"marks":4603},"secured $901 million to build three new sites, while ",[4604],{"type":765,"attrs":4605},{"color":4024},{"text":4607,"type":599,"marks":4608},"Solar Landscape ",[4609,4611],{"type":765,"attrs":4610},{"color":4024},{"type":668},{"text":4613,"type":599,"marks":4614},"is using a $600 million debt facility to support its expansion.",[4615],{"type":765,"attrs":4616},{"color":4024},{"type":1750,"content":4618},[4619],{"type":594,"attrs":4620,"content":4621},{"textAlign":49},[4622,4627,4632],{"text":4623,"type":599,"marks":4624},"There was further movement in Texas, where ",[4625],{"type":765,"attrs":4626},{"color":4024},{"text":4346,"type":599,"marks":4628},[4629,4631],{"type":765,"attrs":4630},{"color":4024},{"type":668},{"text":4633,"type":599,"marks":4634},"will continue development of its Red Egret BESS site with $450 million in new financing.",[4635],{"type":765,"attrs":4636},{"color":4024},{"type":1750,"content":4638},[4639],{"type":594,"attrs":4640,"content":4641},{"textAlign":49},[4642,4647,4653],{"text":4643,"type":599,"marks":4644},"Chinese robotics firm ",[4645],{"type":765,"attrs":4646},{"color":4024},{"text":4648,"type":599,"marks":4649},"Robotera ",[4650,4652],{"type":765,"attrs":4651},{"color":4024},{"type":668},{"text":4654,"type":599,"marks":4655},"raised over $200 million in new investment from SF Group, HSG, IDG Capital and others.",[4656],{"type":765,"attrs":4657},{"color":4024},{"type":594,"attrs":4659,"content":4660},{"textAlign":4514},[4661,4666,4672,4676,4681,4686,4692],{"text":4662,"type":599,"marks":4663},"Over",[4664],{"type":765,"attrs":4665},{"color":4024},{"text":4667,"type":599,"marks":4668}," $11 billion worth of financial transactions were tracked in May across over 60 deals",[4669,4671],{"type":765,"attrs":4670},{"color":4024},{"type":668},{"text":1032,"type":599,"marks":4673},[4674],{"type":765,"attrs":4675},{"color":4024},{"text":793,"type":599,"marks":4677},[4678,4680],{"type":765,"attrs":4679},{"color":4024},{"type":668},{"text":4682,"type":599,"marks":4683},"To view all of this funding data in Excel, ",[4684],{"type":765,"attrs":4685},{"color":4024},{"text":4276,"type":599,"marks":4687},[4688,4690],{"type":604,"attrs":4689},{"href":4280,"uuid":49,"anchor":49,"target":608,"linktype":712},{"type":765,"attrs":4691},{"color":4024},{"text":1032,"type":599,"marks":4693},[4694],{"type":765,"attrs":4695},{"color":4024},{"type":660,"attrs":4697,"content":4698},{"level":662,"textAlign":4514},[4699],{"text":4700,"type":599},"M&A activity and other market news",{"type":1747,"content":4702},[4703,4741,4773,4790,4813],{"type":1750,"content":4704},[4705],{"type":594,"attrs":4706,"content":4707},{"textAlign":4514},[4708,4713,4718,4724,4729,4736],{"text":1581,"type":599,"marks":4709},[4710,4712],{"type":765,"attrs":4711},{"color":4024},{"type":668},{"text":4714,"type":599,"marks":4715},"'s acquisition of ",[4716],{"type":765,"attrs":4717},{"color":4024},{"text":4719,"type":599,"marks":4720},"Dominion 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stake in Chinese solar and energy storage firm ",[4760],{"type":765,"attrs":4761},{"color":4024},{"text":4763,"type":599,"marks":4764},"Jinko Solar",[4765,4767],{"type":765,"attrs":4766},{"color":4024},{"type":668},{"text":4769,"type":599,"marks":4770},"'s US manufacturing operations.",[4771],{"type":765,"attrs":4772},{"color":4024},{"type":1750,"content":4774},[4775],{"type":594,"attrs":4776,"content":4777},{"textAlign":4514},[4778,4782,4784,4788],{"text":4779,"type":599,"marks":4780},"Zhejiang Huayou Cobalt ",[4781],{"type":668},{"text":4783,"type":599},"is to acquire all of ",{"text":4785,"type":599,"marks":4786},"Atlantic Lithium",[4787],{"type":668},{"text":4789,"type":599},"'s shares in a fully cash-funded transaction worth ~$210 million.",{"type":1750,"content":4791},[4792],{"type":594,"attrs":4793,"content":4794},{"textAlign":4514},[4795,4797,4801,4802,4806,4808,4812],{"text":4796,"type":599},"The electric spin-off of ",{"text":4798,"type":599,"marks":4799},"Harley Davidson",[4800],{"type":668},{"text":991,"type":599},{"text":4803,"type":599,"marks":4804},"LiveWire Group",[4805],{"type":668},{"text":4807,"type":599},", bought US electric motorcycle firm ",{"text":4809,"type":599,"marks":4810},"Dust Moto",[4811],{"type":668},{"text":1032,"type":599},{"type":1750,"content":4814},[4815],{"type":594,"attrs":4816,"content":4817},{"textAlign":4514},[4818,4822,4824,4828,4830],{"text":4819,"type":599,"marks":4820},"Nextpower ",[4821],{"type":668},{"text":4823,"type":599},"acquired ",{"text":4825,"type":599,"marks":4826},"Zigor Corporation's ",[4827],{"type":668},{"text":4829,"type":599},"power conversion product portfolio and its US subsidiary, ",{"text":4831,"type":599,"marks":4832},"Apex Power",[4833],{"type":668},{"type":660,"attrs":4835,"content":4836},{"level":662,"textAlign":49},[4837],{"text":4838,"type":599,"marks":4839},"2025/26 performance of energy transition IPO market",[4840],{"type":765,"attrs":4841},{"color":4024},{"type":650,"attrs":4843},{"id":4429,"body":4844},[4845],{"id":4846,"_uid":4847,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28849422","i-aeafcbd9-a9f7-48b5-8547-156aad074582",{"type":660,"attrs":4849,"content":4850},{"level":662,"textAlign":4514},[4851],{"text":4852,"type":599,"marks":4853},"Market listings and updates",[4854],{"type":765,"attrs":4855},{"color":4024},{"type":594,"attrs":4857,"content":4858},{"textAlign":4514},[4859,4864,4870,4875,4880,4885,4891,4896,4902],{"text":4860,"type":599,"marks":4861},"In May, we tracked IPOs across US, Hong Kong and Australian exchanges. These included drone developer ",[4862],{"type":765,"attrs":4863},{"color":4024},{"text":4865,"type":599,"marks":4866},"Exyn",[4867,4869],{"type":765,"attrs":4868},{"color":4024},{"type":668},{"text":4871,"type":599,"marks":4872},", which develops autonomous drone systems for GPS-denied environments, as well as a major offering from geothermal energy developer ",[4873],{"type":765,"attrs":4874},{"color":4024},{"text":4365,"type":599,"marks":4876},[4877,4879],{"type":765,"attrs":4878},{"color":4024},{"type":668},{"text":4881,"type":599,"marks":4882},", which raised over $1.89 billion. On the Hong Kong Stock Exchange, robotics firm ",[4883],{"type":765,"attrs":4884},{"color":4024},{"text":4886,"type":599,"marks":4887},"Robotphoenix ",[4888,4890],{"type":765,"attrs":4889},{"color":4024},{"type":668},{"text":4892,"type":599,"marks":4893},"raised $96 million and autonomous vehicle developer ",[4894],{"type":765,"attrs":4895},{"color":4024},{"text":4897,"type":599,"marks":4898},"UISEE Technologies ",[4899,4901],{"type":765,"attrs":4900},{"color":4024},{"type":668},{"text":4903,"type":599,"marks":4904},"raised over $111 million.",[4905],{"type":765,"attrs":4906},{"color":4024},{"type":660,"attrs":4908,"content":4909},{"level":662,"textAlign":4514},[4910,4916],{"type":4911,"attrs":4912},"image",{"id":4913,"alt":551,"src":4914,"title":551,"source":551,"copyright":551,"meta_data":4915},181774488263945,"https://a.storyblok.com/f/287943243085208/645x669/7e2aced98e/screenshot-2026-05-29-162137.png",{},{"type":4911,"attrs":4917},{"id":4918,"alt":551,"src":4919,"title":551,"source":551,"copyright":551,"meta_data":4920},182785744727348,"https://a.storyblok.com/f/287943243085208/649x675/47d965f3c7/screenshot-2026-06-01-125658.png",{},{"type":660,"attrs":4922,"content":4923},{"level":662,"textAlign":4514},[4924],{"text":4925,"type":599},"Announcements",{"type":594,"attrs":4927,"content":4928},{"textAlign":4514},[4929],{"text":4930,"type":599,"marks":4931},"Throughout May, several energy transition and critical mineral companies progressed or announced plans to list across US exchanges.",[4932],{"type":765,"attrs":4933},{"color":4024},{"type":1747,"content":4935},[4936,4952,4995],{"type":1750,"content":4937},[4938],{"type":594,"attrs":4939,"content":4940},{"textAlign":4514},[4941,4947],{"text":4942,"type":599,"marks":4943},"ProLogium",[4944,4946],{"type":765,"attrs":4945},{"color":4024},{"type":668},{"text":4948,"type":599,"marks":4949},", 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",[4950],{"type":765,"attrs":4951},{"color":4024},{"type":1750,"content":4953},[4954],{"type":594,"attrs":4955,"content":4956},{"textAlign":4514},[4957,4962,4967,4973,4978,4984,4989],{"text":793,"type":599,"marks":4958},[4959,4961],{"type":765,"attrs":4960},{"color":4024},{"type":668},{"text":4963,"type":599,"marks":4964},"Developer of energy infrastructure for data centres ",[4965],{"type":765,"attrs":4966},{"color":4024},{"text":4968,"type":599,"marks":4969},"SB Energy",[4970,4972],{"type":765,"attrs":4971},{"color":4024},{"type":668},{"text":4974,"type":599,"marks":4975},", a subsidiary of ",[4976],{"type":765,"attrs":4977},{"color":4024},{"text":4979,"type":599,"marks":4980},"SoftBank",[4981,4983],{"type":765,"attrs":4982},{"color":4024},{"type":668},{"text":4985,"type":599,"marks":4986},", confidentially filed for an IPO, while SoftBank is also exploring an offering for tis autonomous robotics spin-off ",[4987],{"type":765,"attrs":4988},{"color":4024},{"text":4990,"type":599,"marks":4991},"Roze",[4992,4994],{"type":765,"attrs":4993},{"color":4024},{"type":668},{"type":1750,"content":4996},[4997],{"type":594,"attrs":4998,"content":4999},{"textAlign":4514},[5000,5005,5011],{"text":5001,"type":599,"marks":5002},"France-headquartered nuclear firm ",[5003],{"type":765,"attrs":5004},{"color":4024},{"text":5006,"type":599,"marks":5007},"Newcleo ",[5008,5010],{"type":765,"attrs":5009},{"color":4024},{"type":668},{"text":5012,"type":599,"marks":5013},"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",[5014],{"type":765,"attrs":5015},{"color":4024},"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",[5018,5019,5020,5021,5023,5024,5025,5026,5027,5028,5029,5032,5033,5034,5035,5036,5037,5038,5039,5040,5041,5042,5045,5046,5047],{"slug":1779,"name":261},{"slug":1272,"name":1273},{"slug":2513,"name":2514},{"slug":5022,"name":373},"black-mass",{"slug":1782,"name":298},{"slug":1542,"name":115},{"slug":1539,"name":1540},{"slug":924,"name":925},{"slug":1269,"name":1270},{"slug":705,"name":706},{"slug":5030,"name":5031},"fluorspar","Fluorspar",{"slug":544,"name":543},{"slug":1788,"name":1789},{"slug":2522,"name":2523},{"slug":1537,"name":8},{"slug":3306,"name":3307},{"slug":1792,"name":189},{"slug":4123,"name":4124},{"slug":1544,"name":150},{"slug":1546,"name":1547},{"slug":922,"name":414},{"slug":5043,"name":5044},"recycling","Recycling",{"slug":3644,"name":3645},{"slug":4244,"name":4245},{"slug":2529,"name":2530},"May 29, 2026",{"id":5050,"uuid":5051,"name":5052,"slug":5053,"full_slug":5054,"content":5055},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":5056,"date":5057,"content":5058,"excerpt":5064,"component":3637,"categories":5072,"visibility":708,"publication_frequency":3646,"formattedDate":5076},"a7f36ba6-22ee-4b92-bbec-59218f99bb53","2026-05-12 00:00",{"type":591,"content":5059},[5060,5065],{"type":594,"attrs":5061,"content":5062},{"textAlign":49},[5063],{"text":5064,"type":599},"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":650,"attrs":5066},{"id":5067,"body":5068},"e98064fc-7d19-466f-b46a-6695cdf0e6b3",[5069],{"id":5070,"_uid":5071,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28942913","i-db8b7627-f3aa-408e-b4cf-2eb23d4d3e16",[5073,5074,5075],{"slug":1272,"name":1273},{"slug":924,"name":925},{"slug":4123,"name":4124},"May 12, 2026",{"id":5078,"uuid":5079,"name":5080,"slug":5081,"full_slug":5082,"content":5083},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":5084,"date":5057,"content":5085,"excerpt":5105,"component":3637,"categories":5106,"visibility":708,"publication_frequency":3646,"formattedDate":5076},"513e3eff-5266-4533-8bc1-4cfbb6491b30",{"type":591,"content":5086},[5087,5092,5099],{"type":594,"attrs":5088,"content":5089},{"textAlign":49},[5090],{"text":5091,"type":599},"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":650,"attrs":5093},{"id":5094,"body":5095},"d4eb8e2a-1c92-4317-82da-f2dee43aec9c",[5096],{"id":5097,"_uid":5098,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28934581","i-a48a952a-1192-464a-9bf5-a413e1b2dee0",{"type":650,"attrs":5100},{"id":5094,"body":5101},[5102],{"id":5103,"_uid":5104,"type":657,"component":658,"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.",[5107,5108],{"slug":705,"name":706},{"slug":1272,"name":1273},{"id":5110,"uuid":5111,"name":5112,"slug":5113,"full_slug":5114,"content":5115},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":5116,"date":5117,"content":5118,"excerpt":5263,"component":3637,"categories":5264,"visibility":708,"publication_frequency":188,"formattedDate":5273},"9c33db64-3143-49b5-a2b2-19b68f5e7a3c","2026-06-16 00:00",{"type":591,"content":5119},[5120,5134,5162,5169,5183,5189,5194,5199,5204,5209,5214,5227,5233,5247,5252,5257],{"type":660,"attrs":5121,"content":5123},{"level":5122,"textAlign":49},4,[5124,5130],{"text":5125,"type":599,"marks":5126},"1. ",[5127,5129],{"type":765,"attrs":5128},{"color":551},{"type":668},{"text":5131,"type":599,"marks":5132},"US political opposition rises against AI data centre build-out, adding political risk to BESS demand",[5133],{"type":668},{"type":594,"attrs":5135,"content":5136},{"textAlign":49},[5137,5139,5143,5145,5150,5158],{"text":5138,"type":599},"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":1621,"type":599,"marks":5140},[5141],{"type":604,"attrs":5142},{"href":1625,"uuid":49,"anchor":49,"target":49,"linktype":987},{"text":5144,"type":599},", 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":5146,"type":599,"marks":5147},"BESS for data centre applications represented ",[5148],{"type":765,"attrs":5149},{"color":551},{"text":5151,"type":599,"marks":5152},"14% of total US installations in 2025",[5153,5156],{"type":604,"attrs":5154},{"href":5155,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://intelligence.benchmarkminerals.com/article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon",{"type":765,"attrs":5157},{"color":551},{"text":1032,"type":599,"marks":5159},[5160],{"type":765,"attrs":5161},{"color":551},{"type":650,"attrs":5163},{"id":5164,"body":5165},"38832c2a-c937-479d-ac3e-ec9052d1591d",[5166],{"id":5167,"_uid":5168,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410342","i-b4151e4e-b760-4264-8a88-26ed04f2e2ee",{"type":594,"attrs":5170,"content":5172},{"textAlign":5171},"justify",[5173,5175,5181],{"text":5174,"type":599},"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":5176,"type":599,"marks":5177},"NEER announced plans to acquire Dominion Energy for $67bn",[5178],{"type":604,"attrs":5179},{"href":5180,"uuid":49,"anchor":49,"target":49,"linktype":987},"https://intelligence.benchmarkminerals.com/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth",{"text":5182,"type":599},", 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":650,"attrs":5184},{"id":5164,"body":5185},[5186],{"id":5187,"_uid":5188,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410330","i-3d81a41e-312e-4e0c-a78a-8229439b5487",{"type":594,"attrs":5190,"content":5191},{"textAlign":5171},[5192],{"text":5193,"type":599},"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":594,"attrs":5195,"content":5196},{"textAlign":5171},[5197],{"text":5198,"type":599},"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":594,"attrs":5200,"content":5201},{"textAlign":5171},[5202],{"text":5203,"type":599},"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":594,"attrs":5205,"content":5206},{"textAlign":5171},[5207],{"text":5208,"type":599},"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":594,"attrs":5210,"content":5211},{"textAlign":5171},[5212],{"text":5213,"type":599},"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":660,"attrs":5215,"content":5216},{"level":5122,"textAlign":5171},[5217,5221],{"text":5218,"type":599,"marks":5219},"2. Monthly round-up of ",[5220],{"type":668},{"text":5222,"type":599,"marks":5223},"the remaining key geopolitical and policy updates",[5224,5226],{"type":765,"attrs":5225},{"color":4024},{"type":668},{"type":650,"attrs":5228},{"id":5164,"body":5229},[5230],{"id":5231,"_uid":5232,"type":657,"component":658,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29409733","i-0e363156-a60f-4ce8-830f-6115b2a8b7b4",{"type":660,"attrs":5234,"content":5235},{"level":5122,"textAlign":5171},[5236,5241],{"text":5237,"type":599,"marks":5238},"3. ",[5239],{"type":765,"attrs":5240},{"color":4024},{"text":5242,"type":599,"marks":5243},"Key Macro-economic Indicators",[5244,5246],{"type":765,"attrs":5245},{"color":4024},{"type":668},{"type":594,"attrs":5248,"content":5249},{"textAlign":5171},[5250],{"text":5251,"type":599},"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":594,"attrs":5253,"content":5254},{"textAlign":5171},[5255],{"text":5256,"type":599},"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":650,"attrs":5258},{"id":5164,"body":5259},[5260],{"id":5261,"_uid":5262,"type":609,"component":658,"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). ",[5265,5266,5267,5268,5269,5270,5271,5272],{"slug":1779,"name":261},{"slug":1272,"name":1273},{"slug":2513,"name":2514},{"slug":924,"name":925},{"slug":1269,"name":1270},{"slug":544,"name":543},{"slug":1544,"name":150},{"slug":922,"name":414},"Jun 16, 2026",1782840963071]