[{"data":1,"prerenderedAt":4757},["ShallowReactive",2],{"ticker-data":3,"story-category/new-energy":540,"stories-article-article/-content.date:desc-new-energy-limit-8":554,"stories-article-article/-content.date:desc-new-energy-limit-4":2194,"stories-video-content.date:desc-new-energy-limit-3":2696,"stories-briefing-publications/briefings/-slug:asc-limit-8":2811},[4,52,82,112,148,186,228,259,296,328,371,412,450,481,510],{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":8,"today":9,"last":10,"percentageChange":11,"yearToDate":12,"yearOnYear":13,"oneYearIndexTrend":14,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-27","2wk","Updated every 2 weeks","Lithium",411.01,408.51,0.61,75.85,175.57,[15,16,18,21,24,27,30,33,36,39,42,45],{"date":5,"value":9},{"date":17,"value":10},"2026-05-13",{"date":19,"value":20},"2026-04-29",372.51,{"date":22,"value":23},"2026-04-15",354.35,{"date":25,"value":26},"2026-04-01",346.55,{"date":28,"value":29},"2026-03-18",351.32,{"date":31,"value":32},"2026-03-04",346.6,{"date":34,"value":35},"2026-02-18",324,{"date":37,"value":38},"2026-02-04",337.67,{"date":40,"value":41},"2026-01-21",298.32,{"date":43,"value":44},"2026-01-07",233.73,{"date":46,"value":47},"2025-12-24",203.79,"/lithium/prices",null,false,true,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":53,"today":54,"last":55,"percentageChange":56,"yearToDate":57,"yearOnYear":58,"oneYearIndexTrend":59,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Carbonate",449.85,451.12,-0.28,77.12,181.56,[60,61,62,64,66,68,70,72,74,76,78,80],{"date":5,"value":54},{"date":17,"value":55},{"date":19,"value":63},404.38,{"date":22,"value":65},381.25,{"date":25,"value":67},371.52,{"date":28,"value":69},373.01,{"date":31,"value":71},366.63,{"date":34,"value":73},349.17,{"date":37,"value":75},356.81,{"date":40,"value":77},316.73,{"date":43,"value":79},253.98,{"date":46,"value":81},220.12,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":83,"today":84,"last":85,"percentageChange":86,"yearToDate":87,"yearOnYear":88,"oneYearIndexTrend":89,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Hydroxide",358.35,350.28,2.3,76.32,168.94,[90,91,92,94,96,98,100,102,104,106,108,110],{"date":5,"value":84},{"date":17,"value":85},{"date":19,"value":93},328.09,{"date":22,"value":95},316.95,{"date":25,"value":97},311.86,{"date":28,"value":99},321.41,{"date":31,"value":101},319.14,{"date":34,"value":103},295.42,{"date":37,"value":105},310,{"date":40,"value":107},270.4,{"date":43,"value":109},203.24,{"date":46,"value":111},177.17,{"publishedDate":19,"updateFrequency":113,"updateFrequencyText":114,"label":115,"today":116,"last":117,"percentageChange":118,"yearToDate":119,"yearOnYear":120,"oneYearIndexTrend":121,"url":147,"subscription":49,"isProtected":50,"hasAccess":51},"1wk","Updated every week","Cobalt",244.61,252.61,-3.17,3.99,97.72,[122,123,124,127,129,132,133,136,138,141,143,146],{"date":19,"value":116},{"date":25,"value":117},{"date":125,"value":126},"2026-03-25",252.45,{"date":28,"value":128},252.84,{"date":130,"value":131},"2026-03-11",253.48,{"date":31,"value":126},{"date":134,"value":135},"2026-02-25",256.64,{"date":34,"value":137},255.58,{"date":139,"value":140},"2026-02-11",253.31,{"date":37,"value":142},252.26,{"date":144,"value":145},"2026-01-28",241.15,{"date":40,"value":145},"/cobalt/prices",{"publishedDate":149,"updateFrequency":6,"updateFrequencyText":7,"label":150,"today":151,"last":152,"percentageChange":153,"yearToDate":154,"yearOnYear":155,"oneYearIndexTrend":156,"url":185,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-20","Nickel",135.83,133.05,2.09,12.5,30.68,[157,158,160,163,166,168,170,172,174,176,179,182],{"date":149,"value":151},{"date":159,"value":152},"2026-05-06",{"date":161,"value":162},"2026-04-22",125.43,{"date":164,"value":165},"2026-04-08",124.51,{"date":125,"value":167},123.94,{"date":130,"value":169},123.51,{"date":134,"value":171},122.7,{"date":139,"value":173},123.79,{"date":144,"value":175},128.07,{"date":177,"value":178},"2026-01-14",120.74,{"date":180,"value":181},"2025-12-31",104.29,{"date":183,"value":184},"2025-12-17",103.44,"/nickel/prices",{"publishedDate":187,"updateFrequency":188,"updateFrequencyText":188,"label":189,"today":190,"last":191,"percentageChange":192,"yearToDate":193,"yearOnYear":194,"oneYearIndexTrend":195,"url":227,"subscription":49,"isProtected":50,"hasAccess":51},"2026-04-30","monthly","Natural Graphite",82.93,82.39,0.66,1.66,-0.87,[196,197,199,202,205,207,210,212,215,218,221,224],{"date":187,"value":190},{"date":198,"value":191},"2026-03-31",{"date":200,"value":201},"2026-02-27",81.92,{"date":203,"value":204},"2026-01-30",81.69,{"date":180,"value":206},81.58,{"date":208,"value":209},"2025-11-28",81.35,{"date":211,"value":209},"2025-10-31",{"date":213,"value":214},"2025-09-30",81.74,{"date":216,"value":217},"2025-08-29",81.56,{"date":219,"value":220},"2025-07-31",82.47,{"date":222,"value":223},"2025-06-30",83.13,{"date":225,"value":226},"2025-05-30",83.77,"/natural-graphite/prices",{"publishedDate":187,"updateFrequency":188,"updateFrequencyText":188,"label":229,"today":230,"last":231,"percentageChange":232,"yearToDate":233,"yearOnYear":234,"oneYearIndexTrend":235,"url":258,"subscription":49,"isProtected":50,"hasAccess":51},"Anode Coke",84.01,79.79,5.29,12.86,12.75,[236,237,238,240,242,244,246,248,250,252,254,256],{"date":187,"value":230},{"date":198,"value":231},{"date":200,"value":239},75.72,{"date":203,"value":241},74.61,{"date":180,"value":243},74.44,{"date":208,"value":245},76,{"date":211,"value":247},72.75,{"date":213,"value":249},71.92,{"date":216,"value":251},71.46,{"date":219,"value":253},70.35,{"date":222,"value":255},67.35,{"date":225,"value":257},65.78,"/synthetic-graphite/prices",{"publishedDate":260,"updateFrequency":188,"updateFrequencyText":188,"label":261,"today":262,"last":263,"percentageChange":264,"yearToDate":265,"yearOnYear":265,"oneYearIndexTrend":266,"url":295,"subscription":49,"isProtected":50,"hasAccess":51},"2025-11-17","Anode",77.79,77.96,-0.22,-1.93,[267,268,270,272,274,277,280,282,284,287,290,292],{"date":260,"value":262},{"date":269,"value":263},"2025-10-15",{"date":271,"value":263},"2025-09-15",{"date":273,"value":263},"2025-08-15",{"date":275,"value":276},"2025-07-15",77.93,{"date":278,"value":279},"2025-06-16",78.88,{"date":281,"value":279},"2025-05-15",{"date":283,"value":279},"2025-04-15",{"date":285,"value":286},"2025-03-17",79.89,{"date":288,"value":289},"2025-02-17",78.97,{"date":291,"value":289},"2025-01-15",{"date":293,"value":294},"2024-12-16",79.32,"/anode/prices",{"publishedDate":297,"updateFrequency":188,"updateFrequencyText":188,"label":298,"today":299,"last":300,"percentageChange":301,"yearToDate":301,"yearOnYear":302,"oneYearIndexTrend":303,"url":327,"subscription":49,"isProtected":50,"hasAccess":51},"2026-01-15","Cathode",72.79,64.08,13.59,43.38,[304,305,307,309,311,313,315,317,318,320,322,325],{"date":297,"value":299},{"date":306,"value":300},"2025-12-15",{"date":260,"value":308},62.01,{"date":269,"value":310},53.51,{"date":271,"value":312},49.5,{"date":273,"value":314},47.28,{"date":275,"value":316},46.05,{"date":278,"value":316},{"date":281,"value":319},48.08,{"date":283,"value":321},48.92,{"date":323,"value":324},"2025-03-18",52.79,{"date":288,"value":326},50.86,"/cathode/prices",{"publishedDate":329,"updateFrequency":188,"updateFrequencyText":188,"label":330,"today":331,"last":332,"percentageChange":333,"yearToDate":334,"yearOnYear":335,"oneYearIndexTrend":336,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"2025-03-31","Lithium ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[337,338,340,343,346,349,352,355,358,361,364,367],{"date":329,"value":331},{"date":339,"value":332},"2025-02-28",{"date":341,"value":342},"2025-01-31",71.45,{"date":344,"value":345},"2024-12-31",75.74,{"date":347,"value":348},"2024-11-29",76.98,{"date":350,"value":351},"2024-10-31",77.34,{"date":353,"value":354},"2024-09-30",77.43,{"date":356,"value":357},"2024-08-30",80.56,{"date":359,"value":360},"2024-07-31",82.99,{"date":362,"value":363},"2024-06-28",87.2,{"date":365,"value":366},"2024-05-31",90.7,{"date":368,"value":369},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":372,"updateFrequency":6,"updateFrequencyText":7,"label":373,"today":374,"last":375,"percentageChange":376,"yearToDate":377,"yearOnYear":378,"oneYearIndexTrend":379,"url":411,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-21","Black Mass",54.15,51.47,5.21,25.5,92.33,[380,381,383,386,389,392,395,398,401,404,406,408],{"date":372,"value":374},{"date":382,"value":375},"2026-05-07",{"date":384,"value":385},"2026-04-23",48.63,{"date":387,"value":388},"2026-04-09",48.6,{"date":390,"value":391},"2026-03-26",47.29,{"date":393,"value":394},"2026-03-12",46.18,{"date":396,"value":397},"2026-02-26",45.8,{"date":399,"value":400},"2026-02-12",47.34,{"date":402,"value":403},"2026-01-29",49.57,{"date":297,"value":405},43.15,{"date":180,"value":407},47.05,{"date":409,"value":410},"2025-12-18",41.51,"/recycling/black-mass-prices",{"publishedDate":413,"updateFrequency":188,"updateFrequencyText":188,"label":414,"today":415,"last":416,"percentageChange":417,"yearToDate":418,"yearOnYear":419,"oneYearIndexTrend":420,"url":449,"subscription":49,"isProtected":50,"hasAccess":51},"2026-03-19","Rare Earths",172.27,182.38,-5.54,20.73,54.49,[421,422,424,427,430,432,435,437,440,443,445,447],{"date":413,"value":415},{"date":423,"value":416},"2026-03-05",{"date":425,"value":426},"2026-02-19",179.86,{"date":428,"value":429},"2026-02-05",155.4,{"date":431,"value":429},"2026-01-22",{"date":433,"value":434},"2026-01-08",145.37,{"date":46,"value":436},142.69,{"date":438,"value":439},"2025-12-11",141.67,{"date":441,"value":442},"2025-11-27",136.29,{"date":211,"value":444},132.15,{"date":213,"value":446},139.82,{"date":216,"value":448},145.27,"/rare-earths/prices",{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":451,"today":452,"last":453,"percentageChange":454,"yearToDate":455,"yearOnYear":456,"oneYearIndexTrend":457,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"LFP",111.93,124.92,-10.4,-2.67,-3.42,[458,459,460,462,464,466,469,471,473,475,477,479],{"date":213,"value":452},{"date":216,"value":453},{"date":219,"value":461},109.9,{"date":222,"value":463},100.47,{"date":225,"value":465},103.62,{"date":467,"value":468},"2025-04-30",109.47,{"date":329,"value":470},115.87,{"date":339,"value":472},117.3,{"date":341,"value":474},114.57,{"date":344,"value":476},115,{"date":347,"value":478},117.82,{"date":350,"value":480},111.9,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":482,"today":483,"last":484,"percentageChange":485,"yearToDate":486,"yearOnYear":487,"oneYearIndexTrend":488,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":552,"relatedVideos":553},108458261726396,"1374369f-fafa-4392-9acd-443fe50f1520","New Energy","new-energy","category/new-energy",{"_uid":547,"Content":548,"component":549,"seo_title":550,"seo_description":551,"formattedDate":551,"formattedArticleDate":551},"869d2fb6-10c3-4f77-9687-96be1fcf948e",[],"category_page","New Energy Page","",[],[],[555,839,1061,1194,1330,1751,1867,2017],{"id":556,"uuid":557,"name":558,"slug":559,"full_slug":560,"content":561},191664684801214,"801f21b7-8c35-4070-9386-f9627c432c32","China’s 15th Five-Year Plan for New Energy System Development: Key Takeaways","china-s-15th-five-year-plan-for-new-energy-system-development-key-takeaways","article/china-s-15th-five-year-plan-for-new-energy-system-development-key-takeaways",{"_uid":562,"date":563,"tags":564,"editor":586,"content":596,"excerpt":799,"featured":51,"reporter":800,"component":811,"seo_title":812,"categories":813,"visibility":827,"data_vis_image":828,"featured_image":833,"seo_description":837,"formattedDate":838},"6d96afd5-094b-46d2-a7ba-6e0d45bb5772","2026-06-26 00:00",[565,568,571,574,577,580,583],{"slug":566,"name":567},"china","China",{"slug":569,"name":570},"solar-pv","Solar PV",{"slug":572,"name":573},"wind","Wind",{"slug":575,"name":576},"oil","Oil",{"slug":578,"name":579},"grid","Grid",{"slug":581,"name":582},"charging","Charging",{"slug":584,"name":585},"data-visualisation","Data Visualisation",[587],{"slug":588,"name":589,"content":590},"benjamin-roche","Benjamin Roche",{"job_title":591,"image":592,"bio":594,"linkedin":595},"Editor – Energy Transition Supply Chains",{"filename":593},"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":597,"content":598},"doc",[599,617,631,636,641,648,662,676,697,707,723,728,733,738,750,756,761,769,774,780,785],{"type":600,"attrs":601,"content":602},"paragraph",{"textAlign":49},[603,606,615],{"text":604,"type":605},"China’s government has released its latest Five-Year Plan for ","text",{"text":543,"type":605,"marks":607},[608],{"type":609,"attrs":610},"link",{"href":611,"uuid":612,"anchor":49,"target":613,"linktype":614},"/publications/briefings/energy-indicators/energy-indicators-monthly-june-2026","6b32afd6-809c-4c2f-a538-4683c895cc79","_blank","story",{"text":616,"type":605}," System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.",{"type":600,"attrs":618,"content":619},{"textAlign":49},[620,622,629],{"text":621,"type":605},"“The plan sets conservative and in-line new energy targets, serving more as a policy floor rather than a strict ceiling,” said Calvin Xu, a BESS analyst at Benchmark. “Supported by strong industry momentum, ",{"text":623,"type":605,"marks":624},"actual installations and deployments",[625],{"type":609,"attrs":626},{"href":627,"uuid":628,"anchor":49,"target":613,"linktype":614},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"text":630,"type":605}," have consistently outperformed official goals during the previous five-year plan.”",{"type":600,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":605},"The plan is largely focused on “reinforcing market certainty” by providing “clear long-term development direction across renewables, energy storage, grid integration and power market reform,” Xu explained. Upcoming provincial targets and implementation rules are expected to provide more granular detail.",{"type":600,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":605},"The National Energy Administration's Director-General Wang Hongzhi said during a press conference that total related investment over the plan's duration is expected to exceed RMB 20 trillion (US$2.9 trillion).",{"type":642,"attrs":643,"content":645},"heading",{"level":644,"textAlign":49},2,[646],{"text":647,"type":605},"BESS and EV energy storage",{"type":600,"attrs":649,"content":650},{"textAlign":49},[651,653,660],{"text":652,"type":605},"The new plan targets 300GW in cumulative new-type ",{"text":654,"type":605,"marks":655},"energy storage",[656],{"type":609,"attrs":657},{"href":658,"uuid":659,"anchor":49,"target":613,"linktype":614},"/article/chinese-oem-energy-storage-offtakes-in-h1-2026-quadruple-compared-to-h1-2025","db816297-be5a-4df5-abc9-4cf304f3e2cd",{"text":661,"type":605}," installed by 2030. However, China’s record under the previous five-year plan suggests it is likely to significantly overshoot this number.",{"type":600,"attrs":663,"content":664},{"textAlign":49},[665,667,674],{"text":666,"type":605},"The 14th Five-Year Plan's 30GW new-type energy storage target was surpassed by 427%, hitting 158GW in 2025. A ",{"text":668,"type":605,"marks":669},"shorter-term 180GW target",[670],{"type":609,"attrs":671},{"href":672,"uuid":673,"anchor":49,"target":613,"linktype":614},"/article/china-sets-180gw-target-for-bess-by-2027","5b7453ab-7ce0-47ec-ba4e-8e22fcd3a8dd",{"text":675,"type":605}," for 2027, set in a September 2025 policy document, is already forecast by Benchmark to be exceeded by 99%, with cumulative installations expected to reach 358GW in 2027.",{"type":600,"attrs":677,"content":678},{"textAlign":49},[679,686,688,695],{"text":680,"type":605,"marks":681},"Benchmark’s BESS Forecast",[682],{"type":609,"attrs":683},{"href":684,"uuid":685,"anchor":49,"target":613,"linktype":614},"/article/benchmark-battery-energy-stationary-storage-database-surpasses-10000-projects","3e888653-ccc0-48d2-89aa-6b0b4e35e911",{"text":687,"type":605}," shows that ",{"text":689,"type":605,"marks":690},"cumulative installed capacity",[691],{"type":609,"attrs":692},{"href":693,"uuid":694,"anchor":49,"target":613,"linktype":614},"/article/china-bess-installations-in-december-surpass-us-2025-total","e2705a82-dc4e-449f-9777-6a15bc082b5e",{"text":696,"type":605}," is projected to reach 704GW by 2030 – 135% above the stated policy target, underscoring how far market momentum has already outpaced official ambition.",{"type":698,"attrs":699},"blok",{"id":700,"body":701},"ae5a0913-2f69-48e0-b765-3fc72aeab89a",[702],{"id":703,"_uid":704,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29507747","i-c92e358a-0b09-4b34-8880-895cebd36082","visualisation","ContentFlourish",{"type":600,"attrs":708,"content":709},{"textAlign":49},[710,716,718],{"text":711,"type":605,"marks":712},"The need for diverse energy storage technologies, including for long-duration systems, is ",[713],{"type":714,"attrs":715},"textStyle",{"color":551},{"text":717,"type":605},"emphasised ",{"text":719,"type":605,"marks":720},"in the plan. Applications are to be expanded across generation-side co-operation, grid stability support, microgrids, and virtual power plants.",[721],{"type":714,"attrs":722},{"color":551},{"type":642,"attrs":724,"content":725},{"level":644,"textAlign":49},[726],{"text":727,"type":605},"Coal and oil to peak",{"type":600,"attrs":729,"content":730},{"textAlign":49},[731],{"text":732,"type":605},"Non-fossil fuel energy is to reach a quarter of all energy consumption and 50% of power generation by 2030, according to the plan .The government is targeting 900GW of distributed renewable connections to the grid, with the share of total generation from new energy, which excludes conventional hydropower and nuclear, reaching 30%.",{"type":600,"attrs":734,"content":735},{"textAlign":49},[736],{"text":737,"type":605},"Total energy production capacity is targeted at 5.8 billion tonnes of standard coal equivalent. Coal and oil consumption are to peak by 2030, with non-fossil energy’s share of total consumption rising to 25%.",{"type":600,"attrs":739,"content":740},{"textAlign":49},[741,743,748],{"text":742,"type":605},"Non-fossil fuel energy installed capacity is expected to pass 3,500GW, a near-50% increase from the end of the previous five-year plan, with wind and solar ",{"text":744,"type":605,"marks":745}," ",[746],{"type":714,"attrs":747},{"color":551},{"text":749,"type":605},"becoming the dominant generation source. Non-fossil energy sources are to account for 50% of total electricity output.",{"type":698,"attrs":751},{"id":700,"body":752},[753],{"id":754,"_uid":755,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29509372","i-2702e26f-2a20-4c53-b218-bee9ccae2f34",{"type":642,"attrs":757,"content":758},{"level":644,"textAlign":49},[759],{"text":760,"type":605},"EV charging and energy storage",{"type":600,"attrs":762,"content":763},{"textAlign":49},[764],{"text":765,"type":605,"marks":766},"The plan also aims to further integrate electric vehicles (EVs) into the grid for electricity storage, making “full use of electric vehicle energy storage resources”.",[767],{"type":714,"attrs":768},{"color":551},{"type":600,"attrs":770,"content":771},{"textAlign":49},[772],{"text":773,"type":605},"The national target sets the total volume of charging facilities to reach 40 million units by 2030. Beyond hardware expansion, the policy prioritizes high-power charging deployment and vehicle-grid integration (VGI), t targeting a total aggregated adjustable charging capacity of vehicle – grid interaction of 50GW by 2030. The sector will shift its focus from pure capacity growth to coordinated development with power grids, and integrated PV-storage-charging stations will become a mainstream solution to mitigate grid pressure and boost local renewable energy consumption.",{"type":698,"attrs":775},{"id":700,"body":776},[777],{"id":778,"_uid":779,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29510081","i-06e54c8f-09f9-46e0-8c9f-a2b7db087a27",{"type":642,"attrs":781,"content":782},{"level":644,"textAlign":49},[783],{"text":784,"type":605},"Power market reform",{"type":600,"attrs":786,"content":787},{"textAlign":49},[788,790,797],{"text":789,"type":605}," A market reform agenda also featured in the plan aims to unify China’s ",{"text":791,"type":605,"marks":792},"national electricity market",[793],{"type":609,"attrs":794},{"href":795,"uuid":796,"anchor":49,"target":613,"linktype":614},"/article/china-introduces-national-capacity-pricing-for-gridside-ess-","cf6f633d-0990-45e9-b405-0feefc7463f1",{"text":798,"type":605}," by the end of 2030. It includes measures to integrate spot, medium-and-long-term, ancillary services, and capacity markets, and to link inter-province and intra-province trading. There are also plans to more fully integrate virtual power plants, storage, and demand-side resources into the market.","China’s government has released its latest Five-Year Plan for New Energy System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.\n\n“The plan sets conservative and in-line new energy targets, serving more as a policy floor rather than a strict ceiling,” said Calvin Xu, a BESS analyst at Benchmark. “Supported by strong industry momentum, actual installations and deployments have consistently outperformed official goals during the previous five-year plan.”\n\nThe plan is largely focused on “reinforcing market certainty” by providing “clear long-term development direction across renewables, energy storage, grid integration and power market reform,” Xu explained. Upcoming provincial targets and implementation rules are expected to provide more granular detail.",[801],{"slug":802,"name":803,"content":804},"calvin-xu","Calvin Xu",{"job_title":805,"image":806,"bio":808,"linkedin":809,"markets_covered":810},"Analyst - BESS",{"filename":807},"https://a.storyblok.com/f/287943243085208/512x512/096bdfc0f7/calvin-xu.png","Calvin is a BESS Analyst focusing on China market. He works on daily research of China's BESS projects, legislation and policy analysis. He also works on the monthly and quarterly reports focusing on China market and the OEMs updates. Now he is assisting on the data centre database. Calvin holds a MSc of e-Business Management at University of Warwick. ","https://www.linkedin.com/in/zhengxu0416/","BESS","article","China’s 15th Five-Year Plan for New Energy Systems: Key Takeaways",[814,817,820,821,824],{"slug":815,"name":816},"ess","ESS",{"slug":818,"name":819},"ev","EV",{"slug":544,"name":543},{"slug":822,"name":823},"batteries","Batteries",{"slug":825,"name":826},"battery-technology","Battery Technology","private",{"id":829,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":830,"copyright":551,"fieldtype":831,"meta_data":832,"is_external_url":50},191671505559864,"https://a.storyblok.com/f/287943243085208/1588x1378/0e06c5e580/china-s-government-is-targeting-a-52-increase-in-combined-wind-solar-by-2030-vs-2025-2x.png","asset",{},{"id":834,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":835,"copyright":551,"fieldtype":831,"meta_data":836,"is_external_url":50},129072942429772,"https://a.storyblok.com/f/287943243085208/063b75224a/bm-sustainable-transport-in-china.jpg",{},"China’s government has released its latest Five-Year Plan for New Energy System Development, setting out a range of new 2030 targets for its energy markets, including storage, generation and consumption.","Jun 26, 2026",{"id":840,"uuid":841,"name":842,"slug":843,"full_slug":844,"content":845},147120123892216,"c21d6cbc-4940-49e4-aae0-76ebdb40ed95","NEW REPORT: US adds 58GWh of new energy storage capacity in 2025, largest single year of new battery capacity on record","new-report-us-adds-58-gwh-of-new-energy-storage-capacity-in-2025-largest-single-year-of-new-battery-capacity-on-record","article/new-report-us-adds-58-gwh-of-new-energy-storage-capacity-in-2025-largest-single-year-of-new-battery-capacity-on-record",{"_uid":846,"date":847,"tags":848,"editor":855,"content":865,"excerpt":871,"featured":51,"reporter":1034,"component":811,"seo_title":1045,"categories":1046,"visibility":1053,"data_vis_image":1054,"featured_image":1056,"seo_description":871,"formattedDate":1060},"2a92f51f-c623-47ed-922d-9fc3b5122696","2026-02-23 00:00",[849,852],{"slug":850,"name":851},"usa","USA",{"slug":853,"name":854},"solar-energy-industries-association","Solar Energy Industries Association",[856],{"slug":857,"name":858,"content":859},"matthew-bird","Matthew Bird",{"job_title":860,"image":861,"bio":863,"linkedin":864},"Senior Editor - Supply Chains & Data Visualisation",{"filename":862},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":597,"content":866},[867,875,880,891,902,917,939,944,974,995,1005,1013],{"type":600,"attrs":868,"content":869},{"textAlign":49},[870],{"text":871,"type":605,"marks":872},"Inaugural Report Demonstrates Critical Role Energy Storage Plays in Ensuring Grid Reliability and Keeping Energy Prices Down",[873],{"type":874},"italic",{"type":600,"attrs":876,"content":877},{"textAlign":49},[878],{"text":879,"type":605},"Feb. 23, 2026",{"type":600,"attrs":881,"content":882},{"textAlign":49},[883,885,889],{"text":884,"type":605},"WASHINGTON, D.C. — ",{"text":744,"type":605,"marks":886},[887],{"type":714,"attrs":888},{"color":551},{"text":890,"type":605},"The US energy storage industry installed a record-shattering 57.6 gigawatt-hours (GWh) of new capacity in 2025, the largest single year of new battery capacity additions on record. Despite actions in Washington targeting clean energy, energy storage installations grew 30% from the previous record set in 2024, and are over four times what the industry installed just three years ago.",{"type":600,"attrs":892,"content":893},{"textAlign":49},[894,900],{"text":895,"type":605,"marks":896},"According to the US Energy Storage Market Outlook Q1 2026 (ESMO) released today by Benchmark Mineral Intelligence and the Solar Energy Industries Association (SEIA), ",[897],{"type":714,"attrs":898},{"color":899},"black",{"text":901,"type":605},"as of 2025, 137GWh of utility scale storage has been installed in the United States. 19GWh of commercial and industrial (C&I) storage has been installed and 9GWh of residential storage has been installed.",{"type":600,"attrs":903,"content":904},{"textAlign":49},[905,910,912],{"text":906,"type":605,"marks":907},"Despite actions in Washington targeting clean energy",[908],{"type":714,"attrs":909},{"color":899},{"text":911,"type":605},", over 60 GWh of energy storage is expected to be installed by 2030.",{"text":913,"type":605,"marks":914}," This rapid deployment will help lower energy costs, enhance reliability, and boost American energy independence.",[915],{"type":714,"attrs":916},{"color":899},{"type":600,"attrs":918,"content":919},{"textAlign":49},[920,925,932,937],{"text":921,"type":605,"marks":922},"“The US energy storage market has entered a new phase of sustained, high volume-deployments,\" ",[923],{"type":714,"attrs":924},{"color":551},{"text":926,"type":605,"marks":927},"said Iola Hughes, Head of Research at Benchmark Minerals.",[928,930],{"type":714,"attrs":929},{"color":551},{"type":931},"bold",{"text":933,"type":605,"marks":934}," “As policy, manufacturing and market demand align, storage is playing a pivotal role in meeting peak demand, reducing price volatility and improving overall system resilience. At a time of rising electricity demand, driven in part by the growth of data centers and AI infrastructure, energy storage will be critical to ensuring the grid ",[935],{"type":714,"attrs":936},{"color":551},{"text":938,"type":605},"can scale reliably and efficiently.”",{"type":600,"attrs":940,"content":941},{"textAlign":49},[942],{"text":943,"type":605},"Two-thirds of all utility scale energy storage capacity installed in 2025 was built in states won by President Donald Trump, including 9 of the top 15 states for new installations. Texas is set to overtake California in 2026 as the largest energy storage market in the country.",{"type":600,"attrs":945,"content":946},{"textAlign":49},[947,952,957,959,964,969],{"text":948,"type":605,"marks":949},"Standalone storage made up nearly 30GWh of new capacity added in 2025, while storage paired with solar accounted for 20GWh. The residential energy storage sector added 3.1GWh in 2025, marking a 51% year-on-year increase.",[950],{"type":714,"attrs":951},{"color":551},{"text":953,"type":605,"marks":954}," Expansion of virtual power plant programs in states such as Massachusetts, Texas, Arizona, and ",[955],{"type":714,"attrs":956},{"color":899},{"text":958,"type":605},"Illinois",{"text":960,"type":605,"marks":961}," ",[962],{"type":714,"attrs":963},{"color":899},{"text":965,"type":605,"marks":966},"are ",[967],{"type":714,"attrs":968},{"color":551},{"text":970,"type":605,"marks":971},"driving residential storage deployment, which helps states cut costs, manage peak demand, and strengthen grid resilience.",[972],{"type":714,"attrs":973},{"color":899},{"type":600,"attrs":975,"content":976},{"textAlign":49},[977,979,984,990],{"text":978,"type":605},"“This record-brea",{"text":980,"type":605,"marks":981},"king year for energy storage is just the beginning of its rise as a cornerstone of America’s energy future,”",[982],{"type":714,"attrs":983},{"color":551},{"text":985,"type":605,"marks":986}," said Darren Van’t Hof, Interim President and CEO of the Solar Energy Industries Association. ",[987,989],{"type":714,"attrs":988},{"color":551},{"type":931},{"text":991,"type":605,"marks":992},"“Whether it’s paired with solar or standing on its own, energy storage lowers consumer costs, makes the grid more reliable, and keeps the power on in homes during outages. Deployment is rising fast, but without a course correction from federal actions targeting the industry, Americans will face higher electricity prices and a less resilient energy system.”",[993],{"type":714,"attrs":994},{"color":551},{"type":600,"attrs":996,"content":997},{"textAlign":49},[998,1003],{"text":999,"type":605,"marks":1000},"In 2025, battery cell manufacturers pivoted from EV manufacturing towards dedicated energy storage production, converting existing lines and changing future plans. As of 2025, l",[1001],{"type":714,"attrs":1002},{"color":899},{"text":1004,"type":605},"ithium ion battery cell manufacturing for stationary electricity storage applications has risen to over 21GWh according to SEIA’s Solar and Storage Supply Chain Dashboard, which is enough to power the city of Houston from sunset to sunrise. And American manufacturing facilities now have the capacity to manufacture 69.4GWh of battery energy storage systems.",{"type":600,"attrs":1006,"content":1007},{"textAlign":49},[1008],{"text":1009,"type":605,"marks":1010},"The Energy Storage Market Outlook has been produced in collaboration with SEIA, combining Benchmark’s proprietary grid and behind the meter data on US energy storage deployment, with SEIA’s industry-leading policy and market expertise. Together, the two organisations will jointly deliver in-depth analysis of current market conditions and forward-looking forecasts designed to support industry leaders, investors, manufacturers, utilities, and policymakers.",[1011],{"type":714,"attrs":1012},{"color":551},{"type":600,"attrs":1014,"content":1015},{"textAlign":49},[1016,1022],{"text":1017,"type":605,"marks":1018},"For more information on the product ",[1019,1021],{"type":714,"attrs":1020},{"color":551},{"type":874},{"text":1023,"type":605,"marks":1024},"click here.",[1025,1030,1032,1033],{"type":609,"attrs":1026},{"href":1027,"uuid":49,"anchor":49,"target":1028,"linktype":1029},"https://www.benchmarkminerals.com/lp/energy-storage-market-outlook-report","_self","url",{"type":714,"attrs":1031},{"color":551},{"type":931},{"type":874},[1035],{"slug":1036,"name":1037,"content":1038},"iola-hughes","Iola Hughes",{"job_title":1039,"image":1040,"bio":1042,"linkedin":1043,"markets_covered":1044},"Head of Research",{"filename":1041},"https://a.storyblok.com/f/287943243085208/852x854/03382be015/iola-h.png","Iola was Head of Research at Rho Motion prior to the acquisition, and now leads the downstream research for the Benchmark. She has six years of experience in the battery space and works across electric vehicle, battery, and energy storage markets. Previous experience includes a research position with a Servomex working on paramagnetic sensors and spectroscopy gas analysis. Iola graduated with a First-Class Honours Master’s Degree in Geophysics from University College London","https://www.linkedin.com/in/iolahughes/","Battery, BESS, EV and Battery","US adds record 58 GWh of New Energy Storage Capacity in 2025",[1047,1048,1049,1052],{"slug":822,"name":823},{"slug":815,"name":816},{"slug":1050,"name":1051},"gigafactories","Battery & Gigafactory",{"slug":544,"name":543},"public",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1055},{},{"id":1057,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1058,"copyright":551,"fieldtype":831,"meta_data":1059,"is_external_url":50},147120230126625,"https://a.storyblok.com/f/287943243085208/1920x1080/4509d99943/seia-header-image.png",{},"Feb 23, 2026",{"id":1062,"uuid":1063,"name":1064,"slug":1065,"full_slug":1066,"content":1067},141728893793819,"d988206d-9e4d-43bd-8969-21ef3bdb3281","Tesla to discontinue the Model S and X as it pivots towards humanoid robots","tesla-to-discontinue-the-model-s-and-x-as-it-pivots-towards-humanoid-robots","article/tesla-to-discontinue-the-model-s-and-x-as-it-pivots-towards-humanoid-robots",{"_uid":1068,"date":1069,"tags":1070,"editor":1075,"content":1085,"excerpt":1168,"featured":51,"reporter":1169,"component":811,"seo_title":1180,"categories":1181,"visibility":827,"author_company":551,"data_vis_image":1187,"featured_image":1189,"seo_description":1168,"author_full_name":551,"author_job_title":551,"formattedDate":1193},"6727617d-07cd-4652-8ef4-ef0fda0038bb","2026-02-05 12:51",[1071,1074],{"slug":1072,"name":1073},"tesla","Tesla",{"slug":850,"name":851},[1076],{"slug":1077,"name":1078,"content":1079},"didi-bostock","Didi Bostock",{"job_title":1080,"image":1081,"bio":1083,"linkedin":1084},"Editor - Energy Transition & Economics",{"filename":1082},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":597,"content":1086},[1087,1095,1102,1112,1120,1128,1137,1145],{"type":600,"attrs":1088,"content":1089},{"textAlign":49},[1090],{"text":1091,"type":605,"marks":1092},"Production of the Model S and Model X will cease at the end of Q2 2026, with Tesla to repurpose the floor space at its Fremont production facility for assembly of Optimus, its humanoid robot. This decision marks the end for two of the energy transition’s most iconic vehicles. The Model S was among the first mass produced EVs after it started production in mid-2012, with the Model X following soon after in 2015 with its “falcon wing” doors.",[1093],{"type":714,"attrs":1094},{"color":551},{"type":698,"attrs":1096},{"id":1097,"body":1098},"7f392453-3ff4-4706-b34f-9e2494ec1b58",[1099],{"id":1100,"_uid":1101,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27514804","i-2b2d9af9-4e42-4d4f-823b-7ab291ad316c",{"type":642,"attrs":1103,"content":1105},{"level":1104,"textAlign":49},1,[1106],{"text":1107,"type":605,"marks":1108},"Model S and Model X sales fall as consumer choice increases",[1109,1111],{"type":714,"attrs":1110},{"color":551},{"type":931},{"type":600,"attrs":1113,"content":1114},{"textAlign":49},[1115],{"text":1116,"type":605,"marks":1117},"Compared to 2018, sales of the two models were down 75% in 2025 and their combined share of Tesla’s total sales fell to just 2%. This decline in sales is a product of an increasing number of available EV models and a greater focus on affordability as EVs sought to break into the mass market. Something neither model was able to achieve due to their premium price point.",[1118],{"type":714,"attrs":1119},{"color":551},{"type":600,"attrs":1121,"content":1122},{"textAlign":49},[1123],{"text":1124,"type":605,"marks":1125},"However, their ultimate demise is a result of Tesla’s increasing focus on becoming a technology company through its development of autonomous driving technology and humanoid robots. Tesla has invested in heavily in recent years to develop its Cybercab robotaxi and humanoid robot and is expected to continue to do so this year as Musk describes 2026 as “a very big capex year” as Tesla prepares “for an epic future.”",[1126],{"type":714,"attrs":1127},{"color":551},{"type":642,"attrs":1129,"content":1130},{"level":1104,"textAlign":49},[1131],{"text":1132,"type":605,"marks":1133},"What is the outlook for humanoid robots?",[1134,1136],{"type":714,"attrs":1135},{"color":551},{"type":931},{"type":600,"attrs":1138,"content":1139},{"textAlign":49},[1140],{"text":1141,"type":605,"marks":1142},"Tesla first announced Optimus, then known as “Tesla bot”, in August 2021, with a prototype first shown in September 2022. Tesla initially aimed to manufacture 5,000 Optimus units in 2025, a target first reduced to 2,000 units and then abandoned in October 2025 due to challenges with the robot’s hand. Musk has stated an ambitious target of producing up to 1 million units by the end of 2027.",[1143],{"type":714,"attrs":1144},{"color":551},{"type":600,"attrs":1146,"content":1147},{"textAlign":49},[1148,1153,1161,1166],{"text":1149,"type":605,"marks":1150},"Humanoid robots are attracting rapidly growing interest as the AI transformation accelerates. Development and testing have so far been concentrated in China; however, industrial trials are now beginning to emerge outside the country. According to Benchmark’s ",[1151],{"type":714,"attrs":1152},{"color":551},{"text":1154,"type":605,"marks":1155},"Non Road Mobile Machinery Outlook",[1156,1159],{"type":609,"attrs":1157},{"href":1158,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://www.benchmarkminerals.com/ev-and-battery",{"type":714,"attrs":1160},{"color":551},{"text":1162,"type":605,"marks":1163},", ",[1164],{"type":714,"attrs":1165},{"color":551},{"text":1167,"type":605},"humanoid robot battery demand is expected to increase by more than 170‑fold by 2035, with sales reaching around 3 million units in that year. China is expected to remain the primary driver of this market.","Production of the Model S and Model X will cease at the end of Q2 2026, with Tesla to repurpose the floor space at its Fremont production facility for Optimus, its humanoid robot, assembly. ",[1170],{"slug":1171,"name":1172,"content":1173},"george-whitcombe","George Whitcombe",{"job_title":1174,"image":1175,"bio":1177,"linkedin":1178,"markets_covered":1179},"Analyst - EV",{"filename":1176},"https://a.storyblok.com/f/287943243085208/500x500/e5fa44ebf8/george-whitecombe.jpeg","George is an EV Analyst at Rho Motion, working in the EV & Battery research team. He works extensively on global EV sales and production analysis, considering the economic and legislative factors that influence both. He also focuses on the strategy of automotive OEMs in the transition to EVs and feeds that into the team’s view on global vehicle markets. George graduated from the University of Exeter with a First Class Honours degree in Politics, Philosophy and Economics.","https://www.linkedin.com/in/george-whitcombe-2320111b6/","EV and Battery","Tesla to discontinue Model S and X as it moves to humanoid robots",[1182,1183,1184,1185,1186],{"slug":818,"name":819},{"slug":822,"name":823},{"slug":825,"name":826},{"slug":1050,"name":1051},{"slug":544,"name":543},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1188},{},{"id":1190,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1191,"copyright":551,"fieldtype":831,"meta_data":1192,"is_external_url":50},141728962931477,"https://a.storyblok.com/f/287943243085208/4080x2296/ce869e0609/adobestock_1836930130_editorial_use_only.jpeg",{},"Feb 05, 2026",{"id":1195,"uuid":1196,"name":1197,"slug":1198,"full_slug":1199,"content":1200},136728963606797,"7381307a-486b-41af-b923-1af8fdda11f2","Germany confirms its new EV subsidy scheme","germany-confirms-its-new-ev-subsidy-scheme","article/germany-confirms-its-new-ev-subsidy-scheme",{"_uid":1201,"date":1202,"live":51,"tags":1203,"editor":1214,"content":1218,"excerpt":1303,"featured":51,"reporter":1304,"component":811,"seo_title":551,"categories":1314,"visibility":1053,"author_company":551,"data_vis_image":1321,"featured_image":1325,"seo_description":551,"author_full_name":551,"author_job_title":551,"formattedDate":1329},"31984dcd-6d8f-4fdc-9194-3413b260ec7c","2026-01-20 00:00",[1204,1207,1210,1213],{"slug":1205,"name":1206},"policy","Policy",{"slug":1208,"name":1209},"ev-sales","EV Sales",{"slug":1211,"name":1212},"germany","Germany",{"slug":584,"name":585},[1215],{"slug":1077,"name":1078,"content":1216},{"job_title":1080,"image":1217,"bio":1083,"linkedin":1084},{"filename":1082},{"type":597,"content":1219},[1220,1240,1247,1252,1257,1264,1269,1274,1279,1286,1293,1298],{"type":600,"attrs":1221,"content":1222},{"textAlign":49},[1223,1225,1230,1232,1238],{"text":1224,"type":605},"The German government has confirmed its most recent ",{"text":1226,"type":605,"marks":1227},"electric vehicle (EV)",[1228],{"type":609,"attrs":1229},{"href":1158,"uuid":49,"anchor":49,"target":613,"linktype":1029},{"text":1231,"type":605}," subsidies, setting out a new socially targeted programme that will support the purchase and leasing of EVs from the start of 2026. The programme aims to make EVs affordable for a broader range of households, stabilise the domestic market, and strengthen Germany’s position in the European automotive and battery ",{"text":1233,"type":605,"marks":1234},"value chain",[1235],{"type":609,"attrs":1236},{"href":1237,"uuid":49,"anchor":49,"target":613,"linktype":1029},"https://source.benchmarkminerals.com/article/opinion-de-risking-the-global-electric-vehicle-value-chain-build-out",{"text":1239,"type":605},". The Federal Environment Ministry has allocated a EUR3bn ($3.3bn) budget to run through 2029.",{"type":600,"attrs":1241,"content":1242},{"textAlign":49},[1243],{"text":1244,"type":605,"marks":1245},"Subsidy structure",[1246],{"type":931},{"type":600,"attrs":1248,"content":1249},{"textAlign":49},[1250],{"text":1251,"type":605},"The central feature of the programme is its income-based design. Subsidies are tiered by household earnings, with grants ranging from EUR1,500 ($1,650) to EUR6,000 ($6,600) per vehicle. The highest payments will go to lower- and middle-income households, with eligibility capped at EUR90,000 ($99,000) annual income. Grants vary based on taxable income level and the number of children under the age of 18. Those eligible to receive the highest grants are households with a taxable income of EUR45,000 or below with two or more children aged under 18, while households with no children and a taxable income of EUR80,000 or below receive the lowest subsidy amount.",{"type":600,"attrs":1253,"content":1254},{"textAlign":49},[1255],{"text":1256,"type":605},"The subsidies apply to both outright purchases and leases, a key feature given leasing’s popularity among German households.",{"type":600,"attrs":1258,"content":1259},{"textAlign":49},[1260],{"text":1261,"type":605,"marks":1262},"Vehicle categories covered",[1263],{"type":931},{"type":600,"attrs":1265,"content":1266},{"textAlign":49},[1267],{"text":1268,"type":605},"Battery electric vehicles (BEVs) will receive the highest support, with grants between EUR6,000 ($6,600) for lower-income and EUR3,000 ($3,300) for middle-income households.",{"type":600,"attrs":1270,"content":1271},{"textAlign":49},[1272],{"text":1273,"type":605},"For plug-in hybrid EVs (PHEVs) and range-extender EVs (REEVs), eligibility is limited to between 1 January 2026 and 30 June 2027. During this period, such vehicles must emit no more than 60gCO₂/km in type approval or achieve an electric-only range of at least 80km to qualify. Grants for these vehicles range from EUR4,500 ($4,950) to EUR1,500 ($1,650), depending on income level.",{"type":600,"attrs":1275,"content":1276},{"textAlign":49},[1277],{"text":1278,"type":605},"The current framework does not differentiate by vehicle origin, meaning Chinese-made models are eligible, although this could change as EU preferential regulations are under review.",{"type":600,"attrs":1280,"content":1281},{"textAlign":49},[1282],{"text":1283,"type":605,"marks":1284},"Market impact",[1285],{"type":931},{"type":698,"attrs":1287},{"id":1288,"body":1289},"a942a3d2-5a40-4469-a248-ddee94efee41",[1290],{"id":1291,"_uid":1292,"type":614,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3561565","i-7c8a0fe7-7bae-4797-b536-d257e0df8a09",{"type":600,"attrs":1294,"content":1295},{"textAlign":49},[1296],{"text":1297,"type":605},"The German market has historically been highly responsive to subsidies. Across Europe, targeted support for lower- and middle-income buyers has proven effective: in Italy, similar incentives reached their funding cap in a matter of days, while in France, a larger scheme ended within six weeks of launch.",{"type":600,"attrs":1299,"content":1300},{"textAlign":49},[1301],{"text":1302,"type":605},"This scheme will provide a meaningful boost to Germany, likely funding a total of 200,000 vehicles through to 2029. Some recipients of the subsidy would likely have looked to purchase EVs without the subsidy, but targeted support for the lowest income groups, which typically have low uptake, makes this scheme more important for marginal buyers than blanket subsidies.","The German government has confirmed its most recent electric vehicle (EV) subsidies, setting out a new socially targeted programme that will support the purchase and leasing of EVs from the start of 2026. The programme aims to make EVs affordable for a broader range of households, stabilise the domestic market, and strengthen Germany’s position in ...",[1305],{"slug":1306,"name":1307,"content":1308},"charles-lester","Charles Lester",{"job_title":1309,"image":1310,"bio":1312,"linkedin":1313,"markets_covered":1179},"Data Manager",{"filename":1311},"https://a.storyblok.com/f/287943243085208/400x400/e3e91a8cc9/charles-lester.jpeg","Charles is Data Manager at Rho Motion, working on electric vehicle, battery, charging, and recycling market analysis, as well as modelling energy and commodity demand associated with the energy transition. Prior to joining Rho Motion he was a Consultant at Argus Media working across several sectors including energy, fertiliser and emissions economics. He has worked on multiple feasibility studies for major industrial projects worth several billion dollars. Charles graduated with a First Class Honours degree in Economics, and a Master’s Degree in Economics from University College London (UCL).","https://www.linkedin.com/in/charleslester-124/",[1315,1316,1317,1320],{"slug":822,"name":823},{"slug":818,"name":819},{"slug":1318,"name":1319},"geopolitics","Geopolitics",{"slug":544,"name":543},{"id":1322,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1323,"copyright":551,"fieldtype":831,"meta_data":1324,"is_external_url":50},136730621501124,"https://a.storyblok.com/f/287943243085208/1270x752/a457787ddd/screenshot-2026-01-20-120823.png",{},{"id":1326,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1327,"copyright":551,"fieldtype":831,"meta_data":1328,"is_external_url":50},136730819710688,"https://a.storyblok.com/f/287943243085208/2560x1440/f1bb25e77e/adobestock_316671337.jpeg",{},"Jan 20, 2026",{"id":1331,"uuid":1332,"name":1333,"slug":1334,"full_slug":1335,"content":1336},112398680715895,"7d6c85dd-0cc1-4858-be20-d313fdd9b308","Benchmark London Summit 2025: Key takeaways ","benchmark-london-summit-2025-key-takeaways","article/benchmark-london-summit-2025-key-takeaways",{"_uid":1337,"date":1338,"tags":1339,"editor":1346,"content":1350,"excerpt":1731,"featured":50,"reporter":1732,"_editable":1736,"component":811,"seo_title":1333,"categories":1737,"visibility":1053,"author_company":49,"data_vis_image":1744,"featured_image":1746,"seo_description":1749,"author_full_name":49,"author_job_title":49,"formattedDate":1750},"43cf2ce5-3395-4442-91b5-8d212045dabe","2025-10-17 00:00",[1340,1343],{"slug":1341,"name":1342},"benchmark-mineral-intelligence","Benchmark Mineral Intelligence",{"slug":1344,"name":1345},"lme-week","LME week",[1347],{"slug":857,"name":858,"content":1348},{"job_title":860,"image":1349,"bio":863,"linkedin":864},{"filename":862},{"type":597,"content":1351},[1352,1377,1385,1393,1399,1430,1438,1488,1496,1518,1523,1528,1573,1581,1586,1608,1613,1618,1623,1630,1635,1640,1676,1698,1706,1714],{"type":600,"attrs":1353,"content":1354},{"textAlign":49},[1355,1361,1372],{"text":1356,"type":605,"marks":1357},"As ",[1358],{"type":714,"attrs":1359},{"color":1360},"#3C3C39",{"text":1362,"type":605,"marks":1363},"Benchmark's London Summit 2025",[1364,1367,1370],{"type":609,"attrs":1365},{"href":1366,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://www.benchmarkminerals.com/events/summit-london",{"type":714,"attrs":1368},{"color":1369},"#0969D7",{"type":1371},"underline",{"text":1373,"type":605,"marks":1374}," drew to a close this week, it was clear the global battery and critical minerals industry has entered a new era defined by industrial maturity, geopolitical tension, and capital competition.",[1375],{"type":714,"attrs":1376},{"color":1360},{"type":600,"attrs":1378,"content":1379},{"textAlign":49},[1380],{"text":1381,"type":605,"marks":1382},"Across a packed one-day programme, speakers from Benchmark and leading industry figures examined demand trends, the evolution of battery chemistries, supply diversification beyond China, and financial innovation to unlock capital for new projects globally.",[1383],{"type":714,"attrs":1384},{"color":1360},{"type":600,"attrs":1386,"content":1387},{"textAlign":49},[1388],{"text":1389,"type":605,"marks":1390},"In this article, Benchmark explores the major takeaways and recurring themes that ran through the discussions at the London event.",[1391],{"type":714,"attrs":1392},{"color":1360},{"type":642,"attrs":1394,"content":1396},{"level":1395,"textAlign":49},4,[1397],{"text":1398,"type":605},"Demand accelerates, technology consolidates",{"type":600,"attrs":1400,"content":1401},{"textAlign":49},[1402,1411,1416,1425],{"text":1403,"type":605,"marks":1404},"Global battery demand",[1405,1408,1410],{"type":609,"attrs":1406},{"href":1407,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/global-lithium-ion-battery-demand-rose-29-in-2025",{"type":714,"attrs":1409},{"color":1369},{"type":1371},{"text":1412,"type":605,"marks":1413}," is set to grow 25% year-on-year to reach 1.7TWh in 2025, according to Benchmark forecasts. Although global EV sales continue to break records, the balance between mobility and stationary storage is shifting, with ",[1414],{"type":714,"attrs":1415},{"color":1360},{"text":1417,"type":605,"marks":1418},"energy storage now representing 20% of global battery demand",[1419,1422,1424],{"type":609,"attrs":1420},{"href":1421,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/how-will-data-centres-impact-battery-demand",{"type":714,"attrs":1423},{"color":1369},{"type":1371},{"text":1426,"type":605,"marks":1427}," – driven by AI infrastructure buildout and the electrification of industry.",[1428],{"type":714,"attrs":1429},{"color":1360},{"type":698,"attrs":1431},{"id":1432,"body":1433},"94f6f2e8-6b7d-472b-b21e-b221fabceee5",[1434],{"id":1435,"_uid":1436,"type":705,"_editable":1437,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25683577","i-783ba6e6-8153-4519-9084-cc4528a7e0be","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-783ba6e6-8153-4519-9084-cc4528a7e0be\", \"id\": \"\"}-->",{"type":600,"attrs":1439,"content":1440},{"textAlign":49},[1441,1446,1455,1460,1469,1474,1483],{"text":1442,"type":605,"marks":1443},"This growth comes at a time of ",[1444],{"type":714,"attrs":1445},{"color":1360},{"text":1447,"type":605,"marks":1448},"record low battery prices",[1449,1452,1454],{"type":609,"attrs":1450},{"href":1451,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/what-has-driven-battery-cell-costs-below-100-per-kwh",{"type":714,"attrs":1453},{"color":1369},{"type":1371},{"text":1456,"type":605,"marks":1457},", which average $57/kWh globally and as low as $40/kWh for energy storage. The resulting affordability has entrenched ",[1458],{"type":714,"attrs":1459},{"color":1360},{"text":1461,"type":605,"marks":1462},"lithium iron phosphate (LFP) chemistry",[1463,1466,1468],{"type":609,"attrs":1464},{"href":1465,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/ncm-and-lfp-the-battle-for-cathode-chemistry-dominance",{"type":714,"attrs":1467},{"color":1369},{"type":1371},{"text":1470,"type":605,"marks":1471}," as the leading formulation, now accounting for over half of global production, with ",[1472],{"type":714,"attrs":1473},{"color":1360},{"text":1475,"type":605,"marks":1476},"China producing 80% of all LFP cells",[1477,1480,1482],{"type":609,"attrs":1478},{"href":1479,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/china-to-oversee-lfp-resurgence-as-it-doubles-down-on-ev-battery-cathode-expansions",{"type":714,"attrs":1481},{"color":1369},{"type":1371},{"text":1484,"type":605,"marks":1485},".",[1486],{"type":714,"attrs":1487},{"color":1360},{"type":600,"attrs":1489,"content":1490},{"textAlign":49},[1491],{"text":1492,"type":605,"marks":1493},"\"The world's largest energy and technology corporations are rewriting strategies to align with unprecedented demand growth from energy storage,\" remarked Iola Hughes, Benchmark's Head of Research.",[1494],{"type":714,"attrs":1495},{"color":1360},{"type":600,"attrs":1497,"content":1498},{"textAlign":49},[1499,1504,1513],{"text":1500,"type":605,"marks":1501},"This cost compression and chemistry shift signal a market moving from expansion to maturity, one defined by fierce competition, localisation strategies, and an emerging focus on ",[1502],{"type":714,"attrs":1503},{"color":1360},{"text":1505,"type":605,"marks":1506},"next-generation technologies such as sodium-ion",[1507,1510,1512],{"type":609,"attrs":1508},{"href":1509,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/infographic-the-state-of-play-of-next-generation-battery-capacity-in-2025",{"type":714,"attrs":1511},{"color":1369},{"type":1371},{"text":1514,"type":605,"marks":1515}," and flow batteries, especially for long-duration energy storage applications.",[1516],{"type":714,"attrs":1517},{"color":1360},{"type":642,"attrs":1519,"content":1520},{"level":1395,"textAlign":49},[1521],{"text":1522,"type":605},"Supply diversification and energy security take centre stage",{"type":600,"attrs":1524,"content":1525},{"textAlign":49},[1526],{"text":1527,"type":605},"In a series of discussions under the theme “Energy Security and Critical Minerals: Global Challenges, Regional Realities,” speakers outlined how China’s dominance remains entrenched across the value chain, from raw material refining to cell production. But the tone at the Summit reflected a new intensity in global diversification efforts.",{"type":600,"attrs":1529,"content":1530},{"textAlign":49},[1531,1540,1545,1554,1559,1568],{"text":1532,"type":605,"marks":1533},"Europe's Critical Raw Materials Act",[1534,1537,1539],{"type":609,"attrs":1535},{"href":1536,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/can-the-european-union-meet-its-crma-goals",{"type":714,"attrs":1538},{"color":1369},{"type":1371},{"text":1541,"type":605,"marks":1542},", with its ",[1543],{"type":714,"attrs":1544},{"color":1360},{"text":1546,"type":605,"marks":1547},"domestic mining, processing and recycling targets",[1548,1551,1553],{"type":609,"attrs":1549},{"href":1550,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/eu-identifies-13-global-critical-mineral-projects-to-support-crma-targets",{"type":714,"attrs":1552},{"color":1369},{"type":1371},{"text":1555,"type":605,"marks":1556},", and the US's EXIM Bank–backed strategic investment drive, both reflect mounting urgency to reduce dependency. In parallel, ",[1557],{"type":714,"attrs":1558},{"color":1360},{"text":1560,"type":605,"marks":1561},"Latin America was repeatedly highlighted as a key region for critical minerals",[1562,1565,1567],{"type":609,"attrs":1563},{"href":1564,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/video/watch/what-is-the-outlook-for-lithium-in-latin-america",{"type":714,"attrs":1566},{"color":1369},{"type":1371},{"text":1569,"type":605,"marks":1570},", especially lithium and copper.",[1571],{"type":714,"attrs":1572},{"color":1360},{"type":600,"attrs":1574,"content":1575},{"textAlign":49},[1576],{"type":1577,"attrs":1578},"image",{"id":49,"alt":551,"src":1579,"title":49,"source":49,"copyright":49,"meta_data":1580},"https://a.storyblok.com/f/287943243085208/6f92da9365/bm-151025-131237.jpg",{},{"type":600,"attrs":1582,"content":1583},{"textAlign":49},[1584],{"text":1585,"type":605},"“The US and Europe are becoming more directly involved in critical mineral projects as they seek to reduce dependency on China for materials which are crucial for the energy transition,” said Adam Webb, Benchmark’s Head of Energy Raw Materials.",{"type":600,"attrs":1587,"content":1588},{"textAlign":49},[1589,1594,1603],{"text":1590,"type":605,"marks":1591},"Case studies from ",[1592],{"type":714,"attrs":1593},{"color":1360},{"text":1595,"type":605,"marks":1596},"Japan and South Korea's partnership-based financing models",[1597,1600,1602],{"type":609,"attrs":1598},{"href":1599,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/japan-and-south-korea-commit-900bn-in-us-investment-under-new-trade-deals-targeting-critical-minerals",{"type":714,"attrs":1601},{"color":1369},{"type":1371},{"text":1604,"type":605,"marks":1605}," underscored the growing importance of regional collaboration to secure material supply, while the paradox of China's Anti-involution Policy Campaign, aimed at reducing domestic overcapacity while exporting surplus, has added fresh volatility to global markets.",[1606],{"type":714,"attrs":1607},{"color":1360},{"type":642,"attrs":1609,"content":1610},{"level":1395,"textAlign":49},[1611],{"text":1612,"type":605},"Capital costs, risk, and the financing challenge",{"type":600,"attrs":1614,"content":1615},{"textAlign":49},[1616],{"text":1617,"type":605},"Despite robust demand, global financing for upstream and midstream supply remains constrained. Speakers from across the finance community agreed that high borrowing costs (10%–20% outside China, compared to near-zero rates within it)  continue to stifle project development.",{"type":600,"attrs":1619,"content":1620},{"textAlign":49},[1621],{"text":1622,"type":605},"Panellists outlined strategies combining minority-equity stakes with technological integration, while citing low liquidity and policy instability as barriers to attracting institutional funds.",{"type":600,"attrs":1624,"content":1625},{"textAlign":49},[1626],{"type":1577,"attrs":1627},{"id":49,"alt":551,"src":1628,"title":49,"source":49,"copyright":49,"meta_data":1629},"https://a.storyblok.com/f/287943243085208/fceea0a32c/bm-151025-143304.jpg",{},{"type":600,"attrs":1631,"content":1632},{"textAlign":49},[1633],{"text":1634,"type":605},"Amidst volatile commodity prices, the need for better tools to manage price risk was consistent. Delegates championed long-term offtake contracts, contracts for difference (CFDs), and emerging derivative markets as essential tools to stabilise investment.",{"type":642,"attrs":1636,"content":1637},{"level":1395,"textAlign":49},[1638],{"text":1639,"type":605},"Regional realignment: Latin America and the copper imperative",{"type":600,"attrs":1641,"content":1642},{"textAlign":49},[1643,1648,1657,1662,1671],{"text":1644,"type":605,"marks":1645},"The Summit shone a spotlight on ",[1646],{"type":714,"attrs":1647},{"color":1360},{"text":1649,"type":605,"marks":1650},"Argentina's growing role as both a copper and lithium producer",[1651,1654,1656],{"type":609,"attrs":1652},{"href":1653,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/argentinas-copper-developments-accelerate-under-new-incentive-regime",{"type":714,"attrs":1655},{"color":1369},{"type":1371},{"text":1658,"type":605,"marks":1659},". Through its ",[1660],{"type":714,"attrs":1661},{"color":1360},{"text":1663,"type":605,"marks":1664},"new RIGI incentive framework",[1665,1668,1670],{"type":609,"attrs":1666},{"href":1667,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives",{"type":714,"attrs":1669},{"color":1369},{"type":1371},{"text":1672,"type":605,"marks":1673},", the Argentine government has created an investment-friendly mining regime, offering tax incentives, foreign exchange flexibility, and stability clauses extending up to 30 years.",[1674],{"type":714,"attrs":1675},{"color":1360},{"type":600,"attrs":1677,"content":1678},{"textAlign":49},[1679,1684,1693],{"text":1680,"type":605,"marks":1681},"Projects like ",[1682],{"type":714,"attrs":1683},{"color":1360},{"text":1685,"type":605,"marks":1686},"Rio Tinto's $2.7bn Rincon Project",[1687,1690,1692],{"type":609,"attrs":1688},{"href":1689,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/rio-tinto-could-be-second-largest-lithium-miner-by-2035",{"type":714,"attrs":1691},{"color":1369},{"type":1371},{"text":1694,"type":605,"marks":1695}," and McEwen Copper's Los Azules, backed by Stellantis and the International Finance Corporation, illustrate how the country is aligning regulatory reform with sustainable development. Los Azules is aiming for carbon neutrality by 2038 with a 73% reduction in Scope 1 and 2 emissions.",[1696],{"type":714,"attrs":1697},{"color":1360},{"type":698,"attrs":1699},{"id":1700,"body":1701},"6b512038-7749-4ccc-bee2-9df90729e650",[1702],{"id":1703,"_uid":1704,"type":705,"_editable":1705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"24874238","i-2c70dfb6-ddfc-4024-8307-d4ad41579bb2","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2c70dfb6-ddfc-4024-8307-d4ad41579bb2\", \"id\": \"\"}-->",{"type":600,"attrs":1707,"content":1708},{"textAlign":49},[1709],{"text":1710,"type":605,"marks":1711},"\"Recent supply disruptions underline copper's market fragility and the growing need for new greenfield projects to sustain future supply,\" said Mike Finch, Benchmark's Head of Strategic Initiatives.",[1712],{"type":714,"attrs":1713},{"color":1360},{"type":600,"attrs":1715,"content":1716},{"textAlign":49},[1717,1722],{"text":1718,"type":605,"marks":1719},"These developments highlight a structural rebalancing in global resource geography, one that positions Latin America as a cornerstone of future energy security while reinforcing ",[1720],{"type":714,"attrs":1721},{"color":1360},{"text":1723,"type":605,"marks":1724},"copper's central role as \"the backbone of electrification.\"",[1725,1728,1730],{"type":609,"attrs":1726},{"href":1727,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://www.benchmarkminerals.com/glossary/what-is-copper",{"type":714,"attrs":1729},{"color":1369},{"type":1371},"As Benchmark’s London Summit 2025 drew to a close this week, it was clear the global battery and critical minerals industry has entered a new era defined by industrial maturity, geopolitical tension, and capital competition. Across a packed one-day programme, speakers from Benchmark and leading industry figures examined demand trends, the evolution of battery chemistries, […]",[1733],{"slug":857,"name":858,"content":1734},{"job_title":860,"image":1735,"bio":863,"linkedin":864},{"filename":862},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"43cf2ce5-3395-4442-91b5-8d212045dabe\", \"id\": \"\"}-->",[1738,1739,1742,1743],{"slug":822,"name":823},{"slug":1740,"name":1741},"critical-minerals","Critical Minerals",{"slug":1318,"name":1319},{"slug":544,"name":543},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":1745},{},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1747,"copyright":551,"fieldtype":831,"meta_data":1748,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/126472c42f/bm-151025-145448-1348924fbeed.jpg",{"alt":551,"title":551,"source":551,"copyright":551},"As Benchmark’s London Summit 2025 drew to a close this week, it was clear the global battery and critical minerals industry has entered a new era defined by industrial maturity, geopolitical tension, and capital competition. […]","Oct 17, 2025",{"id":1752,"uuid":1753,"name":1754,"slug":1755,"full_slug":1756,"content":1757},107061704469796,"65588906-d4c5-4842-83b5-4e2c882c5557","Key takeaways from RE+ 2025","key-takeaways-from-re-2025","article/key-takeaways-from-re-2025",{"_uid":1758,"date":1759,"tags":1760,"editor":1774,"content":1778,"excerpt":1853,"featured":51,"reporter":1854,"_editable":1858,"component":811,"seo_title":1754,"categories":1859,"visibility":827,"author_company":49,"featured_image":1863,"seo_description":1853,"author_full_name":49,"author_job_title":49,"formattedDate":1866},"94a99a62-0ef6-4424-b693-77f2369be512","2025-09-23 00:00",[1761,1764,1767,1770,1771],{"slug":1762,"name":1763},"feoc","FEOC",{"slug":1765,"name":1766},"lg-energy-solution","LG Energy Solution",{"slug":1768,"name":1769},"north-america","North America",{"slug":1072,"name":1073},{"slug":1772,"name":1773},"us","US",[1775],{"slug":857,"name":858,"content":1776},{"job_title":860,"image":1777,"bio":863,"linkedin":864},{"filename":862},{"type":597,"content":1779},[1780,1785,1790,1795,1800,1805,1810,1815,1820,1825,1830,1835,1840,1845,1850],{"type":600,"attrs":1781,"content":1782},{"textAlign":49},[1783],{"text":1784,"type":605},"Rho Motion analysts attended the recent RE+ event in Las Vegas Nevada, the largest clean energy event in North America. RE+ is a pivotal opportunity to put the finger on the pulse of the US energy transition, and this year provided insights into investor sentiment and technology developments.",{"type":642,"attrs":1786,"content":1787},{"level":1395,"textAlign":49},[1788],{"text":1789,"type":605},"Notable product launches from Tesla and e-STORAGE",{"type":600,"attrs":1791,"content":1792},{"textAlign":49},[1793],{"text":1794,"type":605},"RE+ is typically used as a platform for new product launches, and the 2025 event was no different.",{"type":600,"attrs":1796,"content":1797},{"textAlign":49},[1798],{"text":1799,"type":605},"Tesla released:",{"type":600,"attrs":1801,"content":1802},{"textAlign":49},[1803],{"text":1804,"type":605},"The product aims to reduce commissioning time by 23% and achieve a 40% reduction in construction costs. This latest product will be produced from Tesla’s 50GWh Houston facility, currently under construction, and will be ready for shipment in H2 2026.",{"type":600,"attrs":1806,"content":1807},{"textAlign":49},[1808],{"text":1809,"type":605},"Additionally, Tesla released:",{"type":600,"attrs":1811,"content":1812},{"textAlign":49},[1813],{"text":1814,"type":605},"Other notable unveilings included:",{"type":642,"attrs":1816,"content":1817},{"level":1395,"textAlign":49},[1818],{"text":1819,"type":605},"Policy uncertainty remains key topic of conversation",{"type":600,"attrs":1821,"content":1822},{"textAlign":49},[1823],{"text":1824,"type":605},"Aside from new product releases, the dominating theme of the conference was Foreign Entity of Concern (FEOC) and One Big Beautiful Bill Act (OBBBA) compliance. Conversations with system integrators, developers and investors yielded a range of responses and concerns regarding the regulatory limbo in which the US storage industry finds itself.",{"type":600,"attrs":1826,"content":1827},{"textAlign":49},[1828],{"text":1829,"type":605},"The available US-produced cells are being snapped up, with Tesla and EG3 announcing offtakes with LG Energy Solution for domestically manufactured cells. Notably a strong interest in Korean cells was also expressed from a number of other integrators and developers Rho Motion met with.",{"type":600,"attrs":1831,"content":1832},{"textAlign":49},[1833],{"text":1834,"type":605},"Elsewhere, those who have recently brought online or are planning LFP production in the coming years shared the likelihood of changes in ownership structures as well as supply chain adjustments in the coming months to ensure they can provide eligible products from 2026.",{"type":642,"attrs":1836,"content":1837},{"level":1395,"textAlign":49},[1838],{"text":1839,"type":605},"How are developers responding to the changing market?",{"type":600,"attrs":1841,"content":1842},{"textAlign":49},[1843],{"text":1844,"type":605},"Developers are now prioritising Engineering, Procurement, and Construction (EPC) cost reductions with fears of hardware costs increasing and increasing fears of IRA tax-credit eligibility, which makes Tesla’s announcement all the more relevant. Indeed, with Powin’s exit from the market, there are murmurings of developers considering integrating their own systems and removing the role of bespoke integrator altogether.",{"type":600,"attrs":1846,"content":1847},{"textAlign":49},[1848],{"text":1849,"type":605},"Overall, the momentum of transition remains, yet the question of how to maintain it in the context of such regulatory uncertainty was the key takeaway from this years’ conference. ",{"type":600,"attrs":1851,"content":1852},{"textAlign":49},[],"Rho Motion analysts attended the recent RE+ event in Las Vegas Nevada, the largest clean energy event in North America. RE+ is a pivotal opportunity to put the finger on the pulse of the US energy transition, and this year provided insights into investor sentiment and technology developments. Notable product launches from Tesla and e-STORAGE […]",[1855],{"slug":857,"name":858,"content":1856},{"job_title":860,"image":1857,"bio":863,"linkedin":864},{"filename":862},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"94a99a62-0ef6-4424-b693-77f2369be512\", \"id\": \"\"}-->",[1860,1861,1862],{"slug":822,"name":823},{"slug":815,"name":816},{"slug":544,"name":543},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1864,"copyright":551,"fieldtype":831,"meta_data":1865,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e301e43adf/bm-image-from-ios-scaled.jpg",{"alt":551,"title":551,"source":551,"copyright":551},"Sep 23, 2025",{"id":1868,"uuid":1869,"name":1870,"slug":1871,"full_slug":1872,"content":1873},107063155940189,"0ee35501-9066-4e6d-95fa-3174ffa37e65","In conversation with NEO Performance Materials CEO and President Rahim Suleman ","in-conversation-with-neo-performance-materials-ceo-and-president-rahim-suleman","article/in-conversation-with-neo-performance-materials-ceo-and-president-rahim-suleman",{"_uid":1874,"date":1875,"tags":1876,"editor":1884,"content":1888,"excerpt":1995,"featured":51,"reporter":1996,"component":811,"seo_title":2000,"categories":2001,"visibility":1053,"author_company":49,"data_vis_image":2010,"featured_image":2012,"seo_description":2015,"author_full_name":49,"author_job_title":49,"formattedDate":2016},"eaf4f149-3f34-48d3-8454-18dae669c4c2","2025-09-22 00:00",[1877,1878,1881],{"slug":1341,"name":1342},{"slug":1879,"name":1880},"estonia","Estonia",{"slug":1882,"name":1883},"neo-performance-materials","Neo Performance Materials",[1885],{"slug":1077,"name":1078,"content":1886},{"job_title":1080,"image":1887,"bio":1083,"linkedin":1084},{"filename":1082},{"type":597,"content":1889},[1890,1895,1900,1905,1912,1917,1946,1953,1958,1963,1976,1983,1990],{"type":600,"attrs":1891,"content":1892},{"textAlign":49},[1893],{"text":1894,"type":605},"NEO Performance Materials (NEO), a Canadian company with 30 years of rare earths industry experience, officially opened its rare earth permanent magnet (REPM) plant in Narva, Estonia, with a high-level ceremony on September 19, with Benchmark in attendance. The Narva plant marks NEO’s second rare earth facility in Estonia, complementing its established Silmet rare earth processing operation in Sillamäe. Before the ceremony, Benchmark sat down with NEO CEO and President Rahim Suleman to learn more about the company and its position in the midstream and downstream segments of the global rare earths supply chain, as well as the outlook for REPMs in the current tense geo-economic context. ",{"type":600,"attrs":1896,"content":1897},{"textAlign":49},[1898],{"text":1899,"type":605},"NEO has a globally diversified asset base across Europe, North America, and Asia, including operations in China and South Korea. Its operations range from rare earth separation and refining through to magnetic powders and magnets integration, which Rahim Suleman argues makes NEO “currently the most fully integrated REPM company in the world and very well positioned  with its supply chains both in and outside of China.” ",{"type":600,"attrs":1901,"content":1902},{"textAlign":49},[1903],{"text":1904,"type":605},"The Narva plant focuses on neodymium-iron-boron (NdFeB) magnets and is currently operational at the sample production stage, planning to ramp up to reach Phase 1 production of 2,000 tonnes by Q2 2026 and subsequently to 5,000 tonnes per year. In terms of REE feedstock, Suleman explains that NEO relies on a wide variety of global upstream sources, including Lynas Rare Earths, an Australian rare earths miner and processor. NEO’s magnet plant also sources rare earth oxide locally from NEO’s Silmet separation plant in Sillamäe, one of the few such facilities outside of China. ",{"type":698,"attrs":1906},{"id":1907,"body":1908},"0b98d0d9-6ea9-4565-9b77-ae0fe0c862d2",[1909],{"id":1910,"_uid":1911,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"23971300","i-63c3638f-b83a-4292-a18e-1578499991ad",{"type":600,"attrs":1913,"content":1914},{"textAlign":49},[1915],{"text":1916,"type":605},"While NEO’s Narva plant and Vacuumschmelze’s (VAC) plant in Hanau, Germany, are the only two operational REPM plants in Europe, several companies are building REPM manufacturing facilities in the US, including MP Materials. Both the US and the EU seek to reduce their heavy dependence on REPM imports from China, which currently provides 98% of European REPM supply and 91% of global supply.  ",{"type":600,"attrs":1918,"content":1919},{"textAlign":49},[1920,1922,1928,1930,1936,1938,1944],{"text":1921,"type":605},"REPMs sit at the intersection of economic security, defence and the green transition, given that they are critical components for electric vehicle (EV) and wind turbine motors, as well as ",{"text":1923,"type":605,"marks":1924},"modern defence technologies like F-35 fighter jets and Tomahawk missiles",[1925],{"type":609,"attrs":1926},{"href":1927,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/publications/special-issues/1345874",{"text":1929,"type":605},". China’s near monopoly in REPM production makes supply chains in the US and the EU vulnerable to geopolitical tensions, as seen with China’s export restrictions on seven medium- and heavy REEs and permanent magnets in April this year. This has led to ",{"text":1931,"type":605,"marks":1932},"heightened price volatility",[1933],{"type":609,"attrs":1934},{"href":1935,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/terbium-prices-spike-following-china-rare-earths-export-ban",{"text":1937,"type":605},", with ex-China prices having surged, as captured by ",{"text":1939,"type":605,"marks":1940},"Benchmark’s recently launched ex-China price index",[1941],{"type":609,"attrs":1942},{"href":1943,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/benchmark-to-launch-ex-china-rare-earth-prices",{"text":1945,"type":605},". While holding a Made-in-Europe NEO permanent magnet, EU Commission President Ursula von der Leyen at the recent G7 summit in Kananaskis, Canada, urged the need to loosen China’s grip on rare earths and REPM supply chains through supply diversification.  ",{"type":698,"attrs":1947},{"id":1948,"body":1949},"55880f00-077d-4ae4-9445-d52b12a56e97",[1950],{"id":1951,"_uid":1952,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25198694","i-e9134416-2b37-4a61-bd63-b9770cebb571",{"type":600,"attrs":1954,"content":1955},{"textAlign":49},[1956],{"text":1957,"type":605},"Despite the current tense geo-economic environment, Rahim Suleman emphasised that NEO’s primary focus remains the automotive industry rather than defence industrial supply chains. Furthermore, Suleman is a strong believer in the need for “parallel supply chains and balanced co-dependence”, but not in ‘China decoupling’, illustrated by NEO’s global corporate footprint outside and inside China, which started 30 years ago at NEO’s foundation.  ",{"type":600,"attrs":1959,"content":1960},{"textAlign":49},[1961],{"text":1962,"type":605},"As for NEO’s European supply localisation strategy, Suleman underlines that it is primarily driven by the need to serve NEO’s local automotive customer base. This is supported by the implementation of the EU Critical Raw Materials Act (CRMA), funding from the EU Just Transition Fund and driven by Estonia’s cost-effective and competitive business environment, which is largely characterised by its strong technical skill set. Additionally, the cost premium of producing REPMs locally in Estonia vis-à-vis China is not overly punitive and does not meet the same level as with European battery supply localising, according to Suleman.  ",{"type":600,"attrs":1964,"content":1965},{"textAlign":49},[1966,1968,1974],{"text":1967,"type":605},"Although REPMs are currently increasingly linked to defence technologies, e-mobility is the largest driver of REPM demand and will remain so in the run-up to 2035, with Europe accounting for 19% of global REPM e-mobility demand after China this year. In 2025, ",{"text":1969,"type":605,"marks":1970},"demand for rare earths in EV motors is also expected to increase by 16% year-over-year to 43 kt.",[1971],{"type":609,"attrs":1972},{"href":1973,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/how-many-rare-earths-are-needed-to-produce-ev-motors",{"text":1975,"type":605}," The most common magnets used are made by combining neodymium with iron and boron to create NdFeB magnets. ",{"type":698,"attrs":1977},{"id":1978,"body":1979},"aab20910-b66a-4178-8c00-15c2126ba0e8",[1980],{"id":1981,"_uid":1982,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"21807234","i-f03d1d63-7d34-442a-a255-00336c2cee57",{"type":698,"attrs":1984},{"id":1985,"body":1986},"80eed068-4c75-4576-8647-113060300c8a",[1987],{"id":1988,"_uid":1989,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25199872","i-4cad4f2e-9cbe-44ef-b52d-32226c28414c",{"type":600,"attrs":1991,"content":1992},{"textAlign":49},[1993],{"text":1994,"type":605},"Finally, NEO CEO and President Rahim Suleman explains that the EV transition is not the sole determining factor for NEO’s business and growth strategy, referring to other promising end-markets for REPMs, such as data centres driven by the AI boom and robotics, which will actually outgrow the EV transition, he argues. ","NEO Performance Materials (NEO), a Canadian company with 30 years of rare earths industry experience, officially opened its rare earth permanent magnet (REPM) plant in Narva, Estonia, with a high-level ceremony on September 19, with Benchmark in attendance. The Narva plant marks NEO’s second rare earth facility in Estonia, complementing its established Silmet rare earth […]",[1997],{"slug":1077,"name":1078,"content":1998},{"job_title":1080,"image":1999,"bio":1083,"linkedin":1084},{"filename":1082},"In conversation with NEO Performance Materials CEO Rahim Suleman ",[2002,2003,2004,2005,2007],{"slug":1740,"name":1741},{"slug":1318,"name":1319},{"slug":544,"name":543},{"slug":2006,"name":414},"rare-earths",{"slug":2008,"name":2009},"raw-materials","Raw Materials",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2011},{},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2013,"copyright":551,"fieldtype":831,"meta_data":2014,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0e29c50cc7/bm-neo-performance-materials-inc-neo-performance-materials-opens.jpg",{"alt":551,"title":551,"source":551,"copyright":551},"NEO Performance Materials (NEO), a Canadian company with 30 years of rare earths industry experience, officially opened its rare earth permanent magnet (REPM) plant in Narva, Estonia, with a high-level ceremony on September 19, Benchmark in attendance.","Sep 22, 2025",{"id":2018,"uuid":2019,"name":2020,"slug":2021,"full_slug":2022,"content":2023},107064112663443,"b489988f-ca11-452a-87b9-f797cba52943","Pentagon invests in MP Materials in bid to break China’s rare earths dominance","pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance","article/pentagon-invests-in-mp-materials-in-bid-to-break-chinas-rare-earths-dominance",{"_uid":2024,"date":2025,"tags":2026,"editor":2035,"content":2039,"excerpt":2175,"featured":51,"reporter":2176,"_editable":2180,"component":811,"seo_title":2181,"categories":2182,"visibility":827,"author_company":49,"data_vis_image":2187,"featured_image":2189,"seo_description":2192,"author_full_name":49,"author_job_title":49,"formattedDate":2193},"04856e4a-edad-47e9-9130-90f232ac4e8c","2025-07-11 00:00",[2027,2028,2031,2034],{"slug":566,"name":567},{"slug":2029,"name":2030},"department-of-defense","Department of Defense",{"slug":2032,"name":2033},"mp-materials","MP Materials",{"slug":1772,"name":1773},[2036],{"slug":857,"name":858,"content":2037},{"job_title":860,"image":2038,"bio":863,"linkedin":864},{"filename":862},{"type":597,"content":2040},[2041,2046,2063,2071,2092,2097,2102,2124,2129,2134,2139,2160,2165,2170],{"type":600,"attrs":2042,"content":2043},{"textAlign":49},[2044],{"text":2045,"type":605},"The US Department of Defense (DoD) has inked a multibillion-dollar partnership with MP Materials (MP), marking a pivotal moment in the evolution of global rare earth supply chains. As the first—and currently only—company with a fully integrated mine-to-magnet supply chain in North America, MP’s new “10X” facility is pivotal for reducing US strategic dependencies on China. ",{"type":600,"attrs":2047,"content":2048},{"textAlign":49},[2049,2058],{"text":2050,"type":605,"marks":2051},"Rare earth permanent magnets (REPMs)",[2052,2055,2057],{"type":609,"attrs":2053},{"href":2054,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://www.benchmarkminerals.com/glossary/ev-motors-and-systems",{"type":714,"attrs":2056},{"color":1369},{"type":1371},{"text":2059,"type":605,"marks":2060}," are critical components for renewable energy infrastructure, electric vehicles, and key defence technologies, such as F-35 fighter jets and Tomahawk missiles, making supply chain resilience a strategic imperative for western nations. A single F-35 jet contains 48kg of rare earth elements (REEs) and a Virginia-class submarine over 4,500kg.",[2061],{"type":714,"attrs":2062},{"color":1360},{"type":698,"attrs":2064},{"id":2065,"body":2066},"a6bb620f-c63a-48ac-8507-509d928ffdc9",[2067],{"id":2068,"_uid":2069,"type":705,"_editable":2070,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"24196778","i-c36b437c-c2a8-48a3-9ba2-1449c31e839f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c36b437c-c2a8-48a3-9ba2-1449c31e839f\", \"id\": \"\"}-->",{"type":600,"attrs":2072,"content":2073},{"textAlign":49},[2074,2076,2082,2084,2090],{"text":2075,"type":605},"The deal comes as ",{"text":2077,"type":605,"marks":2078},"China weaponises its control over rare earths supply chains",[2079],{"type":609,"attrs":2080},{"href":2081,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/china-tightens-rare-earth-exports-amid-escalating-trade-tensions-with-us",{"text":2083,"type":605}," in the evolving tit-for-tat trade war between the world’s two largest economies. Boosting domestic supply and ",{"text":2085,"type":605,"marks":2086},"securing access to rare earths resources abroad has been a key priority ",[2087],{"type":609,"attrs":2088},{"href":2089,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/us-and-ukraine-clinch-historic-critical-minerals-agreement",{"text":2091,"type":605},"for the Trump administration during its early months in office.",{"type":642,"attrs":2093,"content":2094},{"level":1395,"textAlign":49},[2095],{"text":2096,"type":605},"What does the deal involve?",{"type":600,"attrs":2098,"content":2099},{"textAlign":49},[2100],{"text":2101,"type":605},"Central to the agreement is a 10-year NdPr (neodymium-praseodymium) price floor at $110/kg, which not only guarantees stable revenues for MP but also sends strong price signals to the market.",{"type":600,"attrs":2103,"content":2104},{"textAlign":49},[2105,2110,2119],{"text":2106,"type":605,"marks":2107},"Prices outside China have surged 3–5 times since China enacted export controls in early April, a response to President Trump's aggressive tariff policy. This price-floor policy could help create a ",[2108],{"type":714,"attrs":2109},{"color":1360},{"text":2111,"type":605,"marks":2112},"bifurcated pricing mechanism for rare earths",[2113,2116,2118],{"type":609,"attrs":2114},{"href":2115,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/rare-earth-prices-show-regional-bifurcation-following-export-restrictions-imposed-by-china",{"type":714,"attrs":2117},{"color":1369},{"type":1371},{"text":2120,"type":605,"marks":2121},", laying the foundations for an ex-China rare earth price index.",[2122],{"type":714,"attrs":2123},{"color":1360},{"type":600,"attrs":2125,"content":2126},{"textAlign":49},[2127],{"text":2128,"type":605},"The price floor also helps make the 10X project significantly more bankable, by reducing price risk and encouraging upstream and midstream investments. For now, MP will receive $1.15 billion in public-private financing, with the DoD’s $400 million commitment (for a 15% stake) making it MP’s largest shareholder, highlighting the scale and strategic importance of the partnership.",{"type":642,"attrs":2130,"content":2131},{"level":1395,"textAlign":49},[2132],{"text":2133,"type":605},"A game-changing moment for supply security?",{"type":600,"attrs":2135,"content":2136},{"textAlign":49},[2137],{"text":2138,"type":605},"The implications for supply security are significant, with the defence and EV sectors—both disproportionately impacted by China’s export controls—standing to benefit. ",{"type":600,"attrs":2140,"content":2141},{"textAlign":49},[2142,2147,2156],{"text":2143,"type":605,"marks":2144},"The US accounts for the largest share of global defence magnet demand, which is expected to reach 5kt by 2028, and is third only to China in EV magnet demand. By 2030, ",[2145],{"type":714,"attrs":2146},{"color":1360},{"text":2148,"type":605,"marks":2149},"US e-mobility magnet demand is projected to climb to 14.5kt",[2150,2153,2155],{"type":609,"attrs":2151},{"href":2152,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/the-importance-of-evs-to-the-rare-earths-market",{"type":714,"attrs":2154},{"color":1369},{"type":1371},{"text":1484,"type":605,"marks":2157},[2158],{"type":714,"attrs":2159},{"color":1360},{"type":600,"attrs":2161,"content":2162},{"textAlign":49},[2163],{"text":2164,"type":605},"MP’s Texas magnet facility (1ktpa capacity) is expected online by end-2026, with the 10X facility targeting ~10kt capacity by 2028. While these developments are significant, US magnet demand is still projected to outpace domestic supply, requiring further capacity build-out beyond 2028.",{"type":600,"attrs":2166,"content":2167},{"textAlign":49},[2168],{"text":2169,"type":605},"Europe, too, is catching up—with players like Neo Performance Materials and Mkango Resources building magnet and recycling capacity.",{"type":600,"attrs":2171,"content":2172},{"textAlign":49},[2173],{"text":2174,"type":605},"The MP–DoD deal is unlikely to be the last. Rather, it’s a template for industrial policy, a national security investment, and a clear signal: the West is finally getting serious about supply resilience.","The US Department of Defense (DoD) has inked a multibillion-dollar partnership with MP Materials (MP), marking a pivotal moment in the evolution of global rare earth supply chains. As the first—and currently only—company with a fully integrated mine-to-magnet supply chain in North America, MP’s new “10X” facility is pivotal for reducing US strategic dependencies on […]",[2177],{"slug":857,"name":858,"content":2178},{"job_title":860,"image":2179,"bio":863,"linkedin":864},{"filename":862},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"04856e4a-edad-47e9-9130-90f232ac4e8c\", \"id\": \"\"}-->","Pentagon invests MP Materials in bid to break China’s rare earths",[2183,2184,2185,2186],{"slug":1740,"name":1741},{"slug":1318,"name":1319},{"slug":544,"name":543},{"slug":2006,"name":414},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2188},{},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2190,"copyright":551,"fieldtype":831,"meta_data":2191,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/70f265554a/bm-shutterstock-1210283029.jpg",{"alt":551,"title":551,"source":551,"copyright":551},"The US Department of Defense (DoD) has inked a multibillion-dollar partnership with MP Materials (MP), marking a pivotal moment in the evolution of global rare earth supply chains. As the first—and currently only—company with a fully  […]","Jul 11, 2025",[2195,2359,2515,2606],{"id":556,"uuid":557,"name":558,"slug":559,"full_slug":560,"content":2196},{"_uid":562,"date":563,"tags":2197,"editor":2205,"content":2209,"excerpt":799,"featured":51,"reporter":2345,"component":811,"seo_title":812,"categories":2349,"visibility":827,"data_vis_image":2355,"featured_image":2357,"seo_description":837,"formattedDate":838},[2198,2199,2200,2201,2202,2203,2204],{"slug":566,"name":567},{"slug":569,"name":570},{"slug":572,"name":573},{"slug":575,"name":576},{"slug":578,"name":579},{"slug":581,"name":582},{"slug":584,"name":585},[2206],{"slug":588,"name":589,"content":2207},{"job_title":591,"image":2208,"bio":594,"linkedin":595},{"filename":593},{"type":597,"content":2210},[2211,2220,2229,2233,2237,2241,2250,2259,2272,2276,2288,2292,2296,2300,2309,2313,2317,2324,2328,2332,2336],{"type":600,"attrs":2212,"content":2213},{"textAlign":49},[2214,2215,2219],{"text":604,"type":605},{"text":543,"type":605,"marks":2216},[2217],{"type":609,"attrs":2218},{"href":611,"uuid":612,"anchor":49,"target":613,"linktype":614},{"text":616,"type":605},{"type":600,"attrs":2221,"content":2222},{"textAlign":49},[2223,2224,2228],{"text":621,"type":605},{"text":623,"type":605,"marks":2225},[2226],{"type":609,"attrs":2227},{"href":627,"uuid":628,"anchor":49,"target":613,"linktype":614},{"text":630,"type":605},{"type":600,"attrs":2230,"content":2231},{"textAlign":49},[2232],{"text":635,"type":605},{"type":600,"attrs":2234,"content":2235},{"textAlign":49},[2236],{"text":640,"type":605},{"type":642,"attrs":2238,"content":2239},{"level":644,"textAlign":49},[2240],{"text":647,"type":605},{"type":600,"attrs":2242,"content":2243},{"textAlign":49},[2244,2245,2249],{"text":652,"type":605},{"text":654,"type":605,"marks":2246},[2247],{"type":609,"attrs":2248},{"href":658,"uuid":659,"anchor":49,"target":613,"linktype":614},{"text":661,"type":605},{"type":600,"attrs":2251,"content":2252},{"textAlign":49},[2253,2254,2258],{"text":666,"type":605},{"text":668,"type":605,"marks":2255},[2256],{"type":609,"attrs":2257},{"href":672,"uuid":673,"anchor":49,"target":613,"linktype":614},{"text":675,"type":605},{"type":600,"attrs":2260,"content":2261},{"textAlign":49},[2262,2266,2267,2271],{"text":680,"type":605,"marks":2263},[2264],{"type":609,"attrs":2265},{"href":684,"uuid":685,"anchor":49,"target":613,"linktype":614},{"text":687,"type":605},{"text":689,"type":605,"marks":2268},[2269],{"type":609,"attrs":2270},{"href":693,"uuid":694,"anchor":49,"target":613,"linktype":614},{"text":696,"type":605},{"type":698,"attrs":2273},{"id":700,"body":2274},[2275],{"id":703,"_uid":704,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},{"type":600,"attrs":2277,"content":2278},{"textAlign":49},[2279,2283,2284],{"text":711,"type":605,"marks":2280},[2281],{"type":714,"attrs":2282},{"color":551},{"text":717,"type":605},{"text":719,"type":605,"marks":2285},[2286],{"type":714,"attrs":2287},{"color":551},{"type":642,"attrs":2289,"content":2290},{"level":644,"textAlign":49},[2291],{"text":727,"type":605},{"type":600,"attrs":2293,"content":2294},{"textAlign":49},[2295],{"text":732,"type":605},{"type":600,"attrs":2297,"content":2298},{"textAlign":49},[2299],{"text":737,"type":605},{"type":600,"attrs":2301,"content":2302},{"textAlign":49},[2303,2304,2308],{"text":742,"type":605},{"text":744,"type":605,"marks":2305},[2306],{"type":714,"attrs":2307},{"color":551},{"text":749,"type":605},{"type":698,"attrs":2310},{"id":700,"body":2311},[2312],{"id":754,"_uid":755,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},{"type":642,"attrs":2314,"content":2315},{"level":644,"textAlign":49},[2316],{"text":760,"type":605},{"type":600,"attrs":2318,"content":2319},{"textAlign":49},[2320],{"text":765,"type":605,"marks":2321},[2322],{"type":714,"attrs":2323},{"color":551},{"type":600,"attrs":2325,"content":2326},{"textAlign":49},[2327],{"text":773,"type":605},{"type":698,"attrs":2329},{"id":700,"body":2330},[2331],{"id":778,"_uid":779,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},{"type":642,"attrs":2333,"content":2334},{"level":644,"textAlign":49},[2335],{"text":784,"type":605},{"type":600,"attrs":2337,"content":2338},{"textAlign":49},[2339,2340,2344],{"text":789,"type":605},{"text":791,"type":605,"marks":2341},[2342],{"type":609,"attrs":2343},{"href":795,"uuid":796,"anchor":49,"target":613,"linktype":614},{"text":798,"type":605},[2346],{"slug":802,"name":803,"content":2347},{"job_title":805,"image":2348,"bio":808,"linkedin":809,"markets_covered":810},{"filename":807},[2350,2351,2352,2353,2354],{"slug":815,"name":816},{"slug":818,"name":819},{"slug":544,"name":543},{"slug":822,"name":823},{"slug":825,"name":826},{"id":829,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":830,"copyright":551,"fieldtype":831,"meta_data":2356,"is_external_url":50},{},{"id":834,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":835,"copyright":551,"fieldtype":831,"meta_data":2358,"is_external_url":50},{},{"id":840,"uuid":841,"name":842,"slug":843,"full_slug":844,"content":2360},{"_uid":846,"date":847,"tags":2361,"editor":2364,"content":2368,"excerpt":871,"featured":51,"reporter":2502,"component":811,"seo_title":1045,"categories":2506,"visibility":1053,"data_vis_image":2511,"featured_image":2513,"seo_description":871,"formattedDate":1060},[2362,2363],{"slug":850,"name":851},{"slug":853,"name":854},[2365],{"slug":857,"name":858,"content":2366},{"job_title":860,"image":2367,"bio":863,"linkedin":864},{"filename":862},{"type":597,"content":2369},[2370,2376,2380,2389,2397,2409,2426,2430,2454,2471,2479,2486],{"type":600,"attrs":2371,"content":2372},{"textAlign":49},[2373],{"text":871,"type":605,"marks":2374},[2375],{"type":874},{"type":600,"attrs":2377,"content":2378},{"textAlign":49},[2379],{"text":879,"type":605},{"type":600,"attrs":2381,"content":2382},{"textAlign":49},[2383,2384,2388],{"text":884,"type":605},{"text":744,"type":605,"marks":2385},[2386],{"type":714,"attrs":2387},{"color":551},{"text":890,"type":605},{"type":600,"attrs":2390,"content":2391},{"textAlign":49},[2392,2396],{"text":895,"type":605,"marks":2393},[2394],{"type":714,"attrs":2395},{"color":899},{"text":901,"type":605},{"type":600,"attrs":2398,"content":2399},{"textAlign":49},[2400,2404,2405],{"text":906,"type":605,"marks":2401},[2402],{"type":714,"attrs":2403},{"color":899},{"text":911,"type":605},{"text":913,"type":605,"marks":2406},[2407],{"type":714,"attrs":2408},{"color":899},{"type":600,"attrs":2410,"content":2411},{"textAlign":49},[2412,2416,2421,2425],{"text":921,"type":605,"marks":2413},[2414],{"type":714,"attrs":2415},{"color":551},{"text":926,"type":605,"marks":2417},[2418,2420],{"type":714,"attrs":2419},{"color":551},{"type":931},{"text":933,"type":605,"marks":2422},[2423],{"type":714,"attrs":2424},{"color":551},{"text":938,"type":605},{"type":600,"attrs":2427,"content":2428},{"textAlign":49},[2429],{"text":943,"type":605},{"type":600,"attrs":2431,"content":2432},{"textAlign":49},[2433,2437,2441,2442,2446,2450],{"text":948,"type":605,"marks":2434},[2435],{"type":714,"attrs":2436},{"color":551},{"text":953,"type":605,"marks":2438},[2439],{"type":714,"attrs":2440},{"color":899},{"text":958,"type":605},{"text":960,"type":605,"marks":2443},[2444],{"type":714,"attrs":2445},{"color":899},{"text":965,"type":605,"marks":2447},[2448],{"type":714,"attrs":2449},{"color":551},{"text":970,"type":605,"marks":2451},[2452],{"type":714,"attrs":2453},{"color":899},{"type":600,"attrs":2455,"content":2456},{"textAlign":49},[2457,2458,2462,2467],{"text":978,"type":605},{"text":980,"type":605,"marks":2459},[2460],{"type":714,"attrs":2461},{"color":551},{"text":985,"type":605,"marks":2463},[2464,2466],{"type":714,"attrs":2465},{"color":551},{"type":931},{"text":991,"type":605,"marks":2468},[2469],{"type":714,"attrs":2470},{"color":551},{"type":600,"attrs":2472,"content":2473},{"textAlign":49},[2474,2478],{"text":999,"type":605,"marks":2475},[2476],{"type":714,"attrs":2477},{"color":899},{"text":1004,"type":605},{"type":600,"attrs":2480,"content":2481},{"textAlign":49},[2482],{"text":1009,"type":605,"marks":2483},[2484],{"type":714,"attrs":2485},{"color":551},{"type":600,"attrs":2487,"content":2488},{"textAlign":49},[2489,2494],{"text":1017,"type":605,"marks":2490},[2491,2493],{"type":714,"attrs":2492},{"color":551},{"type":874},{"text":1023,"type":605,"marks":2495},[2496,2498,2500,2501],{"type":609,"attrs":2497},{"href":1027,"uuid":49,"anchor":49,"target":1028,"linktype":1029},{"type":714,"attrs":2499},{"color":551},{"type":931},{"type":874},[2503],{"slug":1036,"name":1037,"content":2504},{"job_title":1039,"image":2505,"bio":1042,"linkedin":1043,"markets_covered":1044},{"filename":1041},[2507,2508,2509,2510],{"slug":822,"name":823},{"slug":815,"name":816},{"slug":1050,"name":1051},{"slug":544,"name":543},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2512},{},{"id":1057,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1058,"copyright":551,"fieldtype":831,"meta_data":2514,"is_external_url":50},{},{"id":1062,"uuid":1063,"name":1064,"slug":1065,"full_slug":1066,"content":2516},{"_uid":1068,"date":1069,"tags":2517,"editor":2520,"content":2524,"excerpt":1168,"featured":51,"reporter":2592,"component":811,"seo_title":1180,"categories":2596,"visibility":827,"author_company":551,"data_vis_image":2602,"featured_image":2604,"seo_description":1168,"author_full_name":551,"author_job_title":551,"formattedDate":1193},[2518,2519],{"slug":1072,"name":1073},{"slug":850,"name":851},[2521],{"slug":1077,"name":1078,"content":2522},{"job_title":1080,"image":2523,"bio":1083,"linkedin":1084},{"filename":1082},{"type":597,"content":2525},[2526,2533,2537,2545,2552,2559,2567,2574],{"type":600,"attrs":2527,"content":2528},{"textAlign":49},[2529],{"text":1091,"type":605,"marks":2530},[2531],{"type":714,"attrs":2532},{"color":551},{"type":698,"attrs":2534},{"id":1097,"body":2535},[2536],{"id":1100,"_uid":1101,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},{"type":642,"attrs":2538,"content":2539},{"level":1104,"textAlign":49},[2540],{"text":1107,"type":605,"marks":2541},[2542,2544],{"type":714,"attrs":2543},{"color":551},{"type":931},{"type":600,"attrs":2546,"content":2547},{"textAlign":49},[2548],{"text":1116,"type":605,"marks":2549},[2550],{"type":714,"attrs":2551},{"color":551},{"type":600,"attrs":2553,"content":2554},{"textAlign":49},[2555],{"text":1124,"type":605,"marks":2556},[2557],{"type":714,"attrs":2558},{"color":551},{"type":642,"attrs":2560,"content":2561},{"level":1104,"textAlign":49},[2562],{"text":1132,"type":605,"marks":2563},[2564,2566],{"type":714,"attrs":2565},{"color":551},{"type":931},{"type":600,"attrs":2568,"content":2569},{"textAlign":49},[2570],{"text":1141,"type":605,"marks":2571},[2572],{"type":714,"attrs":2573},{"color":551},{"type":600,"attrs":2575,"content":2576},{"textAlign":49},[2577,2581,2587,2591],{"text":1149,"type":605,"marks":2578},[2579],{"type":714,"attrs":2580},{"color":551},{"text":1154,"type":605,"marks":2582},[2583,2585],{"type":609,"attrs":2584},{"href":1158,"uuid":49,"anchor":49,"target":49,"linktype":1029},{"type":714,"attrs":2586},{"color":551},{"text":1162,"type":605,"marks":2588},[2589],{"type":714,"attrs":2590},{"color":551},{"text":1167,"type":605},[2593],{"slug":1171,"name":1172,"content":2594},{"job_title":1174,"image":2595,"bio":1177,"linkedin":1178,"markets_covered":1179},{"filename":1176},[2597,2598,2599,2600,2601],{"slug":818,"name":819},{"slug":822,"name":823},{"slug":825,"name":826},{"slug":1050,"name":1051},{"slug":544,"name":543},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2603},{},{"id":1190,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1191,"copyright":551,"fieldtype":831,"meta_data":2605,"is_external_url":50},{},{"id":1195,"uuid":1196,"name":1197,"slug":1198,"full_slug":1199,"content":2607},{"_uid":1201,"date":1202,"live":51,"tags":2608,"editor":2613,"content":2617,"excerpt":1303,"featured":51,"reporter":2683,"component":811,"seo_title":551,"categories":2687,"visibility":1053,"author_company":551,"data_vis_image":2692,"featured_image":2694,"seo_description":551,"author_full_name":551,"author_job_title":551,"formattedDate":1329},[2609,2610,2611,2612],{"slug":1205,"name":1206},{"slug":1208,"name":1209},{"slug":1211,"name":1212},{"slug":584,"name":585},[2614],{"slug":1077,"name":1078,"content":2615},{"job_title":1080,"image":2616,"bio":1083,"linkedin":1084},{"filename":1082},{"type":597,"content":2618},[2619,2633,2639,2643,2647,2653,2657,2661,2665,2671,2675,2679],{"type":600,"attrs":2620,"content":2621},{"textAlign":49},[2622,2623,2627,2628,2632],{"text":1224,"type":605},{"text":1226,"type":605,"marks":2624},[2625],{"type":609,"attrs":2626},{"href":1158,"uuid":49,"anchor":49,"target":613,"linktype":1029},{"text":1231,"type":605},{"text":1233,"type":605,"marks":2629},[2630],{"type":609,"attrs":2631},{"href":1237,"uuid":49,"anchor":49,"target":613,"linktype":1029},{"text":1239,"type":605},{"type":600,"attrs":2634,"content":2635},{"textAlign":49},[2636],{"text":1244,"type":605,"marks":2637},[2638],{"type":931},{"type":600,"attrs":2640,"content":2641},{"textAlign":49},[2642],{"text":1251,"type":605},{"type":600,"attrs":2644,"content":2645},{"textAlign":49},[2646],{"text":1256,"type":605},{"type":600,"attrs":2648,"content":2649},{"textAlign":49},[2650],{"text":1261,"type":605,"marks":2651},[2652],{"type":931},{"type":600,"attrs":2654,"content":2655},{"textAlign":49},[2656],{"text":1268,"type":605},{"type":600,"attrs":2658,"content":2659},{"textAlign":49},[2660],{"text":1273,"type":605},{"type":600,"attrs":2662,"content":2663},{"textAlign":49},[2664],{"text":1278,"type":605},{"type":600,"attrs":2666,"content":2667},{"textAlign":49},[2668],{"text":1283,"type":605,"marks":2669},[2670],{"type":931},{"type":698,"attrs":2672},{"id":1288,"body":2673},[2674],{"id":1291,"_uid":1292,"type":614,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},{"type":600,"attrs":2676,"content":2677},{"textAlign":49},[2678],{"text":1297,"type":605},{"type":600,"attrs":2680,"content":2681},{"textAlign":49},[2682],{"text":1302,"type":605},[2684],{"slug":1306,"name":1307,"content":2685},{"job_title":1309,"image":2686,"bio":1312,"linkedin":1313,"markets_covered":1179},{"filename":1311},[2688,2689,2690,2691],{"slug":822,"name":823},{"slug":818,"name":819},{"slug":1318,"name":1319},{"slug":544,"name":543},{"id":1322,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1323,"copyright":551,"fieldtype":831,"meta_data":2693,"is_external_url":50},{},{"id":1326,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1327,"copyright":551,"fieldtype":831,"meta_data":2695,"is_external_url":50},{},[2697,2731,2770],{"id":2698,"uuid":2699,"name":2700,"slug":2701,"full_slug":2702,"content":2703},185920709753728,"0072d0fe-4a54-4147-afb1-d1ae0e0c4174"," Benchmark Opening Keynote: Welcome to Giga US 2026","benchmark-opening-keynote-welcome-to-giga-us-2026","videos/benchmark-opening-keynote-welcome-to-giga-us-2026",{"_uid":2704,"date":2705,"tags":2706,"event":2709,"speaker":2713,"vimeoId":2714,"duration":2715,"featured":51,"component":2716,"seo_title":2700,"thumbnail":2717,"categories":2721,"visibility":1053,"description":2729,"previewVimeoId":551,"seo_description":2729,"formattedDate":2730},"4184e26b-ba83-45d2-8837-0f69479664dc","2026-06-10 00:00",[2707,2710],{"slug":2708,"name":2709},"giga-us-2026","Giga US 2026",{"slug":2711,"name":2712},"benchmark","Benchmark","Andy Miller, CEO, Benchmark","1199832917","506","video",{"id":2718,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2719,"copyright":551,"fieldtype":831,"meta_data":2720,"is_external_url":50},185920821005858,"https://a.storyblok.com/f/287943243085208/1920x1080/75f1da2d7b/andy-miller-giga-us-2026.jpg",{},[2722,2723,2724,2725,2726,2727,2728],{"slug":822,"name":823},{"slug":1740,"name":1741},{"slug":544,"name":543},{"slug":2008,"name":2009},{"slug":1318,"name":1319},{"slug":815,"name":816},{"slug":818,"name":819},"Benchmark CEO Andy Miller opens Giga US 2026 with a summary of the key events over the last year which have impacted energy transition supply chains.","Jun 10, 2026",{"id":2732,"uuid":2733,"name":2734,"slug":2735,"full_slug":2736,"content":2737},107108103053338,"0c5b7209-44e5-4a6e-9781-b216482d3d89","Mine to Grid: Copper","mine-to-grid-copper","videos/mine-to-grid-copper",{"_uid":2738,"date":2739,"tags":2740,"event":2744,"video":2750,"speaker":2752,"vimeoId":2753,"duration":2754,"featured":50,"_editable":2755,"component":2716,"seo_title":551,"thumbnail":2756,"categories":2759,"visibility":827,"description":2767,"previewVimeoId":2768,"seo_description":551,"formattedDate":2769},"e650f5ad-90a0-4cfe-9d49-c175f896ad06","2025-03-03 00:00",[2741,2742,2745,2748,2749],{"slug":1341,"name":1342},{"slug":2743,"name":2744},"mine-to-grid","Mine to Grid",{"slug":2746,"name":2747},"rho-motion","Rho Motion",{"slug":572,"name":573},{"slug":569,"name":570},{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2751},{},"Shan Tomouk, BESS and Energy Research Lead - Rho Motion; Daan de Jonge, Product Director - Benchmark; Piotr Kulas, Principal Supply Analyst, Copper - Benchmark; Mike Finch, Head of Strategic Initiatives - Benchmark (Chair)","1060039959","2348","\u003C!--#storyblok#{\"name\": \"video\", \"space\": \"\", \"uid\": \"e650f5ad-90a0-4cfe-9d49-c175f896ad06\", \"id\": \"\"}-->",{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2757,"copyright":551,"fieldtype":831,"meta_data":2758,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4aba6ad4fb/bm-mine-to-grid-copper.png",{},[2760,2761,2764,2765,2766],{"slug":822,"name":823},{"slug":2762,"name":2763},"copper","Copper",{"slug":1740,"name":1741},{"slug":818,"name":819},{"slug":544,"name":543},"In this webinar Benchmark and Rho Motion analysts examine the copper landscape, exploring copper's growing market share, it's demand in the energy transition and much more.","1060042564","Mar 03, 2025",{"id":2771,"uuid":2772,"name":2773,"slug":2774,"full_slug":2775,"content":2776},107108917096596,"3f35f31a-80a6-4b88-b78f-2423952e3f03","Rare earths spotlight panel","rare-earths-spotlight-panel","videos/rare-earths-spotlight-panel",{"_uid":2777,"date":2778,"tags":2779,"event":2783,"video":2796,"speaker":2798,"vimeoId":2799,"duration":2800,"featured":50,"_editable":2801,"component":2716,"seo_title":551,"thumbnail":2802,"categories":2805,"visibility":827,"description":49,"previewVimeoId":2809,"seo_description":551,"formattedDate":2810},"89c97d15-a225-4407-ad6f-5edd58aa3414","2024-12-17 00:00",[2780,2781,2784,2787,2790,2793],{"slug":1341,"name":1342},{"slug":2782,"name":2783},"benchmark-week-2024","Benchmark Week 2024",{"slug":2785,"name":2786},"cyclic-materials","Cyclic Materials",{"slug":2788,"name":2789},"rare-earth-industry-association","Rare Earth Industry Association",{"slug":2791,"name":2792},"torngat-metals","Torngat Metals",{"slug":2794,"name":2795},"venn-strategies","Venn Strategies",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":831,"meta_data":2797},{},"Sean Grixti, Director, Circular Partnerships, Cyclic Materials; William Izod, Vice President, Rare Earth Industry Association; Mike Finch, Head of Strategic Initiatives, Benchmark; Christine Burow, Chief Marketing Officer, Torngat Metals; Emma Bishop, Vice President, Venn Strategies (Chair)","1033130544",1533,"\u003C!--#storyblok#{\"name\": \"video\", \"space\": \"\", \"uid\": \"89c97d15-a225-4407-ad6f-5edd58aa3414\", \"id\": \"\"}-->",{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":2803,"copyright":551,"fieldtype":831,"meta_data":2804,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/73b0a6c3eb/bm-rare-earths-spotlight.png",{},[2806,2807,2808],{"slug":1740,"name":1741},{"slug":544,"name":543},{"slug":2006,"name":414},"1038924565","Dec 17, 2024",[2812,3115,3445,3606,3728,4531,4559,4591],{"id":2813,"uuid":2814,"name":2815,"slug":2816,"full_slug":2817,"content":2818},138553074892234,"a080d30b-30a1-4fe5-95a3-34abfe4ff26a","Battery Snapshot: Q4 2025","battery-snapshot-q4-2025","publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"_uid":2819,"date":2820,"live":50,"content":2821,"excerpt":3100,"component":3101,"categories":3102,"visibility":827,"publication_frequency":3113,"formattedDate":3114},"97c38a44-58df-4a44-ad75-e29feced16fd","2026-01-26 00:00",{"type":597,"content":2822},[2823,2841,2843,2848,2855,2960,2961,2966,2972,3052,3058,3059,3064,3094],{"type":600,"attrs":2824,"content":2825},{"textAlign":49},[2826,2828,2832,2834,2840],{"text":2827,"type":605},"Welcome to your ",{"text":2829,"type":605,"marks":2830},"Quarterly Battery Snapshot",[2831],{"type":931},{"text":2833,"type":605},", part of your Benchmark Source subscription. This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on ",{"text":2835,"type":605,"marks":2836},"Benchmark’s Q4 2025 forecasts",[2837],{"type":609,"attrs":2838},{"href":2839,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://www.benchmarkminerals.com/supply-chain-data",{"text":1484,"type":605},{"type":2842},"horizontal_rule",{"type":642,"attrs":2844,"content":2845},{"level":644,"textAlign":49},[2846],{"text":2847,"type":605},"Demand trends",{"type":698,"attrs":2849},{"id":2850,"body":2851},"6ec89532-b609-4849-8592-a3f874d57bad",[2852],{"id":2853,"_uid":2854,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317250","i-a1924b99-7ac8-41f3-9d8c-3b59ea2883e6",{"type":2856,"content":2857},"bullet_list",[2858,2874,2897,2920,2927,2946,2953],{"type":2859,"content":2860},"list_item",[2861],{"type":600,"attrs":2862,"content":2863},{"textAlign":49},[2864,2866,2872],{"text":2865,"type":605},"Benchmark increased its 2025 forecast for cell demand by 9% compared to its Q3 2025 forecast, due to changes in demand adjustment factors. ",{"text":2867,"type":605,"marks":2868},"2025 battery demand",[2869],{"type":609,"attrs":2870},{"href":2871,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la",{"text":2873,"type":605}," is forecast to have increased 27.8% compared to 2024 (as of the Q4 2025 forecast).",{"type":2859,"content":2875},[2876],{"type":600,"attrs":2877,"content":2878},{"textAlign":49},[2879,2881,2887,2889,2895],{"text":2880,"type":605},"Over 300 GWh of new ",{"text":2882,"type":605,"marks":2883},"BESS capacity",[2884],{"type":609,"attrs":2885},{"href":2886,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":2888,"type":605}," is forecast to have been deployed in 2025, ",{"text":2890,"type":605,"marks":2891},"up 44% from 211 GWh",[2892],{"type":609,"attrs":2893},{"href":2894,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"text":2896,"type":605}," of new capacity deployed in 2024. New capacity installations are forecast to increase a further 51% in 2026.",{"type":2859,"content":2898},[2899],{"type":600,"attrs":2900,"content":2901},{"textAlign":49},[2902,2904,2910,2912,2918],{"text":2903,"type":605},"Although the ",{"text":2905,"type":605,"marks":2906},"BESS market",[2907],{"type":609,"attrs":2908},{"href":2909,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":2911,"type":605}," is rapidly growing, ",{"text":2913,"type":605,"marks":2914},"EVs still represent",[2915],{"type":609,"attrs":2916},{"href":2917,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/global-ev-sales-reach-20-7-million-units-in-2025-growing-by-20",{"text":2919,"type":605}," the largest share of the battery market (76% in 2025).",{"type":2859,"content":2921},[2922],{"type":600,"attrs":2923,"content":2924},{"textAlign":49},[2925],{"text":2926,"type":605},"In the US, Benchmark anticipates a 30% drop in EV sales in 2026. BESS demand is forecast to tick up, though this is not enough to stave off an overall decrease in battery demand.",{"type":2859,"content":2928},[2929],{"type":600,"attrs":2930,"content":2931},{"textAlign":49},[2932,2936,2943],{"text":2933,"type":605,"marks":2934},"Download Benchmark’s special issue reviewing the ",[2935],{"type":874},{"text":2937,"type":605,"marks":2938},"first year of Trump 2.0",[2939,2942],{"type":609,"attrs":2940},{"href":2941,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/publications/special-issues/1351985",{"type":874},{"text":1484,"type":605,"marks":2944},[2945],{"type":874},{"type":2859,"content":2947},[2948],{"type":600,"attrs":2949,"content":2950},{"textAlign":49},[2951],{"text":2952,"type":605},"Lithium iron phosphate (LFP) battery deployment has increased 43% year-to-date on the back of strong growth in the Chinese EV market and the global BESS market. As such, LFP’s share of the 2025 market has increased to 60% compared to 52% in 2024. It is forecast to grow further to 71% by 2030.",{"type":2859,"content":2954},[2955],{"type":600,"attrs":2956,"content":2957},{"textAlign":49},[2958],{"text":2959,"type":605},"On the anode side, Benchmark increased its forecast for silicon-bearing anodes, especially in the EV sector, on the back of technical developments in the area. Graphite–silicon composite anodes represent 5% of the market in 2025. By 2035, this is set to grow to 10%, with a further 4% taken up by silicon engineered anodes (with a Si loading above 10 wt%). In 2025, synthetic graphite anodes represent 81% of the market.",{"type":2842},{"type":642,"attrs":2962,"content":2963},{"level":644,"textAlign":49},[2964],{"text":2965,"type":605},"Supply trends",{"type":698,"attrs":2967},{"id":2850,"body":2968},[2969],{"id":2970,"_uid":2971,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317244","i-365d2889-e8ec-42a9-b0a1-99eb356da367",{"type":2856,"content":2973},[2974,2988,2995,3010,3038,3045],{"type":2859,"content":2975},[2976],{"type":600,"attrs":2977,"content":2978},{"textAlign":49},[2979,2981,2987],{"text":2980,"type":605},"Benchmark’s 2025 battery cell production forecast increased 12% compared to last quarter, primarily on the back of large increases in BESS cell output in China. North America also saw a notable uptick in its ",{"text":2982,"type":605,"marks":2983},"LFP cell pipeline",[2984],{"type":609,"attrs":2985},{"href":2986,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market",{"text":1484,"type":605},{"type":2859,"content":2989},[2990],{"type":600,"attrs":2991,"content":2992},{"textAlign":49},[2993],{"text":2994,"type":605},"Overall, cell supply increased 36% in 2025 compared to 2024, cathode active material (CAM) supply increased 42%, and anode active material (AAM) supply increased 32%.",{"type":2859,"content":2996},[2997],{"type":600,"attrs":2998,"content":2999},{"textAlign":49},[3000,3002,3008],{"text":3001,"type":605},"The largest Chinese gigafactory added to the pipeline in Q4 2025 is the 33.6 GWh Tier 1 facility by CALB/Leapmotor. Outside of China, the largest addition is ",{"text":3003,"type":605,"marks":3004},"Inobat’s Tier 3 facility in Spain",[3005],{"type":609,"attrs":3006},{"href":3007,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/inobats-planned-spanish-gigafactory-gains-state-support",{"text":3009,"type":605},", with a capacity of 32 GWh due online in 2027.",{"type":2859,"content":3011},[3012],{"type":600,"attrs":3013,"content":3014},{"textAlign":49},[3015,3021,3023,3029,3031,3037],{"text":3016,"type":605,"marks":3017},"CATL",[3018],{"type":609,"attrs":3019},{"href":3020,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth",{"text":3022,"type":605}," reportedly began mass production of its Gen V LFP cells in mid-November 2025. The company also took a controlling stake (51%) in Jiangxi Shenghua New Materials (the cathode subsidiary of Fulin Precision) in September, strengthening its position in the midstream. The technology to produce such CAM material was subject to ",{"text":3024,"type":605,"marks":3025},"China’s export controls",[3026],{"type":609,"attrs":3027},{"href":3028,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"text":3030,"type":605},", though these have now been suspended until ",{"text":3032,"type":605,"marks":3033},"10 November 2026",[3034],{"type":609,"attrs":3035},{"href":3036,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://source.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":1484,"type":605},{"type":2859,"content":3039},[3040],{"type":600,"attrs":3041,"content":3042},{"textAlign":49},[3043],{"text":3044,"type":605},"Compared to 2024, natural graphite and synthetic graphite anode active material supply is forecast to have risen by 16% and 36%, respectively, in 2025, driven by China.",{"type":2859,"content":3046},[3047],{"type":600,"attrs":3048,"content":3049},{"textAlign":49},[3050],{"text":3051,"type":605},"The top 15 companies are forecast to represent 84%, 56%, and 79% of the cell, cathode, and anode markets in 2025, respectively.",{"type":698,"attrs":3053},{"id":2850,"body":3054},[3055],{"id":3056,"_uid":3057,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317249","i-e5b799bc-2ba4-4cc5-8eb4-36c6684b168b",{"type":2842},{"type":642,"attrs":3060,"content":3061},{"level":644,"textAlign":49},[3062],{"text":3063,"type":605},"Market balances",{"type":2856,"content":3065},[3066,3073,3080,3087],{"type":2859,"content":3067},[3068],{"type":600,"attrs":3069,"content":3070},{"textAlign":49},[3071],{"text":3072,"type":605},"Overall, the cell market is expected to be in surplus until 2034 in Benchmark’s base case scenario. Although China is the only region currently in a cell production surplus, North America is set to enter a surplus in 2027 on the back of reduced EV demand in the US. For NCM cell chemistries, this North American surplus is set to begin in 2026.",{"type":2859,"content":3074},[3075],{"type":600,"attrs":3076,"content":3077},{"textAlign":49},[3078],{"text":3079,"type":605},"The global cathode market is forecast to be oversupplied until 2031, with the Asian and Chinese markets significantly oversupplied in the near term. LFP specifically is forecast to enter a deficit from 2030, and mid-nickel NCM chemistries in 2029. LCO and NCA cathode active materials are anticipated to remain in surplus through to 2040.",{"type":2859,"content":3081},[3082],{"type":600,"attrs":3083,"content":3084},{"textAlign":49},[3085],{"text":3086,"type":605},"Although the CAM market is oversupplied based on end-use demand, the overproduction of battery cells means the market balance for CAM could be tighter than anticipated, with a deficit under this model as early as 2028. However, aggressive destocking of cells and adjustments in gigafactory utilisation rates could push this back to the end of the decade.",{"type":2859,"content":3088},[3089],{"type":600,"attrs":3090,"content":3091},{"textAlign":49},[3092],{"text":3093,"type":605},"The anode active material market is forecast to be in surplus until 2035. However, demand growth for natural graphite AAM outpaces supply growth and is therefore expected to fall into a deficit earlier (2031). China is significantly oversupplied, with 2030 production forecast to be 162% greater than domestic demand.",{"type":698,"attrs":3095},{"id":2850,"body":3096},[3097],{"id":3098,"_uid":3099,"type":705,"component":706,"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",[3103,3105,3106,3108,3110],{"slug":3104,"name":261},"anode",{"slug":822,"name":823},{"slug":3107,"name":298},"cathode",{"slug":3109,"name":8},"lithium",{"slug":3111,"name":3112},"silicon-anode","Silicon Anode","quarterly","Jan 26, 2026",{"id":3116,"uuid":3117,"name":3118,"slug":3119,"full_slug":3120,"content":3121},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":3122,"date":3123,"content":3124,"excerpt":3420,"component":3101,"categories":3421,"visibility":827,"publication_frequency":3113,"formattedDate":3444},"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f","2026-05-01 00:00",{"type":597,"content":3125},[3126,3137,3142,3149,3157,3175,3202,3211,3220,3234,3239,3244,3262,3269,3276,3281,3299,3317,3350,3368,3385,3399,3406,3413],{"type":600,"attrs":3127,"content":3128},{"textAlign":49},[3129,3131,3135],{"text":3130,"type":605},"Welcome to the ",{"text":3132,"type":605,"marks":3133},"Benchmark Battery Minerals Snapshot",[3134],{"type":931},{"text":3136,"type":605},". This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",{"type":642,"attrs":3138,"content":3139},{"level":644,"textAlign":49},[3140],{"text":3141,"type":605},"Highlights",{"type":698,"attrs":3143},{"id":3144,"body":3145},"8dee7372-d0ea-4720-9313-704603fc336c",[3146],{"id":3147,"_uid":3148,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233015","i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6",{"type":600,"attrs":3150,"content":3151},{"textAlign":49},[3152,3155],{"text":8,"type":605,"marks":3153},[3154],{"type":931},{"text":3156,"type":605},": The market is forecast to be broadly balanced out to 2033, though with a slight deficit in 2026 of 32kt LCE. This is supporting near term price rises. However, in 2027, a slight surplus (albeit one that is effectively a balanced market) is expected to lead to a drop in prices. ",{"type":600,"attrs":3158,"content":3159},{"textAlign":49},[3160,3164,3166,3173],{"text":3161,"type":605,"marks":3162},"Cobalt:",[3163],{"type":931},{"text":3165,"type":605}," The cobalt market is forecast to post a surplus of +61kt in 2025, as supply growth outpaces demand. However the DRC's ",{"text":3167,"type":605,"marks":3168},"cobalt export quotas",[3169],{"type":609,"attrs":3170},{"href":3171,"uuid":3172,"anchor":49,"target":1028,"linktype":614},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"text":3174,"type":605}," introduced in October 2025 continue to impose a tightness on supply which kept cobalt prices high over the quarter. The continued increase in LFP's market share compared to NCM downgrades cobalt demand from the battery sector, though the EV market still accounts for 56% of battery-based cobalt demand in 2025.",{"type":600,"attrs":3176,"content":3177},{"textAlign":49},[3178,3182,3184,3191,3193,3200],{"text":3179,"type":605,"marks":3180},"Nickel: ",[3181],{"type":931},{"text":3183,"type":605},"The nickel market is set to post a record 231kt surplus in 2025, marking the fourth consecutive year of oversupply. Indonesia, the largest nickel producer, suspended ",{"text":3185,"type":605,"marks":3186},"nickel smelter permits",[3187],{"type":609,"attrs":3188},{"href":3189,"uuid":3190,"anchor":49,"target":1028,"linktype":614},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"text":3192,"type":605}," and is using ",{"text":3194,"type":605,"marks":3195},"RKAB quotas",[3196],{"type":609,"attrs":3197},{"href":3198,"uuid":3199,"anchor":49,"target":1028,"linktype":614},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"text":3201,"type":605}," to control output. The market surplus is anticipated to continue into the early 2030s without further intervention.",{"type":600,"attrs":3203,"content":3204},{"textAlign":49},[3205,3209],{"text":3206,"type":605,"marks":3207},"Natural graphite: ",[3208],{"type":931},{"text":3210,"type":605},"Although the overall flake graphite market is in a surplus, the -100 mesh size suited for battery anode applications is in a deficit.",{"type":600,"attrs":3212,"content":3213},{"textAlign":49},[3214,3218],{"text":3215,"type":605,"marks":3216},"Synthetic graphite:",[3217],{"type":931},{"text":3219,"type":605}," Synthetic graphite material is in a deficit based on end-use demand, though when compared to cell production the market is significantly tighter and more balanced. Needle coke (the feedstock for synthetic graphite) demand grew 15% in 2025 and is expected to grow another 15% in 2026.",{"type":600,"attrs":3221,"content":3222},{"textAlign":49},[3223,3227],{"text":3224,"type":605,"marks":3225},"For a price-focused outlook for 2026, read Benchmark's ",[3226],{"type":874},{"text":3228,"type":605,"marks":3229},"2026 Outlook Whitepaper: A Turning Point for Critical Materials?",[3230,3233],{"type":609,"attrs":3231},{"href":3232,"uuid":49,"anchor":49,"target":1028,"linktype":1029},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":874},{"type":642,"attrs":3235,"content":3236},{"level":644,"textAlign":49},[3237],{"text":3238,"type":605},"Demand Overview",{"type":600,"attrs":3240,"content":3241},{"textAlign":49},[3242],{"text":3243,"type":605},"Battery demand in 2026 is forecast to reach 2.2TWh, a 21% y-o-y increased compared to 2025. BESS demand is the fastest growing market at 54% growth year-on-year, though EVs remain the largest demand market.",{"type":600,"attrs":3245,"content":3246},{"textAlign":49},[3247,3251,3258],{"text":3248,"type":605,"marks":3249},"Read the ",[3250],{"type":874},{"text":3252,"type":605,"marks":3253},"Battery Snapshot Briefing",[3254,3257],{"type":609,"attrs":3255},{"href":3256,"uuid":2814,"anchor":49,"target":1028,"linktype":614},"/publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"type":874},{"text":3259,"type":605,"marks":3260}," for a more detailed  overview of battery, cathode, and anode trends over the last quarter.",[3261],{"type":874},{"type":698,"attrs":3263},{"id":3264,"body":3265},"ae7dd51c-f548-42c9-bf58-118a09756323",[3266],{"id":3267,"_uid":3268,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233026","i-173e450f-4256-445c-bea3-1120e346a647",{"type":698,"attrs":3270},{"id":3271,"body":3272},"f9a9d512-0e1a-40f8-840d-0e01a4cd84b2",[3273],{"id":3274,"_uid":3275,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233024","i-8703e94d-0ef9-4984-8738-dc9c94411524",{"type":642,"attrs":3277,"content":3278},{"level":644,"textAlign":49},[3279],{"text":3280,"type":605},"Supply Overview",{"type":600,"attrs":3282,"content":3283},{"textAlign":49},[3284,3288,3290,3297],{"text":3285,"type":605,"marks":3286},"Lithium: ",[3287],{"type":931},{"text":3289,"type":605},"Global mined lithium supply is projected to grow 260kt (+15%) between 2025 and 2026, with this rising to 270kt LCE if recycling is included. ",{"text":3291,"type":605,"marks":3292},"Africa",[3293],{"type":609,"attrs":3294},{"href":3295,"uuid":3296,"anchor":49,"target":1028,"linktype":614},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":3298,"type":605}," is expected to be the largest contributor to this, adding 107kt, followed by Australia adding 75kt. China's mined additions will be just over 50kt. The largest output increase for an individual mine is forecast to be Greenbushes in Australia. China's dominance in lithium chemical production is set to drop from 66% in 2026 to 39% by 2035.",{"type":600,"attrs":3300,"content":3301},{"textAlign":49},[3302,3306,3308,3315],{"text":3303,"type":605,"marks":3304},"Cobalt: ",[3305],{"type":931},{"text":3307,"type":605},"Mined cobalt output in the DRC is forecast to fall significantly in 2026 due to the ",{"text":3309,"type":605,"marks":3310},"export quotas",[3311],{"type":609,"attrs":3312},{"href":3313,"uuid":3314,"anchor":49,"target":1028,"linktype":614},"/videos/beyond-the-ban-unpacking-the-drcs-cobalt-export-suspension-decision","071fbb42-04e6-4a3f-aa90-61e2b1422e2f",{"text":3316,"type":605}," and market uncertainty. However, Indonesia is expected to post a 4.4kt increase, supporting buyers who are seeking alternative sources. After a dip in mined cobalt output in 2025 and 2026, Benchmark is forecasting an increase in supply from 2027. Indonesia is set to double its market share to 29% by 2030.",{"type":600,"attrs":3318,"content":3319},{"textAlign":49},[3320,3324,3326,3333,3335,3339,3346],{"text":3321,"type":605,"marks":3322},"Nickel:",[3323],{"type":931},{"text":3325,"type":605}," Refined nickel supply is forecast to rise 4.5% year-on-year in 2025, reaching about 3.7Mt, with nearly all growth driven by Indonesia. Outside of Indonesia, gains will be modest, with Australian production posting a drop as IGO advances with the closure of its Nova mine. ",{"text":3327,"type":605,"marks":3328},"MHP",[3329],{"type":609,"attrs":3330},{"href":3331,"uuid":3332,"anchor":49,"target":1028,"linktype":614},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"text":3334,"type":605}," is the primary growth product, supported by an increase in HPAL operations. ",{"text":3336,"type":605,"marks":3337},"Read Benchmark's Special Issue \"",[3338],{"type":874},{"text":3340,"type":605,"marks":3341},"Nickel Margins Shrink as Indonesia Sets the Cost Floor",[3342,3345],{"type":609,"attrs":3343},{"href":3344,"uuid":49,"anchor":49,"target":1028,"linktype":1029},"https://intelligence.benchmarkminerals.com/publications/special-issues/nickel-margins-shrink-as-indonesia-sets-the-cost-floor",{"type":874},{"text":3347,"type":605,"marks":3348},"\".",[3349],{"type":874},{"type":600,"attrs":3351,"content":3352},{"textAlign":49},[3353,3357,3359,3366],{"text":3354,"type":605,"marks":3355},"Natural Graphite:",[3356],{"type":931},{"text":3358,"type":605}," Flake graphite supply is forecast to grow by around 2.6% in 2025, bolstered by ",{"text":3360,"type":605,"marks":3361},"strong growth in Africa",[3362],{"type":609,"attrs":3363},{"href":3364,"uuid":3365,"anchor":49,"target":1028,"linktype":614},"/article/site-visit-permanent-minerals-highlights-africas-growing-flake-graphite-role","fd8d9fa2-3a92-4168-973e-760f72a44ef2",{"text":3367,"type":605}," which offsets the declining production in China and the rest of the world. Whilst China has dominated the flake graphite supply (72% in 2025), this is forecast to fall to 47% by 2035, with Africa growing to 39%.",{"type":600,"attrs":3369,"content":3370},{"textAlign":49},[3371,3374,3376,3383],{"text":3215,"type":605,"marks":3372},[3373],{"type":931},{"text":3375,"type":605}," Supply of ",{"text":3377,"type":605,"marks":3378},"synthetic graphite anode material",[3379],{"type":609,"attrs":3380},{"href":3381,"uuid":3382,"anchor":49,"target":1028,"linktype":614},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"text":3384,"type":605}," is set to grow 36% in 2025 and another 17% in 2026. Production remains dominated by China. Whilst oil-based needle coke supply is set to drive the market in the near term, coal-based materials are anticipated to become the dominant growth market in the 2030s. China's dominance in needle coke production is expected to grow from 69% market share in 2025 to 77% by 2035.",{"type":600,"attrs":3386,"content":3387},{"textAlign":49},[3388,3392],{"text":3389,"type":605,"marks":3390},"For an overview of the key developments across the full mine-to-grid supply chain in 2025, read Benchmark's ",[3391],{"type":874},{"text":3393,"type":605,"marks":3394},"Mine to Grid: 2025 Year in Review.",[3395,3398],{"type":609,"attrs":3396},{"href":3397,"uuid":49,"anchor":49,"target":1028,"linktype":1029},"https://intelligence.benchmarkminerals.com/publications/special-issues/mine-to-grid-2025-year-in-review",{"type":874},{"type":698,"attrs":3400},{"id":3401,"body":3402},"460e993a-79c9-4fa1-ace6-d6c4e2fac716",[3403],{"id":3404,"_uid":3405,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233023","i-19fa6e70-a0c6-41d0-a02e-6f17dd018654",{"type":698,"attrs":3407},{"id":3408,"body":3409},"a89ed7b4-b92e-4cae-9bbb-21d7c045e141",[3410],{"id":3411,"_uid":3412,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233018","i-e8fce755-4b63-421a-bb30-0828d738850b",{"type":698,"attrs":3414},{"id":3415,"body":3416},"fdcacd79-f9f2-40ba-a018-cc8f18097df7",[3417],{"id":3418,"_uid":3419,"type":705,"component":706,"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.",[3422,3423,3424,3426,3427,3428,3431,3433,3435,3438,3441],{"slug":3104,"name":261},{"slug":3107,"name":298},{"slug":3425,"name":115},"cobalt",{"slug":1740,"name":1741},{"slug":3109,"name":8},{"slug":3429,"name":3430},"manganese","Manganese",{"slug":3432,"name":189},"natural-graphite",{"slug":3434,"name":150},"nickel",{"slug":3436,"name":3437},"phosphate","Phosphate",{"slug":3439,"name":3440},"graphite","Graphite",{"slug":3442,"name":3443},"synthetic-graphite","Synthetic Graphite","May 01, 2026",{"id":3446,"uuid":3447,"name":3448,"slug":3449,"full_slug":3450,"content":3451},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":3452,"date":3453,"content":3454,"excerpt":3590,"component":3101,"categories":3591,"visibility":827,"publication_frequency":188,"formattedDate":3605},"6b354c5d-0332-4e3a-b369-7b6ef9dc814e","2026-06-08 00:00",{"type":597,"content":3455},[3456,3466,3478,3492,3497,3505,3519,3533,3540,3553,3559,3568,3574,3581],{"type":600,"attrs":3457,"content":3458},{"textAlign":49},[3459,3460,3464],{"text":3130,"type":605},{"text":3461,"type":605,"marks":3462},"Benchmark China Briefing",[3463],{"type":931},{"text":3465,"type":605},". This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China.",{"type":600,"attrs":3467,"content":3468},{"textAlign":49},[3469,3471,3477],{"text":3470,"type":605},"The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China’s lithium-ion battery and electric vehicle (EV) supply chains. To learn more, click ",{"text":3472,"type":605,"marks":3473},"here",[3474],{"type":609,"attrs":3475},{"href":3476,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://www.benchmarkminerals.com/forecasts",{"text":1484,"type":605},{"type":600,"attrs":3479,"content":3480},{"textAlign":49},[3481,3483,3490],{"text":3482,"type":605},"You can also read our recent ",{"text":3484,"type":605,"marks":3485},"Regional Spotlight",[3486],{"type":609,"attrs":3487},{"href":3488,"uuid":3489,"anchor":49,"target":613,"linktype":614},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635",{"text":3491,"type":605},", featuring visualisations of China's mine-to-grid supply chain and an overview of the country's recent policy changes.",{"type":642,"attrs":3493,"content":3494},{"level":644,"textAlign":49},[3495],{"text":3496,"type":605},"Battery & EV Roundup",{"type":600,"attrs":3498,"content":3499},{"textAlign":49},[3500],{"text":3501,"type":605,"marks":3502},"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. ",[3503],{"type":714,"attrs":3504},{"color":899},{"type":600,"attrs":3506,"content":3507},{"textAlign":49},[3508,3510,3517],{"text":3509,"type":605},"China’s overall EV market is ",{"text":3511,"type":605,"marks":3512},"down 17% year-to-date",[3513],{"type":609,"attrs":3514},{"href":3515,"uuid":3516,"anchor":49,"target":613,"linktype":614},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"text":3518,"type":605},". Much of this decline has been concentrated in the smaller vehicle segment, which has been disproportionately affected by subsidy adjustments introduced at the start of the year, reducing the attractiveness of these models.",{"type":600,"attrs":3520,"content":3521},{"textAlign":49},[3522,3524,3531],{"text":3523,"type":605},"As domestic growth slows, ",{"text":3525,"type":605,"marks":3526},"EV exports from China have surged",[3527],{"type":609,"attrs":3528},{"href":3529,"uuid":3530,"anchor":49,"target":613,"linktype":614},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"text":3532,"type":605},". In April 2026 alone, exports exceeded 400,000 units. Over the first four months of 2026, China exported nearly 1.4 million EVs, more than double the volume recorded during the same period in 2025. Consequently, markets such as Europe, South America, and Southeast Asia have seen a significant increase in sales of EVs produced in China.",{"type":698,"attrs":3534},{"id":3535,"body":3536},"858cf747-2f46-4c0c-96f1-a65479ccf034",[3537],{"id":3538,"_uid":3539,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29262678","i-cd5547f5-c322-492c-abca-b515cafc2244",{"type":600,"attrs":3541,"content":3542},{"textAlign":49},[3543,3545,3552],{"text":3544,"type":605},"Chinese battery demand remained at a similar level in April as in March, with a 2.16GWh increase in demand for passenger vehicle applications and a 1.67GWh dip in battery storage-related demand despite strong recent indications for BESS beyond China, ",{"text":3546,"type":605,"marks":3547},"particularly in Europe",[3548],{"type":609,"attrs":3549},{"href":3550,"uuid":3551,"anchor":49,"target":613,"linktype":614},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"text":1484,"type":605},{"type":698,"attrs":3554},{"id":3535,"body":3555},[3556],{"id":3557,"_uid":3558,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29262688","i-54311456-d308-4b6d-a7f6-3e435118c223",{"type":600,"attrs":3560,"content":3561},{"textAlign":49},[3562],{"text":3563,"type":605,"marks":3564},"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.",[3565],{"type":714,"attrs":3566},{"color":3567},"#000000",{"type":698,"attrs":3569},{"id":3535,"body":3570},[3571],{"id":3572,"_uid":3573,"type":614,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700913","i-42c2b7c2-8369-45c8-823b-1096e5c20cfe",{"type":642,"attrs":3575,"content":3576},{"level":644,"textAlign":49},[3577],{"text":3578,"type":605,"marks":3579},"China: EV battery supply chain trade dynamics",[3580],{"type":931},{"type":698,"attrs":3582},{"id":3535,"body":3583},[3584,3587],{"id":3585,"_uid":3586,"type":614,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700916","i-097462f6-6c56-4fb7-bdd8-cbc4f8cf7886",{"id":3588,"_uid":3589,"type":614,"component":706,"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.",[3592,3593,3594,3595,3596,3597,3598,3599,3600,3601,3602,3603,3604],{"slug":822,"name":823},{"slug":818,"name":819},{"slug":815,"name":816},{"slug":1740,"name":1741},{"slug":3425,"name":115},{"slug":3107,"name":298},{"slug":3109,"name":8},{"slug":3439,"name":3440},{"slug":3432,"name":189},{"slug":3429,"name":3430},{"slug":3434,"name":150},{"slug":544,"name":543},{"slug":3442,"name":3443},"Jun 08, 2026",{"id":3607,"uuid":612,"name":3608,"slug":3609,"full_slug":3610,"content":3611},188502293903791,"Energy Indicators Monthly - June 2026","energy-indicators-monthly-june-2026","publications/briefings/energy-indicators/energy-indicators-monthly-june-2026",{"_uid":3612,"date":3613,"content":3614,"excerpt":3720,"component":3101,"categories":3721,"visibility":827,"publication_frequency":188,"formattedDate":3727},"07ea97dd-f122-428e-8b9b-3b3daf5c3aeb","2026-06-17 00:00",{"type":597,"content":3615},[3616,3621,3625,3639,3652,3662,3667,3705],{"type":600,"attrs":3617,"content":3618},{"textAlign":49},[3619],{"text":3620,"type":605},"This report offers energy indicators for major global economies, designed to enhance understanding of the energy transition and to complement Benchmark’s data.",{"type":642,"attrs":3622,"content":3623},{"level":644,"textAlign":49},[3624],{"text":3141,"type":605},{"type":600,"attrs":3626,"content":3627},{"textAlign":49},[3628,3630,3637],{"text":3629,"type":605},"The US peace deal with Iran announced on 15 June sent oil prices tumbling, with Brent crude dipping below the $80 mark for the first time since March the following day. The easing of a US naval blockade and reports of Iranian oil being shipped through ",{"text":3631,"type":605,"marks":3632},"the Strait of Hormuz",[3633],{"type":609,"attrs":3634},{"href":3635,"uuid":3636,"anchor":49,"target":613,"linktype":614},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"text":3638,"type":605}," have driven it down, and the International Energy Agency (IEA) is now predicting an oil supply surplus in 2027 as a result of long-term resumption in shipping through the waterway. The organisation also expects global oil demand to drop by 1.1 million barrels per day before recovering next year on falling prices.",{"type":600,"attrs":3640,"content":3641},{"textAlign":49},[3642,3644,3650],{"text":3643,"type":605},"In renewables, Portugal's government has announced plans to create new areas where renewable energy development can be fast-tracked, boosting a sector that already provided 80% of the country's electricity consumption in Q1 2026. Electricity prices in both Portugal and Spain were among the lowest in Europe in the first part of the year, as recent buildout of renewables capacity in both countries shielded it from a spike in fossil fuel prices since the beginning of ",{"text":3645,"type":605,"marks":3646},"the Iran war",[3647],{"type":609,"attrs":3648},{"href":3649,"uuid":49,"anchor":49,"target":613,"linktype":1029},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":3651,"type":605},".     ",{"type":698,"attrs":3653},{"id":3654,"body":3655},"d200c24a-eb31-4c5f-8e42-e875db73a1e2",[3656,3659],{"id":3657,"_uid":3658,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382294","i-1f861b0d-cc1f-4815-be16-7d8b9148c98c",{"id":3660,"_uid":3661,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382313","i-0523a15c-5ce6-4dc6-8d21-efe4494357e0",{"type":642,"attrs":3663,"content":3664},{"level":644,"textAlign":49},[3665],{"text":3666,"type":605},"Energy in the news this month",{"type":2856,"content":3668},[3669,3684,3691,3698],{"type":2859,"content":3670},[3671],{"type":600,"attrs":3672,"content":3673},{"textAlign":49},[3674,3676,3682],{"text":3675,"type":605},"The US allowed a waiver of sanctions on Russian oil, initially introduced to mitigate heightened energy prices amid the Iran war, to lapse without renewal, with ",{"text":3677,"type":605,"marks":3678},"President Donald Trump",[3679],{"type":609,"attrs":3680},{"href":3681,"uuid":49,"anchor":49,"target":613,"linktype":1029},"https://intelligence.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"text":3683,"type":605}," indicating the waiver may not be reintroduced following the deal to end the war",{"type":2859,"content":3685},[3686],{"type":600,"attrs":3687,"content":3688},{"textAlign":49},[3689],{"text":3690,"type":605},"Russian oil output fell 10% short of government targets in May due to Ukrainian strikes on Russia's energy infrastructure, down 5% year-on-year",{"type":2859,"content":3692},[3693],{"type":600,"attrs":3694,"content":3695},{"textAlign":49},[3696],{"text":3697,"type":605},"EU proposals for the spending of member nation income on cross-border energy infrastructure after Sweden threatened restrictions of its electricity exports in protest at the plans",{"type":2859,"content":3699},[3700],{"type":600,"attrs":3701,"content":3702},{"textAlign":49},[3703],{"text":3704,"type":605},"Brazil's government said it would end diesel and gasoline subsidies should crude prices remain steady around the $80 per barrel mark",{"type":698,"attrs":3706},{"id":3654,"body":3707},[3708,3711,3714,3717],{"id":3709,"_uid":3710,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410060","i-195f3256-c4d0-4254-a095-479c24016ede",{"id":3712,"_uid":3713,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382300","i-d8fa1b7b-dcac-423e-813e-4b4f193c5357",{"id":3715,"_uid":3716,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382311","i-873e3ed5-4a03-4590-bbc8-fafe191e6be3",{"id":3718,"_uid":3719,"type":705,"component":706,"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.",[3722,3723,3726],{"slug":1318,"name":1319},{"slug":3724,"name":3725},"sustainability","Sustainability",{"slug":544,"name":543},"Jun 17, 2026",{"id":3729,"uuid":3730,"name":3731,"slug":3732,"full_slug":3733,"content":3734},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":3735,"date":3736,"content":3737,"excerpt":4498,"component":3101,"categories":4499,"visibility":827,"publication_frequency":188,"formattedDate":4530},"322e1cef-ea61-4ce9-b2ed-6dac4192571d","2026-05-29 00:00",{"type":597,"content":3738},[3739,3750,3763,3767,3836,3888,3895,3901,3907,3914,3920,3956,3992,4001,4015,4021,4026,4032,4138,4176,4181,4317,4325,4331,4339,4390,4403,4408,4416],{"type":600,"attrs":3740,"content":3741},{"textAlign":49},[3742,3744,3748],{"text":3743,"type":605},"Welcome to",{"text":3745,"type":605,"marks":3746}," Energy Transition Capital Monthly",[3747],{"type":931},{"text":3749,"type":605},", part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.",{"type":600,"attrs":3751,"content":3752},{"textAlign":49},[3753,3755,3762],{"text":3754,"type":605},"To access this report’s accompanying funding and IPO database, ",{"text":3756,"type":605,"marks":3757},"click here",[3758,3761],{"type":609,"attrs":3759},{"href":3760,"uuid":49,"anchor":49,"target":613,"linktype":831},"https://a.storyblok.com/f/287943243085208/x/1ca7f29a05/benchmark-etc-funding-data-may-2026.xlsx",{"type":1371},{"text":1484,"type":605},{"type":642,"attrs":3764,"content":3765},{"level":644,"textAlign":49},[3766],{"text":3141,"type":605},{"type":600,"attrs":3768,"content":3769},{"textAlign":49},[3770,3775,3784,3789,3795,3800,3809,3814,3820,3825,3831],{"text":3771,"type":605,"marks":3772},"A significant milestone for European ",[3773],{"type":714,"attrs":3774},{"color":899},{"text":3776,"type":605,"marks":3777},"lithium production",[3778,3782],{"type":609,"attrs":3779},{"href":3780,"uuid":3781,"anchor":49,"target":613,"linktype":614},"/article/why-are-lithium-prices-expected-to-decline-in-2027-","03f0f24b-0a8e-4114-bc7f-28fcad4b081f",{"type":714,"attrs":3783},{"color":899},{"text":3785,"type":605,"marks":3786}," this month, as ",[3787],{"type":714,"attrs":3788},{"color":899},{"text":3790,"type":605,"marks":3791},"Vulcan Energy Resources ",[3792,3794],{"type":714,"attrs":3793},{"color":899},{"type":931},{"text":3796,"type":605,"marks":3797},"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 ",[3798],{"type":714,"attrs":3799},{"color":899},{"text":3801,"type":605,"marks":3802},"ESS and solar sectors",[3803,3807],{"type":609,"attrs":3804},{"href":3805,"uuid":3806,"anchor":49,"target":613,"linktype":614},"/article/the-top-energy-storage-cell-suppliers-and-system-integrators-in-2025","dd7b0985-5771-4a9e-b68e-7060e85efa48",{"type":714,"attrs":3808},{"color":899},{"text":3810,"type":605,"marks":3811},", with ",[3812],{"type":714,"attrs":3813},{"color":899},{"text":3815,"type":605,"marks":3816},"Sunraycer, Solar Landscape ",[3817,3819],{"type":714,"attrs":3818},{"color":899},{"type":931},{"text":3821,"type":605,"marks":3822},"and ",[3823],{"type":714,"attrs":3824},{"color":899},{"text":3826,"type":605,"marks":3827},"Spearmint Energy ",[3828,3830],{"type":714,"attrs":3829},{"color":899},{"type":931},{"text":3832,"type":605,"marks":3833},"all set to establish new energy storage or storage-plus-solar sites with fresh financing.",[3834],{"type":714,"attrs":3835},{"color":899},{"type":600,"attrs":3837,"content":3838},{"textAlign":49},[3839,3844,3850,3855,3861,3866,3872,3877,3883],{"text":3840,"type":605,"marks":3841},"This month's largest IPO came on the NASDAQ, where ",[3842],{"type":714,"attrs":3843},{"color":899},{"text":3845,"type":605,"marks":3846},"Fervo Energy",[3847,3849],{"type":714,"attrs":3848},{"color":899},{"type":931},{"text":3851,"type":605,"marks":3852},", 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 ",[3853],{"type":714,"attrs":3854},{"color":899},{"text":3856,"type":605,"marks":3857},"Robotphoenix",[3858,3860],{"type":714,"attrs":3859},{"color":899},{"type":931},{"text":3862,"type":605,"marks":3863}," as well as autonomous tractor maker ",[3864],{"type":714,"attrs":3865},{"color":899},{"text":3867,"type":605,"marks":3868},"UISEE Technologies",[3869,3871],{"type":714,"attrs":3870},{"color":899},{"type":931},{"text":3873,"type":605,"marks":3874},", while ",[3875],{"type":714,"attrs":3876},{"color":899},{"text":3878,"type":605,"marks":3879},"Kaoko Metals",[3880,3882],{"type":714,"attrs":3881},{"color":899},{"type":931},{"text":3884,"type":605,"marks":3885},", a minerals exploration firm focused on Namibian projects including copper, listed on the Australian Securities Exchange.",[3886],{"type":714,"attrs":3887},{"color":899},{"type":698,"attrs":3889},{"id":3890,"body":3891},"2c0ace3f-3835-4571-80f8-a958a14b1ad3",[3892],{"id":3893,"_uid":3894,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164500","i-a2506105-e694-407e-b0cb-c1e3352bebe7",{"type":698,"attrs":3896},{"id":3890,"body":3897},[3898],{"id":3899,"_uid":3900,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164506","i-1bf3ecd9-7691-4dba-ae62-7d238890de2c",{"type":698,"attrs":3902},{"id":3890,"body":3903},[3904],{"id":3905,"_uid":3906,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164510","i-8085a38e-96a6-4638-a344-836d4dee3f48",{"type":698,"attrs":3908},{"id":3909,"body":3910},"2db9e37d-fe38-4b10-9591-cbae3432c0c0",[3911],{"id":3912,"_uid":3913,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28849425","i-57f445b7-08b6-4a98-aec2-6ad76aea6c71",{"type":698,"attrs":3915},{"id":3909,"body":3916},[3917],{"id":3918,"_uid":3919,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164597","i-abdf8923-edc8-40ff-bc00-b6374e87b23b",{"type":600,"attrs":3921,"content":3922},{"textAlign":49},[3923,3929,3934,3940,3945,3951],{"text":3924,"type":605,"marks":3925},"FuelCell Energy",[3926,3928],{"type":714,"attrs":3927},{"color":899},{"type":931},{"text":3930,"type":605,"marks":3931},"'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 ",[3932],{"type":714,"attrs":3933},{"color":899},{"text":3935,"type":605,"marks":3936},"T1 Energy ",[3937,3939],{"type":714,"attrs":3938},{"color":899},{"type":931},{"text":3941,"type":605,"marks":3942},"also saw an increase in anticipation of growing solar energy demand from the same application. ",[3943],{"type":714,"attrs":3944},{"color":899},{"text":3946,"type":605,"marks":3947},"New Gonow Auto",[3948,3950],{"type":714,"attrs":3949},{"color":899},{"type":931},{"text":3952,"type":605,"marks":3953},", a Chinese EV firm, was also among the top performers.",[3954],{"type":714,"attrs":3955},{"color":899},{"type":600,"attrs":3957,"content":3958},{"textAlign":49},[3959,3965,3970,3976,3981,3987],{"text":3960,"type":605,"marks":3961},"Brenmiller",[3962,3964],{"type":714,"attrs":3963},{"color":899},{"type":931},{"text":3966,"type":605,"marks":3967},"'s share price dipped as it announced a transition to a new CEO, while nanomaterial developer ",[3968],{"type":714,"attrs":3969},{"color":899},{"text":3971,"type":605,"marks":3972},"Nanoco Technologies ",[3973,3975],{"type":714,"attrs":3974},{"color":899},{"type":931},{"text":3977,"type":605,"marks":3978},"fell after it said it would delist from the London Stock Exchange. Chinese battery firm ",[3979],{"type":714,"attrs":3980},{"color":899},{"text":3982,"type":605,"marks":3983},"Narada ",[3984,3986],{"type":714,"attrs":3985},{"color":899},{"type":931},{"text":3988,"type":605,"marks":3989},"saw the largest percentage fall after it disclosed overdue debts in excess of $75 million.",[3990],{"type":714,"attrs":3991},{"color":899},{"type":642,"attrs":3993,"content":3995},{"level":644,"textAlign":3994},"left",[3996],{"text":3997,"type":605,"marks":3998},"Spotlight: Post-IPO share price performance",[3999],{"type":714,"attrs":4000},{"color":899},{"type":600,"attrs":4002,"content":4003},{"textAlign":3994},[4004,4010],{"text":4005,"type":605,"marks":4006},"Seres Group",[4007,4009],{"type":714,"attrs":4008},{"color":899},{"type":931},{"text":4011,"type":605,"marks":4012},", 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.",[4013],{"type":714,"attrs":4014},{"color":899},{"type":698,"attrs":4016},{"id":3890,"body":4017},[4018],{"id":4019,"_uid":4020,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29176620","i-af1cf625-2ded-4b63-873f-e08786b8f0a8",{"type":642,"attrs":4022,"content":4023},{"level":644,"textAlign":49},[4024],{"text":4025,"type":605},"Funding News",{"type":698,"attrs":4027},{"id":3890,"body":4028},[4029],{"id":4030,"_uid":4031,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29164618","i-2a669b00-bcfa-46a9-b1f8-3d839ef2913d",{"type":2856,"content":4033},[4034,4049,4065,4097,4117],{"type":2859,"content":4035},[4036],{"type":600,"attrs":4037,"content":4038},{"textAlign":49},[4039,4044],{"text":3790,"type":605,"marks":4040},[4041,4043],{"type":714,"attrs":4042},{"color":899},{"type":931},{"text":4045,"type":605,"marks":4046},"reached financial close on a $2.55 billion funding package for its Lionheart lithium and renewable energy project in Germany.",[4047],{"type":714,"attrs":4048},{"color":899},{"type":2859,"content":4050},[4051],{"type":600,"attrs":4052,"content":4053},{"textAlign":49},[4054,4060],{"text":4055,"type":605,"marks":4056},"Traton Group ",[4057,4059],{"type":714,"attrs":4058},{"color":899},{"type":931},{"text":4061,"type":605,"marks":4062},"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.",[4063],{"type":714,"attrs":4064},{"color":899},{"type":2859,"content":4066},[4067],{"type":600,"attrs":4068,"content":4069},{"textAlign":49},[4070,4075,4081,4086,4092],{"text":4071,"type":605,"marks":4072},"In Texas, solar and storage developer ",[4073],{"type":714,"attrs":4074},{"color":899},{"text":4076,"type":605,"marks":4077},"Sunraycer ",[4078,4080],{"type":714,"attrs":4079},{"color":899},{"type":931},{"text":4082,"type":605,"marks":4083},"secured $901 million to build three new sites, while ",[4084],{"type":714,"attrs":4085},{"color":899},{"text":4087,"type":605,"marks":4088},"Solar Landscape ",[4089,4091],{"type":714,"attrs":4090},{"color":899},{"type":931},{"text":4093,"type":605,"marks":4094},"is using a $600 million debt facility to support its expansion.",[4095],{"type":714,"attrs":4096},{"color":899},{"type":2859,"content":4098},[4099],{"type":600,"attrs":4100,"content":4101},{"textAlign":49},[4102,4107,4112],{"text":4103,"type":605,"marks":4104},"There was further movement in Texas, where ",[4105],{"type":714,"attrs":4106},{"color":899},{"text":3826,"type":605,"marks":4108},[4109,4111],{"type":714,"attrs":4110},{"color":899},{"type":931},{"text":4113,"type":605,"marks":4114},"will continue development of its Red Egret BESS site with $450 million in new financing.",[4115],{"type":714,"attrs":4116},{"color":899},{"type":2859,"content":4118},[4119],{"type":600,"attrs":4120,"content":4121},{"textAlign":49},[4122,4127,4133],{"text":4123,"type":605,"marks":4124},"Chinese robotics firm ",[4125],{"type":714,"attrs":4126},{"color":899},{"text":4128,"type":605,"marks":4129},"Robotera ",[4130,4132],{"type":714,"attrs":4131},{"color":899},{"type":931},{"text":4134,"type":605,"marks":4135},"raised over $200 million in new investment from SF Group, HSG, IDG Capital and others.",[4136],{"type":714,"attrs":4137},{"color":899},{"type":600,"attrs":4139,"content":4140},{"textAlign":3994},[4141,4146,4152,4156,4161,4166,4172],{"text":4142,"type":605,"marks":4143},"Over",[4144],{"type":714,"attrs":4145},{"color":899},{"text":4147,"type":605,"marks":4148}," $11 billion worth of financial transactions were tracked in May across over 60 deals",[4149,4151],{"type":714,"attrs":4150},{"color":899},{"type":931},{"text":1484,"type":605,"marks":4153},[4154],{"type":714,"attrs":4155},{"color":899},{"text":960,"type":605,"marks":4157},[4158,4160],{"type":714,"attrs":4159},{"color":899},{"type":931},{"text":4162,"type":605,"marks":4163},"To view all of this funding data in Excel, ",[4164],{"type":714,"attrs":4165},{"color":899},{"text":3756,"type":605,"marks":4167},[4168,4170],{"type":609,"attrs":4169},{"href":3760,"uuid":49,"anchor":49,"target":613,"linktype":831},{"type":714,"attrs":4171},{"color":899},{"text":1484,"type":605,"marks":4173},[4174],{"type":714,"attrs":4175},{"color":899},{"type":642,"attrs":4177,"content":4178},{"level":644,"textAlign":3994},[4179],{"text":4180,"type":605},"M&A activity and other market news",{"type":2856,"content":4182},[4183,4224,4256,4273,4296],{"type":2859,"content":4184},[4185],{"type":600,"attrs":4186,"content":4187},{"textAlign":3994},[4188,4194,4199,4205,4210,4219],{"text":4189,"type":605,"marks":4190},"NextEra Energy",[4191,4193],{"type":714,"attrs":4192},{"color":899},{"type":931},{"text":4195,"type":605,"marks":4196},"'s acquisition of ",[4197],{"type":714,"attrs":4198},{"color":899},{"text":4200,"type":605,"marks":4201},"Dominion Energy",[4202,4204],{"type":714,"attrs":4203},{"color":899},{"type":931},{"text":4206,"type":605,"marks":4207},", announced this month, ",[4208],{"type":714,"attrs":4209},{"color":899},{"text":4211,"type":605,"marks":4212},"will create the largest utility firm in the world",[4213,4217],{"type":609,"attrs":4214},{"href":4215,"uuid":4216,"anchor":49,"target":613,"linktype":614},"/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth","213c7915-b6a1-48e4-9d82-9a263f102c25",{"type":714,"attrs":4218},{"color":899},{"text":4220,"type":605,"marks":4221}," as NextEra looks to capitalise on the data centre boom",[4222],{"type":714,"attrs":4223},{"color":899},{"type":2859,"content":4225},[4226],{"type":600,"attrs":4227,"content":4228},{"textAlign":3994},[4229,4234,4240,4245,4251],{"text":4230,"type":605,"marks":4231},"Clean energy-focused private equity firm ",[4232],{"type":714,"attrs":4233},{"color":899},{"text":4235,"type":605,"marks":4236},"FH Capital",[4237,4239],{"type":714,"attrs":4238},{"color":899},{"type":931},{"text":4241,"type":605,"marks":4242}," is to acquire a 75.1% stake in Chinese solar and energy storage firm ",[4243],{"type":714,"attrs":4244},{"color":899},{"text":4246,"type":605,"marks":4247},"Jinko Solar",[4248,4250],{"type":714,"attrs":4249},{"color":899},{"type":931},{"text":4252,"type":605,"marks":4253},"'s US manufacturing operations.",[4254],{"type":714,"attrs":4255},{"color":899},{"type":2859,"content":4257},[4258],{"type":600,"attrs":4259,"content":4260},{"textAlign":3994},[4261,4265,4267,4271],{"text":4262,"type":605,"marks":4263},"Zhejiang Huayou Cobalt ",[4264],{"type":931},{"text":4266,"type":605},"is to acquire all of ",{"text":4268,"type":605,"marks":4269},"Atlantic Lithium",[4270],{"type":931},{"text":4272,"type":605},"'s shares in a fully cash-funded transaction worth ~$210 million.",{"type":2859,"content":4274},[4275],{"type":600,"attrs":4276,"content":4277},{"textAlign":3994},[4278,4280,4284,4285,4289,4291,4295],{"text":4279,"type":605},"The electric spin-off of ",{"text":4281,"type":605,"marks":4282},"Harley Davidson",[4283],{"type":931},{"text":1162,"type":605},{"text":4286,"type":605,"marks":4287},"LiveWire Group",[4288],{"type":931},{"text":4290,"type":605},", bought US electric motorcycle firm ",{"text":4292,"type":605,"marks":4293},"Dust Moto",[4294],{"type":931},{"text":1484,"type":605},{"type":2859,"content":4297},[4298],{"type":600,"attrs":4299,"content":4300},{"textAlign":3994},[4301,4305,4307,4311,4313],{"text":4302,"type":605,"marks":4303},"Nextpower ",[4304],{"type":931},{"text":4306,"type":605},"acquired ",{"text":4308,"type":605,"marks":4309},"Zigor Corporation's ",[4310],{"type":931},{"text":4312,"type":605},"power conversion product portfolio and its US subsidiary, ",{"text":4314,"type":605,"marks":4315},"Apex Power",[4316],{"type":931},{"type":642,"attrs":4318,"content":4319},{"level":644,"textAlign":49},[4320],{"text":4321,"type":605,"marks":4322},"2025/26 performance of energy transition IPO market",[4323],{"type":714,"attrs":4324},{"color":899},{"type":698,"attrs":4326},{"id":3909,"body":4327},[4328],{"id":4329,"_uid":4330,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28849422","i-aeafcbd9-a9f7-48b5-8547-156aad074582",{"type":642,"attrs":4332,"content":4333},{"level":644,"textAlign":3994},[4334],{"text":4335,"type":605,"marks":4336},"Market listings and updates",[4337],{"type":714,"attrs":4338},{"color":899},{"type":600,"attrs":4340,"content":4341},{"textAlign":3994},[4342,4347,4353,4358,4363,4368,4374,4379,4385],{"text":4343,"type":605,"marks":4344},"In May, we tracked IPOs across US, Hong Kong and Australian exchanges. These included drone developer ",[4345],{"type":714,"attrs":4346},{"color":899},{"text":4348,"type":605,"marks":4349},"Exyn",[4350,4352],{"type":714,"attrs":4351},{"color":899},{"type":931},{"text":4354,"type":605,"marks":4355},", which develops autonomous drone systems for GPS-denied environments, as well as a major offering from geothermal energy developer ",[4356],{"type":714,"attrs":4357},{"color":899},{"text":3845,"type":605,"marks":4359},[4360,4362],{"type":714,"attrs":4361},{"color":899},{"type":931},{"text":4364,"type":605,"marks":4365},", which raised over $1.89 billion. On the Hong Kong Stock Exchange, robotics firm ",[4366],{"type":714,"attrs":4367},{"color":899},{"text":4369,"type":605,"marks":4370},"Robotphoenix ",[4371,4373],{"type":714,"attrs":4372},{"color":899},{"type":931},{"text":4375,"type":605,"marks":4376},"raised $96 million and autonomous vehicle developer ",[4377],{"type":714,"attrs":4378},{"color":899},{"text":4380,"type":605,"marks":4381},"UISEE Technologies ",[4382,4384],{"type":714,"attrs":4383},{"color":899},{"type":931},{"text":4386,"type":605,"marks":4387},"raised over $111 million.",[4388],{"type":714,"attrs":4389},{"color":899},{"type":642,"attrs":4391,"content":4392},{"level":644,"textAlign":3994},[4393,4398],{"type":1577,"attrs":4394},{"id":4395,"alt":551,"src":4396,"title":551,"source":551,"copyright":551,"meta_data":4397},181774488263945,"https://a.storyblok.com/f/287943243085208/645x669/7e2aced98e/screenshot-2026-05-29-162137.png",{},{"type":1577,"attrs":4399},{"id":4400,"alt":551,"src":4401,"title":551,"source":551,"copyright":551,"meta_data":4402},182785744727348,"https://a.storyblok.com/f/287943243085208/649x675/47d965f3c7/screenshot-2026-06-01-125658.png",{},{"type":642,"attrs":4404,"content":4405},{"level":644,"textAlign":3994},[4406],{"text":4407,"type":605},"Announcements",{"type":600,"attrs":4409,"content":4410},{"textAlign":3994},[4411],{"text":4412,"type":605,"marks":4413},"Throughout May, several energy transition and critical mineral companies progressed or announced plans to list across US exchanges.",[4414],{"type":714,"attrs":4415},{"color":899},{"type":2856,"content":4417},[4418,4434,4477],{"type":2859,"content":4419},[4420],{"type":600,"attrs":4421,"content":4422},{"textAlign":3994},[4423,4429],{"text":4424,"type":605,"marks":4425},"ProLogium",[4426,4428],{"type":714,"attrs":4427},{"color":899},{"type":931},{"text":4430,"type":605,"marks":4431},", 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",[4432],{"type":714,"attrs":4433},{"color":899},{"type":2859,"content":4435},[4436],{"type":600,"attrs":4437,"content":4438},{"textAlign":3994},[4439,4444,4449,4455,4460,4466,4471],{"text":960,"type":605,"marks":4440},[4441,4443],{"type":714,"attrs":4442},{"color":899},{"type":931},{"text":4445,"type":605,"marks":4446},"Developer of energy infrastructure for data centres ",[4447],{"type":714,"attrs":4448},{"color":899},{"text":4450,"type":605,"marks":4451},"SB Energy",[4452,4454],{"type":714,"attrs":4453},{"color":899},{"type":931},{"text":4456,"type":605,"marks":4457},", a subsidiary of ",[4458],{"type":714,"attrs":4459},{"color":899},{"text":4461,"type":605,"marks":4462},"SoftBank",[4463,4465],{"type":714,"attrs":4464},{"color":899},{"type":931},{"text":4467,"type":605,"marks":4468},", confidentially filed for an IPO, while SoftBank is also exploring an offering for tis autonomous robotics spin-off ",[4469],{"type":714,"attrs":4470},{"color":899},{"text":4472,"type":605,"marks":4473},"Roze",[4474,4476],{"type":714,"attrs":4475},{"color":899},{"type":931},{"type":2859,"content":4478},[4479],{"type":600,"attrs":4480,"content":4481},{"textAlign":3994},[4482,4487,4493],{"text":4483,"type":605,"marks":4484},"France-headquartered nuclear firm ",[4485],{"type":714,"attrs":4486},{"color":899},{"text":4488,"type":605,"marks":4489},"Newcleo ",[4490,4492],{"type":714,"attrs":4491},{"color":899},{"type":931},{"text":4494,"type":605,"marks":4495},"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",[4496],{"type":714,"attrs":4497},{"color":899},"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",[4500,4501,4502,4503,4505,4506,4507,4508,4509,4510,4511,4514,4515,4516,4517,4518,4519,4520,4521,4522,4523,4524,4527,4528,4529],{"slug":3104,"name":261},{"slug":822,"name":823},{"slug":825,"name":826},{"slug":4504,"name":373},"black-mass",{"slug":3107,"name":298},{"slug":3425,"name":115},{"slug":2762,"name":2763},{"slug":1740,"name":1741},{"slug":815,"name":816},{"slug":818,"name":819},{"slug":4512,"name":4513},"fluorspar","Fluorspar",{"slug":1318,"name":1319},{"slug":1050,"name":1051},{"slug":3439,"name":3440},{"slug":3109,"name":8},{"slug":3429,"name":3430},{"slug":3432,"name":189},{"slug":544,"name":543},{"slug":3434,"name":150},{"slug":3436,"name":3437},{"slug":2006,"name":414},{"slug":4525,"name":4526},"recycling","Recycling",{"slug":3111,"name":3112},{"slug":3724,"name":3725},{"slug":3442,"name":3443},"May 29, 2026",{"id":4532,"uuid":4533,"name":4534,"slug":4535,"full_slug":4536,"content":4537},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":4538,"date":4539,"content":4540,"excerpt":4546,"component":3101,"categories":4554,"visibility":827,"publication_frequency":3113,"formattedDate":4558},"a7f36ba6-22ee-4b92-bbec-59218f99bb53","2026-05-12 00:00",{"type":597,"content":4541},[4542,4547],{"type":600,"attrs":4543,"content":4544},{"textAlign":49},[4545],{"text":4546,"type":605},"Welcome to Benchmark’s “Energy Transition Profitability Heatmap”. This heatmap evaluates the operating margin of listed companies across the EV & Battery supply chain. By focusing on operating margin, it provides a clear lens into the core performance of businesses.",{"type":698,"attrs":4548},{"id":4549,"body":4550},"e98064fc-7d19-466f-b46a-6695cdf0e6b3",[4551],{"id":4552,"_uid":4553,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28942913","i-db8b7627-f3aa-408e-b4cf-2eb23d4d3e16",[4555,4556,4557],{"slug":822,"name":823},{"slug":1740,"name":1741},{"slug":544,"name":543},"May 12, 2026",{"id":4560,"uuid":4561,"name":4562,"slug":4563,"full_slug":4564,"content":4565},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":4566,"date":4539,"content":4567,"excerpt":4587,"component":3101,"categories":4588,"visibility":827,"publication_frequency":3113,"formattedDate":4558},"513e3eff-5266-4533-8bc1-4cfbb6491b30",{"type":597,"content":4568},[4569,4574,4581],{"type":600,"attrs":4570,"content":4571},{"textAlign":49},[4572],{"text":4573,"type":605},"This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis. ",{"type":698,"attrs":4575},{"id":4576,"body":4577},"d4eb8e2a-1c92-4317-82da-f2dee43aec9c",[4578],{"id":4579,"_uid":4580,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28934581","i-a48a952a-1192-464a-9bf5-a413e1b2dee0",{"type":698,"attrs":4582},{"id":4576,"body":4583},[4584],{"id":4585,"_uid":4586,"type":705,"component":706,"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.",[4589,4590],{"slug":818,"name":819},{"slug":822,"name":823},{"id":4592,"uuid":4593,"name":4594,"slug":4595,"full_slug":4596,"content":4597},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":4598,"date":4599,"content":4600,"excerpt":4746,"component":3101,"categories":4747,"visibility":827,"publication_frequency":188,"formattedDate":4756},"9c33db64-3143-49b5-a2b2-19b68f5e7a3c","2026-06-16 00:00",{"type":597,"content":4601},[4602,4615,4645,4652,4666,4672,4677,4682,4687,4692,4697,4710,4716,4730,4735,4740],{"type":642,"attrs":4603,"content":4604},{"level":1395,"textAlign":49},[4605,4611],{"text":4606,"type":605,"marks":4607},"1. ",[4608,4610],{"type":714,"attrs":4609},{"color":551},{"type":931},{"text":4612,"type":605,"marks":4613},"US political opposition rises against AI data centre build-out, adding political risk to BESS demand",[4614],{"type":931},{"type":600,"attrs":4616,"content":4617},{"textAlign":49},[4618,4620,4626,4628,4633,4641],{"text":4619,"type":605},"The rapid expansion of artificial intelligence (AI) and hyperscale data centres is reshaping global electricity demand, with battery energy storage systems (BESS) emerging as a critical component in ensuring grid reliability. As operators increasingly turn to solar and wind to meet growing electricity demand, energy storage is becoming essential to provide firm, dispatchable power. According to ",{"text":4621,"type":605,"marks":4622},"Benchmark’s Q2 2026 BESS Forecast",[4623],{"type":609,"attrs":4624},{"href":4625,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://data.benchmarkminerals.com/bess/data-reports",{"text":4627,"type":605},", global BESS demand from data centres is expected to increase by more than 160% by 2030. The US is set to account for nearly half of this growth, reflecting its dominant position in the global data centre market and the scale of its hyperscale project pipeline. Additionally, ",{"text":4629,"type":605,"marks":4630},"BESS for data centre applications represented ",[4631],{"type":714,"attrs":4632},{"color":551},{"text":4634,"type":605,"marks":4635},"14% of total US installations in 2025",[4636,4639],{"type":609,"attrs":4637},{"href":4638,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://intelligence.benchmarkminerals.com/article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon",{"type":714,"attrs":4640},{"color":551},{"text":1484,"type":605,"marks":4642},[4643],{"type":714,"attrs":4644},{"color":551},{"type":698,"attrs":4646},{"id":4647,"body":4648},"38832c2a-c937-479d-ac3e-ec9052d1591d",[4649],{"id":4650,"_uid":4651,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410342","i-b4151e4e-b760-4264-8a88-26ed04f2e2ee",{"type":600,"attrs":4653,"content":4655},{"textAlign":4654},"justify",[4656,4658,4664],{"text":4657,"type":605},"This surge in electricity demand is closely tied to partnerships between technology companies and large energy developers. NextEra Energy Resources (NEER), one of the largest solar and storage developers in the US, has emerged as a key counterparty for companies including Meta and Google. These firms are pursuing long-term agreements to secure reliable, clean electricity for large-scale – hyperscale - data centres. In May 2026, ",{"text":4659,"type":605,"marks":4660},"NEER announced plans to acquire Dominion Energy for $67bn",[4661],{"type":609,"attrs":4662},{"href":4663,"uuid":49,"anchor":49,"target":49,"linktype":1029},"https://intelligence.benchmarkminerals.com/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth",{"text":4665,"type":605},", a move that would create the world’s largest regulated utility business. The combined entity is expected to play a central role in meeting rising electricity demand, particularly in Virginia, the leading US data centre hub. NEER has a reported BESS development pipeline of 43 GW through 2032, with more than 10 GW already operational, positioning it to capitalise on accelerating storage deployment.",{"type":698,"attrs":4667},{"id":4647,"body":4668},[4669],{"id":4670,"_uid":4671,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410330","i-3d81a41e-312e-4e0c-a78a-8229439b5487",{"type":600,"attrs":4673,"content":4674},{"textAlign":4654},[4675],{"text":4676,"type":605},"The growth in data centres, driven by AI, is also influencing US energy policy at both state and federal levels. Policymakers are seeking to balance the need for rapid infrastructure expansion with concerns around grid stability, affordability, and energy security. Virginia has taken a leading role in adapting to this shift. In April 2026, the state passed legislation requiring utilities to procure more than 20 GW of energy storage capacity by 2045, including 4 GW of long-duration energy storage (LDES). The policy is designed to ensure that the grid can accommodate rising electricity demand from data centres while maintaining reliability. Other states are introducing similar measures. California, for example, has mandated the procurement of 6 GW of new clean energy and storage capacity by 2032 to support grid stability. At the same time, nearly 30 states are advancing so-called “large load” legislation, aimed at ensuring that data centre developers bear the cost of new generation capacity rather than passing it on to ratepayers.",{"type":600,"attrs":4678,"content":4679},{"textAlign":4654},[4680],{"text":4681,"type":605},"However, the rapid pace and scale of data centre development have also triggered growing local opposition. Concerns over electricity consumption and affordability, water usage, land use, and tax incentives have contributed to an increasingly organised backlash, which is beginning to shape political debate ahead of the November 2026 midterm elections. According to Data Centre Watch, at least 48 projects representing $156bn in investment were blocked or delayed by local opposition in 2025, up from a combined $64bn over the two years to March 2025. This trend has intensified in 2026. In the first quarter alone, at least 75 projects worth approximately $130bn were stalled or halted, nearly matching the total for the whole of 2025 within a single quarter. Public opposition appears to cut across political and geographic lines, although it is more pronounced among younger, Democratic, and rural voters. An Ipsos survey found that the share of Americans opposed to having a data centre built nearby rose from nearly half in late 2025 to around 70% within a few months. Key concerns include grid strain, rising electricity costs, environmental impacts, and local land use issues.",{"type":600,"attrs":4683,"content":4684},{"textAlign":4654},[4685],{"text":4686,"type":605},"This growing resistance is feeding into legislative activity. More than 300 bills related to data centres were introduced in US state legislatures in the first six weeks of 2026 alone. Formal moratorium proposals were introduced in 14 states between January and March, while around 12 states have advanced broader statewide moratorium efforts, including Minnesota, Michigan, Oklahoma, Georgia, South Carolina, Maryland, Pennsylvania, New York, and Vermont. Maine has taken the most concrete step to date, with its legislature passing a moratorium on data centre facilities exceeding 20MW, set to run through November 2027. However, the bill was vetoed by Governor Janet Mills in April 2026, so no statewide moratorium has been enacted yet.",{"type":600,"attrs":4688,"content":4689},{"textAlign":4654},[4690],{"text":4691,"type":605},"At the federal level, legislative proposals reflect similar tensions. Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez introduced the Artificial Intelligence Data Centre Moratorium Act, which would impose a nationwide pause on constructing or upgrading data centres with power demand of 20MW or more until stronger regulatory safeguards are established. The proposal is not expected to advance. In contrast, the Trump administration has continued to promote data centre expansion as part of a broader industrial and technological strategy. Its 23 July 2025 executive order, titled \"Accelerating Federal Permitting of Data Centre Infrastructure,\" forms part of a wider AI Action Plan aimed at supporting domestic infrastructure growth. The policy directs federal agencies to streamline permitting processes, open federal land for development, and provide financial support through loans, guarantees, grants, and tax incentives. Importantly, the thresholds for qualification under the executive order are structured as alternative criteria rather than cumulative requirements. Projects may qualify if they involve at least 100MW of incremental load, commit $500m or more in capital expenditure, support national security objectives, or are designated by relevant federal authorities.",{"type":600,"attrs":4693,"content":4694},{"textAlign":4654},[4695],{"text":4696,"type":605},"Taken together, these developments highlight a rapidly evolving landscape in which the expansion of AI and data centre infrastructure is driving both investment and policy change. While the growth outlook for BESS and associated energy infrastructure remains strong, the sector faces increasing scrutiny that is likely to influence the pace and geography of deployment in the coming years.",{"type":642,"attrs":4698,"content":4699},{"level":1395,"textAlign":4654},[4700,4704],{"text":4701,"type":605,"marks":4702},"2. Monthly round-up of ",[4703],{"type":931},{"text":4705,"type":605,"marks":4706},"the remaining key geopolitical and policy updates",[4707,4709],{"type":714,"attrs":4708},{"color":899},{"type":931},{"type":698,"attrs":4711},{"id":4647,"body":4712},[4713],{"id":4714,"_uid":4715,"type":705,"component":706,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29409733","i-0e363156-a60f-4ce8-830f-6115b2a8b7b4",{"type":642,"attrs":4717,"content":4718},{"level":1395,"textAlign":4654},[4719,4724],{"text":4720,"type":605,"marks":4721},"3. ",[4722],{"type":714,"attrs":4723},{"color":899},{"text":4725,"type":605,"marks":4726},"Key Macro-economic Indicators",[4727,4729],{"type":714,"attrs":4728},{"color":899},{"type":931},{"type":600,"attrs":4731,"content":4732},{"textAlign":4654},[4733],{"text":4734,"type":605},"The US economy added 172,000 new jobs in May, beating forecasts, while a combined 93,000 jobs were also revised up in March and April figures. That data point comes as the OECD has warned that the energy crisis resulting from the war in the Middle East could cut global growth to 2.1% in 2026 and 1.8% in 2027 if left unresolved, while interest rates in the US and elsewhere could be increased to combat inflation.",{"type":600,"attrs":4736,"content":4737},{"textAlign":4654},[4738],{"text":4739,"type":605},"China’s economy saw a slowdown in April, with industrial output down to 4.1% from more than 6% in Q1. The slowdown was largely driven by construction-related output, while more advanced manufacturing remained strong. New Eurostat numbers, meanwhile, showed that EU seasonally adjusted GDP was down 0.1% in Q1, and 0.2% in the euro area. AI has been the economic focus of Canada’s government this month, with a new AI strategy expected to boost GDP by 3% by boosting productivity.",{"type":698,"attrs":4741},{"id":4647,"body":4742},[4743],{"id":4744,"_uid":4745,"type":614,"component":706,"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). ",[4748,4749,4750,4751,4752,4753,4754,4755],{"slug":3104,"name":261},{"slug":822,"name":823},{"slug":825,"name":826},{"slug":1740,"name":1741},{"slug":815,"name":816},{"slug":1318,"name":1319},{"slug":3434,"name":150},{"slug":2006,"name":414},"Jun 16, 2026",1782840963072]