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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":563,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":568},"To access this report’s accompanying funding and IPO database, use the link below.",{"type":563,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":568,"marks":586},"Click here",[587,592],{"type":588,"attrs":589},"link",{"href":590,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://wp-admin.benchmarkminerals.com/app/uploads/BMI-ETC-funding-data-December-2025.xlsx","url",{"type":573},{"type":594,"attrs":595,"content":597},"heading",{"level":596,"textAlign":49},3,[598],{"text":599,"type":568},"Highlights",{"type":563,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":568},"After a turbulent year, 2025 proved decisive for energy transition and critical mineral funding. 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",{"text":685,"type":568,"marks":686},"Electrovaya’s",[687],{"type":573},{"text":689,"type":568}," share price increased after its earnings call and improved analyst ratings. ",{"text":691,"type":568,"marks":692},"Clean Power Hydrogen’s",[693],{"type":573},{"text":695,"type":568}," share price spiked despite no clear news.",{"type":563,"attrs":697,"content":698},{"textAlign":49},[699,703,705,709,711,715],{"text":700,"type":568,"marks":701},"Dragonfly’s",[702],{"type":573},{"text":704,"type":568}," share price fell as sentiment cooled following peaks in October. ",{"text":706,"type":568,"marks":707},"Nuvve",[708],{"type":573},{"text":710,"type":568}," continued to see its share price decline after a reverse stock split. ",{"text":712,"type":568,"marks":713},"Fly E-bike",[714],{"type":573},{"text":716,"type":568}," has seen its share fall as company sentiment remains weak.",{"type":594,"attrs":718,"content":719},{"level":596,"textAlign":49},[720],{"text":721,"type":568},"Spotlight: Post-IPO share price performance",{"type":563,"attrs":723,"content":724},{"textAlign":49},[725,729,731,735,737,741,743,747],{"text":726,"type":568,"marks":727},"Energy Vision",[728],{"type":573},{"text":730,"type":568},", a solar player, listed on Euronext Brussels on ",{"text":732,"type":568,"marks":733},"9 July 2025",[734],{"type":573},{"text":736,"type":568},", raising ",{"text":738,"type":568,"marks":739},"$49 million",[740],{"type":573},{"text":742,"type":568},". The company’s share price at the end of November was ",{"text":744,"type":568,"marks":745},"9% below its IPO level",[746],{"type":573},{"text":623,"type":568},{"type":630,"attrs":749},{"id":632,"body":750},[751],{"id":752,"_uid":753,"type":637,"component":638,"fixed_height":639,"use_fixed_height":50,"fixed_height_mobile":639,"fixed_height_tablet":639},"27078149","i-b4f74366-e2b5-4467-954f-a47984bf10bf",{"type":594,"attrs":755,"content":756},{"level":596,"textAlign":49},[757],{"text":758,"type":568},"Funding news",{"type":630,"attrs":760},{"id":632,"body":761},[762],{"id":763,"_uid":764,"type":637,"component":638,"fixed_height":639,"use_fixed_height":50,"fixed_height_mobile":639,"fixed_height_tablet":639},"27078144","i-9226e0e8-6b10-4812-8354-031ac39dad99",{"type":563,"attrs":766,"content":767},{"textAlign":49},[768],{"text":769,"type":568,"marks":770},"Notable funding rounds in December",[771],{"type":573},{"type":773,"content":774},"bullet_list",[775,787,800,813,826,839],{"type":776,"content":777},"list_item",[778],{"type":563,"attrs":779,"content":780},{"textAlign":49},[781,785],{"text":782,"type":568,"marks":783},"Vulcan Energy",[784],{"type":573},{"text":786,"type":568}," secured $2.6 billion from a consortium of investors in grants, debt, and equity to begin the first phase of its Lionheart project in Germany.",{"type":776,"content":788},[789],{"type":563,"attrs":790,"content":791},{"textAlign":49},[792,794,798],{"text":793,"type":568},"Chinese EV start-up ",{"text":795,"type":568,"marks":796},"Deepal",[797],{"type":573},{"text":799,"type":568}," raised $876 million in its Series C financing, with Changan Auto as the largest participant.",{"type":776,"content":801},[802],{"type":563,"attrs":803,"content":804},{"textAlign":49},[805,807,811],{"text":806,"type":568},"EV maker ",{"text":808,"type":568,"marks":809},"Polestar",[810],{"type":573},{"text":812,"type":568}," secured $600 million in debt financing from its parent company, Geely, to strengthen its balance sheet.",{"type":776,"content":814},[815],{"type":563,"attrs":816,"content":817},{"textAlign":49},[818,820,824],{"text":819,"type":568},"Humanoid robotics maker ",{"text":821,"type":568,"marks":822},"Galbot",[823],{"type":573},{"text":825,"type":568}," secured $300 million in financing to support expansion.",{"type":776,"content":827},[828],{"type":563,"attrs":829,"content":830},{"textAlign":49},[831,833,837],{"text":832,"type":568},"US rare earth player ",{"text":834,"type":568,"marks":835},"Pensana",[836],{"type":573},{"text":838,"type":568}," secured a $100 million equity investment from an undisclosed source to expand US operations.",{"type":776,"content":840},[841],{"type":563,"attrs":842,"content":843},{"textAlign":49},[844,848],{"text":845,"type":568,"marks":846},"Blue Current",[847],{"type":573},{"text":849,"type":568},", a US-based silicon solid-state battery developer, secured $80 million in Series D financing, with Amazon as a major participant.",{"type":563,"attrs":851,"content":852},{"textAlign":49},[853,855,858],{"text":854,"type":568},"Over ",{"text":611,"type":568,"marks":856},[857],{"type":573},{"text":859,"type":568}," worth of financial transactions were tracked in 2025 across more than 600 deals. To view all funding data, use the link below:",{"type":563,"attrs":861,"content":862},{"textAlign":49},[863],{"text":585,"type":568,"marks":864},[865,867],{"type":588,"attrs":866},{"href":590,"uuid":49,"anchor":49,"target":49,"linktype":591},{"type":573},{"type":594,"attrs":869,"content":870},{"level":596,"textAlign":49},[871],{"text":872,"type":568},"M&A activity and market news",{"type":773,"content":874},[875,900,925,944,963],{"type":776,"content":876},[877],{"type":563,"attrs":878,"content":879},{"textAlign":49},[880,882,886,888,892,894,898],{"text":881,"type":568},"In 2025, we tracked 25 bankruptcies, insolvencies, or market exits across the EV, battery, and renewable sectors. Most recently in December, US-based battery swapping start-up ",{"text":883,"type":568,"marks":884},"Ample",[885],{"type":573},{"text":887,"type":568},", LiDAR maker ",{"text":889,"type":568,"marks":890},"Luminar",[891],{"type":573},{"text":893,"type":568},", and battery recycler ",{"text":895,"type":568,"marks":896},"Lithion Technologies",[897],{"type":573},{"text":899,"type":568}," filed for bankruptcy.",{"type":776,"content":901},[902],{"type":563,"attrs":903,"content":904},{"textAlign":49},[905,907,911,913,917,919,923],{"text":906,"type":568},"Chinese ",{"text":908,"type":568,"marks":909},"FAW",[910],{"type":573},{"text":912,"type":568}," took a 5% stake in ",{"text":914,"type":568,"marks":915},"Leapmotor",[916],{"type":573},{"text":918,"type":568}," for €450 million ($526 million). ",{"text":920,"type":568,"marks":921},"Stellantis",[922],{"type":573},{"text":924,"type":568}," remains the largest single shareholder.",{"type":776,"content":926},[927],{"type":563,"attrs":928,"content":929},{"textAlign":49},[930,932,936,938,942],{"text":931,"type":568},"Ride-hailing firm ",{"text":933,"type":568,"marks":934},"Grab",[935],{"type":573},{"text":937,"type":568}," invested in robotaxi developer ",{"text":939,"type":568,"marks":940},"Momenta",[941],{"type":573},{"text":943,"type":568}," in an undisclosed deal.",{"type":776,"content":945},[946],{"type":563,"attrs":947,"content":948},{"textAlign":49},[949,951,955,957,961],{"text":950,"type":568},"UK autonomous driving start-up ",{"text":952,"type":568,"marks":953},"Wayve",[954],{"type":573},{"text":956,"type":568}," acquired German AI start-up ",{"text":958,"type":568,"marks":959},"Quality Match",[960],{"type":573},{"text":962,"type":568}," as it expands into Germany.",{"type":776,"content":964},[965],{"type":563,"attrs":966,"content":967},{"textAlign":49},[968,970,974],{"text":969,"type":568},"Battery recycler ",{"text":971,"type":568,"marks":972},"Ecobat",[973],{"type":573},{"text":975,"type":568}," completed the sale of its UK operations to focus on its US business.",{"type":594,"attrs":977,"content":978},{"level":596,"textAlign":49},[979],{"text":980,"type":568},"2025 performance of the energy transition IPO market",{"type":630,"attrs":982},{"id":632,"body":983},[984],{"id":985,"_uid":986,"type":637,"component":638,"fixed_height":639,"use_fixed_height":50,"fixed_height_mobile":639,"fixed_height_tablet":639},"27079567","i-d013fef6-2eb9-4710-b0fd-422c1237034e",{"type":594,"attrs":988,"content":989},{"level":596,"textAlign":49},[990],{"text":991,"type":568},"Market listings and updates",{"type":563,"attrs":993,"content":994},{"textAlign":49},[995,997,1001,1003,1007,1009,1013,1015,1019,1021,1025],{"text":996,"type":568},"During November, we tracked ",{"text":998,"type":568,"marks":999},"two",[1000],{"type":573},{"text":1002,"type":568}," energy transition companies completing stock exchange listings. On ",{"text":1004,"type":568,"marks":1005},"10 December",[1006],{"type":573},{"text":1008,"type":568},", ",{"text":1010,"type":568,"marks":1011},"Seyond",[1012],{"type":573},{"text":1014,"type":568}," listed on HKEX, followed by ",{"text":1016,"type":568,"marks":1017},"Guoxia",[1018],{"type":573},{"text":1020,"type":568}," on ",{"text":1022,"type":568,"marks":1023},"16 December",[1024],{"type":573},{"text":1026,"type":568},", also in Hong Kong.",{"type":594,"attrs":1028,"content":1029},{"level":596,"textAlign":49},[1030],{"text":1031,"type":568},"Company profiles",{"type":563,"attrs":1033,"content":1034},{"textAlign":49},[1035],{"type":1036,"attrs":1037},"image",{"id":49,"alt":1031,"src":1038,"title":49,"source":49,"copyright":49,"meta_data":1039},"https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_632,c_scale/f_auto,q_auto/v1767713881/www-production/image-160_13516427a05b/image-160_13516427a05b.png",{},{"type":594,"attrs":1041,"content":1042},{"level":596,"textAlign":49},[1043],{"text":1044,"type":568},"Announcements",{"type":563,"attrs":1046,"content":1047},{"textAlign":49},[1048,1050,1054],{"text":1049,"type":568},"Throughout December, no fewer than ",{"text":1051,"type":568,"marks":1052},"four",[1053],{"type":573},{"text":1055,"type":568}," energy transition companies submitted applications or announced plans to list:",{"type":773,"content":1057},[1058,1071,1084,1103],{"type":776,"content":1059},[1060],{"type":563,"attrs":1061,"content":1062},{"textAlign":49},[1063,1065,1069],{"text":1064,"type":568},"Chinese smart charging and storage player ",{"text":1066,"type":568,"marks":1067},"Anker Innovations",[1068],{"type":573},{"text":1070,"type":568}," submitted an application to list on HKEX.",{"type":776,"content":1072},[1073],{"type":563,"attrs":1074,"content":1075},{"textAlign":49},[1076,1078,1082],{"text":1077,"type":568},"Chinese smart energy solutions provider ",{"text":1079,"type":568,"marks":1080},"Haier Energy",[1081],{"type":573},{"text":1083,"type":568}," began IPO guidance to list in China.",{"type":776,"content":1085},[1086],{"type":563,"attrs":1087,"content":1088},{"textAlign":49},[1089,1091,1095,1097,1101],{"text":1090,"type":568},"Fast-charging battery company ",{"text":1092,"type":568,"marks":1093},"StoreDot",[1094],{"type":573},{"text":1096,"type":568}," signed an agreement with ",{"text":1098,"type":568,"marks":1099},"Andretti Acquisition Corp II",[1100],{"type":573},{"text":1102,"type":568}," to list via SPAC.",{"type":776,"content":1104},[1105],{"type":563,"attrs":1106,"content":1107},{"textAlign":49},[1108,1110,1114],{"text":1109,"type":568},"Indian solar energy company ",{"text":1111,"type":568,"marks":1112},"GRE Renew Enertech",[1113],{"type":573},{"text":1115,"type":568}," received approval to list on the BSE India.","Welcome to Energy Transition Capital Monthly, a part of your Benchmark Source subscription. This report follows companies, related to the energy transition, going public through IPO or merger via SPAC, as well as tracking company share prices and general industry trends though indexes and funding data. It provides a comprehensive overview of the past month’s ...","briefing",[1119,1121,1124,1126,1128,1131,1134,1137,1139,1142,1144,1146,1149,1151,1154,1157],{"slug":1120,"name":263},"anode",{"slug":1122,"name":1123},"batteries","Batteries",{"slug":1125,"name":299},"cathode",{"slug":1127,"name":115},"cobalt",{"slug":1129,"name":1130},"copper","Copper",{"slug":1132,"name":1133},"critical-minerals","Critical Minerals",{"slug":1135,"name":1136},"fluorspar","Fluorspar",{"slug":1138,"name":8},"lithium",{"slug":1140,"name":1141},"manganese","Manganese",{"slug":1143,"name":189},"natural-graphite",{"slug":1145,"name":150},"nickel",{"slug":1147,"name":1148},"phosphate","Phosphate",{"slug":1150,"name":420},"rare-earths",{"slug":1152,"name":1153},"recycling","Recycling",{"slug":1155,"name":1156},"silicon-anode","Silicon Anode",{"slug":1158,"name":1159},"synthetic-graphite","Synthetic Graphite","private","monthly","Jan 06, 2026","6th January 2026",{"slug":1165,"title":1166,"cardImage":1167,"description":1168,"frequency":1169},"energy-transition-capitals","Energy Transition Capitals","https://a.storyblok.com/f/287943243085208/x/76ef6752b3/energy-capitals-hero.avif","This Briefing tracks energy-transition IPOs, SPAC mergers, share prices, industry indices, and funding trends.","Monthly",[],[],1792773990930]