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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 listings and announcements.",{"type":553,"attrs":567,"content":568},{"textAlign":49},[569],{"text":570,"type":558},"To download this report’s accompany funding database:",{"type":572,"attrs":573,"content":575},"heading",{"level":574,"textAlign":49},3,[576],{"text":577,"type":558},"Highlights",{"type":553,"attrs":579,"content":580},{"textAlign":49},[581],{"text":582,"type":558},"The stock market has recently seen the rise of billion-dollar companies with little or no revenue, particularly in sectors such as critical minerals, nuclear energy, and eVTOL technology. 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",{"text":677,"type":558,"marks":678},"Gogoro’s ",[679],{"type":563},{"text":681,"type":558},"share price fell after the company announced its intention to search for further equity investments and a share price consolidation.",{"type":572,"attrs":683,"content":684},{"level":574,"textAlign":49},[685],{"text":686,"type":558},"Spotlight: Post IPO share price performance",{"type":553,"attrs":688,"content":689},{"textAlign":49},[690,694,696,698,702,704,708,710],{"text":691,"type":558,"marks":692},"CATL (3750.HKEX)",[693],{"type":563},{"text":695,"type":558},",",{"text":697,"type":558},"the world’s largest battery producer, listed on the ",{"text":699,"type":558,"marks":700},"HKEX ",[701],{"type":563},{"text":703,"type":558},"on ",{"text":705,"type":558,"marks":706},"May 20th 2025, raising $4.6 billion. ",[707],{"type":563},{"text":709,"type":558},"The company’s share price at the end of October was ",{"text":711,"type":558,"marks":712},"88% above what it was on its IPO.",[713],{"type":563},{"type":594,"attrs":715},{"id":716,"body":717},"2bc9d44d-8d10-4100-9d42-acf46395bbbd",[718],{"id":719,"_uid":720,"type":601,"component":602,"fixed_height":603,"use_fixed_height":50,"fixed_height_mobile":603,"fixed_height_tablet":603},"25955272","i-fd6244db-31c8-4d64-b7d4-bbfd631c820b",{"type":572,"attrs":722,"content":723},{"level":574,"textAlign":49},[724],{"text":725,"type":558},"Funding news",{"type":594,"attrs":727},{"id":728,"body":729},"45141a64-8296-4f2b-8b9a-b013cdf90b05",[730],{"id":731,"_uid":732,"type":601,"component":602,"fixed_height":603,"use_fixed_height":50,"fixed_height_mobile":603,"fixed_height_tablet":603},"25955505","i-44c93b9a-8ed6-4b85-b357-f01282c49cb7",{"type":553,"attrs":734,"content":735},{"textAlign":49},[736],{"text":737,"type":558,"marks":738},"Notable funding rounds",[739],{"type":563},{"type":553,"attrs":741,"content":742},{"textAlign":49},[743,745,749],{"text":744,"type":558},"Over",{"text":746,"type":558,"marks":747}," $7 billion worth of funding across 80 deals were tracked this month, ",[748],{"type":563},{"text":750,"type":558},"to view all of this month’s funding data in excel:",{"type":572,"attrs":752,"content":753},{"level":574,"textAlign":49},[754],{"text":755,"type":558},"M&A activity and market news",{"type":572,"attrs":757,"content":758},{"level":574,"textAlign":49},[759],{"text":760,"type":558},"Q3 performance of energy transition IPO market",{"type":594,"attrs":762},{"id":763,"body":764},"e1fc8e3c-3fa4-49e7-a740-34e9c985bc79",[765],{"id":766,"_uid":767,"type":601,"component":602,"fixed_height":603,"use_fixed_height":50,"fixed_height_mobile":603,"fixed_height_tablet":603},"25962346","i-c8915bde-1d35-4615-9ecb-c90a9f78d090",{"type":572,"attrs":769,"content":770},{"level":574,"textAlign":49},[771],{"text":772,"type":558},"Market listings and updates",{"type":553,"attrs":774,"content":775},{"textAlign":49},[776,778,782,784,788,790,794,796,800,802,806,808,810,812,816,818,819,821,825,827,831],{"text":777,"type":558},"Over the course of October, we tracked ",{"text":779,"type":558,"marks":780},"five ",[781],{"type":563},{"text":783,"type":558},"energy transition companies complete stock exchange listings. On 1st October, ",{"text":785,"type":558,"marks":786},"Fermi America",[787],{"type":563},{"text":789,"type":558}," listed simultaneously on the ",{"text":791,"type":558,"marks":792},"NASDAQ",[793],{"type":563},{"text":795,"type":558}," and the ",{"text":797,"type":558,"marks":798},"LSE",[799],{"type":563},{"text":801,"type":558},". On 8th October, ",{"text":803,"type":558,"marks":804},"Zelio E-Mobility ",[805],{"type":563},{"text":807,"type":558},"made its debut on India’s BSE SME platform. On 10",{"text":809,"type":558},"th",{"text":811,"type":558}," October, ",{"text":813,"type":558,"marks":814},"ZD Energy ",[815],{"type":563},{"text":817,"type":558},"on the HKEX. While on 16",{"text":809,"type":558},{"text":820,"type":558}," October ",{"text":822,"type":558,"marks":823},"Aptera Motors ",[824],{"type":563},{"text":826,"type":558},"began trading on the NASDAQ via direct listing, and ",{"text":828,"type":558,"marks":829},"Beijing Yunji Technology ",[830],{"type":563},{"text":832,"type":558},"listed on the HKEX.",{"type":572,"attrs":834,"content":835},{"level":574,"textAlign":49},[836],{"text":837,"type":558},"Company profiles",{"type":553,"attrs":839,"content":840},{"textAlign":49},[841],{"type":842,"attrs":843},"image",{"id":49,"alt":603,"src":844,"title":49,"source":49,"copyright":49,"meta_data":845},"https://res.cloudinary.com/benchmarkminerals/images/w_681,h_757,c_scale/f_auto,q_auto/v1762168343/www-production/Screenshot-2025-11-03-111136_13493905aa37/Screenshot-2025-11-03-111136_13493905aa37.png?_i=AA",{},{"type":553,"attrs":847,"content":848},{"textAlign":49},[849],{"type":842,"attrs":850},{"id":49,"alt":603,"src":851,"title":49,"source":49,"copyright":49,"meta_data":852},"https://res.cloudinary.com/benchmarkminerals/images/w_677,h_496,c_scale/f_auto,q_auto/v1762168356/www-production/Screenshot-2025-11-03-111156_13493912cfca/Screenshot-2025-11-03-111156_13493912cfca.png?_i=AA",{},{"type":572,"attrs":854,"content":855},{"level":574,"textAlign":49},[856],{"text":857,"type":558},"Announcements ",{"type":553,"attrs":859,"content":860},{"textAlign":49},[861,863,867,869,873,874,878,880,884],{"text":862,"type":558},"Throughout September no fewer than ",{"text":864,"type":558,"marks":865},"10 ",[866],{"type":563},{"text":868,"type":558},"energy transition companies submitted applications to respective stock exchanges or made plans to list. Both ",{"text":870,"type":558,"marks":871},"Pony AI ",[872],{"type":563},{"text":648,"type":558},{"text":875,"type":558,"marks":876},"WeRide",[877],{"type":563},{"text":879,"type":558}," received approval to list on the HKEX while ",{"text":881,"type":558,"marks":882},"Agibot",[883],{"type":563},{"text":885,"type":558}," is reportedly planning to list on the HKEX next year.",{"type":572,"attrs":887,"content":888},{"level":574,"textAlign":49},[889],{"text":837,"type":558},{"type":553,"attrs":891,"content":892},{"textAlign":49},[893],{"type":842,"attrs":894},{"id":49,"alt":603,"src":895,"title":49,"source":49,"copyright":49,"meta_data":896},"https://res.cloudinary.com/benchmarkminerals/images/w_676,h_667,c_scale/f_auto,q_auto/v1762168595/www-production/Screenshot-2025-11-03-111548_1349392df0a4/Screenshot-2025-11-03-111548_1349392df0a4.png?_i=AA",{},{"type":553,"attrs":898,"content":899},{"textAlign":49},[900],{"type":842,"attrs":901},{"id":49,"alt":603,"src":902,"title":49,"source":49,"copyright":49,"meta_data":903},"https://res.cloudinary.com/benchmarkminerals/images/w_676,h_529,c_scale/f_auto,q_auto/v1762168609/www-production/Screenshot-2025-11-03-111610_13493937ce6a/Screenshot-2025-11-03-111610_13493937ce6a.png?_i=AA",{},"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",[907,910,913,916],{"slug":908,"name":909},"batteries","Batteries",{"slug":911,"name":912},"critical-minerals","Critical Minerals",{"slug":914,"name":915},"geopolitics","Geopolitics",{"slug":917,"name":918},"new-energy","New Energy","private","Nov 03, 2025","3rd November 2025",[],[],1783682728600]