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Notable Events

…Lithium Sulfur Solid-state Sodium-ion Alternative Chemistries Supply Chain Upstream and Midstream Recycling & Secondary Markets Software / AI BATTERY REPORT 2025 | 7

Notable Events

…Polish government grants to build Li-ion Canada and US, receives financing and bid Samsung SDI recycling and materials facility in Poland. from Glencore as court-supervised sale begins BYD April sales surged 45% to 195k BEV units KoBold Metals to acquire stake in Manono GM and LG pioneer LMR batteries,…

Notable Events

…graphite material & equipment, and battery subsidies in Gdańsk, Poland, the largest Battery Energy recycling. precursor for ternary cathode materials, LFP Storage System (BESS) manufacturing facility Gen 4 and battery & CAM equipments. in Europe. Nissan cancelled EV production in the Archer acquired…

Industry Value Chain

…Lithium Sulfur Solid-state Sodium-ion Alternative Chemistries Supply Chain Upstream and Midstream Recycling & Secondary Markets Software / AI BATTERY REPORT 2025 | 21

Industry Value Chain

…System Assembly Recycling Lithium Mining Lithium Chemical Cathode Active Materials Electrolyte Cell Vehicle OEMs Recycling Yuneng Ni, Co Chemical and pCAM Nickel, Cobalt Mining Energy Storage Anode Active Materials Separator…

Industry Value Chain

…Valuation)* Raw Materials Materials Processing Cell Component Cell Manufacturing System Assembly Recycling Lithium Mining Lithium Chemical Cathode Active Materials Lithium-ion Ni, Co Chemical Anode Active Materials Solid-state & Li-metal pCAM Nickel, Cobalt Mining Graphite Electrolyte, Separator…

Industry Value Chain

…and/or University Spin Offs* Materials Processing Cell Component Cell Manufacturing System Recycling Lithium Chemical Cathode Active Materials Li-ion Anode Active Materials Solid-state pCAM Graphite Other battery concepts (Solid) electrolytes Other components Process Technology *Estimated as of…

Industry Value Chain

…Cuberg ● A $5.8 billion debt burden with only $30 million in cash on Revolt Sodium-Ion Recycling hand → Assets were only valued at $250 million compared Program NOVO Battery Hydrovolt to a $12 billion valuation in 2022 Fem NV Launched Systems Drei ● Lyten acquired core assets in Europe and IP;…

Industry Value Chain

…Li-Cycle, now Glencore Battery Recycling (“GBR”), has been acquired 2023: conditional $375 million by Glencore Plc10. loan commitment from DOE to support the Rochester Hub5. Source: [1] | [2] | [3] | [4] | [5] | [6] | [7] | [8] | [9] | [10]…

Industry Value Chain

…stepped down and later and cash requirements amid a becomes imbalanced and dangerous, as it makes recycling served as a senior advisor to collapsing stock price and investor incomplete. less profitable. support the company’s sales caution. process. When industry or technology Reliance on convertible notes…

Finance

…Lithium Sulfur Solid-state Sodium-ion Alternative Chemistries Supply Chain Upstream and Midstream Recycling & Secondary Markets Software / AI BATTERY REPORT 2025 | 50

Finance

…EV chemistries Both early-stage and late-stage funding have dropped ~70% since 2021-2023, and recycling, ($1.5bn) was down 73% from the 2021-2023 period with the largest dollar-amount decrease in late-stage. Chinese battery dominance ($5.4bn/year). Investment is shifting to solid-state and silicon…

Costs

…Lithium Sulfur Solid-state Sodium-ion Alternative Chemistries Supply Chain Upstream and Midstream Recycling & Secondary Markets Software / AI BATTERY REPORT 2025 | 68

Cell & Pack Manufacturing

…Lithium Sulfur Solid-state Sodium-ion Alternative Chemistries Supply Chain Upstream and Midstream Recycling & Secondary Markets Software / AI BATTERY REPORT 2025 | 83

Cell & Pack Manufacturing

…IRA) that encourage low-carbon production, local supply chains, and recycling Source: McKinsey 1 BATTERY REPORT 2025 | 120

Cell & Pack Manufacturing

…Second driver is dry coating technology and material recycling. In regards of the used CAM chemistry there is a huge benefit for LFP with 15 kgCO2e/kWh versus NCM811 with 38 kgCO2e/kWh (+2,5x). But there are possible savings in PCF by using renewables in CAM…

Applications

…Lithium Sulfur Solid-state Sodium-ion Alternative Chemistries Supply Chain Upstream and Midstream Recycling & Secondary Markets Software / AI BATTERY REPORT 2025 | 127

Applications: EV

…Lithium Sulfur Solid-state Sodium-ion Alternative Chemistries Supply Chain Upstream and Midstream Recycling & Secondary Markets Software / AI BATTERY REPORT 2025 | 130

Applications: EV

…agreement (US/global Traditional OEMs favor strategic suppliers over spot EV programs) including recycling sourcing, reinforcing supplier consolidation around Tier-1 battery leaders. Technology GM and LGES announced plans to jointly OEMs are diversifying cathode chemistry, especially partnership develop…

Applications: EV

…Banpu NEXT announced a strategic safety, and recycling partnerships. investment in Oyika, a Singapore- based technology company providing Batteries-as-a-Service (BaaS) for electric two-wheelers, to expand in Southeast Asia. Source: Company announcements…