Every dead EV battery is an 'ore' you can mine without opening a pit — crush it into powder, pull out the lithium, nickel and cobalt, and turn it back into new cells, closing the loop so you lean on mines less. The idea is beautiful, and in the long run it gets very big. But 2024–26 was a painful lesson that the timing came too early: EVs aren't dying yet, there aren't enough batteries to feed the plants, metal prices fell — and pioneers like Li-Cycle went bankrupt.
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Why is Battery Recycling & Circularity moving?
Latest
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Policy and offtake deals accelerate battery recycling's shift to a formal, closed-loop industry
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China tightens recycling rules, removing over 100 substandard firms China's MIIT scrapped the cascade utilization clause and delisted 100+ companies, including units of BYD and Gotion, for safety and quality violations. This pushes the theme up by consolidating recycling toward compliant leaders and cutting gray-market supply.
A major regulatory shake-up that directly reshapes the competitive landscape for battery recycling.
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China accelerates renewable-energy recycling rules, targeting closed-loop by 2030 China plans faster rules for recycling EV batteries, wind turbines, and solar gear, aiming for a closed-loop system before 2030 and cracking down on illegal dismantling. This boosts the theme by expanding formal recycling demand and enforcing battery scrappage with vehicles.
A new policy push that broadens and formalizes the recycling market, directly lifting the theme.
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US awards $500m to critical minerals and battery recycling projects The US Department of Energy granted $500 million to seven companies, including $100m each to Lilac Solutions, Jervois, and Nth Cycle, to expand domestic processing and recycling. This lifts the theme by funding new capacity and reducing reliance on China.
Direct government funding that expands US recycling capacity and validates the sector.
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Major offtake deals validate recycled battery mineral demand Bridge Green signed an eight-year lithium carbonate deal worth up to $1bn with Hartree, and Nth Cycle signed a $1bn ten-year black mass offtake with Glencore. These deals boost the theme by proving commercial demand for recycled minerals and attracting investment.
Two large, long-term contracts that signal growing market acceptance and financial backing for recycling.
Q3 2026
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Battery recycling shifts to formal, closed-loop industry
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US suspends black mass exports The US suspended exports of black mass, keeping shredded battery material inside the country. This gives domestic recyclers a secure feedstock supply and reduces reliance on foreign processing.
This policy directly boosts domestic recycling capacity and feedstock security.
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GM and Redwood partner on second-life storage GM and Redwood Materials teamed up to use retired EV batteries for grid storage. This extends battery life and creates a new revenue stream for recycled materials.
This partnership demonstrates a commercial application for second-life batteries, driving circularity.
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China and EU policies boost battery demand China and the EU advanced policies that will increase future demand for batteries, which in turn boosts the need for recycling. This supports long-term growth for the recycling industry.
These policies expand the addressable market for recycled battery materials.
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China cracks down on substandard recyclers China delisted over 100 substandard recyclers and pushed closed-loop rules by 2030. This formalizes the market but disrupts gray-market supply chains, causing short-term uncertainty.
This regulatory shift consolidates the industry but creates transitional risks.
GM Completes Closed-Loop EV Battery Pilot Using 100 Percent Recycled Minerals
General Motors and recycling partner Cirba Solutions have completed a closed-loop EV battery pilot that produced new cells using cathode active material made from 100 percent recycled nickel, cobalt and manganese, drawn from end-of-life GM EV packs. The cells now power Cadillac Lyriq and Chevrolet Silverado EVs delivered to customers, a step toward circular EV manufacturing that shows recycled critical minerals can meet the same safety and performance standards as newly mined inputs. The pilot strengthens GM's EV cost and supply-chain story, though it does not materially change the near-term focus on restoring profit margins and managing warranty and EV transition risks. The most relevant recent announcement remains GM's July guidance cut, which lowered 2026 net income expectations to US$8.4–9.8 billion. GM's narrative projects $195.5 billion revenue and $8.2 billion earnings by 2029, requiring 1.8% yearly revenue growth and a $6.3 billion earnings increase from $1.9 billion today, while the most pessimistic analysts assume earnings of about US$12.9 billion by 2029 and a much lower valuation multiple.
GM · Supply · Positive GM completed a closed-loop EV battery pilot using 100% recycled nickel, cobalt and manganese, strengthening its EV cost and supply-chain position.
Nth Cycle signs $1bn recycled minerals offtake deal with Glencore
Nth Cycle, a US-based metals refining company, has signed a $1bn ten-year offtake agreement with Glencore covering lithium and other critical minerals recovered from recycled batteries. Announced at Glencore's New York offices, the contract is described as one of the largest supply deals to date in the US battery recycling industry. Under the terms, Glencore will sell approximately 24,000 tonnes per annum of shredded battery materials, known as black mass, to Nth Cycle, which will process the material with its electrochemical extraction technology to produce lithium carbonate and a nickel-rich mixed hydroxide product for supply back to Glencore over the next decade. Actual delivered amounts will depend on the mineral content in the black mass received, and the contract's value is based on metals prices as of the second quarter of 2026. The deal follows a $100m grant Nth Cycle received last month from the US Department of Energy, which prompted plans for a commercial refining facility in the south-east of the US, with operations expected to begin by 2029 and the location to be announced later this year. Nth Cycle also recently announced it will list publicly through a merger with Kensington Capital Acquisition, valuing the company at $585m, and has cancelled a planned Series C funding round to focus on raising capital through its public offering.
Nth Cycle Inc. · Demand · Positive Nth Cycle signs a $1bn ten-year offtake with Glencore for lithium and critical minerals recovered from recycled batteries, securing long-term product demand.
GLEN.LSE · Demand · Positive Glencore secures a $1bn ten-year offtake to sell black mass and buy back lithium carbonate and nickel-rich MHP, expanding its battery-materials supply/trading business.
LITHIUM · Supply · Positive The deal adds a large new source of recycled lithium carbonate supply from Nth Cycle's refining, weighing on lithium carbonate prices.
NICKEL · Supply · Positive Nth Cycle will produce a nickel-rich mixed hydroxide product for Glencore, adding recycled nickel supply to the market.
Bridge Green and Hartree sign eight-year lithium carbonate deal worth up to $1bn
Bridge Green Upcycle and Hartree Partners have signed an eight-year commercial agreement for the purchase and marketing of lithium carbonate produced from recycled batteries, valued between $500m and $1bn at current market conditions. Under the deal, Hartree gains exclusive rights to market approximately 10,000 tonnes per annum of lithium carbonate across all grades from Bridge Green's facilities, with an option to renew for an additional seven years. Hartree has also made an equity investment in Bridge Green as part of the company's bridge financing round, intended to support its planned expansion of battery recycling and critical mineral refining operations. Hartree battery and critical minerals head Landon Berns said critical minerals are a key pillar of Hartree's growth strategy, while Bridge Green founder and CEO Balki Iyer called the agreement a defining milestone toward a circular supply chain. Initial volumes of lithium carbonate for Hartree are anticipated in 2028, and Bridge Green's upcoming Series A funding round is expected to finance integrated refining facilities in India and the US.
Bridge Green Upcycle · Demand · Positive Bridge Green secures an eight-year, up-to-$1bn offtake agreement for its recycled lithium carbonate, a defining commercial milestone.
Bridge Green Upcycle · Capital · Positive Hartree made an equity investment in Bridge Green's bridge financing round to support its expansion.
Hartree Partners · Demand · Positive Hartree gains exclusive marketing rights to ~10,000 tpa of lithium carbonate plus an equity investment in Bridge Green.
LITHIUM · Demand · Positive Eight-year deal to purchase and market ~10,000 tpa of lithium carbonate from recycled batteries signals new end-demand for the commodity.
Thailand and Japan Discuss Elevating Cooperation in HEV, MHEV and EV Automotive Industry and Clean Energy
Industry Minister Warawut Silpa-archa and his delegation held bilateral talks with Japan's Minister of Economy, Trade and Industry, Ryosei Akazawa, known as METI, to elevate strategic cooperation in industry and energy between Thailand and Japan. The Thai delegation also included Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas and Energy Minister Ekkanat Promphan. The talks aimed to promote the transition of the automotive industry along a multi-pathway approach, covering hybrid vehicles, HEV, mild hybrid vehicles, MHEV, and electric vehicles, EV, while pushing forward a circular economy policy through the development of end-of-life vehicle management systems and waste battery handling. The discussions also covered the promotion of the biofuel industry through fiscal policy, as well as energy cooperation, such as cooperation under POWERR Asia on solar energy development and carbon market trading, and preparations for the second meeting of the Thailand-Japan mechanism for energy and industrial cooperation, known as EID, particularly in the modern automotive industry, supply chain connectivity and bioenergy. The outcome of these talks is expected to directly benefit the people and businesses of Thailand and Japan through expanded investment in high-technology industries, which will lead to economic value creation, job creation and the development of Thai workers' skills, as well as improving quality of life and the environment through the promotion of clean energy and sustainable resource management.
Second-Life EV Battery Market Projected to Reach USD 224.24 Billion by 2040
The second-life electric vehicle battery market is projected to grow from USD 1.70 billion in 2026 to USD 224.24 billion by 2040, according to a Research and Markets report published on GlobeNewswire. The growth is driven by increasing EV adoption and demand for cost-effective stationary energy storage, with applications in renewable energy storage, grid balancing, and EV charging. The market's expansion is supported by circular economy policies, automaker partnerships, and technologies such as AI diagnostics, though performance variability and end-of-life management remain challenges. Separately, XPeng filed a shelf registration this week for $74.9 million involving an ESOP-related offering of 14 million Class A Ordinary Shares; its shares fell 4.5% to $10.23, while HGTECH rose 5.8% to CN¥105.98 and Tesla closed at $356.58, down 0.7%.
Huayou Cobalt Completes Issuance of 1 Billion Yuan Green Sci-Tech Innovation Bond
Huayou Cobalt announced that the company has completed the issuance of its eleventh tranche of green sci-tech innovation bonds for 2026, with an issuance amount of 1 billion yuan, a term of two years, a par value of 100 yuan per unit, and a coupon rate of 2.20 percent. The bond is abbreviated as 26 Huayou Cobalt GN011 Sci-Tech Innovation Bond, with China CITIC Bank, China Merchants Bank, Shanghai Pudong Development Bank, Bank of China, Industrial Bank, BOC International, and China Bohai Bank serving as lead underwriters. It was publicly issued in the national interbank bond market through bookbuilding and centralized placement. The proceeds will be used to replace procurement expenditures incurred by subsidiaries within three months for the recycling of used power batteries and their dismantled materials, as well as for raw material procurement for battery-grade lithium salt product manufacturing projects. The announcement shows that the company's 2025 annual shareholders' meeting has approved a proposal for the company and its subsidiaries to issue debt financing instruments of non-financial enterprises in 2026, with issuance methods including public offering and non-public targeted issuance.
Critical Materials & Supply Chain › Lithium Capital
603799.CG · Capital · Positive Huayou Cobalt completed a 1 billion yuan green sci-tech innovation bond issuance at a 2.20% coupon, securing financing for battery recycling and lithium salt raw materials.
EV Board Approves Three-Tier Electric Vehicle Tax Adjustment to Boost Local Parts Use
The EV Board has approved a plan to restructure excise taxes on electric vehicles into three tiers, aimed at encouraging manufacturers to invest more and use more locally produced parts. Vehicles made in Thailand with high local content will receive the lowest tax rate, while imported vehicles from operators without a production base in Thailand will be taxed at the highest rate. A subcommittee will also be set up to accelerate development of the battery supply chain, used batteries, and EV charging infrastructure. The research arm of Kasikorn Bank sees this as positive for auto parts stocks and industrial estate operators that stand to benefit from production relocation and increased local content, while importers of fully assembled EVs may face pressure from the new tax structure.
Barclays forecasts $3.6 trillion annual energy investment by 2027
Barclays analysts project that the global energy sector will require about $3.6 trillion in annual investment by 2027, driven by artificial intelligence, electrification, and energy-security concerns. This spending, spanning oil and gas, LNG, pipelines, power generation, grids, renewables, storage, and electrification, is expected to grow by more than 5% annually and exceed three times the capital needed for planned AI infrastructure. The bank describes an era of "energy addition," where demand for conventional and low-carbon energy rises simultaneously, with global energy demand growing at a 1.9% compound annual rate from 2025 to 2050. Data centers alone could add about 32 quadrillion BTUs of energy demand by 2040, equivalent to over 600 gigawatts and roughly matching Russia's 2025 consumption. Underinvestment has left upstream oil and gas capex about 45% below its peak, and over 2,500 GW of renewable and storage projects await grid connections, making grids and transmission networks major constraints. Barclays sees opportunities across upstream, oil services, LNG, pipelines, utilities, and clean tech, with 2028 earnings estimates for preferred stocks averaging 11% above consensus and price targets implying about 30% upside.
EA unveils 4-year plan targeting Waste-EV-Bio, pushing 1,520 E-Buses and expanding waste-to-energy and wind power plants
Energy Absolute Public Company Limited (EA) has announced its growth plan for 2026-2029 under the concept of expanding a comprehensive clean energy ecosystem, focusing on waste management, commercial electric vehicles, biofuels, and renewable energy. This year, the company plans to begin production and delivery of 1,520 electric buses (E-Buses) to the Bangkok Mass Transit Authority (BMTA), with major revenue recognition starting in the second quarter of 2027. Meanwhile, the 8-megawatt Phuket waste-to-energy plant is expected to commence commercial operation (COD) in the second quarter of 2027, and the Maha Sarakham and Khon Kaen wind power projects are expected to reach COD in 2028 and 2029, respectively, to replace existing capacity that is gradually expiring. Additionally, the company has adjusted its biodiesel business model to toll manufacturing (OEM) to reduce exposure to raw material price volatility, and is shifting its battery business focus toward the energy storage system (ESS) market. Overall, in the second half of 2026, the company expects support mainly from the EV business, while new renewable energy projects will start generating significant revenue from 2027 onward. The company also prioritizes reducing debt burden and managing liquidity to support new investments.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Demand
EA.BK · Demand · Positive EA's plan includes production and delivery of 1,520 E-Buses to BMTA, with revenue recognition starting Q2 2027, indicating concrete product demand.
Thai Summit: Thailand's Auto Industry in Crisis as Foreign Capital Grabs Market Share, Proposes 4 Strategies to Help SMEs
Ms. Chanapan Chuangrungruangkit, Senior Vice President of Thai Summit Group, revealed at the seminar "Thailand Transition: Changing Thailand's Future" that Thailand's automotive industry is facing a crisis, with the share of Thai private investment continuously declining, contrasting with foreign direct investment (FDI) which surged to 57% in 2025. SME promotion projects in the automotive sector dropped from 14 projects in 2024 to just 1 project in 2025, reflecting a severe contraction among Thai entrepreneurs. Meanwhile, car production in Thailand fell to 1.45 million units, compared to China's 34 million units, making it impossible for Thailand to compete on production scale. Therefore, she proposed adopting an "Economy of Scope" strategy to produce diverse products using shared resources, while not abandoning the production base for pickup trucks, internal combustion engine vehicles, and hybrids (21%), but also embracing EVs to strengthen and expand the ecosystem. She also proposed four strategies: promoting domestic demand, adjusting zoning to grant benefits to SMEs in secondary cities for setting up EV charging stations, enforcing strict local content requirements rather than merely assembling parts in Thailand, and investing in the EV battery recycling industry, which would become the country's new S-Curve.
Thai Summit Group · Competition · Negative Thai Summit exec says Thai auto industry is in crisis as foreign FDI grabbed 57% share and Thai SME projects collapsed from 14 to 1, squeezing domestic players.
BGRIM reorganizes into 4 business units for PDP 2026, targets data centers and 250 MW grid connection
B.Grimm Power or BGRIM has announced an organizational restructuring and the establishment of 4 main business units to support the new Power Development Plan (PDP 2026), aiming to become a fully integrated energy technology company. The business units include B.Grimm BeyondBridge, which focuses on developing Digital Infrastructure as a Service (DIaaS), building on the 216.76-kilometer Smart Micro Grid, supporting the liberalization of the electricity grid (TPA). B.Grimm iNET, a joint venture with iNET, elevates industrial estates to Smart Industrial Estate. Digital Edge B.Grimm develops a Hyperscale data center with a capacity of 96 megawatts, with an investment value of 26 billion baht in Chonburi, now over 45% complete, gradually commencing operations by the end of 2026 and expanding to 300 megawatts by 2030. Meanwhile, the clean energy business under the GreenLeap strategy targets a total contracted capacity of 10,000 megawatts, increasing the renewable energy share to over 50% by 2030 in Thailand, South Korea, the Philippines, and Japan. For short-term revenue, BGRIM has surplus capacity ready for immediate grid connection of 250 megawatts in Map Ta Phut and Ang Thong, without waiting for new projects, and is in talks to sell land with electrical systems to data center developers, creating a Data Center Ecosystem. New projects set to commence operations include the Nakwol 1 offshore wind farm in South Korea, with a capacity of 365 megawatts, holding a 49% stake, expected to reach commercial operation in 2026 after purchasing 85% of Unison's convertible bonds worth 32 billion won. The Zhongce Rubber rooftop solar project has a capacity of 35 megawatts. The Huong Hoa 1 onshore wind farm in Vietnam has a capacity of 48 megawatts, and others totaling 30 megawatts. The Inthri B.Grimm Solar project, with a capacity of 83.79 megawatts, commenced operations on February 19, 2026, generating continuous revenue. The first phase of the Amata B.Grimm Power floating solar project, with a capacity of 17 megawatts, will start recognizing revenue on July 1, 2026. Subsidiary ARECO has signed a renewable energy power purchase agreement for 50 megawatts from the Vista Alegre solar farm, with an installed capacity of 65 megawatts in the Philippines, with the National Transmission Corporation under the Green Energy Auction–4 program, and is preparing to support SMR technology through partnerships with European and Chinese allies.
BGRIM.BK · Capital · Positive BGRIM restructures into 4 business units and expands into data centers, clean energy, and grid connection under PDP 2026, signaling growth investment.
018000.KQ · Capital · Positive BGRIM purchased 85% of Unison's convertible bonds worth 32 billion won in connection with the Nakwol 1 offshore wind farm.
603049.CG · Demand · Positive BGRIM's Zhongce Rubber rooftop solar project (35 MW) is named as a new project set to commence operations, implying an order for BGRIM's services.
GEM first-half net profit up 34.68% year on year; proposes 0.32 yuan per 10 shares
GEM disclosed its half-year report on August 28. In the first half of 2026, it achieved operating revenue of 17.987 billion yuan, up 2.43% year on year. Net profit attributable to shareholders of the listed company was 1.076 billion yuan, up 34.68% year on year. Basic earnings per share were 0.21 yuan. The company plans to distribute a cash dividend of 0.32 yuan per 10 shares, tax included. During the reporting period, its key metal recycling and extraction business achieved operating revenue of 7.161 billion yuan, up 33.78% year on year, accounting for 39.81% of total sales. Its power battery recycling business achieved operating revenue of 942 million yuan, up 8.70% year on year, accounting for 5.24% of total sales. Its core new energy materials manufacturing business achieved operating revenue of 8.819 billion yuan, down 13.77% year on year, accounting for 49.03% of total sales.
Nenghui Technology 2026 Interim Report: Emerging Businesses Surge, Net Loss Under Pressure
Nenghui Technology released its 2026 interim report on August 27. During the reporting period, the company achieved operating revenue of 299 million yuan, down 66.68 percent year on year. Net profit attributable to the parent company was a loss of 23 million yuan, down 180.75 percent year on year. Net profit after deducting non-recurring items was a loss of 25 million yuan, down 191.66 percent year on year. Net operating cash flow was an outflow of 87 million yuan. Photovoltaic power station system integration, as the core business, generated revenue of 194 million yuan, accounting for 64.74 percent of total revenue, down 77.63 percent year on year, with gross margin falling to 3.80 percent. Meanwhile, emerging businesses such as energy storage and commercial vehicle battery charging and swapping system integration generated revenue of 63 million yuan, accounting for 20.90 percent of the total, surging 5,114.72 percent year on year, with gross margin reaching 33.67 percent. Revenue from new energy and power engineering design business grew 966.44 percent year on year. The decline in performance was mainly due to the deep adjustment in the photovoltaic industry. In the first half of 2026, nationwide newly added grid-connected photovoltaic capacity fell 66.2 percent year on year, and intensifying competition squeezed profit margins. The company is expanding overseas new energy storage, photovoltaic, and commercial vehicle battery charging and swapping businesses, but faces risks such as accounts receivable recovery, declining gross margins, and slower-than-expected development of emerging businesses.
Bangchak CEO Promotes Biofuel to Boost GDP by 2% and Cut Oil Imports
Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Corporation Public Company Limited and President of the Bangchak Group, stated at the event "New Energy for Thailand: Energy Transition, Betting on Thailand's Future" that increasing the share of drop-in biofuels to 20% has the potential to create economic value equivalent to approximately 2% of GDP, driven by an increase in domestic spending of about 153 billion baht and a reduction in oil imports of about 63 billion baht. This would also help create jobs, distribute income, and enhance energy security. The transport sector accounts for 41% of Thailand's final energy consumption and uses about 76% of primary oil consumption. Bangchak Group has continuously developed its biofuel business, now producing HEFA-SPK sustainable aviation fuel with a capacity of 1 million liters per day, HVO or green diesel for road transport, and B24 for the maritime sector.
Langjin Technology's first-half revenue hits 321 million yuan, driven by international expansion and new growth areas
Langjin Technology achieved operating revenue of 321 million yuan in the first half of 2026, supported by its dual-engine strategy of rail transit and new energy. Its international footprint continued to deepen, while new growth areas such as the low-altitude economy and energy storage thermal management accelerated. In the rail transit segment, the company won new contracts for the Grenoble tram project in France and additional orders in Rome, and now has 1,100 units operating across eight overseas cities. It also secured maintenance service orders in five key Chinese cities: Fuzhou, Suzhou, Xi'an, Nanning, and Beijing. In new energy thermal management, the company passed BYD's standard configuration supplier audit for buses and expanded its standard-fit share with manufacturers including CRRC Electric Vehicle, FAW Bus, and Geely Commercial Vehicles. In the low-altitude economy sector, it partnered with leading manufacturers to complete heat pump air conditioning system development for the Volant VE25-100 and COMAC CE25A electric aircraft, and obtained AS9100D aerospace system certification. Cumulative shipments in energy storage thermal management exceeded 80 gigawatt-hours, with innovative products such as an all-in-one integrated liquid cooling unit launched. In addition, the company developed a full range of intelligent variable-frequency heat pump drying products and is advancing intelligent operation and maintenance projects across multiple metro lines.
300594.CS · Demand · Positive Won new rail transit contracts (Grenoble, Rome) and maintenance orders in five Chinese cities, plus expanded new energy thermal management share with BYD and other OEMs.
Guotai Environmental Protection's Interim Revenue Up Nearly 70%, Net Profit Down Over 30%
Guotai Environmental Protection released its 2026 interim report. The company achieved operating revenue of 282 million yuan, up 68.98% year on year, but net profit attributable to the parent was 42.52 million yuan, down 35.60% year on year, showing revenue growth without profit growth. The newly expanded battery materials production and recycling business contributed 144 million yuan in revenue, accounting for more than half of total revenue, but its gross margin was only 2.13%, significantly dragging down overall profitability. Revenue from traditional sludge treatment and wastewater treatment quality and efficiency improvement services was 137 million yuan, down 16.96% year on year, with a gross margin of 43.83%, down 10.55 percentage points from the same period last year. Net cash flow from operating activities was negative 32.20 million yuan, turning from a net inflow of 61.19 million yuan in the same period last year to a net outflow. Ending inventory reached 98.94 million yuan, surging nearly 100 times from the beginning of the period. The company said it will need to focus on the progress of battery materials project commissioning, the implementation of price adjustments in the sludge treatment business, and the trend of improvement in operating cash flow.
301203.CS · Capital · Negative Net profit down 35.6% despite revenue up 68.98%, with low-margin battery materials dragging profitability and cash flow turning negative.
US awards $500m to seven critical minerals and battery projects
The US Department of Energy has awarded $500 million to seven companies developing domestic critical minerals processing, battery recycling and advanced battery-material projects. Lilac Solutions, Jervois and Nth Cycle will each receive $100 million, while Princeton NuEnergy, Coreshell Technologies, Arcanum Ventures and Elevated Materials will each receive $50 million. The funding, announced on 20 August, is the third round of grants under the DoE's Battery Materials Processing and Battery Manufacturing and Recycling programmes. The selected projects aim to expand US processing and recycling capacity and reduce reliance on foreign sources, particularly China. The awards add to around $40 billion in provisional US Government funding for mineral projects since 2022.
Tengyuan Cobalt H1 revenue hits 6.089 billion yuan, net profit up 87.82%
Tengyuan Cobalt released its 2026 semi-annual results, reporting first-half operating revenue of 6.089 billion yuan, up 72.36% year on year, and net profit attributable to the parent of 881 million yuan, up 87.82% year on year. The company's 30,000-tonne copper project at Congo Hechuang was completed and began feeding material three and a half months ahead of schedule, producing qualified copper products in July 2026. Congo Tengyuan simultaneously carried out technical upgrades to its electrowinning production line, and overseas electricity costs fell after the Lufupa hydropower station came into use. Tengchi New Energy completed a flexible conversion of its ternary precursor production line to a lithium carbonate production line in just 30 days, and total lithium carbonate capacity will reach 15,000 tonnes by the end of the year. Tengyuan Recycling's 15,000-tonne waste lithium battery charged crushing project is now ready for linked commissioning. During the reporting period, black mass feed volume rose 94.22% year on year, annual processing capacity reached 50,000 tonnes, and the company has accumulated 4 invention patents and 26 utility model patents.
Siling Intelligent Drive plans private placement to raise 1.8 billion yuan to expand auto and robot parts manufacturing
Siling Intelligent Drive plans to issue shares to no more than 35 qualified investors, raising total proceeds of no more than 1.8 billion yuan. Of that, 1.5 billion yuan will go toward a smart manufacturing production base for automotive components and robot components, and 300 million yuan will be used to replenish working capital. The project is located in the high-tech park of Xinchang County, Zhejiang Province, with a construction period of three years. Full capacity will take three to five years to reach. Once completed, it will add annual production capacity of 10.6 million sets of automotive components and 3.6 million sets of robot components. The robot components mainly include harmonic reducers and bearings specifically for reducers. The company said automotive components and robot components share strong common ground in structural design, precision manufacturing, and supply chain systems. The project will help expand production capacity for related products and strengthen sustained profitability. In April 2024, Siling Intelligent Drive used 117 million yuan of excess raised funds to invest in a smart technology upgrade project for robot components. Harmonic reducers, actuator modules, and reducer-specific bearings have now reached small-batch production, but robot business revenue still accounts for a relatively low share, and the pace of scaling up and profitability remains uncertain.
China plans faster rollout of renewable-energy recycling rules
China plans to accelerate rules governing the recycling and reuse of electric-vehicle batteries, wind turbines and solar equipment, Bloomberg reported on Sunday, citing state broadcaster China Central Television. The government aims to establish a closed-loop system for waste generated by the renewable-energy industry before 2030, with officials from the National Development and Reform Commission saying the framework would cover the full process of recovering and reusing waste throughout the supply chain. The measures will form part of China's circular-economy strategy for the 2026-to-2030 period, addressing gaps in capacity to recycle ageing equipment from rapidly expanding clean-energy industries, including photovoltaic panels, wind-power installations and EV batteries. Authorities will enforce requirements that electric vehicles be scrapped together with their batteries, and the government plans to crack down on illegal recycling and dismantling, which can create environmental and safety risks and divert valuable materials away from regulated recovery channels. Separate measures will support national laboratories researching resource recycling, and China will also upgrade its capacity to dismantle used industrial machinery, vehicles and electronic products.
Energy Transition & Power Demand › Wind ▼Regulation
Energy Transition & Power Demand › Solar ▼Regulation
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) Regulation
002594.CS · Regulation · Neutral EV battery recycling rules could affect BYD's battery lifecycle management, but impact is mixed.
601012.CG · Regulation · Neutral New recycling rules may affect solar equipment disposal, but impact on LONGi's operations is unclear.
JKS · Regulation · Neutral China's recycling framework for solar equipment addresses end-of-life PV panels, a regulatory development relevant to solar makers but not a direct demand or pricing event for JinkoSolar.
Electrovaya Q3 revenue rises, but $5 million in deliveries shift to fiscal 2027
Electrovaya reported third-quarter fiscal 2026 revenue of $17.7 million, up from $17.1 million a year earlier, while approximately $5 million of high-voltage battery-system deliveries expected in fiscal 2026 have moved into the first quarter of fiscal 2027 due to supply-chain constraints and project delays. Gross margin improved to 34.9% from 30.8%, and adjusted EBITDA reached a record $3.7 million. The company revised its fiscal 2026 normalized revenue outlook to approximately $70 million to $73 million. Electrovaya also announced an expanded commercial agreement with Amazon covering potential collaboration in material handling, robotics, and stationary energy storage, though related warrants could create future non-cash revenue reductions and dilution. The company launched its ElvaPulse 1500 stationary storage system and is progressing toward commissioning its Jamestown, New York, facility, with initial deliveries and revenue targeted for the second quarter of calendar 2027.
Bangchak Q2 profit surges 99% to 12 billion baht as SAF starts generating revenue
Bangchak Corporation Public Company Limited reported second-quarter 2026 net profit attributable to the parent of 12.239 billion baht, up 99% from the previous quarter. EBITDA stood at 25.968 billion baht, a 46% increase, while revenue from sales and services reached 183.553 billion baht, up 29%. A key driver was the start of commercial production and sales of sustainable aviation fuel, which allowed the company to recognise EBITDA from its SAF business for the first time, with average production capacity of 6.8 thousand barrels per day and sales volume of 39 million litres. In addition, losses from oil price hedging narrowed to 879 million baht, alongside an unrealised gain of 4.415 billion baht. For the first half of 2026, the group posted total revenue of 326.08 billion baht, a 25% increase year-on-year, and normalised net profit of 13.155 billion baht, up more than 100%.
BCP.BK · Capital · Positive Q2 net profit surged 99% to 12.239 billion baht, with EBITDA up 46% and revenue up 29%, driven by first-time SAF sales and narrowed hedging losses.
Tianneng Battery Expects First-Half Net Profit to Drop Over 60% Year-on-Year
Tianneng Battery disclosed its earnings forecast, expecting attributable net profit for the first half of 2026 to be between 270 million and 300 million yuan, a year-on-year decline of 65.46% to 68.92%. The company stated that its profit margins are being squeezed by multiple factors. Geopolitical disruptions have pushed upstream raw material prices such as sulfuric acid to remain high, while intensifying competition in downstream industries and a slower-than-expected recovery in end-consumer demand have put downward pressure on the gross margin of its main business.
US to suspend exports of tungsten scrap and battery recycling materials
The United States is preparing to suspend exports of tungsten scrap and black mass, a material from recycled batteries, starting later this month to retain critical raw materials for domestic use. Under regulations published in the Federal Register, businesses must primarily sell these materials domestically but can apply for exemptions. The measure will be in effect for one year. President Donald Trump signed an order authorizing government officials to restrict exports of industrial waste containing critical minerals to enhance supply chain security and reduce dependence on China. The US Commerce Department stated that insufficient quantities of critical materials could increase risks to national security and defense. Tungsten is a hard, durable metal used in various industries including the military, while black mass from recycling lithium-ion batteries is becoming an alternative raw material source for extracting lithium, cobalt, and nickel for reuse.
MIIT Scraps Cascade Utilization Clause for Power Batteries, Removes Over 100 Companies from Compliance List
The Ministry of Industry and Information Technology has abolished the cascade utilization clause for retired new energy vehicle power batteries, ending the public announcement management of cascade utilization enterprises and removing 100 previously listed companies from the roster of those meeting regulatory standards. The delisted firms include Shanghai BYD, Huayou Resources, Honeycomb Energy, Gotion High-tech, Rept Battero, Tengyuan Cobalt, Do-Fluoride, CRRC Times Electric, and GEM. The MIIT noted that some companies produced substandard battery products under the guise of cascade utilization, creating safety hazards and disrupting market order. This adjustment aims to eliminate conceptual confusion, requiring that battery products made from retired power batteries must meet quality standards for their application areas, and prohibiting the use of whole or reassembled retired power batteries in prohibited sectors such as electric bicycles. Analysts believe that compliant battery-swapping operators and the recycling industry chain will benefit, while the repair and second-hand markets reliant on gray-market batteries will face pressure, accelerating the concentration of industry resources toward leading companies with strong technical capabilities.
Aqua Metals Advances Phased Commercialization Plan for Headwaters ARC
Aqua Metals reported second quarter 2026 results and advanced its phased commercialization plan for the Headwaters ARC battery recycling campus. The company is in final site-specific diligence and negotiations for a Midwest development opportunity that includes an existing 150,000-square-foot industrial facility on approximately 50 or more acres, located near six major LFP gigafactory projects. Phase 1 will deploy commercially proven preprocessing equipment to recover copper, aluminum and high-grade black mass from segregated LFP battery materials, establishing a pathway to revenue, while Phase 2 will integrate AquaRefining™ to upcycle black mass into battery-grade lithium carbonate, iron phosphate and graphite. The company ended the quarter with $4.7 million in cash and a net loss of $4.5 million, and expects to announce its selected development path during the current quarter.
AQMS · Technology · Positive Aqua Metals advances commercialization plan for Headwaters ARC battery recycling campus, including deployment of preprocessing and AquaRefining technology.
New car sales in Europe rise 13.6% in June, marking five consecutive months of growth
The European Automobile Manufacturers' Association announced that new car registrations in the EU rose 13.6% year-on-year in June to 1,147,962 units, marking five consecutive months of growth. By powertrain, electric vehicles surged 60.7% to 270,557 units, hybrid vehicles rose 18.4% to 404,608 units, and plug-in hybrids increased 22.1% to 115,714 units, showing strong performance for electrified vehicles. Meanwhile, petrol cars fell 12.4% to 244,833 units and diesel cars dropped 16.1% to 76,778 units, continuing their slump.
Longxing Technology's sustainable carbon black earns certification from major European tire maker and begins bulk supply
Longxing Technology Group announced that certain models of its sustainable development series carbon black products have passed certification by a well-known large European tire manufacturer and entered bulk supply, with an initial order of nearly ten thousand tonnes. At the same time, the company has reached a sustainable green carbon black product development plan with other prominent large European tire makers, which is being accelerated. This sustainable carbon black is produced by partially or fully replacing coal tar and other raw materials with tire pyrolysis oil, offering better economic returns than traditional carbon black. The company initiated related technology research and development in 2024, obtained environmental impact assessment approval in December 2025, and stated that based on downstream demand, expansion plans are already under consideration and will be gradually advanced according to order conditions.
002442.CS · Demand · Positive Certification and bulk supply order from major European tire maker, plus development plan with other tire makers, indicating strong end-customer demand.
EA-AMITA joins forces with DPIM, signs MOU to develop EV battery recycling
Amita, a subsidiary of EA, together with the Department of Primary Industries and Mines, has signed a memorandum of understanding to develop recycling technology for end-of-life lithium-ion batteries, turning waste into valuable raw materials for new battery production, reducing hazardous waste, and propelling Thailand toward becoming a circular economy hub. This collaboration will combine the department's expertise in sorting and recycling with Amita's battery manufacturing experience, studying end-of-life batteries and production process materials to obtain precursors that can be trialed in new battery production, as well as assessing technology feasibility, developing personnel, and formulating policy recommendations to support a comprehensive national battery recycling system. Mr. Chatpon Sripratum, Chief Executive Officer of Energy Absolute Public Company Limited, stated that this partnership aims not only to manage end-of-life batteries but to transform waste back into valuable resources, building knowledge and raw material security for Thailand. As the electric vehicle and energy storage industries grow, the volume of retired batteries will increase accordingly. Without a support system in place from today, this could become an environmental, safety, and cost issue for the country in the future.
EA.BK · Technology · Positive EA's subsidiary Amita signs MOU to develop EV battery recycling technology, positioning the company in circular economy and securing raw material supply.
อมิตา เทคโนโลยี (ประเทศไทย) · Technology · Positive Amita, as the subsidiary, directly involved in developing recycling technology for lithium-ion batteries, leveraging its manufacturing expertise.
EURO Partners with Real Estate Giants to Tap High-End Market, EA Signs MOU to Drive Battery Research, SNNP Launches Premium Fruit Tea Jelly
EURO Luxury Lifestyle has joined forces with major real estate partners, including Sansiri, SC Asset Corporation, Major Development, Eden Estate, and Boat Pattana, to penetrate the high-end market through a One-Stop Service business model, targeting HNWI to UHNWIs customers. Meanwhile, Amita Technology Thailand, or AMITA, a company under the EA Group, together with the Department of Primary Industries and Mines, Ministry of Industry, has signed a memorandum of understanding to advance battery research towards practical application based on circular economy principles. At the same time, SNNP is moving forward to expand its Gen Z customer base with the launch of Jele Chewy x Kamu Kamu, a premium fruit tea jelly born from the collaboration between Jele Chewy and Kamu Kamu, a leading Thai tea brand, aiming to be a product that helps strengthen the sales portfolio of the Jele group for robust growth this year.
อมิตา เทคโนโลยี (ประเทศไทย) · Technology · Positive Signed MOU to advance battery research towards practical application.
MJD.BK · Demand · Positive Partnering with EURO to target high-end market via One-Stop Service model, expected to attract HNWI/UHNWI customers.
SC.BK · Demand · Positive Partnering with EURO to target high-end market via One-Stop Service model, expected to attract HNWI/UHNWI customers.
Boat Pattana Company Limited · Demand · Positive Partnering with EURO to target high-end market via One-Stop Service model, expected to attract HNWI/UHNWI customers.
Eden Estate Corporation Limited · Demand · Positive Partnering with EURO to target high-end market via One-Stop Service model, expected to attract HNWI/UHNWI customers.
Kamu Kamu · Demand · Positive Collaboration with SNNP to launch premium fruit tea jelly, expanding Gen Z customer base.
Electrovaya Stock Surges 36% After Amazon Battery Deal
Electrovaya shares soared 36.4% this week after the company announced a commercial agreement with Amazon for its Infinity Battery Technology. The deal covers lithium-ion batteries for industrial applications and includes potential future purchases of robotics and energy storage equipment. Once Amazon reaches $280 million in cumulative purchases, it will receive warrants to buy up to 13,880,345 common shares of Electrovaya. Raymond James analyst Daniel Magder raised his price target on Electrovaya to $22 from $14 and kept a strong buy rating.
Hunan Yuneng Plans to Invest 24 Billion Yuan in Mining-Integrated New Energy Battery Material Circular Industry Project
Hunan Yuneng announced that the company plans to invest in the construction of the Guizhou Yuneng (Weng'an) Mining-Integrated New Energy Battery Material Circular Industry Project in Weng'an County, Guizhou Province, with a total investment of approximately 24 billion yuan. The project is expected to have a construction period of five years, with plans to invest 5 to 8 billion yuan within 18 months after the official start of construction, and the implementation pace will be adjusted subsequently based on market demand. The main contents of the project include 800,000 tonnes of lithium iron phosphate, 1 million tonnes of iron phosphate, and their upstream industrial chains, involving phosphorus sources, iron sources, lithium carbonate processing, and lithium battery recycling. This investment aims to improve integrated layout and consolidate the company's leading position in the industry, but there are risks related to project construction, financial funding, market demand, and management.
Battery X Metals completes first-generation Tesla Model 3 and Model Y battery adaptor prototype
Battery X Metals has completed a first-generation proprietary battery adaptor working prototype for Tesla Model 3 and Model Y vehicles, marking a significant commercial readiness milestone for its patent-pending lithium-ion battery rebalancing platform. The engineering validation prototype confirmed mechanical fitment, dimensional accuracy, electrical interface alignment, and standardized connectivity with Tesla battery packs. The Tesla Model 3 and Model Y collectively account for more than half of the U.S. electric vehicle market, with the Model Y representing approximately 34.2% of U.S. EV sales and the Model 3 approximately 20.2%. The company has commenced the next phase of development to advance the Tesla Adaptor toward a production-oriented commercial product and has acquired a Tesla Model 3 battery pack for dedicated research and development. Battery X Metals intends to expand its proprietary adaptor portfolio across additional high-volume electric vehicle battery architectures as part of its broader commercialization strategy.
Electrovaya Announces Commercial Agreement and Warrant Transaction with Amazon
Electrovaya has entered into a commercial agreement and a warrant transaction with Amazon, expected to support continued deployment of Infinity Battery Technology in material handling operations and potential expanded engagement in robotics and energy storage. As part of the deal, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya, which become fully vested upon Amazon achieving cumulative future purchases of US$280 million, with a portion vesting immediately and an exercise price based on the 5-day volume weighted average trading price prior to the agreement date. Electrovaya's Infinity Technology has a perfect field safety record and offers reduced environmental footprint and lower total cost of ownership compared to conventional lithium-ion technologies. The Toronto Stock Exchange has conditionally approved the listing of the common shares issuable under the warrants.
ELVA · Demand · Positive Electrovaya secured a commercial agreement and warrant deal with Amazon, with potential for significant future purchases.
AMZN · Demand · Positive Amazon is the commercial partner, expected to deploy Electrovaya's battery technology in its operations, indicating product demand.
Global EV Market Projected to Reach $2.74 Trillion by 2026
The global electric vehicle market is expected to reach $2.74 trillion by 2026, driven by investments in charging infrastructure and battery technology. Regional policies in Europe, China, and the United States are shaping distinct market dynamics, pushing automakers to adopt localized strategies. The competitive landscape is seeing a rise in Chinese manufacturers and a greater emphasis on battery recycling and traceability. In stock movements, Ecopro rose 9.2% to close at ₩86,400, while HGTECH fell 9.2% to CN¥145.21. Tesla shares ended at $396.18, up 0.4%, and the company partnered with Paper Transport LLC to test the Tesla Semi Long Range in Chicago operations.
Global Second-Life Battery Market to Reach USD 46.9 Billion by 2035
The global second-life battery market is projected to grow from USD 15.4 billion in 2025 to USD 46.9 billion by 2035, at a compound annual growth rate of 11.8 percent, according to a new report by Custom Market Insights. The market is expected to reach USD 17.2 billion in 2026. Growth is driven by sustainability incentives, circular economy policies, and the increasing need for cost-effective energy storage to support renewable energy integration and grid decentralization. North America held the largest market share in 2025, while Asia Pacific is forecast to grow at the highest CAGR during the forecast period. Key players include Connected Energy, Fortum, Redwood Materials, and Moment Energy, which closed a USD 15 million Series A funding round in January 2024.
Battery X Metals Reports Positive Preliminary EV Battery Rebalancing Trial Results
Battery X Metals announced positive preliminary results from real-world electric vehicle performance trials of its patent-pending lithium-ion battery rebalancing technology platform, demonstrating estimated driving range improvements of up to approximately 255 kilometres. The trials, conducted across multiple commercial and passenger EV platforms including the Nissan Leaf, Tesla Model 3 and Model Y, Hyundai Ioniq, Chevrolet Volt, and the VMC 1200 electric truck, showed significant battery capacity recovery and sustained performance. The company has also completed an International Patent Cooperation Treaty application, preserving priority rights and establishing a pathway to pursue patent protection in more than 150 countries. Battery X Metals is accelerating commercialization through an integrated EV battery diagnostics platform using an onboard diagnostics interface, alongside continued development of its Rebalancing Machine hardware and software ecosystem, including wireless connectivity and UL certification initiatives.
Battery X Metals · Technology · Positive Positive preliminary trial results for its battery rebalancing technology, with patent application and commercialization progress.
EU to introduce minimum electrification target by 2040 to accelerate decarbonisation
The European Union plans to introduce a minimum target for the share of electricity in energy consumption by 2040, aiming to reduce reliance on oil and natural gas and promote economy-wide electrification. A draft document from the European Commission seen by Reuters does not include a specific figure, but the Commission is expected to unveil the formal proposal on the 17th. The move is part of a response to rising energy prices triggered by the conflict involving Iran, with EU data showing that oil and gas import costs have risen by roughly 50 billion euros since late February. To advance electrification, the plan encourages a faster shift from petrol and diesel cars to electric vehicles, replacing household gas boilers with heat pumps, and switching to electric furnaces in industry. To lower the upfront cost of electrification technologies, the Commission will propose mandatory heat pump installations in public buildings, stronger electric vehicle procurement targets, a framework allowing member states to reduce value-added tax on home batteries, electric vehicles, and heat pumps, and will launch an EU-funded auction scheme this year for renewable energy and electric-powered heat supply projects. It also plans to propose a phase-out of fossil fuel subsidies this year, aiming to improve the price competitiveness of electricity.
Global Battery Electric Vehicle Market to Reach USD 8.6 Trillion by 2033
A new report forecasts the global battery electric vehicle market will grow from an estimated USD 1.05 trillion in 2025 to USD 1.6 trillion in 2026, and reach USD 8.6 trillion by 2033, reflecting a compound annual growth rate of 27.2 percent. The Asia-Pacific region led the market in 2025 with a 44.8 percent share of global volume. Advancements in lithium-ion battery technology, including higher energy density and faster charging, are key drivers, alongside government incentives such as Europe's NaszEauto purchase subsidies and India's FAME-II program. The report profiles 35 companies, including BYD Company Ltd., Tesla, Inc., Volkswagen Group, Geely Auto, SAIC Motor Corporation Limited, Changan Automobile, Hyundai Motor Company, BMW Group, Ford Motor Company, and Stellantis NV.
State Council Issues 15th Five-Year Carbon Peak Action Plan, Sets Targets for Energy Storage and New Energy Vehicles
The State Council has issued the 15th Five-Year Carbon Peak Action Plan, proposing that by 2030, pumped-storage hydropower installed capacity will reach around 160 gigawatts, new-type energy storage installed capacity will strive to reach 300 gigawatts, the maximum regulation capacity of nationwide virtual power plants will exceed 50 gigawatts, and power demand response capability will reach over 5% of maximum electricity load. The plan also proposes that by 2030, the share of new energy vehicle ownership will strive to reach 30%, and the share of new energy commercial transport vehicles will reach 25%. Data released by the China Association of Automobile Manufacturers shows that in the first half of the year, new energy vehicle production and sales reached 7.438 million and 7.446 million units, up 6.7% and 7.3% year-on-year respectively. The China Securities Regulatory Commission has approved the registration of Shanghai Enflame Technology's initial public offering, and the company will list on the STAR Market. Zhejiang Meida announced plans for a change in control, and its shares will be suspended from trading starting on the 10th. Several companies released first-half performance forecasts, among which Sunwave Communications expects net profit to increase by 1,428.58% to 2,001.8% year-on-year, and GigaDevice expects net profit to increase by approximately 1,099% year-on-year.
Electrification & Mobility › EV Powertrain & Power Electronics ▲Demand
Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Regulation
Energy Transition & Power Demand › Hydropower & Pumped Storage ▲Regulation
上海燧原科技 · Capital · Positive Shanghai Enflame Technology's IPO registration was approved, enabling it to list on the STAR Market.
002115.CS · Demand · Positive The plan's targets for virtual power plants and demand response increase demand for Sunwave's communication solutions.
603986.CG · Demand · Positive The carbon peak plan targets for energy storage and new energy vehicles boost demand for GigaDevice's memory chips used in these sectors.
002677.CS · Capital · Neutral Zhejiang Meida announced a change in control, but the impact is unclear without details.
