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Global Energy Storage Summary

Core Content

This document provides an overview of recent developments and trends in the global energy storage and battery industry, highlighting key players, financial updates, technological advancements, and market dynamics across Asia, America, and Europe.

Main Points and Key Information

Asia

• CATL:

  • Priced its Hong Kong IPO at HK$263/share, fully upsizing to 135.6 million shares.
  • Raised $4.6 billion in the base offering, potentially up to $5.3 billion if the over-allotment option is exercised.
  • Launched road tests for all-solid-state batteries after completing a 0.2 GWh pilot line in China.
  • Plans to build a 12 GWh quasi-solid-state battery production line.
  • Announced a 60 GWh energy storage and EV battery manufacturing base in Shandong, with additional phases planned for the next two years.
  • Half of China's heavy truck sales could be EVs by 2028, up from 10% in 2024.

• LG Chem:

  • Plans to raise $1 billion through exchangeable bonds, convertible into LG Energy Solution shares.
  • The bonds expire on June 16, 2028, with a conversion price of 337,700 won.
  • Previously issued $1 billion in exchangeable bonds in 2023.

• Posco:

  • Its battery material unit, Posco Future M, seeks $777 million via a rights issue to expand in South Korea and Canada.
  • The rights issue price is 95,800 won per share, a 20% discount to the previous close.
  • Final pricing will be decided on July 16.

America

• GM and LGES:

  • Partnering on prismatic LMR battery cells for use in electric pick-ups and large SUVs.
  • Plan to start commercial production by 2028, with pre-series production beginning as early as the end of 2027.

• Honda:

  • Postponed its EV production plans in Canada for at least two years due to weak EV demand and trade tensions.
  • Forecasts a 59% profit decline for fiscal 2026.

• Panasonic:

  • CEO Yuki Kusumi stated that battery expansion plans align with the slower EV demand.
  • Plans to start production at a second US-based factory in Kansas but has frozen plans for a third.
  • Aiming to focus on energy storage, data-center power, and AI-driven automation.

• TDK:

  • Preparing new silicon-anode batteries for thinner smartphones.
  • Expected to begin shipping the third iteration by the end of June, ahead of schedule.
  • Offers 15% more energy capacity in the same space compared to conventional batteries.

Europe

• Volkswagen:

  • Confirmed the MEB+ platform for 2026, with LFP battery cells.
  • MEB+ will serve as a stopgap until the SSP platform launch.
  • The move to LFP is seen as a cost-reduction strategy for entry-level EVs.

• BASF and Group14:

  • Unveiled a commercial-ready silicon anode solution for lithium-ion batteries.
  • The solution maintains 80% capacity after 1,000 cycles at room temperature.
  • Offers nearly four times the capacity of standard graphite anodes under thermal stress.

Market Trends and Valuation

• Key Commodities:

  • Lithium prices (spot and contract) have declined over the past month and year.
  • Cobalt and Nickel prices have also seen mixed performance, with some showing slight gains.

• Battery Makers:

  • CATL, LGES, and Samsung SDI are leading in terms of market cap and valuation.
  • CATL's valuation is relatively stable, with a P/E of 17.7x and EV/EBITDA of 11.5x.
  • LGES has a high P/E of 240x and EV/EBITDA of 12.3x.
  • Samsung SDI has a P/E of 40.6x and EV/EBITDA of 4.9x.

• Cathode Makers:

  • LG Chem and EcoPro BM have seen price declines, with LG Chem at -4.4% and EcoPro BM at -3.0%.
  • Posco Future M is valued at 698.4x P/E and 82.0x EV/EBITDA.

• Anode and Electrolyte Makers:

  • Tinci Minerals and Jiangsu Guotai have shown positive trends.
  • Enchem has experienced a significant drop in price, with a -6.0% one-day change.

• Equipment Makers:

  • Hirano and CKD have seen mixed performance, with some showing declines and others showing increases.
  • Manz has experienced a sharp decline in stock value.

Industry Models and Research Highlights

• Battery Gigafactory Database and Global EV TAM are key industry models used for tracking and forecasting.
• Battery Utopia and Battery Tech Roadmap 2023 are part of the Blackbook, outlining future trends and innovations.
• EV TRACKER - March 2025 reports strong EV sales despite slowdown concerns.
• Global Energy Storage: Resistance is Futile discusses the inevitability of energy storage growth.
• Quantifying Trump 2.0 Impact highlights the effects of US trade policies on the battery industry.
• China EV & Battery Value Chain Tour Takeaways emphasizes China's dominance in the EV and battery sectors.

Investment and Strategic Moves

• CATL is initiating coverage with a positive outlook on its HK IPO.
• LG Chem is raising funds through exchangeable bonds to support its EV battery business.
• Posco Future M is expanding its battery material capacity in South Korea and Canada.
• Panasonic is shifting focus towards energy storage and data-center power.
• TDK is preparing for the launch of thinner smartphones with advanced battery technology.

Conclusion

The global energy storage and battery industry is undergoing significant changes, with advancements in battery technology, strategic partnerships, and financial moves shaping the landscape. While some companies are expanding and innovating, others are facing challenges due to market conditions and geopolitical factors. The industry is expected to continue its growth, driven by the rise of EVs, energy storage, and technological innovation.