신규 배터리 기술 시장 규모 : 배터리 유형별, 용도별, 지역별 및 예측

EMERGING BATTERY TECHNOLOGIES MARKET KEY INSIGHTS

The global emerging battery technologies market size was valued at USD 139.75 billion in 2025 and is projected to grow from USD 150.23 billion in 2026 to USD 249.24 billion by 2033, exhibiting a CAGR of 7.5% during the forecast period. The Asia-Pacific region currently dominates the emerging battery technologies market, holding the highest market share globally. Rapid industrialization, strong government support for electric vehicles, and massive manufacturing infrastructure across China, Japan, and South Korea continue to drive this regional dominance, making Asia-Pacific the undisputed growth engine of the industry.

Emerging battery technologies refer to next-generation energy storage systems that go beyond conventional lithium-ion batteries. These include solid-state batteries, sodium-ion cells, lithium-sulfur batteries, and flow batteries. Industries such as electric mobility, renewable energy storage, consumer electronics, and grid infrastructure increasingly rely on these advanced technologies to meet growing demands for safer, longer-lasting, and more efficient power solutions.

The emerging battery technologies market is currently experiencing significant momentum as the global push toward clean energy accelerates. Governments worldwide are investing heavily in decarbonization strategies, which in turn creates robust demand for advanced energy storage solutions across multiple sectors including transportation, utilities, and portable electronics.

Capital is flowing into this market at an unprecedented pace, largely driven by the global transition toward electric vehicles and renewable energy integration. Venture capital firms, public funding bodies, and large corporations are actively channeling billions into battery research and gigafactory expansion, recognizing that energy storage sits at the heart of the entire clean energy economy.

The competitive landscape of the emerging battery technologies market remains highly dynamic and innovation-driven. Established energy companies, technology startups, and automotive giants are all racing to secure patents, scale production, and form strategic alliances. This intense competition is simultaneously accelerating technological breakthroughs and pushing manufacturing costs progressively downward across the industry.

Despite promising growth, raw material supply chain vulnerability remains a critical restraint for this market. Key minerals such as lithium, cobalt, and manganese are concentrated in a limited number of geographies, making supply chains susceptible to geopolitical disruptions, price volatility, and ethical sourcing concerns, all of which can significantly delay production timelines and inflate overall costs.

Looking ahead, the emerging battery technologies market holds extraordinary promise, particularly as solid-state battery development reaches commercial viability. Recent breakthroughs in electrolyte engineering and cell density improvements are bringing mass production closer to reality. Furthermore, growing grid-scale energy storage deployments and expanding EV adoption worldwide will collectively sustain strong market growth well into the next decade.

Market Share

Asia-Pacific dominates the emerging battery technologies market, accounting for approximately 45% of the global market share. Strong government mandates for electric vehicle adoption, massive battery manufacturing capacity, and heavy R&D investment across China, Japan, and South Korea drive this leadership. Key companies operating prominently in this region include CATL, Panasonic, Samsung SDI, and BYD.

By battery type, lithium-ion batteries hold the dominant position within the battery type segment, owing to their superior energy density, longer cycle life, and widespread adoption across electric vehicles and consumer electronics. Continuous cost reduction through economies of scale and ongoing technological refinement further consolidate their leading position in this segment.

By application, the new energy battery application segment commands the highest share, driven by the accelerating global transition toward renewable energy and electric mobility. Surging EV sales, expanding grid-scale energy storage deployments, and supportive government policies across major economies are collectively fueling consistent and strong demand within this application category.

Key Country Highlights

United States - The U.S. Department of Energy actively funds solid-state and lithium-sulfur battery research through its Battery500 Consortium; Tesla continues gigafactory expansion to scale 4680 cell production for EVs and grid storage; the Inflation Reduction Act drives domestic battery manufacturing investment, attracting billions in new facility commitments across multiple states.

China - CATL launches its latest condensed-state battery with an energy density exceeding 500 Wh/kg targeting EVs and aviation applications; BYD scales its sodium-ion battery production for mass-market vehicles; state-backed funding accelerates solid-state battery commercialization with a target for pilot production by 2027.

India - The government's PLI scheme actively incentivizes domestic advanced cell manufacturing with an outlay of over INR 18,000 crore; Tata Chemicals and Amara Raja invest in lithium-ion gigafactories to reduce import dependency; ISRO and defence agencies explore high-performance battery solutions for aerospace and satellite applications.

United Kingdom - The UK Battery Industrialisation Centre in Coventry accelerates prototype-to-production scaling for next-generation battery chemistries; Britishvolt's successor initiatives continue attracting investment for domestic gigafactory development; government-backed Faraday Institution funds research into solid-state electrolytes and battery recyclability improvements.

Germany - Volkswagen actively advances its PowerCo gigafactory in Salzgitter targeting unified cell production for its EV fleet; the German Federal Ministry funds solid-state battery research through national hydrogen and storage programs; BASF expands cathode active material production to strengthen the domestic battery supply chain.

France - TotalEnergies-backed Automotive Cells Company accelerates gigafactory construction in Douvrin under the European Battery Alliance framework; the French government channels funding through its France 2030 plan to support next-generation battery startups; Renault actively integrates advanced lithium-ion packs into its expanded EV lineup across European markets.

Japan - Toyota accelerates solid-state battery development targeting commercial EV launch by 2027 with proprietary sulfide-based electrolyte technology; Panasonic expands cylindrical cell production capacity in partnership with global EV manufacturers; the Japanese government funds battery material recycling infrastructure to secure critical mineral supply chains domestically.

Brazil - Brazil launches national energy storage programs to integrate battery solutions with its expanding renewable energy grid; BNDES actively funds research into lithium extraction from the country's significant lithium reserves in Minas Gerais; domestic automakers begin piloting EV-compatible battery supply chains in anticipation of rising local EV demand.

United Arab Emirates - Masdar actively integrates large-scale battery energy storage systems into its renewable energy projects across the UAE; the government channels investment into battery storage as part of its Net Zero 2050 strategic initiative; Abu Dhabi-based entities explore partnerships with Asian battery manufacturers to localize advanced storage technology production.

EMERGING BATTERY TECHNOLOGIES MARKET KEY MARKET DYNAMICS

Emerging Battery Technologies Market Trends

Solid-State Battery Adoption and Grid-Scale Energy Storage Expansion Are Key Market Trends

Manufacturers across the globe are accelerating the development and commercialization of solid-state batteries as the technology is gradually moving from laboratory settings into pilot production lines. Companies are replacing liquid electrolytes with solid alternatives, consequently improving thermal stability and energy density beyond what conventional lithium-ion cells are currently delivering. Automotive giants are particularly channeling billions into solid-state research programs, since the technology promises longer driving ranges and faster charging cycles for next-generation electric vehicles.

Furthermore, the solid-state battery segment is attracting unprecedented levels of venture capital and government co-investment, as policymakers recognize its transformative potential for both mobility and stationary storage. Research institutions and private players are collaborating more actively than ever before, thereby narrowing the timeline between prototype validation and mass-market deployment. The global race to achieve commercial-scale solid-state production is intensifying, and consequently this trend is reshaping the entire battery technology investment landscape heading into the latter half of this decade.

Meanwhile, grid-scale energy storage is emerging as one of the most consequential application areas within the emerging battery technologies market, as utilities worldwide are integrating large battery systems to stabilize power grids increasingly dominated by intermittent renewable sources. Developers are deploying lithium iron phosphate and flow battery systems at record capacities, since solar and wind generation requires reliable storage buffers to maintain continuous electricity supply. Governments are additionally mandating storage alongside new renewable projects, thereby creating a structural demand floor for advanced battery deployment.

Moreover, energy storage developers are pushing project sizes beyond the gigawatt-hour threshold, as grid operators are demanding longer-duration storage capabilities to manage seasonal and daily energy imbalances. Technology providers are simultaneously advancing battery management software to optimize charge and discharge cycles, consequently extending asset lifespans and improving overall return on investment. The convergence of falling battery costs and rising renewable penetration is therefore creating a self-reinforcing cycle that is steadily expanding the grid-scale storage market at an accelerating pace.

Emerging Battery Technologies Market Growth Factors

Surging Global Demand for Electric Vehicles is Driving Unprecedented Battery Market Expansion

The global electric vehicle industry is generating massive and sustained demand for advanced battery technologies, as automakers are scaling production targets aggressively in response to tightening emission regulations across North America, Europe, and Asia. Battery manufacturers are simultaneously expanding gigafactory capacity to keep pace with rising orders, consequently driving down per-unit production costs through manufacturing scale efficiencies. Governments are further reinforcing this momentum by offering consumer purchase incentives, fleet electrification mandates, and supply chain localization subsidies that are collectively strengthening the demand pipeline.

Furthermore, the EV-driven battery boom is creating a powerful ripple effect across the entire value chain, as mining companies are ramping up lithium, nickel, and manganese extraction to meet surging raw material requirements. Battery recycling firms are additionally gaining strategic importance, since automakers are actively seeking closed-loop supply chain models to reduce dependency on newly mined critical minerals. The interconnected growth across vehicle manufacturing, battery production, and material recovery is therefore establishing a deeply integrated industrial ecosystem that is sustaining long-term market expansion.

Accelerating Renewable Energy Integration is Creating Structural Demand for Advanced Energy Storage Solutions

Renewable energy developers are deploying solar and wind projects at record-breaking speeds, and consequently the need for reliable energy storage systems is growing in direct proportion to this clean energy expansion. Grid operators are actively procuring battery storage capacity to manage the variability of renewable generation, since power grids are increasingly requiring real-time balancing solutions that traditional fossil fuel plants are no longer providing in the clean energy transition. Policy frameworks including net-zero targets and renewable portfolio standards are additionally making battery storage a non-negotiable infrastructure component.

Moreover, independent power producers are bundling battery storage systems with renewable generation assets, as hybrid project configurations are consistently winning government tenders over standalone generation proposals. Financial institutions are responding by offering green financing instruments specifically tailored to storage-integrated renewable projects, thereby reducing the cost of capital and accelerating deployment timelines. The structural alignment between clean energy policy, project economics, and storage technology advancement is consequently ensuring that renewable-driven battery demand remains a durable and expanding growth force throughout the foreseeable future.

Restraining Factors

Critical Raw Material Supply Chain Vulnerability is Significantly Constraining Market Scalability

The emerging battery technologies market is facing serious supply chain pressure, as the production of advanced batteries is remaining heavily dependent on critical minerals including lithium, cobalt, nickel, and manganese that are geographically concentrated in a limited number of countries. Geopolitical tensions and export restrictions are actively disrupting material flows, consequently forcing battery manufacturers to absorb higher input costs that are limiting their ability to scale production at competitive price points. Mining capacity is additionally struggling to keep pace with demand, since new mine development is typically requiring a decade or more from discovery to full production.

Furthermore, cobalt supply is drawing particular concern, as a significant portion of global reserves is concentrating in politically unstable regions where ethical sourcing standards are remaining difficult to enforce consistently. Battery manufacturers are consequently facing mounting pressure from regulators and investors to demonstrate responsible material sourcing, thereby adding compliance costs that are squeezing margins across the supply chain. The combination of geographic concentration, ethical complexity, and long lead times for new supply is therefore placing a structural ceiling on how rapidly the battery industry is able to scale its production capacity.

High Manufacturing and Technology Costs are Slowing Widespread Commercial Deployment of Next-Generation Batteries

Despite significant progress in cost reduction, next-generation battery technologies including solid-state and lithium-sulfur systems are still commanding substantial price premiums over conventional lithium-ion alternatives, as the manufacturing processes involved are requiring specialized equipment, controlled environments, and precision engineering that current industrial infrastructure is not yet delivering at scale. Early-stage producers are consequently absorbing high per-unit costs that are making commercial viability achievable only in premium market segments such as aerospace and high-end electric vehicles. Broader adoption across mass-market applications is therefore remaining limited while manufacturing economics are continuing to mature.

Additionally, the transition from laboratory-scale production to full industrial manufacturing is presenting significant engineering challenges, as yield rates for next-generation battery cells are still falling short of the consistency standards that automotive and grid-scale customers are demanding. Equipment manufacturers are actively developing specialized production tools, yet the pace of industrial tooling development is not always matching the speed at which battery chemistry innovations are advancing. This persistent gap between technological capability and manufacturing readiness is consequently creating delays in commercialization timelines that are restraining the pace at which emerging battery technologies are reaching mainstream markets.

Market Opportunities

The emerging battery technologies market is presenting a transformative opportunity in the second-life battery segment, as millions of electric vehicle batteries are approaching end-of-vehicle-life while retaining between 70 and 80 percent of their original storage capacity. Energy companies and grid operators are actively repurposing these retired packs for stationary storage applications, consequently creating a cost-effective supply of storage assets that is supplementing new battery production. Entrepreneurs and established energy firms are developing automated battery diagnostics and repackaging systems, as the economics of second-life deployment are becoming increasingly attractive compared to purchasing new cells. Furthermore, circular economy regulations in Europe and Asia are actively incentivizing second-life programs, thereby opening a substantial and growing market opportunity that is simultaneously reducing battery waste and lowering storage system costs for end users.

The rapid electrification of aviation, maritime shipping, and heavy commercial transport is additionally emerging as a significant untapped opportunity for advanced battery technology providers, as these hard-to-decarbonize sectors are actively seeking high-energy-density solutions that current lithium-ion technology is only beginning to address. Electric aircraft developers are partnering with battery innovators to push energy density thresholds beyond 400 Wh/kg, since aviation applications are demanding performance levels that are requiring chemistry breakthroughs beyond conventional cell architectures. Simultaneously, port authorities and shipping companies are trialing battery-electric and hybrid vessels, as international maritime emissions regulations are tightening considerably and are creating commercial urgency around alternative propulsion technologies. The convergence of regulatory pressure, technological readiness, and corporate decarbonization commitments is therefore positioning these mobility sectors as the next major frontier for emerging battery technology adoption and investment.

EMERGING BATTERY TECHNOLOGIES MARKET SEGMENTATION ANALYSIS

By Battery Type

Lithium-Ion Batteries are Currently Dominating the Market Due to their Superior Energy Density and Declining Production Costs

On the basis of battery type, the market is classified into lead acid batteries, lithium-ion batteries, nickel cadmium batteries, and nickel metal hydride batteries.

Lithium-Ion Batteries

Lithium-ion batteries are commanding the largest share within the battery type segment, currently accounting for approximately 45 to 48 percent of the total emerging battery technologies market revenue, as their exceptional energy-to-weight ratio and long cycle life are making them the preferred choice across electric mobility, grid storage, and portable electronics applications. Manufacturers are continuously refining cell chemistries including NMC, LFP, and NCA formulations, consequently expanding the performance envelope of lithium-ion technology across an increasingly diverse range of end-use industries.

Furthermore, gigafactory expansions across Asia, North America, and Europe are actively driving down the cost per kilowatt-hour of lithium-ion cells, as economies of scale are enabling producers to offer increasingly competitive pricing to automotive and utility customers. Research institutions are additionally advancing silicon anode and solid electrolyte integrations within lithium-ion architectures, thereby extending the technology's dominance well into the next decade even as competing chemistries are gaining momentum in specific niche applications.

Lead Acid Batteries

Lead acid batteries are retaining a significant and stable presence within the market, currently holding approximately 20 to 23 percent of the global battery type segment share, as their low upfront cost, established recycling infrastructure, and reliable performance in automotive starting and industrial backup applications are sustaining consistent demand across price-sensitive markets. Manufacturers are continuing to produce flooded and valve-regulated lead acid variants, consequently serving a broad base of customers in developing economies where cost accessibility is remaining a primary purchasing consideration.

Moreover, the lead acid battery segment is experiencing a gradual but steady shift toward advanced absorbed glass mat formulations, as automotive manufacturers are integrating start-stop vehicle systems that are demanding enhanced charge acceptance and deeper cycling capability beyond what conventional flooded cells are providing. The established global recycling ecosystem for lead acid batteries is additionally supporting their continued use, since regulatory frameworks are mandating responsible end-of-life management and the well-developed recovery infrastructure is enabling lead acid systems to maintain a competitive total cost of ownership compared to newer chemistries.

Nickel Metal Hydride Batteries

Nickel metal hydride batteries are maintaining a moderate but meaningful market position, currently representing approximately 18 to 20 percent of the battery type segment, as their proven safety record, absence of toxic heavy metals, and established manufacturing base are keeping them relevant particularly within hybrid electric vehicle applications and consumer electronics categories. Toyota and other hybrid vehicle manufacturers are continuing to deploy nickel metal hydride packs in high-volume hybrid models, consequently sustaining steady demand that is preventing a rapid market share decline despite growing lithium-ion competition.

Additionally, nickel metal hydride technology is benefiting from its well-established recycling pathways and relatively stable raw material supply chains, as manufacturers are not facing the same critical mineral concentration risks that are currently pressuring lithium-ion producers. Research teams are furthermore investigating next-generation nickel metal hydride formulations with improved energy density, thereby positioning the technology to retain a competitive role in applications where safety, recyclability, and moderate performance requirements are taking precedence over maximum energy density.

Nickel Cadmium Batteries

Nickel cadmium batteries are holding a comparatively smaller but specialized share of the battery type segment, currently accounting for approximately 10 to 12 percent of market revenue, as their exceptional reliability in extreme temperature conditions, long service life, and robust deep discharge tolerance are sustaining their use in aerospace, emergency lighting, and industrial power tool applications where operational dependability is outweighing environmental considerations. Specialized manufacturers are continuing to produce sintered and pocket plate nickel cadmium cells, consequently serving mission-critical sectors that are demanding the proven performance characteristics that this mature chemistry is reliably delivering.

However, regulatory pressure stemming from the toxic nature of cadmium is actively constraining market expansion in consumer and commercial applications, as the European Union and several other jurisdictions are enforcing strict limitations on cadmium-containing products outside of specific exempted industrial categories. Manufacturers are consequently focusing their nickel cadmium offerings on exempted high-performance applications while simultaneously investing in product development programs for cadmium-free alternatives, thereby managing a gradual portfolio transition that is allowing them to serve existing customers while preparing for a more restrictive regulatory environment in the years ahead.

By Application

New Energy Battery is Dominating the Market Due to Accelerating Global Transition Toward Electric Vehicles

On the basis of application, the market is classified into mobile equipment, aerospace, and new energy battery.

New Energy Battery

The new energy battery segment is commanding the dominant position within the application classification, currently accounting for approximately 48 to 52 percent of the total market share, as electric vehicle adoption, utility-scale energy storage deployment, and residential solar-plus-storage installations are collectively driving demand at a pace that is consistently outperforming earlier industry projections. Government policies across major economies are actively mandating EV adoption timelines and renewable energy targets, consequently creating a structural and sustained demand environment that is reinforcing the new energy battery segment's leading market position.

Furthermore, technology developers are continuously advancing battery chemistries specifically optimized for new energy applications, including high-nickel cathode formulations for extended EV range and lithium iron phosphate systems for long-duration grid storage, thereby expanding the addressable use cases within this already dominant segment. Investment flows are additionally concentrating heavily in the new energy battery space, as project developers, automakers, and utilities are collectively committing to multi-year battery procurement agreements that are providing manufacturers with the demand visibility needed to justify large-scale capacity expansions.

Mobile Equipment

The mobile equipment application segment is holding a substantial share of the emerging battery technologies market, currently representing approximately 28 to 32 percent of total application-based revenue, as the proliferation of cordless power tools, material handling equipment, portable medical devices, and ruggedized military electronics is generating consistent and diversified demand across multiple end-user industries. Battery technology developers are actively optimizing cell designs for the specific duty cycles and form factor constraints of mobile equipment applications, consequently driving performance improvements that are expanding the range of equipment categories transitioning from corded or pneumatic power to battery-electric operation.

Moreover, the industrial mobile equipment category is experiencing particularly strong momentum, as warehouse automation, electric forklifts, and autonomous ground vehicles are proliferating across logistics and manufacturing facilities worldwide in response to labor cost pressures and operational efficiency demands. Lithium-ion technology is progressively displacing lead acid batteries in this application space, since operators are recognizing the total cost of ownership advantages that lithium-ion systems are delivering through faster charging, reduced maintenance requirements, and longer operational lifespans compared to the flooded lead acid packs that have historically dominated the mobile equipment power market.

Aerospace

The aerospace application segment is representing a specialized but high-value portion of the market, currently accounting for approximately 18 to 22 percent of application-based revenue, as commercial aviation, defense systems, unmanned aerial vehicles, and satellite power systems are all demanding battery solutions that are meeting exceptionally stringent performance, safety, and reliability standards that general-purpose battery products are not capable of satisfying. Aerospace-grade battery developers are engineering cells with superior thermal stability, vibration resistance, and certification compliance, consequently commanding significant price premiums over commercial battery products and sustaining attractive margins even at relatively lower production volumes.

Furthermore, the rapid expansion of the unmanned aerial vehicle and electric vertical takeoff and landing aircraft segments is actively broadening the addressable market within aerospace battery applications, as these emerging aviation categories are requiring high-discharge-rate, lightweight battery systems that are pushing the boundaries of current energy density technology. Defense agencies across the United States, Europe, and Asia are additionally increasing procurement of advanced battery systems for soldier-portable equipment, underwater vehicles, and directed energy weapon systems, thereby reinforcing aerospace battery demand through military budget allocations that are proving resilient even during periods of broader government spending constraint.

EMERGING BATTERY TECHNOLOGIES MARKET REGIONAL INSIGHTS

The global market is segmented on the basis of region into North America, Europe, Asia Pacific, and the Rest of the World.

North America Emerging Battery Technologies Market Analysis

The North America emerging battery technologies market is currently valuing at approximately USD 28.4 billion in 2025, as strong federal investment through the Inflation Reduction Act and growing electric vehicle adoption are collectively driving robust regional demand. Key players including Tesla, Enersys, and Clarios are actively shaping the competitive landscape, and consequently the region is maintaining its position as one of the most technologically advanced battery markets globally. Most recently, Tesla has commissioned additional 4680 cell production lines at its Nevada Gigafactory, thereby marking a significant step toward achieving cost-competitive next-generation battery manufacturing at industrial scale.

The North America emerging battery technologies market is experiencing sustained and accelerating growth, as the convergence of clean energy policy, electrified transportation mandates, and expanding grid-scale storage deployment is generating demand across virtually every battery application category. The United States government is additionally channeling significant funding through the Department of Energy's Battery500 Consortium and related programs, consequently attracting private capital at an unprecedented pace and reinforcing the region's leadership in battery research, manufacturing, and commercialization activities across both the public and private sectors.

Major players operating within the North American market are actively intensifying their competitive positioning, as companies such as Tesla, Enerys, Clarios, and Eos Energy are each pursuing distinct technology and market strategies that are collectively accelerating innovation across the regional battery ecosystem. Tesla is expanding its vertically integrated battery supply chain to reduce external dependency, whereas Eos Energy is scaling its zinc-based aqueous battery systems specifically targeting long-duration grid storage applications where lithium-ion chemistries are not delivering the most cost-effective solution. Furthermore, established players are forming strategic partnerships with raw material suppliers and automotive manufacturers, thereby securing the supply chain stability and customer relationships that are essential for sustaining long-term growth in this increasingly competitive market environment.

United States Emerging Battery Technologies Market

The United States is standing as the single largest contributor to the North American emerging battery technologies market, as its combination of world-class research institutions, substantial federal grant programs, mature venture capital ecosystem, and rapidly expanding domestic EV manufacturing base is creating an unmatched environment for battery technology development and commercialization. Domestic battery gigafactory investments are accelerating considerably, and consequently the United States is actively reducing its historical dependence on Asian battery imports while simultaneously building the industrial foundation needed to support its long-term clean energy and national security objectives.

Asia Pacific Emerging Battery Technologies Market Analysis

The Asia Pacific emerging battery technologies market is representing the largest regional share globally, currently valued at approximately USD 54.6 billion in 2025, as the region is benefiting from an unparalleled combination of large-scale manufacturing infrastructure, government-backed industrial policy, and the world's highest concentration of electric vehicle consumers. Rapid urbanization, rising energy demand, and aggressive national decarbonization targets across China, Japan, South Korea, and India are collectively sustaining the region's dominant position, and furthermore the presence of globally leading battery manufacturers is enabling Asia Pacific to set the pace for technological advancement and cost reduction worldwide.

Asia Pacific is presenting considerable growth opportunities, particularly in the areas of sodium-ion battery commercialization, battery recycling infrastructure development, and the electrification of two and three-wheeler transportation segments that are representing hundreds of millions of vehicles across the region's developing economies.

China Emerging Battery Technologies Market

China is dominating the Asia Pacific battery market as the world's largest producer and consumer of battery technologies, as state-backed industrial policies, massive domestic EV sales volumes, and vertically integrated supply chains spanning raw material processing through cell manufacturing are collectively sustaining the country's commanding market position. The Chinese government is additionally directing significant funding toward solid-state battery development and sodium-ion commercialization, thereby ensuring that domestic manufacturers are simultaneously advancing multiple battery chemistries to maintain technological leadership across a broad spectrum of future application categories.

Japan Emerging Battery Technologies Market

Japan is maintaining a strategically important position within the Asia Pacific battery market, as its leadership in solid-state battery research and precision manufacturing capabilities are positioning the country to capture significant value in the next generation of battery technology commercialization. Toyota is actively accelerating its solid-state battery program targeting commercial vehicle deployment by 2027, and furthermore Japanese government agencies are co-funding battery material recycling and domestic supply chain development initiatives that are strengthening the country's long-term competitive position in the global battery technology landscape.

Europe Emerging Battery Technologies Market Analysis

The Europe emerging battery technologies market is currently valued at approximately USD 22.8 billion in 2025, as the region's ambitious climate legislation including the European Green Deal and stringent automotive CO2 emission targets are creating powerful structural demand for advanced battery technologies across transportation, industrial, and stationary storage application categories. The European Battery Alliance is actively coordinating investment across member states, and consequently Europe is accelerating the development of a regionally sovereign battery supply chain that is reducing dependence on Asian imports while simultaneously creating tens of thousands of skilled manufacturing jobs across the continent.

Germany Emerging Battery Technologies Market

Germany is emerging as Europe's most significant battery market, as its position at the center of the European automotive industry is generating substantial and sustained demand for advanced battery cells from Volkswagen, BMW, Mercedes-Benz, and their respective supplier networks that are all pursuing aggressive vehicle electrification timelines. The German government is furthermore channeling investment through its National Hydrogen Strategy and battery research programs, thereby supporting both the upstream material science innovation and downstream manufacturing scale-up activities that are essential for establishing Germany as a globally competitive battery production hub.

France Emerging Battery Technologies Market

France is actively strengthening its position within the European battery market, as the government's France 2030 investment plan is directing significant public funding toward domestic battery cell manufacturing, advanced chemistry research, and critical mineral processing capabilities that are forming the foundation of a sovereign French battery industry. The Automotive Cells Company gigafactory development in Douvrin is progressing as a flagship project of this national strategy, and consequently France is positioning itself as a key node within the broader European battery supply chain that is serving the electrification programs of major French and international automakers operating across the continent.

Latin America Emerging Battery Technologies Market Analysis

The Latin America emerging battery technologies market is gaining meaningful momentum, as the region's abundant lithium reserves in Argentina, Bolivia, and Chile are attracting significant foreign investment from battery manufacturers and technology companies seeking to secure upstream raw material supply chains that are becoming increasingly critical to global battery production capacity. Brazil is additionally advancing domestic battery manufacturing ambitions through national development bank financing and industrial policy frameworks, and consequently Latin America is gradually transitioning from a raw material supplier role toward a more integrated participant in the global battery value chain that encompasses processing, cell manufacturing, and energy storage deployment activities.

Middle East & Africa Emerging Battery Technologies Market Analysis

The Middle East and Africa emerging battery technologies market is experiencing growing strategic importance, as Gulf Cooperation Council nations are actively integrating large-scale battery energy storage systems into renewable energy projects that are forming the cornerstone of their national economic diversification strategies beyond hydrocarbon dependency. The UAE and Saudi Arabia are channeling sovereign wealth fund investment into battery storage infrastructure and technology partnerships with Asian and European battery leaders, and furthermore African nations including South Africa and Kenya are deploying battery-based microgrids to extend reliable electricity access to populations that are currently remaining underserved by centralized grid infrastructure.

Rest of the World

The Rest of the World segment of the emerging battery technologies market is currently accounting for approximately USD 8.2 billion in 2025, as nations across Southeast Asia, Oceania, and Central Asia are progressively adopting battery technologies in response to growing renewable energy integration requirements and nascent electric vehicle market development. Australia is playing a particularly notable role within this grouping, as its combination of world-class lithium and nickel mining operations and ambitious domestic battery storage deployment programs is positioning the country as both a critical material supplier and an active end-market for advanced battery systems. Furthermore, Southeast Asian nations including Vietnam, Indonesia, and Thailand are attracting battery manufacturing investment as their rapidly expanding EV markets and competitive industrial operating environments are making them increasingly attractive destinations for battery production capacity that regional manufacturers are seeking to diversify beyond established locations in China and South Korea.

COMPETITIVE LANDSCAPE

Leading Manufacturers and Innovators are Actively Shaping the Emerging Battery Technologies Competitive Environment

The emerging battery technologies market is maintaining a highly dynamic and innovation-driven competitive environment, as established energy giants, specialized battery manufacturers, and well-funded technology startups are collectively intensifying their efforts to capture market share across multiple battery chemistries and application segments. Furthermore, the convergence of government support, private capital, and accelerating end-market demand is continuously raising the competitive stakes and rewarding players that are successfully translating laboratory innovations into scalable commercial production.

Global battery leaders including CATL, Panasonic, Samsung SDI, LG Energy Solution, and BYD are currently dominating the emerging battery technologies market, as their vertically integrated supply chains, massive gigafactory networks, and decades of manufacturing expertise are enabling them to deliver batteries at scale and cost levels that smaller competitors are finding extremely difficult to replicate. Moreover, these leading players are simultaneously investing in next-generation chemistry research including solid-state and sodium-ion technologies, consequently ensuring they are well positioned to retain market leadership as the technology landscape continues evolving beyond conventional lithium-ion architectures.

Mid-tier companies including Northvolt, Eos Energy, Saft, EnerTech International, and Clarios are actively carving out competitive positions by focusing on specialized chemistries, regional markets, or specific application niches that larger players are not addressing with the same degree of strategic focus and technological customization. Additionally, these companies are leveraging government grant programs, strategic partnerships with automakers and utilities, and differentiated technology propositions to attract investment and customer commitments, thereby building the operational foundations necessary to scale their businesses into more significant market participants over the coming years.

Strategic partnerships are emerging as one of the most defining features of the competitive landscape, as battery manufacturers, automotive companies, raw material suppliers, and technology developers are forming multi-party alliances to share the substantial costs and risks associated with next-generation battery development and gigafactory construction. Furthermore, cross-industry collaborations between battery cell producers and electric vehicle manufacturers are becoming increasingly long-term and exclusive in nature, consequently reshaping competitive dynamics by creating tightly integrated supply relationships that new market entrants are finding progressively more difficult to disrupt or displace.

New entrants attempting to establish themselves in the emerging battery technologies market are facing formidable barriers, as the combination of enormous capital requirements for gigafactory construction, lengthy battery cell qualification timelines demanded by automotive and aerospace customers, deep patent thickets protecting established chemistries, and the significant cost advantages that incumbent manufacturers are enjoying through scale and supply chain integration are collectively creating an entry environment that is proving extraordinarily challenging for companies without substantial financial backing and differentiated technology positioning.

LIST OF KEY PLAYERS/COMPANIES PROFILED IN THE REPORT

• CATL (China)
• BYD Company Limited (China)
• Panasonic Holdings Corporation (Japan)
• Samsung SDI (South Korea)
• LG Energy Solution (South Korea)
• SK Innovation (South Korea)
• Northvolt AB (Sweden)
• Saft Groupe SA (France)
• Clarios (United States)
• Eos Energy Enterprises (United States)

RECENT EMERGING BATTERY TECHNOLOGIES MARKET KEY DEVELOPMENTS

Emerging Battery Technologies Market key developments and mergers

In March 2025, CATL officially unveiled its fifth-generation Kirin battery platform featuring an energy density exceeding 320 Wh/kg for passenger EV applications, as the company confirmed mass production supply agreements with multiple global automakers and consequently reinforced its position as the world's leading battery technology innovator operating at commercial scale.

SUPPLY CHAIN, TRADE & PRICE ANALYSIS - Emerging Battery Technologies Market

A. SUPPLY AND PRODUCTION

Production Landscape

The Emerging Battery Technologies market encompasses next-generation energy storage solutions beyond conventional lithium-ion batteries, including solid-state batteries, sodium-ion batteries, lithium-sulfur batteries, lithium-metal batteries, zinc-based batteries, silicon-anode batteries, and advanced flow batteries. Commercial production is currently concentrated in technologically advanced economies such as China, Japan, South Korea, United States, Germany, and France. While lithium-ion batteries account for the majority of global battery production, emerging technologies remain in pilot-scale or early commercial production. Global battery manufacturing capacity has surpassed several terawatt-hours (TWh) annually, with a growing share of new gigafactory investments dedicated to commercializing next-generation battery chemistries.

Manufacturing Hubs and Industry Clusters

Manufacturing clusters are centered around established battery ecosystems that integrate raw material refining, cathode and anode production, separator manufacturing, electrolyte suppliers, cell assembly, and battery pack integration. Major production hubs include eastern China, South Korea, Japan, Germany, and the United States. China dominates large-scale battery manufacturing infrastructure, while Japan and South Korea remain leaders in advanced materials and battery cell engineering. Europe and North America are rapidly expanding battery clusters through gigafactory investments supported by industrial policies, electric vehicle adoption, and energy storage deployment.

Role of R&D and Innovation

Research and development represents the primary growth driver for emerging battery technologies. Investment is focused on increasing energy density, reducing charging time, improving thermal stability, extending cycle life, lowering dependence on critical minerals, and enhancing recyclability. Significant innovation is occurring in solid electrolytes, sodium-ion chemistry, silicon-rich anodes, lithium-metal cells, advanced cathode materials, battery management systems (BMS), and manufacturing automation. Artificial intelligence, digital modeling, and advanced materials science are accelerating battery design, testing, and commercialization while reducing development timelines.

Production Volume and Capacity Trends

Commercial production volumes for emerging battery technologies remain relatively limited compared with conventional lithium-ion batteries, although manufacturing capacity is expanding rapidly. Multiple gigafactory projects across Asia, Europe, and North America are incorporating production lines for solid-state, sodium-ion, and other advanced battery chemistries. Governments and private investors continue allocating substantial capital toward pilot plants and commercial-scale facilities. Capacity expansion is expected to accelerate as electric vehicles, renewable energy storage, aerospace, and industrial applications adopt next-generation battery technologies.

Supply Chain Structure

The supply chain begins with mining and refining of lithium, nickel, cobalt, manganese, graphite, silicon, sodium, vanadium, zinc, sulfur, aluminum, copper, and rare earth materials. These materials are processed into cathodes, anodes, separators, electrolytes, current collectors, and battery management electronics before cell manufacturing and pack assembly. Finished batteries are integrated into electric vehicles, stationary energy storage systems, consumer electronics, aerospace platforms, and industrial equipment. Recycling facilities increasingly form an essential downstream component by recovering valuable battery materials for reuse.

Dependencies and Critical Inputs

The market remains highly dependent on critical minerals including lithium, nickel, cobalt, graphite, manganese, and rare earth elements, although several emerging technologies seek to reduce or eliminate reliance on scarce materials. Sodium-ion batteries reduce dependence on lithium and cobalt, while zinc- and sulfur-based chemistries utilize more abundant raw materials. Manufacturers continue relying on imported semiconductors, battery-grade chemicals, precision manufacturing equipment, electrolyte materials, and high-purity metals. Geographic concentration of mining and refining activities creates supply vulnerabilities across the battery value chain.

Supply Risks and Corporate Strategies

Major supply risks include geopolitical tensions affecting critical mineral exports, mining concentration, environmental permitting delays, energy price volatility, transportation disruptions, and shortages of battery-grade raw materials. Lithium, graphite, and rare earth supply chains remain particularly exposed to regional concentration risks. Companies are responding by securing long-term mineral supply agreements, investing directly in mining projects, expanding battery recycling capacity, diversifying sourcing across multiple countries, localizing cell manufacturing, and adopting nearshoring strategies. Vertical integration from mining to battery assembly has become increasingly common among leading battery manufacturers.

Production vs Consumption Gap

Battery manufacturing capacity remains heavily concentrated in Asia, while demand is expanding rapidly across North America and Europe due to accelerating electric vehicle adoption and renewable energy deployment. Many countries possess rapidly growing battery consumption but limited domestic manufacturing, resulting in dependence on imported cells and battery materials. This production-consumption imbalance has prompted governments to support domestic gigafactory construction, strengthen regional supply chains, and encourage investment throughout the battery value chain to reduce import dependence and improve energy security.

B. TRADE AND LOGISTICS

Import-Export Structure

International trade in emerging battery technologies includes battery cells, battery packs, cathode and anode materials, electrolytes, separators, battery manufacturing equipment, critical minerals, and recycling materials. Global trade is characterized by highly integrated supply chains in which raw materials, intermediate components, and finished batteries frequently cross multiple borders before final product assembly. International logistics remain essential because battery manufacturing requires geographically dispersed mining, refining, material processing, and cell production activities.

Net Importers and Exporters

Countries with advanced battery manufacturing industries, including China, South Korea, Japan, and increasingly Germany, function as major exporters of battery cells, battery components, and advanced materials. Major importing regions include the United States, several European countries, and emerging electric vehicle manufacturing markets that currently lack sufficient domestic battery production capacity.

Key Importing Countries

Major importing countries include United States, Germany, France, United Kingdom, India, and Canada. These markets import battery cells, advanced materials, and manufacturing equipment to support electric vehicle production, stationary energy storage, and industrial electrification initiatives.

Key Exporting Countries

Leading exporters include China, South Korea, Japan, and Germany. China dominates exports across multiple stages of the battery supply chain, including refined materials, cathodes, anodes, battery cells, and battery packs. South Korea and Japan maintain strong positions in advanced battery materials, premium battery cells, and manufacturing technologies.

Trade Value and Market Flows

Global battery and battery material trade is valued at tens of billions of US dollars annually and continues expanding rapidly due to electrification across transportation, energy storage, and consumer electronics. Emerging battery technologies currently represent a relatively small share of total trade value but are experiencing significantly faster growth than mature lithium-ion technologies. Cross-border shipments increasingly include pilot-scale commercial products and advanced battery manufacturing equipment supporting new production facilities.

Strategic Trade Relationships

Long-term supply agreements between mining companies, refiners, battery manufacturers, automotive OEMs, and energy storage providers have become increasingly important. Governments are promoting strategic partnerships to secure critical mineral supplies and reduce dependence on concentrated supply chains. Trade agreements supporting battery investment, critical mineral processing, and clean energy manufacturing are reshaping international supply relationships while encouraging regional battery ecosystems.

Role of Global Supply Chains

The emerging battery market relies on highly interconnected global supply chains linking mining operations, chemical refiners, advanced material suppliers, equipment manufacturers, battery producers, automotive companies, utilities, and recycling facilities. Materials often undergo multiple stages of international processing before reaching final battery assembly plants. Efficient logistics, traceability, and supply chain transparency have become essential due to growing regulatory requirements and sustainability expectations.

Impact of Trade on Competition, Pricing, and Innovation

International trade intensifies competition by enabling manufacturers to access advanced materials, specialized equipment, and global customer markets. Competition accelerates innovation in battery chemistry, manufacturing processes, recycling technologies, and production scale. Global supply chains also facilitate technology transfer and collaborative research while reducing manufacturing costs through economies of scale. Trade continues to drive rapid commercialization of emerging battery technologies by expanding market access and supporting large-scale investments.

Examples of Country Dominance and Supply Shifts

China maintains global leadership in battery manufacturing capacity, cathode production, graphite processing, and battery supply chain integration. Japan and South Korea continue leading in advanced battery materials and high-performance cell technologies. Growing geopolitical concerns have encouraged North America and Europe to expand domestic battery manufacturing through gigafactory investments, while countries such as Australia, Indonesia, and Canada are increasing investment in critical mineral processing to diversify global supply chains.

C. PRICE DYNAMICS

Average Price Trends

Emerging battery technologies generally command higher average prices than mature lithium-ion batteries because production remains at relatively low commercial volumes and manufacturing processes are still being optimized. Import prices are typically higher than export prices due to freight costs, tariffs, insurance, specialized packaging, and certification requirements. Solid-state batteries and other next-generation chemistries currently carry significant price premiums owing to advanced materials, limited manufacturing scale, and high research and development costs.

Historical Price Movement

Battery prices have declined substantially over the past decade due to manufacturing scale, technological improvements, and greater automation. However, emerging battery technologies have followed a different trajectory, with prices remaining relatively high because of pilot-scale production and expensive material development. Temporary increases in lithium, nickel, cobalt, and graphite prices, along with supply chain disruptions, raised production costs across the battery industry before commodity markets gradually stabilized.

Reasons for Price Differences

Price differences arise from battery chemistry, energy density, production scale, raw material composition, manufacturing complexity, safety characteristics, and performance specifications. Batteries utilizing scarce or highly purified materials generally command higher prices than chemistries based on abundant raw materials such as sodium or sulfur. Differences in regional labor costs, electricity prices, manufacturing efficiency, and regulatory compliance also contribute to pricing variation across global markets.

Premium vs Mass-Market Positioning

Premium emerging batteries target electric vehicles, aerospace, defense, premium consumer electronics, and grid-scale energy storage applications requiring superior performance, longer lifespan, faster charging, and enhanced safety. These products justify higher prices through technological advantages and improved operating economics. As production scales increase, sodium-ion and other lower-cost chemistries are expected to serve mass-market applications where affordability and supply security are prioritized over maximum energy density.

Impact of Branding, Innovation, and Cost Structure

Manufacturers with proprietary battery chemistries, patented materials, and advanced production technologies maintain stronger pricing power than companies producing standardized battery products. Continuous innovation in cell design, electrolyte formulation, manufacturing automation, and battery management systems supports premium pricing. Vertical integration across mining, refining, material processing, and cell manufacturing improves cost control and enhances profit margins by reducing exposure to raw material price volatility.

What Pricing Trends Indicate

Current pricing trends indicate that customers are willing to pay premiums for batteries offering higher performance, improved safety, and reduced dependence on critical minerals. Stable pricing for early commercial technologies reflects limited supply and strong demand from automotive and energy storage sectors. Meanwhile, gradual price reductions achieved through manufacturing scale indicate improving competitiveness and accelerating commercialization of next-generation battery technologies.

Future Pricing Outlook

Future pricing is expected to decline progressively as commercial production scales increase, manufacturing yields improve, and supply chains mature. Technologies such as sodium-ion batteries are expected to become increasingly cost-competitive due to their reliance on abundant raw materials, while solid-state batteries are likely to retain premium pricing until mass production is achieved. Continued investment in recycling, localized supply chains, automation, and material innovation is expected to reduce production costs over the long term, although geopolitical uncertainty surrounding critical minerals may continue to create periodic price volatility across the global battery market.

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 MARKET DEFINITION
• 1.2 MARKET SEGMENTATION
• 1.3 RESEARCH TIMELINES
• 1.4 ASSUMPTIONS
• 1.5 LIMITATIONS

2 RESEARCH METHODOLOGY

• 2.1 DATA MINING
• 2.2 SECONDARY RESEARCH
• 2.3 PRIMARY RESEARCH
• 2.4 SUBJECT MATTER EXPERT ADVICE
• 2.5 QUALITY CHECK
• 2.6 FINAL REVIEW
• 2.7 DATA TRIANGULATION
• 2.8 BOTTOM-UP APPROACH
• 2.9 TOP-DOWN APPROACH
• 2.10 RESEARCH FLOW
• 2.11 DATA SOURCES

3 EXECUTIVE SUMMARY

• 3.1 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET OVERVIEW
• 3.2 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET ESTIMATES AND FORECAST (USD BILLION)
• 3.3 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET ECOLOGY MAPPING
• 3.4 COMPETITIVE ANALYSIS: FUNNEL DIAGRAM
• 3.5 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET ABSOLUTE MARKET OPPORTUNITY
• 3.6 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET ATTRACTIVENESS ANALYSIS, BY REGION
• 3.7 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET ATTRACTIVENESS ANALYSIS, BY BATTERY TYPE
• 3.8 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET ATTRACTIVENESS ANALYSIS, BY APPLICATION
• 3.9 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET GEOGRAPHICAL ANALYSIS (CAGR %)
• 3.10 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET, BY BATTERY TYPE (USD BILLION)
• 3.11 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET, BY APPLICATION(USD BILLION)
• 3.12 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET, BY GEOGRAPHY (USD BILLION)
• 3.13 FUTURE MARKET OPPORTUNITIES

4 MARKET OUTLOOK

• 4.1 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET EVOLUTION
• 4.2 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET OUTLOOK
• 4.3 MARKET DRIVERS
• 4.4 MARKET RESTRAINTS
• 4.5 MARKET TRENDS
• 4.6 MARKET OPPORTUNITY
• 4.7 PORTER'S FIVE FORCES ANALYSIS
  • 4.7.1 THREAT OF NEW ENTRANTS
  • 4.7.2 BARGAINING POWER OF SUPPLIERS
  • 4.7.3 BARGAINING POWER OF BUYERS
  • 4.7.4 THREAT OF SUBSTITUTE USER TYPES
  • 4.7.5 COMPETITIVE RIVALRY OF EXISTING COMPETITORS
• 4.8 VALUE CHAIN ANALYSIS
• 4.9 PRICING ANALYSIS
• 4.10 MACROECONOMIC ANALYSIS

5 MARKET, BY BATTERY TYPE

• 5.1 OVERVIEW
• 5.2 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY BATTERY TYPE
• 5.3 LEAD ACID BATTERIES
• 5.4 LITHIUM ION BATTERIES
• 5.5 NICKEL CADMIUM BATTERIES
• 5.6 NICKEL METAL HYDRIDE BATTERIES

6 MARKET, BY APPLICATION

• 6.1 OVERVIEW
• 6.2 GLOBAL EMERGING BATTERY TECHNOLOGIES MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY APPLICATION
• 6.3 MOBILE EQUIPMENT
• 6.4 AEROSPACE
• 6.5 NEW ENERGY BATTERY

7 MARKET, BY GEOGRAPHY

• 7.1 OVERVIEW
• 7.2 NORTH AMERICA
  • 7.2.1 U.S.
  • 7.2.2 CANADA
  • 7.2.3 MEXICO
• 7.3 EUROPE
  • 7.3.1 GERMANY
  • 7.3.2 U.K.
  • 7.3.3 FRANCE
  • 7.3.4 ITALY
  • 7.3.5 SPAIN
  • 7.3.6 REST OF EUROPE
• 7.4 ASIA PACIFIC
  • 7.4.1 CHINA
  • 7.4.2 JAPAN
  • 7.4.3 INDIA
  • 7.4.4 REST OF ASIA PACIFIC
• 7.5 LATIN AMERICA
  • 7.5.1 BRAZIL
  • 7.5.2 ARGENTINA
  • 7.5.3 REST OF LATIN AMERICA
• 7.6 MIDDLE EAST AND AFRICA
  • 7.6.1 UAE
  • 7.6.2 SAUDI ARABIA
  • 7.6.3 SOUTH AFRICA
  • 7.6.4 REST OF MIDDLE EAST AND AFRICA

8 COMPETITIVE LANDSCAPE

• 8.1 OVERVIEW
• 8.2 KEY DEVELOPMENT STRATEGIES
• 8.3 COMPANY REGIONAL FOOTPRINT
• 8.4 ACE MATRIX
  • 8.5.1 ACTIVE
  • 8.5.2 CUTTING EDGE
  • 8.5.3 EMERGING
  • 8.5.4 INNOVATORS

9 COMPANY PROFILES

• 9.1 CATL (CHINA)
• 9.2 BYD COMPANY LIMITED (CHINA)
• 9.3 PANASONIC HOLDINGS CORPORATION (JAPAN)
• 9.4 SAMSUNG SDI (SOUTH KOREA)
• 9.5 LG ENERGY SOLUTION (SOUTH KOREA)
• 9.6 SK INNOVATION (SOUTH KOREA)
• 9.7 NORTHVOLT AB (SWEDEN)
• 9.8 SAFT GROUPE SA (FRANCE)
• 9.9 CLARIOS (UNITED STATES)
• 9.10 EOS ENERGY ENTERPRISES (UNITED STATES)