Battery Components & Materials

Cabot Corporation is expanding domestic production of advanced conductive additives at its Franklin, Louisiana, and Pampa facilities through a modified $50 million grant from the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation. The funding, combined with approximately $75 million of Cabot investment, is intended to meet rising demand for energy storage systems, AI infrastructure, data centers, grid modernization and broader electrification. Under the revised agreement, Cabot will redirect funding from its originally planned Michigan project toward a two-site brownfield expansion, a move expected to accelerate development, improve production efficiency and strengthen supply capabilities. The investment will support Franklin's production of LITX advanced battery-grade conductive carbons, while the Pampa facility will establish Cabot's first commercial-scale production of carbon nanostructures and part of its ENERMAX product family, with both projects expected to become operational by the end of 2028. Cabot's shares have gained 17% year to date compared with the industry's 13.7% rise in the same period.

Factorial Energy shares jumped 14.4% in Thursday's trading after the company said it will partner with Japan's Mitsui Kinzoku to accelerate the global scale-up of its Solstice all-solid-state battery platform. Mitsui Kinzoku produces sulfide-based solid electrolytes for all-solid-state batteries and is one of few companies worldwide with foundational technology in this space, Factorial said. The Japanese company also produces ultra-thin copper foil and holds an estimated 90% share of the semiconductor market for that foil. Mitsui Kinzoku Senior Executive Officer Kiyotaka Yasuda said the two companies aim to accelerate the realization of next-generation batteries by combining Mitsui Kinzoku's long-established expertise in materials and manufacturing technologies with Factorial's advanced technological capabilities. Factorial Energy shares began trading on Nasdaq in June following the completion of its business combination with Cartesian Growth Corporation III.

New registrations of battery electric vehicles in Europe rose 54.2% year-on-year in August, accounting for roughly one in three new cars sold and far outpacing forecasts for 2026. According to data from E-Mobility Europe, New Automotive and Fierce Automotive, BEV registrations across 16 major European markets rose to 202,833 units, giving fully electric vehicles a market share of 30.5%. BEV registrations across Europe as a whole have exceeded 1.67 million units since the start of the year, up 33.1% from the same period a year earlier. T&E had forecast a BEV share of 23% in the EU this year, while Rho Motion expected around 21% for Europe as a whole, but BEV registrations in the 16 markets have risen 33.1% year-to-date, exceeding forecasts for the combined plug-in market of BEVs and plug-in hybrid vehicles. By country, France's BEV market share rose to 38.3% in August and Germany's to 32.5%, with fully electric registrations reaching 36,159 units in France and 68,980 units in Germany. Among Europe's most electrified markets, Norway led with a BEV share of 98.7%, followed by Denmark at 85.9%, Finland at 52.3%, the Netherlands at 48.9%, Belgium at 46.2% and Portugal at 36.1%.

Titanium Energy Chemical announced after market close on September 16 that it plans to increase the capital of its wholly owned subsidiary, Titanium Energy Chemical Group Baiyin New Materials Company, by 3 billion yuan in cash to support the construction of a project with an annual capacity of 600,000 tons of lithium iron phosphate and sodium iron phosphate precursor, namely iron phosphate. After the capital increase, the subsidiary's registered capital will rise from 1.58 billion yuan to 4.58 billion yuan. The iron phosphate project has an estimated total investment of 5.462 billion yuan and will be built in two phases. The first phase will construct facilities with an annual capacity of 400,000 tons, and the second phase will add 200,000 tons. The previously disclosed 2026 interim report showed that the company achieved operating revenue of 4.557 billion yuan in the first half of the year, up 20.89 percent year on year. Net profit attributable to the parent company was 420 million yuan, up 61.93 percent, and non-GAAP net profit was 364 million yuan, up 65.20 percent. Second-quarter net profit was 316 million yuan, up 204 percent quarter on quarter. The company said the earnings growth benefited from recovering market prices for titanium dioxide, yellow phosphorus, and iron phosphate, as well as the advantages of its green coupled circular development across three main businesses. The new energy materials segment is accelerating as a second growth curve, and its existing 100,000-ton iron phosphate capacity has passed certification by leading downstream customers and is being supplied in bulk.

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.

Nano One Materials Corp. is advancing its first Development Company project to deploy lithium iron phosphate cathode production in Canada, beginning a site evaluation study for a proposed 25 ktpa cathode production facility with potential expansion to up to 100 ktpa. The project, known as Canada DevCo, aims to serve ESS, EV and defence markets in Canada and internationally, and will draw on experience from the company's existing Candiac Facility to support technical development, training and operational readiness. Early development workstreams are underway, including engineering of the standardized 25,000-tonne-per-year plant design based on the One-Pot LFP CAM Package, which is supported in part by funding from Natural Resources Canada announced on April 8, 2026. Nano One is engaging with numerous regional suppliers of lithium carbonate, phosphoric acid, iron and key plant equipment, with a particular focus on securing local iron feedstock with suitable characteristics. The Canada DevCo advances the global LFP strategy outlined in the company's August 26, 2026 news release, with each project intended to be financed on its own merits through a combination of government and private investment.

The National Electric Vehicle Policy Committee, or EV Board, approved in principle a restructuring of the excise tax on electric vehicles. The meeting was chaired by Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas, and the results were disclosed on 10 September 2026 by Narit Therdsteerasukdi, Secretary-General of the Board of Investment, in his capacity as a member and secretary of the EV Board. The new tax structure rests on five principles: using imports to attract long-term investment by tying import conditions to actual domestic production investment; pushing Thailand to become a regional and global hub for electric vehicle manufacturing and export; upgrading the use of high-value-added domestic parts and raw materials; creating fair competition between domestically produced and imported vehicles; and developing domestic parts manufacturers. Tax rates will be tiered according to the level of investment, production, and value added in Thailand. Electric vehicles imported by importers with no domestic manufacturing plant will face higher taxes, while manufacturers that already have plants in the country but need to import certain models for market testing will have import volumes set according to the economic value they create in Thailand. The meeting also approved the appointment of two subcommittees: the Subcommittee on Promotion of the Modern Automotive and Parts Manufacturing Industry, chaired by the Minister of Industry, and the Subcommittee on Development of Infrastructure to Support Electric Vehicle Charging, chaired by the Minister of Energy. It also assigned the Permanent Secretary of the Ministry of Finance to study additional measures to promote the use and production of commercial electric vehicles and electric motorcycles. In the first seven months of 2026, BEV registrations totaled 126,950 units, up 88 percent from the same period a year earlier, while registrations of xEV vehicles overall, comprising BEV, HEV, and PHEV, accounted for 55 percent of all vehicle registrations. On investment, as of 31 August 2026 the Board of Investment had granted promotion to 189 electric vehicle and related projects, with investment value of 151.372 billion baht. Battery manufacturing had the highest investment value at 87.073 billion baht, followed by BEV manufacturing at 38.563 billion baht and key parts manufacturing at 12.558 billion baht. Promoted charging station projects plan to install a total of 23,135 charging heads, of which 10,249 are quick chargers, or about 85 percent of the target of 12,000 heads in 2030. Automakers with production bases in Thailand, namely Mitsubishi, Honda, Mazda, and Isuzu, plan additional investment totaling more than 50 billion baht to develop new models, upgrade production lines with automation and robotics, and accommodate HEV, MHEV, and various forms of electric vehicle technology.

FSPG Hi-Tech announced on the evening of September 3 that it plans to invest in two major green high-end separator projects in Shaoguan, Guangdong and Wu'an, Hebei through its wholly-owned subsidiary Hebei Jinli New Energy Technology, with a total investment of approximately 7.158 billion yuan. It also plans to raise no more than 4 billion yuan through a private placement for project construction and supplementary working capital. The Shaoguan base project, with an annual capacity of 4 billion square meters of wet-process separators, has a total investment of about 3.347 billion yuan, while the Wu'an base project, with an annual capacity of 4 billion square meters of coated separators, has a total investment of about 3.811 billion yuan. Jinli New Energy has achieved stable mass production of 5-micron separators and established long-term cooperation with multiple leading battery customers. Its performance commitments for 2025 to 2027 require non-GAAP net profit of no less than 230 million yuan, 360 million yuan, and 610 million yuan respectively. The controlling shareholder Guangxin Group will participate in the private placement to consolidate control. In the first half of 2026, FSPG Hi-Tech reported revenue of 3.877 billion yuan, up 259.61 percent year on year, and net profit attributable to the parent of 905 million yuan, up 1,608.12 percent year on year, mainly because Jinli New Energy has been consolidated since February 2026.

ANZ Bank forecasts that copper prices could surge to a record high in early next year, as concerns over U.S. import tariffs attract metal into the country, tightening the global market, while demand from electric vehicles and new energy remains strong. Copper on the London Metal Exchange is trading near $14,245 per ton, and ANZ expects prices to rise to around $14,500 per ton by the end of 2026 before hitting $15,000 per ton in early 2027, which would be a new record. ANZ analysts noted that increased copper imports into the U.S. due to tariff expectations have pushed U.S. stockpiles to record highs, while LME warehouse inventories have declined, tightening markets outside the U.S. Production issues at South American mines and strong demand from EVs and new energy provide additional support.

LG Energy Solution has entered into a binding offtake agreement with Smackover Lithium for 8,000 tonnes of battery-quality lithium carbonate annually over the next ten years. Smackover, a joint venture between Standard Lithium, which holds a 55% stake, and Equinor, holding 45%, will supply the material from its South West Arkansas Project in the US. The lithium carbonate will be produced using direct lithium extraction and purification, a more sustainable method. This deal enables LG Energy Solution to build a fully integrated local supply chain for its US battery plants, most of which focus on lithium iron phosphate chemistry. The agreement also helps LG Energy Solution meet non-Prohibited Foreign Entity requirements for cathode materials.

The government is accelerating a comprehensive overhaul of the excise tax structure for automobiles, covering electric vehicles, hybrids, and internal combustion engines. A spokesperson for the Prime Minister's Office revealed that the Deputy Prime Minister and Minister of Finance has assigned the Excise Department to review tax rates and related criteria to ensure fair competition and support manufacturers that invest and produce domestically. The Ministry of Finance has set three key goals: promoting imports for investment, boosting production for export to become the region's EV manufacturing hub, and upgrading local parts to high-value components. This restructuring is not limited to simply raising or lowering tax rates but will shape the future direction of Thailand's automotive industry amid the growing EV market and free trade agreements that grant imported cars customs duty benefits.

PwC Thailand expects Thailand's industrial transformation to be a key driver of a new wave of M&A, despite a slowdown in the mid-year deal market. The report 'Global M&A Trends in Industrials and Services: 2026 Mid-Year Outlook' indicates that the value of deals in the global industrials and services sector in 2026 will be approximately $496 billion, or around 16.28 trillion baht, while the number of deals is expected to decline by 7% from the previous year, reflecting a market with 'fewer but larger deals.' Steve Yang, Head of Automotive Client Group at PwC Thailand, said that AI is beginning to play a role in investment decisions, particularly in FDI in advanced manufacturing and digital infrastructure. Meanwhile, the China+1 strategy remains a key driver, as Chinese manufacturers seek to diversify their production bases overseas, and the transition to EVs is creating new opportunities across the value chain, from batteries to components. Chinese EV manufacturers and suppliers are likely to look for local partners to accelerate business expansion.

Wanrun New Energy disclosed its 2026 semi-annual report on August 29. In the first half of the year, it achieved total operating revenue of 12.426 billion yuan, up 180.13 percent year on year. Net profit attributable to the parent company was 602 million yuan, reversing a loss from the same period last year. Net profit after deducting non-recurring items was 682 million yuan, also reversing a year-earlier loss. The company's main products are lithium iron phosphate and iron phosphate. During the reporting period, basic earnings per share were 4.89 yuan, and the weighted average return on equity was 11.21 percent, up 16.07 percentage points year on year. Net cash flow from operating activities was negative 2.83 billion yuan, compared with negative 122 million yuan in the same period last year. Net cash flow from financing activities was 4.5 billion yuan, an increase of 4.516 billion yuan year on year. As of the end of the first half, the company's inventory book value was 2.487 billion yuan, accounting for 44.3 percent of net assets, with an inventory write-down provision of 80.0071 million yuan.

Fuda Alloy disclosed its 2026 half-year report on the evening of August 28. In the first half, the company achieved operating revenue of 4.399 billion yuan, up 96.35% year on year; net profit attributable to shareholders of the listed company was 310 million yuan, up 1146.56% year on year. The company mainly produces electrical contact materials, which are widely used in new energy, automobiles, data centers and other fields. In the first half, the company's revenue in the automobile, including new energy vehicles, and energy storage sectors was 273 million yuan and 89.6346 million yuan respectively, up 273.51% and 154.93% year on year; revenue from data center-related downstream business reached 82.0337 million yuan, with increased penetration among top customers. Revenue from overseas and high-end customers reached 696 million yuan, up 99% year on year, accounting for about 16% of total revenue. On the eve of the half-year report disclosure, the company's share price hit the daily limit, with a cumulative increase of more than 200% during the year.

Dynanonic said at its earnings briefing on August 27 that in the first half of this year, benefiting from the rapid growth of the global energy storage market, shipments of its lithium-supplement enhancer products grew more than 300 percent year on year, further consolidating its market-leading position. The application of this product in overseas energy storage, AIDC, semi-solid-state batteries and other fields continues to broaden, and its application boundaries keep expanding. The company expects it to maintain a rapid growth trend for the full year. If overseas policies do not fluctuate significantly and designated projects land on schedule, shipments of the lithium-supplement enhancer are expected to continue growing rapidly next year.

Dingsheng New Materials announced that the company plans to issue A-shares to specific investors, raising total proceeds of no more than 1.216 billion yuan. After deducting issuance expenses, the funds will be used for a production construction project with an annual output of 50,000 tonnes of battery aluminum foil, a technical upgrade project for an annual output of 25,000 tonnes of functional carbon-coated battery aluminum foil, a technical upgrade project for an annual output of 30,000 tonnes of battery aluminum foil, and supplementary working capital. The issuance targets no more than 35 specific investors, with the issue price no lower than 80 percent of the company's average stock trading price over the 20 trading days before the pricing base date, and the number of shares issued not exceeding 30 percent of the company's total share capital before the issuance.

Dynanonic said at its earnings briefing on August 27 that its second-quarter phosphate cathode material shipments reached 112,700 tonnes, up 85% year-on-year and 26% quarter-on-quarter. Downstream demand is currently strong, and the company is maintaining full production and full sales.

Citi upgraded Sociedad Química y Minera de Chile (SQM) to Buy from Neutral with a $95 price target, citing an attractive valuation and a positive near-term outlook for lithium prices. Analyst Alan Trebitsch expects lithium prices to strengthen through year-end 2026, supported by battery supply chain restocking and resilient EV and BESS demand, with the market staying in deficit in 2026 before balancing in 2027. Citi sees BESS as a major demand driver, with output expected to rise 35% this year and 37% in 2027. SQM trades at a 35%-plus discount to its 10-year average forward EV/EBITDA and offers a dividend yield of about 3.2%, which Trebitsch says provides an attractive entry point into a high-quality, low-cost lithium producer.

Haohua Technology released its key operating data for the first half of 2026 on August 27, showing that average selling prices for several major products increased during the period. Among them, fluorocarbon chemicals rose 16.46% year on year, supported by quota effects as well as cost and demand factors. Driven by a tight supply-demand balance for core raw materials such as lithium hexafluorophosphate, low industry inventories, surging downstream demand from new energy vehicles and energy storage, and rising upstream costs including lithium fluoride, the average selling price of fluorinated lithium battery materials reached 29,900 yuan per tonne, up 63.49% year on year. Downstream rigid demand for fluoropolymers in lithium batteries, electronics, and anti-corrosion applications has been steadily expanding, while upstream raw material costs for fluorite and hydrofluoric acid have provided firm support, resulting in overall market conditions that were stronger than the same period in previous years.

Jinfu Technology announced on the evening of August 27 that in the first half of this year, the company achieved operating revenue of 1.325 billion yuan, up 36.18% year-on-year, mainly due to increased customer order demand. Net profit attributable to shareholders of the listed company was negative 117 million yuan, down 1.94% year-on-year. The company said that although revenue grew, research and development expenses and financial expenses increased by 65.12% and 69.83% year-on-year respectively, offsetting the increase in operating gross profit and causing operating profit to widen its loss by 13.75% year-on-year. Among business segments, new energy business revenue grew 71.42% year-on-year, with aerogel insulation product revenue up 104.96% and energy storage battery CCS busbar integrated structural component revenue up 56.98%. Subsidiary Maizhi Technology expanded into AI server and robot-specific testing equipment, and revenue from such products has already surpassed its original consumer electronics testing business. In the auto parts business, the company's designated projects for Leapmotor, Huawei-affiliated vehicles, FAW Hongqi, and BAIC New Energy have entered mass production one after another, and related revenue is expected to grow significantly in the second half of the year.

Guancheng New Materials released its 2026 interim report on August 27. The company leveraged structural growth dividends from its electromagnetic wire business in emerging fields such as new energy vehicles to offset the drag from a sharp decline in its real estate business. Overall revenue edged up slightly, but net profit attributable to the parent swung from profit to loss. During the reporting period, the company achieved operating revenue of 4.733 billion yuan, up 4.30 percent year on year. Net profit attributable to the parent was negative 43 million yuan, down 318.42 percent year on year. Non-GAAP net profit was negative 41 million yuan, down 417.39 percent year on year. The electromagnetic wire segment became the core pillar, generating main business revenue of 4.356 billion yuan, up 27.00 percent year on year, with its share of total revenue rising significantly. Sales of flat wire exceeded 10,000 tonnes, up 14.26 percent year on year, and net profit reached 126 million yuan, up 29.90 percent year on year. The real estate business continued to shrink, with main business revenue of 130 million yuan, down 85.71 percent year on year, and contracted sales of only 163 million yuan. The electrolyte additive business saw sales volume rise 116.40 percent year on year and revenue rise 80.26 percent year on year, driven by the commissioning of second-phase capacity. The change in performance was mainly due to high and volatile copper prices pushing up electromagnetic wire settlement unit prices, coupled with strong demand from new energy vehicles and robotics. At the same time, the deep adjustment in the real estate industry caused a cliff-like drop in property settlement area and revenue, while the disappearance of last year's investment income base and the recognition of asset impairment losses exacerbated the loss. The company plans to expand electromagnetic wire capacity and gradually deregister real estate subsidiaries with no projects under development, but it needs to monitor copper price fluctuations, industry competition, real estate inventory destocking, and cash flow improvement.

Senior Technology Material released its 2026 interim report. First-half net profit attributable to the parent was 204 million yuan, up 103.1% year on year. Operating revenue was 2.65 billion yuan, up 39.7% year on year. Net profit attributable to the parent after deducting non-recurring items was 173 million yuan, up 297.0% year on year. Net operating cash flow was 391 million yuan, down 27.1% year on year. Earnings per share were 0.1364 yuan. In the second quarter, operating revenue was 1.57 billion yuan, up 55.8% year on year. Net profit attributable to the parent was 175 million yuan, up 225.1% year on year. Net profit attributable to the parent after deducting non-recurring items was 151 million yuan, up 1,527.3% year on year. As of the end of the second quarter, total assets were 27.333 billion yuan, up 10.6% from the end of the previous year. Net assets attributable to the parent were 10.891 billion yuan, up 10.4% from the end of the previous year. The company mainly produces lithium-ion battery separators, with products used in new energy vehicles and energy storage stations. It has achieved mass production of new products such as nanofiber composite separators and plans to expand overseas markets, including building a production base in Malaysia.

Zhenyu Technology released its 2026 interim report on August 26. During the reporting period, it achieved operating revenue of 6.394 billion yuan, up 58.01 percent year on year. Net profit attributable to the parent company was 423 million yuan, up 100.30 percent year on year. Non-GAAP net profit was 412 million yuan, up 108.37 percent year on year. Precision structural components remained the core revenue source, generating 5.089 billion yuan, accounting for nearly 80 percent of total revenue and rising 59.05 percent year on year, with a gross margin of 15.02 percent. This was mainly driven by surging demand for new energy vehicle drive motor cores and lithium battery precision structural parts. The company has deeply tied itself to leading automakers such as BYD, Xiaomi, and Li Auto, as well as lithium battery leaders including CATL and EVE Energy. However, net cash flow from operating activities was 59.1663 million yuan, down 66.07 percent year on year, mainly due to changes in customer payment methods and account periods. Accounts receivable reached 5.176 billion yuan at the end of the period, accounting for 33.58 percent of total assets, creating capital occupation pressure. In addition, humanoid robot related products have entered the verification or small batch supply stage and are expected to become a second growth curve.

Mingguan New Materials disclosed its 2026 semi-annual report on the evening of August 26. In the first half, it achieved operating revenue of 409 million yuan, up 7.22 percent year on year, while the net loss attributable to shareholders of the listed company was 17.32 million yuan, a sharp narrowing from a loss of 52.71 million yuan in the same period last year. Among its businesses, the aluminum-plastic film segment performed particularly well, achieving operating revenue of 88.67 million yuan, a year-on-year surge of 266.01 percent. The company said orders and revenue in the aluminum-plastic film market have entered a rapid growth phase. A recovery in demand from energy storage batteries and consumer electronics lithium batteries helped lift orders. The company proactively adjusted its product mix, shifting production capacity toward application scenarios such as new energy vehicles, the low-altitude economy, new energy storage, and humanoid robots, and has launched dedicated aluminum-plastic film products for solid-state batteries, shipping in bulk to leading domestic solid-state lithium battery enterprises. Affected by the industry price war, the photovoltaic segment saw packaging material sales revenue fall 11.60 percent year on year, with backsheet revenue down more than 50 percent, though shipment volume rose 8.55 percent year on year. The company's net cash flow from operating activities was negative 17.48 million yuan, a sharp narrowing from a net outflow of 166 million yuan in the same period last year, strengthening its risk resilience.

FSPG Hi-Tech disclosed its interim report on August 27. In the first half of 2026, it achieved operating revenue of 3.877 billion yuan, up 259.61% year on year. Net profit attributable to shareholders of the listed company was 905 million yuan, up 1608.12% year on year. Basic earnings per share were 0.4096 yuan. During the reporting period, Jinli New Energy became a wholly owned subsidiary of the company and has been included in the consolidated statements since February 2026. This optimized the business layout and product structure, created a new growth point in the lithium battery separator segment, and drove a significant increase in the company's asset scale, operating revenue and profit.

Lopal Technology released its 2026 interim report, posting a net profit attributable to the parent of 421 million yuan in the first half, swinging from a loss of 85.15 million yuan in the same period last year. Revenue reached 7.2 billion yuan, up 98.7 percent year on year, while net profit attributable to the parent after deducting non-recurring items was 423 million yuan, compared with a loss of 132 million yuan a year earlier. In the second quarter, revenue was 3.7 billion yuan, up 82.4 percent year on year, and net profit attributable to the parent was 206 million yuan, versus a loss of 59.2 million yuan in the prior-year period. As of the end of the second quarter, total assets stood at 26.784 billion yuan, up 43.5 percent from the end of last year, and net assets attributable to the parent were 5.181 billion yuan, up 83.2 percent. The company focuses on lithium iron phosphate cathode materials and environmentally friendly fine chemicals for vehicles. During the reporting period, cathode material shipments reached 3.32 million tonnes, up 59 percent year on year, benefiting from national policy support and the development of the new energy vehicle market.