Battery & Energy Storage Segments
Cells & Manufacturing
The cell manufacturers producing lithium-ion batteries at massive scale — from LFP to high-nickel chemistries powering EVs worldwide.
CATL
World's #1 — 37% global share, 500+ GWh capacity across LFP and NMC.
BYD Company
#2 globally — Blade Battery pioneer with 280+ GWh capacity.
LG Energy Solution
#3 globally — pouch and cylindrical cells for GM, Hyundai, Honda.
Panasonic
Tesla's primary cell supplier — 4680 and 2170 cylindrical formats.
Samsung SDI
90 GWh capacity — prismatic cells for BMW, Stellantis, Rivian.
Grid & Utility Storage
Companies deploying battery storage at grid scale — stabilizing renewable energy, providing backup power, and replacing gas peakers.
Tesla Energy
31+ GWh deployed in 2024 — Megapack is the fastest-growing storage product.
CATL
EnerC/EnerOne containers powering multi-GWh utility projects globally.
BYD Company
BYD Cube storage systems for commercial and utility customers.
LG Energy Solution
Major utility ESS supplier across US and European markets.
Battery Technology
Next-generation battery technologies promising higher density, faster charging, and improved safety — from solid-state to sodium-ion.
QuantumScape
Leading solid-state — lithium-metal cells with 80% faster charging target.
Solid Power
Sulfide solid-state cells licensed to BMW and Ford.
CATL
Condensed-matter battery for aviation; sodium-ion for low-cost EVs.
Samsung SDI
Solid-state pilot line targeting 900 Wh/L energy density by 2029.
Raw Materials & Economics
The upstream supply chain — lithium miners, raw material processors, and the economics driving battery cost reduction.
Albemarle
World's #1 lithium producer — brine in Chile, hard rock in Australia.
CATL
Brunp subsidiary recycles 120K+ tonnes annually; 99.6% nickel recovery.
BYD Company
Vertically integrated from lithium mining through finished vehicles.
Tesla Energy
Building lithium refinery in Texas; long-term offtake agreements.
Emerging Battery Technology
Solid-State Batteries
Replaces the flammable liquid electrolyte with a solid one (ceramic, sulfide, or polymer). Pairs naturally with a lithium-metal anode to roughly double energy density, while dramatically improving safety and fast-charging tolerance.
Targeting ~900 Wh/L vs. ~600 Wh/L for today's best lithium-ion
Mass production targeted 2027 to 2030
Who is investing
QuantumScape
B-sample QSE-5 cells shipping to Volkswagen for validation
Solid Power
Sulfide cells in A-sample testing with BMW and Ford
Samsung SDI
Pilot line at Suwon targeting 900 Wh/L by 2029
CATL
Condensed-matter cell shipping; full solid-state in lab
LG Energy Solution
Roadmap for polymer-based solid-state by late decade
Sodium-Ion Batteries
Swaps lithium for sodium, an element thousands of times more abundant. Lower energy density than lithium-ion, but cheaper, safer, and far more tolerant of cold weather. A natural fit for entry-level EVs and stationary storage.
About 30% lower cell cost than LFP at scale
Initial volume in 2025 to 2027, primarily in China
Who is investing
CATL
Second-generation Naxtra cells launching in commercial EVs
BYD Company
Building sodium-ion lines for entry-level Seagull and storage
EVE Energy
Large-format sodium-ion cells for grid storage projects
Gotion High-Tech
Sodium-ion line slated for low-cost EVs and ESS
Silicon-Anode Cells
Replaces or supplements graphite with silicon in the anode. Silicon stores roughly 10x more lithium per gram, lifting pack energy density 20% to 40% without changing the cathode. The challenge is swelling, which hurts cycle life.
20% to 40% higher energy density vs. graphite
Already in premium cells; volume ramps through 2026 to 2028
Who is investing
Tesla Energy
4680 cells use a silicon-rich anode in latest revisions
Panasonic
Partnered with Sila on silicon anode material for Kansas plant
Samsung SDI
High-nickel cells with silicon-graphite composite anode
Condensed and Semi-Solid
A bridge between today's liquid cells and full solid-state. Uses a gel-like or condensed electrolyte to push energy density past 400 Wh/kg with most of the safety upside of solid-state, but at manufacturable scale today.
Up to ~500 Wh/kg, roughly 2x today's automotive cells
Already flying; automotive launch expected mid-decade
Who is investing
CATL
500 Wh/kg condensed battery shipping for electric aviation
EVE Energy
Semi-solid pouch cells in pilot for premium EVs
Battery chemistries and architectures still scaling toward mass production. Status reflects publicly disclosed company stage as of 2026. Sources: company filings, SNE Research, BloombergNEF.
Battery Value Chain: Who Does What
CATLBYDLG Energy SolutionPanasonicSamsung SDI
SK OnTesla EnergyAlbemarleQuantumScapeSolid Power
CALBEVE EnergySolid bars = active in this stage. Faded = notable relationship but not primary business. Hover for details.
Battery Production Capacity by Manufacturer
Annual battery production capacity by manufacturer (GWh). Sources: company filings, SNE Research.
Tesla Energy Storage Deployed
Tesla Energy quarterly storage deployed (GWh). Includes Megapack and Powerwall. Sources: Tesla earnings reports.