Recharge by Battery Materials Review

Recharge Jan26 (2025 review and outlook thoughts)

In January 2026’s Recharge podcast, co-presenters Matt (RK Equity / Battery Materials Review) and Cormac O’Laoire (Electrios Energy) discuss key battery-market dynamics heading into 2026, including:

 

• China’s shift toward PHEVs/EREVs, larger packs, and intensifying model-level competition
• Slowing China EV sales growth and the implications of subsidy roll-offs for 2026 demand
• Diverging regional outcomes in 2025: US EV slowdown versus stronger-than-expected Europe growth
• China’s export rebate changes for batteries and the impact on Tier 2 producers and ESS supply availability
• Rising battery raw material inputs and where cell pricing could tighten, especially for higher-duration ESS

 

Recharge Dec25 (Overstated forecasts, CATL, semi-solid batteries, battery costs, BESS)

In December 2025’s Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O’Laoire (Electrios Energy) review the key developments shaping the battery materials and energy storage sectors as the industry heads into 2026, including:

• Why lithium demand forecasts may be overstated, including assumptions around lithium intensity per kWh and EV battery pack sizes
• EV battery size trends, affordability, and the divergence between Europe and China, including the role of SUVs, crossovers and EREVs
• What does NIO’s decision to stop selling its semi-solid battery mean for the market?
• Battery pricing trends, BNEF pack cost benchmarks, and whether 2025 marks the trough for cell and pack costs
• Capacity utilisation, pricing pressure and why older gigafactories risk becoming uncompetitive
• BESS market dynamics, including strong cell shipments, slower installations, inventory build-ups and project delays

Recharge Oct25 (LME Week, lithium debate, China controls, NMC vs LFP, sodium-ion, ESS boom)

In October 2025’s Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O’Laoire (Electrios Energy) unpack takeaways from LME Week and what they mean for the battery value chain, including:

• The split views on lithium—bulls vs bears—and why inventories over the next 2–3 months will be decisive
• EV demand dynamics: China’s scrappage scheme effects, BEV vs PHEV trends, and the surge in ROW sales driven by Chinese exports (BYD, new EU/LatAm plants)
• China’s new export controls on advanced LFP and graphite, the West’s exposure to Chinese anode supply, and the case for building an independent NMC-led supply chain in Europe/US
• The funding gap for battery raw materials projects and whether price floors/industrial policy can unlock capital
• NMC vs LFP in Western markets and the rise of mixed-chemistry packs
• Sodium-ion reality check—costs, performance, and supply-chain hurdles (hard carbon) vs LFP
• ExxonMobil’s push into synthetic graphite via Superior Graphite and the potential to scale non-Chinese anode supply
• ESS going “gangbusters”: China’s ~180+ GWh target, Middle East mega-projects, and implications for global cell availability and integrator business models

Recharge Aug 25 (Lithium, China, US, MP/DoD, EVs)

In August 2025's Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) discuss some of the recent key talking points in the battery industry, including:

• The China lithium shutdowns, their impact on the industry and outlook
• Development on US tariffs and anti-dumping duties in the battery supply chain, with a particular focus on graphite and anode materials
• The MP Materials/DoD deal and potential impacts on the battery chain
• What do price floors mean for materials markets and projects?
• EV sales update and discussion
• Discussion on commercial vehicle sales

Recharge June 25 (IRA repeal, US planning, High Manganese, Lithium, BESS)

In June 2025's Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) discuss some of the month's key talking points in the battery industry, including:

• The current state of US/China trade war, the impact of the IRA repeal on the sector and the uncertain investment environment
• Changes to the US raw material planning structure - is it enough to attract investment to the sector?
• Exciting sounding announcements from Ford & GM around high manganese batteries but where will the raw materials come from?
• Thoughts on lithium prices, how Chinese lepidolite costs are misunderstood by the market and the issue that it's not just China adding supply
• Social leasing as a driver of EV sales and Tesla's seeming loss of market share
• Why BMR's BESS forecast is so bullish and the impact of changing ESS tech and scale

Recharge April 25 (Tariffs, RMs, Korea, ESS, battery swapping)

In April 2025's Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) discuss some of the month's key talking points in the battery industry, including:

• Geopolitics and the impact of tariffs on the industry including around exemption of battery RMs from reciprocal tariffs; EVs and ESS impact; and could this actually be a positive in the end?
• The US Executive Order on Raw Materials - is it enough?
• The EU's strategic raw materials projects - does the EU "get it"?
• Cormac's postcard from Korea
• BYD and 1MW charging - how viable is it outside China?
• Mass market EV demand in Europe
• Changes to China's ESS mandate and its likely impact
• Will battery swapping go the way of the dinosaur in the passenger vehicle market?

Recharge Mar25 (EVs, Battery delays, tariffs, BESS, cobalt)

In our March 2025 Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) discuss some of the month's key talking point in the battery industry, including:

• EV sales - moving parts, drivers, future trends, the growth of EREVs, BYD vs Tesla
• Battery project delays and cancellations in the US and Europe and where that leaves the industry. What do battery developers need to do to survive?
• The impact of geopolitics and tariffs on the battery sector, the DLE tech ban and the impact on the wider autos industry in North America
• China update and the impact of US Dept of Homeland Security looking to restrict procurement from six Chinese battery makers
• The changing investment environment for the industry
• BESS installation growth; new techs and innovation
• DRC cobalt export ban and thoughts on prices

Recharge Feb25 (Tariffs, Korean cellmakers, China, Trump 2.0, BESS)

For our February 2025 Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) discuss some of the key talking point in the industry, including:

• The likely effect of tariffs on all parts of the cell supply chain
• Korean cathode and cell maker results and current positioning
• China's current trade issues with Europe, US and what that might mean
• Trump 2.0 and what that means for the US investment environment
• BESS - the evolution of technology and the world's biggest?
• EV technology developments

Recharge Jan25 (MENA, Outlook, Battery prices, EVs, lithium, Geopolitics)

Welcome to 2025 for all our listeners! In this month's Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) kick off the year by discussing:

- The emergence of MENA into the battery value chain

- 2024 review and 2025 outlook

- Battery pricing trends

- The emergence of a two-tier Energy Transition

- 2025 EV sales forecasts

- The decreasing importance of the equity market in funding

- Lithium cost curves and DLE

- Niche materials (HPM, graphite) in 2025

- Trade issues

Recharge Nov24 (US elections, China EVs, Q3 results, China trip, battery industry)

In November's Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) compare notes on their recent travels and talk about some of the key aspects of the industry, including:

• The US elections and their impact on the battery value chain
• China's evolution in PHEVs and EREVs
• Q3 results from cellmakers, cathode producers and miners
• Takeaways from Matt's and Cormac's trips to China
• Thoughts on development of the battery industry