Recharge by Battery Materials Review

In March’s Recharge, presenters Matt Fernley (RK Equity /Battery Materials Review) and Cormac O’Laoire (Electrios Energy) discuss key developments along the battery supply chain, including:

• Battery Show Asia feedback including dancing robots, new uses, chemistries, hybrid pack strategies and sodium-ion
• Anode material dynamics, including cost pressure on synthetic graphite, the emergence of silicon-carbon and natural graphite upside
• China EV demand weakness and its causes, but also thoughts on the future
• Impact on the battery chain from Middle East supply issues
• Nickel supply issues around HPAL, quotas and environmental risks
• Potential for rising battery costs and what impact that may have
• VRFB competitiveness versus lithium-ion, with LCOS and duration economics in focus

In this month’s Recharge, presenters Matt Fernley (RK Equity /Battery Materials Review) and Cormac O’Laoire (Electrios Energy) discuss key developments along the battery supply chain, including:

• Slowing China EV sales, changes in the PHEV/BEV ratio and the possibility of further stimulus.
• How and whay Europe surprised last year in EV sales and what that could mean for this year.
• Can ROW demand offset slowing US sales?
• What's happening in ESS, why the development of sodium-ion may not be an issue for lithium-ion and how higher lithium prices could impact.
• Why lithium price volatility ≠ broken fundamentals. Discussing inventory levels and demand.

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

 

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

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

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

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

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?

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

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