Charge Forward! Investing in innovation across the battery supply chain…

Over the next 25 years, global electricity demand is expected to more than double, driven by rapid electrification across transport, industry, heating, and digital infrastructure. This is not a cyclical trend; it is a structural one. As fossil fuels are progressively displaced, low-carbon electricity becomes the backbone of the global energy system, with renewables and nuclear playing a central role.Rechargeable batteries have emerged as one of the most effective tools to support the energy transition. Large-scale deployment of BESS provides flexibility across the electricity system, enabling grid balancing, shifting renewable generation to peak demand, managing congestion, regulating frequency, and deferring costly network upgradesWhile equity market momentum in battery-related stocks has moderated following the peak seen in earlier phases of the energy transition, this does not reflect a deterioration in underlying fundamentals. The scale of deployment required under net-zero pathways implies a prolonged investment cycle, with significant capacity still to be built and financed over the coming decades.This creates a long-term investment opportunity that extends well beyond short-term market cycles.