Battery, Rare Earths, Semiconductors, Energy sector updates
TCL #66
Battery
CATL plans to establish over 30 battery-swapping stations for electric trucks in Europe by 2035, aiming to make operation costs competitive with or cheaper than diesel. CATL is teaming up with UK-founded clean energy supplier Octopus Energy to develop a network capable of serving 300,000 electric trucks. The first stations are scheduled for construction in the UK next year, with the infrastructure intended to be owned by truck manufacturers and fleet managers. Benefits touted are-
- Full battery swap under 5 minutes versus nearly an hour for fast charging.
- Unlike diesel, the cost of battery swapping will get cheaper every year as battery technology improves.
- The cost of electric trucks drops significantly as the operators do not need to own the battery.
- Batteries at the swap hubs are charged slowly and in a controlled manner, which extends cell longevity compared to fast charging.
- Centralised charging enables better lifecycle management.
In Africa, Dubai-based Spiro closed its latest funding round at $270mn, comprising of $55mn from NewTrails Capital, a Chinese growth-stage fund focused on emerging markets and the Belt and Road Initiative, $215mn raised the prior month from Impact Fund Denmark and Dubai-based Equitane. Spiro's total disclosed funding now sits at $557mn, making it one of Africa's most funded e-mobility companies. As of 2025, BYD held a 35% market share of the EV market in Africa.
Mumbai's N.A.N GreenMet and Belgian Silox have announced a 50:50 battery recycling joint venture. India currently imports most of its battery-grade critical minerals, creating a significant vulnerability in its EV and clean energy supply chain. As batteries from consumer electronics, energy storage systems, and EVs reach their end of life, NAN Silox GreenMet aims to convert that waste stream into a domestic, circular, sovereign supply of critical minerals.
The combined entity will construct a new facility located in Andhra Pradesh with a hydrometallurgical processing capacity of 20,000 tonnes per annum. Plans of the joint venture include exploration of downstream value creation such as cathode active materials production and second-life battery applications for stationary energy storage systems.
Rare Earths
Energy Fuels, a US rare earths and uranium miner, is acquiring German magnet manufacturer Vacuumschmelze (VAC) from US private equity firm Ara Partners for $1.9bn in a deal involving cash and stock. VAC's name reflects its origins in vacuum-melting technology. The company's foundations date back to 1914, and it currently maintains operations in the US, Europe, and Asia. This acquisition brings Energy Fuels in line with other industry entities like MP Materials and USA Rare Earths in the race to develop integrated mine-to-magnet supply chains.
Semiconductors
Quantum Computing Inc. completed its acquisition of NHanced Semiconductors Inc. in a deal valued at $73.1mn in cash and stock, with an additional $72mn contingent on performance targets. This is a critical pivot for QCi, moving from research and prototyping to scalable commercial production. The integration of NHanced supports the scaling of QCi's thin-film lithium niobate (TFLN) photonic integrated circuit platform.
Energy
Chevron and Microsoft have entered into a 20-year power purchase agreement to support a new AI data centre located in West Texas. The initiative, referred to as Project Kilby, is a co-located natural gas power plant and hyperscale AI data centre campus and will deliver 2.67 GW of total generation capacity in the Permian Basin. Most electricity will come from GE Vernova gas turbines, and additional capacity will come from Solar Turbines, a Caterpillar subsidiary. Natural gas will be sourced directly from Chevron's Permian Basin production fields. A final investment decision is expected by the end of 2026, and the first power delivery is anticipated in 2028.