Global Energy Storage Weekly: Projects Materialize Across Americas, Asia, and Europe; Solid-State and Second-Life Batteries Emerge as New Hotspots

Overview

This is Bernstein's Global Energy Storage Battery Weekly Report dated June 8, 2026. It primarily reviews the latest developments in Energy Storage Systems (ESS), battery materials, new technology R&D, and supply chain collaboration across the Americas, Asia, and Europe. The report's core view indicates that the global energy storage market is in a phase of rapid expansion. Not only are orders for traditional lithium-ion energy storage full, but substantial progress is also being made in second-life battery utilization, solid-state battery commercialization, and long-duration energy storage technologies. Meanwhile, the massive power demand from AI data centers is reshaping energy storage application scenarios, prompting the industry to focus more on coordinating grid stability with green power.

Core views

In the Americas market, Korean battery manufacturers are accelerating localization efforts. SK On released its next-generation ESS platform, 'GRIDON Gen2', supporting both DC and AC configurations with an approx. 15% increase in single-container energy capacity and enhanced safety features. Mass production is planned for Q3 2027, targeting over 20 GWh in ESS orders for 2026. South Korea's Sebang Battery is investing KRW 100 billion to establish a U.S. subsidiary dedicated to expanding North American ESS business, marking a transition from traditional lead-acid batteries to energy storage. Additionally, second-life battery utilization is becoming a new trend: Waymo is partnering with B2U Storage Solutions to use retired Robotaxi batteries for grid-scale storage in Texas and California; Moment Energy opened a new facility in Vancouver with 1 GWh annual capacity, specifically processing retired batteries from sources like Mercedes-Benz for data center and industrial storage. In the Asian market, China's energy storage supply chain continues to expand while facing new challenges. Tinci Materials signed an expanded agreement with Cornex New Energy to supply over 1.01 million tonnes of battery electrolyte by 2030, nearly doubling the contract size and reflecting Cornex's plan to expand capacity to 180 GWh annually (including a dedicated 50 GWh ESS plant). However, the explosive growth of AI computing power in China has outpaced renewable energy deployment. Experts warn of difficulties in achieving 24/7 green power matching and rising risks of power instability, underscoring the urgent need for long-duration battery storage and flexible load management. Supported by technology and policy, South Korean companies are advancing their transformation: EcoPro aims to achieve company-wide AI integration by 2028; ITM Semiconductor is participating in government projects to develop thermal runaway delay technology; and IBK Bank established a KRW 250 billion fund to support domestic renewable energy equipment. In the European market, regulatory compliance and technological diversification are proceeding in parallel. Wasion Energy Storage became the world's first containerized ESS manufacturer to obtain NB certification under the EU Battery Regulation, securing a 'pass' to enter the European market. HyperStrong secured over 1 GWh in energy storage orders in Southeastern Europe. Technologically, Switzerland began construction on Europe's largest 800 MW/1.6 GWh flow battery project, integrating AI data centers and district heating to create a zero-carbon energy system. In the solid-state battery sector, ProLogium plans to merge with a SPAC to raise at least USD 250 million for constructing its Dunkirk, France plant, expected to commence production in 2028. Regarding supply chain integration, Samsung SDI is reportedly set to become a new supplier for Volkswagen's 'Unified Cell' platform, with production line conversion at its Hungary plant expected for mass production in 2027; Cylib and Vianode are collaborating to develop recycled graphite to strengthen the closed-loop cycle of the European battery supply chain. Regarding raw materials and market data, as of June 5, spot lithium carbonate prices stood at USD 24,580/tonne, down 4% WoW but up 193% YoY; spot lithium hydroxide prices were at USD 24,506/tonne, up 186% YoY. In terms of battery costs, spot LFP cell costs are USD 44/kWh, and NMC811 cells are USD 88/kWh; spot LFP pack costs are USD 59/kWh, down 9% YoY, indicating that the cost advantages of the LFP route continue to be optimized.

Analysis framework

This report employs a typical 'Event-Driven + Supply Chain Tracking' analytical framework. First, it structurally reviews major weekly industry news by geographic region (Americas, Asia, Europe) to capture regional policy orientations, corporate strategies, and technological breakthroughs. Second, it cross-validates the multidimensional drivers of industry development by segmenting technical fields (e.g., solid-state batteries, second-life batteries, flow batteries) and supply chain links (materials, equipment, recycling). Finally, combined with commodity price tables and company valuation tables, it provides quantitative data support to help investors assess the alignment between short-term price fluctuations and long-term valuation logic. This high-frequency tracking approach aims to depict changes in macro-industry prosperity and technological evolution paths through the accumulation of micro-events.

Methodology notes

• Industry/Sector Analysis FrameworkUpstream-Midstream-Downstream Transmission

  Supply Chain Transmission Effect

  By analyzing upstream materials (e.g., Tinci Materials' electrolyte orders), midstream manufacturing (e.g., SK On's ESS platform, Samsung SDI's battery supply), and downstream applications (e.g., Waymo's second-life battery utilization, AI data center power demand), the report demonstrates how demand transmits from end-users to upstream suppliers and how technological changes create linked impacts across various segments.

• Cycle & Prosperity FrameworkProsperity Inflection Point Analysis

  Technological Iteration and Commercialization Inflection Points

  The report focuses on commercialization milestones for new technologies such as solid-state batteries (ProLogium's French plant) and scaled second-life battery utilization (Moment Energy, Waymo). These events are typically viewed as signals of an inflection point where the industry transitions from proof-of-concept to large-scale application.

• Valuation MethodologyPE/PEG valuation

  Relative Valuation Comparison

  The report appendix provides P/E and EV/EBITDA multiples for covered companies. For instance, CATL's 2026E P/E is 19.6x, while some Korean cathode material manufacturers like EcoPro BM trade as high as 403x. Horizontal comparison of valuation levels among leaders in different sub-segments helps judge market pricing differences regarding growth potential across sectors.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• SK On

  Beneficiary

  Strengths

  Launched next-gen GRIDON Gen2 ESS platform with 15% capacity increase; possesses ~100 GWh U.S. capacity; targets >20 GWh ESS orders in 2026.

  Comparison

  Compared to traditional lead-acid battery manufacturers, SK On holds technological and scale advantages in the lithium-ion ESS sector.

  Risks

  Mass production progress falls short of expectations; intensified competition in the U.S. market.

• Tinci Materials

  Beneficiary

  Strengths

  Signed mega-deal with Cornex for over 1.01 million tonnes of electrolyte, consolidating position as a leading global supplier and directly benefiting from energy storage battery capacity expansion.

  Comparison

  As a leading electrolyte manufacturer, its large-scale long-term contracts reflect strong supply chain stickiness.

  Risks

  Raw material price volatility; delays in customer capacity construction.

• ProLogium

  Beneficiary

  Strengths

  Accelerating French plant construction via SPAC merger financing; leading solid-state battery technology targeting high-end EV and data center markets.

  Weaknesses

  Still in early commercialization stage; massive capital expenditure required.

  Comparison

  Compared to traditional liquid lithium-ion batteries, solid-state batteries offer potential advantages in energy density and safety but face higher mass production difficulties.

  Risks

  Slow yield ramp-up for solid-state battery mass production; equity dilution post-financing.

• Samsung SDI

  Beneficiary

  Strengths

  Poised to become a supplier for Volkswagen's unified battery platform; Hungary plant mass production in 2027; integrating into mainstream European OEM supply chains.

  Comparison

  Competing alongside PowerCo and Gotion High-Tech to supply Volkswagen; competitive landscape is intense.

  Risks

  Volkswagen vehicle sales fall short of expectations; production line conversion delays.

• Wasion Energy Storage

  Beneficiary

  Strengths

  World's first to obtain EU Battery Regulation NB certification, possessing compliance advantages for entering the European market; GridUltra system features liquid cooling and integrated safety design.

  Comparison

  Regulatory certification serves as a key barrier distinguishing it from uncertified competitors.

  Risks

  European policy changes; market competition leading to price wars.

Key data

• Spot Lithium Carbonate Price (LiCO Spot)24,580 USD/tonne-4% WoW, +193% YoY
• Spot Lithium Hydroxide Price (LiOH Spot)24,506 USD/tonne0% WoW, +186% YoY
• LFP Cell Spot Cost44 USD/kWh+4% YoY
• LFP Pack Spot Cost59 USD/kWh-9% YoY
• NMC811 Cell Spot Cost88 USD/kWh+25% YoY
• Tinci Materials-Cornex New Contract Volume>1.01 Million TonnesElectrolyte and chemical supply volume through 2030, nearly double the original contract
• SK On U.S. ESS Order Target>20 GWh2026 target, with >10 GWh already under discussion
• ProLogium SPAC Fundraising Amount≥USD 250 MillionTo fund construction of solid-state battery plant in Dunkirk, France

Impact & implications

The report suggests that the global energy storage market is shifting from being solely driven by electric vehicles to a multi-driver model comprising 'EVs + Grid Storage + Data Centers'. Specifically, the demand from AI data centers for stable green power will create new incremental space for long-duration energy storage and hybrid energy systems. For battery manufacturers, companies with overseas localized production capabilities (e.g., SK On in the U.S., Samsung SDI in Europe) and technological differentiation advantages (e.g., solid-state batteries, second-life utilization) will command greater order premiums. Meanwhile, strict EU Battery Regulation certification will become a necessary threshold for entering the European market, allowing leading firms with strong compliance capabilities to further consolidate market share. While drastic raw material price volatility (e.g., lithium prices up nearly 200% YoY) has pushed up costs, the decline in LFP pack costs indicates that technological cost reductions continue to offset some material pressures.

Risks

• Uncertainty in non-Chinese battery material supply chains (e.g., although the dispute between Syrah and Tesla is resolved, risks remain).
• Power supply instability and difficulties in green power matching caused by AI computing growth.
• Impact of metal price volatility on battery manufacturer margins.
• Commercial mass production progress of new technologies like solid-state batteries falling short of expectations.
• Geopolitical factors disrupting cross-border supply chain collaboration.

What to watch

• Mass production progress of SK On's GRIDON Gen2 platform and order acquisition status for 2026.
• Actual procurement demand for long-duration energy storage solutions from Chinese AI data centers.
• Construction progress of ProLogium's French plant and solid-state battery mass production yields.
• Impact of the EU Battery Regulation on exports by other Chinese energy storage companies.
• Subsequent trends in key raw material prices (lithium, cobalt, nickel) and their impact on battery costs.