Finance
Pages 26–33 (8 pages)
Text on page 27
Finance
Public Equity Market Performance
Public Equity Market Performance
Despite passage of the Inflation Reduction Act, most public battery companies have traded down in 2023 in context of the macro economic environment and the impact of higher interest rates on hard tech companies. (% change from 8/16/2022)
Incumbent Battery
Lithium Battery Startup EV Startup EV Charging
Categories
Incumbent Battery
Lithium
Battery Startup
EV Startup
EV Charging
Key Drivers
Lower than expected demand from some legacy EV OEMs in H2 2023 / negative sentiment for 2024
Lower LCE spot price down ~70% from 2022 highs
High CapEx requirements and delays in commissioning and scaling of plants
Timeline to scale / achieve volume, lower than forecasted demand
Low utilization, unforeseen maintenance issues, and poor user experience
Constituents
Source: CapIQ (12/29/2023), Press Releases (1)Index weighted by market cap
Extracted from the PDF; charts and images may read imperfectly.
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