VFBATTERY REPORT

Industry Value Chain

Pages 21–49 (29 pages)

Battery Report 2025, page 23: Industry Value Chain

Companies on this page · in the Battery Business Directory

Text on page 23

Emerging Players and/or Small Companies $30M Valuation)* Raw Materials

Materials Processing

Cell Component

Cell Manufacturing

Lithium Mining

Lithium Chemical

Cathode Active Materials

Lithium-ion

System Assembly

Recycling

Ni, Co Chemical Anode Active Materials Solid-state & Li-metal

pCAM

Nickel, Cobalt Mining

Graphite

Electrolyte, Separator Natural Graphite Mining

Estimated as of December 2025

Sodium-ion

Other Battery Chemicals

Extracted from the PDF; charts and images may read imperfectly.

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