29 Sep 2025 13:29:31 ET │ 104 pages E s s e n t i a l s | Global Battery Materials ESS Demand Boom Marks the Start of a New Cycle CITI'S TAKE Global demand for Energy Storage System (ESS) continues to beat market expectation despite policy headwinds. In the meantime, capex along the battery chain keeps declining with most of the battery chain names unprofitable. We are turning more bullish as we believe supply and demand are rebalancing along the chain, resulting in steadily improving utilization rates in 2 ...