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Core Viewpoint - The company has multiple patents for BC battery slurry technology and has achieved mass production of BC battery slurry, including main grid and fine grid, with stable shipments to mainstream BC battery manufacturers in the market [1] Company Summary - The company has developed several patents related to BC battery slurry technology [1] - Mass production of BC battery slurry has been realized, covering both main grid and fine grid [1] - The company is currently supplying stable shipments to major BC battery manufacturers in the market [1] Industry Summary - The BC battery slurry technology is becoming increasingly important in the battery manufacturing sector [1] - The company's advancements in this technology may position it favorably within the competitive landscape of battery production [1]

Core Viewpoint - QuantumScape is a solid-state battery developer experiencing significant stock volatility due to its lack of commercialization and revenue generation, with a stock price fluctuating from a high of $9.52 to a low of $3.40 within a year [1][2]. Company Overview - QuantumScape specializes in solid-state lithium metal batteries, which utilize solid electrolytes, offering advantages such as better thermal resistance, shorter charging times, and higher capacities compared to traditional lithium-ion batteries [4][5]. - The company has partnered with Volkswagen to commercialize its batteries for electric vehicles (EVs) [5]. Technology and Performance - The QSE-5 battery developed by QuantumScape boasts an energy density exceeding 800 Wh/L and can be fast-charged from 10% to 80% in under 15 minutes, outperforming conventional lithium-ion batteries [6]. - Volkswagen's tests indicate that QSE-5 batteries maintain over 95% energy capacity after 1,000 charging cycles, significantly better than the industry standard [7]. Competitive Landscape - Other companies, including major automakers and startups, are also developing solid-state batteries, posing a risk to QuantumScape's market position if they commercialize their products first [8][9]. Future Prospects - QuantumScape is transitioning to its Cobra process, which is expected to enhance production efficiency and reliability, paving the way for commercial shipments by 2026 [10][11]. - The company plans to license its technology rather than mass-produce batteries, aiming for higher-margin revenue through licensing fees [13]. Financial Outlook - Analysts project QuantumScape will generate $4.5 million in revenue with a net loss of $429.9 million in 2026, increasing to $60.1 million in revenue and a reduced net loss of $370.9 million in 2027 [14]. - The company has a market cap of $3.7 billion and holds $860.3 million in cash and equivalents, which offsets its liabilities, although share dilution has occurred since its public debut [14]. Investment Considerations - QuantumScape's stock is expected to remain volatile until stable revenue is generated, making it a speculative investment opportunity in the solid-state battery market [15].

Core Viewpoint - EZGO Technologies Ltd. reported a narrowed net loss and increased gross profit for the first half of 2025, despite facing challenges in revenue due to competition in the battery market and the decision to dispose of its e-bicycle business [2][12][18]. Financial Highlights - Net revenues from continuing operations for the six months ended March 31, 2025, were approximately $6.6 million, a decrease of 3.5% from $6.8 million in the same period of 2024 [4]. - The net loss decreased significantly from $4.7 million in the first half of 2024 to $1.3 million in the first half of 2025 [12][22]. - Gross profit increased by 10.3% to $671,468, with a gross profit margin rising from 8.9% to 10.2% [10][12]. Revenue Breakdown - Revenue from sales of battery cells and packs decreased by 5.6% to $5.5 million, primarily due to lower sales volume in the lead-acid battery segment [5][6]. - Sales of electronic control systems fell by 13.9% to $636,356, attributed to a downward market environment [6]. - Maintenance service revenue surged by 105.2% to $360,350, driven by an expanding customer base [7]. Cost Structure - Cost of revenues decreased by 4.9% to $5.9 million, reflecting the decline in sales of battery cells and packs [9]. - Selling and marketing expenses decreased by approximately 21.1% to $117,772, due to a reduction in sales department headcount [13]. - General and administrative expenses dropped by 34.7% to $1.2 million, mainly due to reduced share-based compensation [14]. Discontinued Operations - The company decided to dispose of its e-bicycle business, resulting in a loss from discontinued operations of $0.2 million for the first half of 2025, down from $1.5 million in the same period of 2024 [18][19]. - Revenue from discontinued operations decreased by 57.5% to $752,748, primarily due to declining sales volume in the e-bicycle market [19]. Strategic Focus - The company is shifting its focus towards high-value services and lithium battery technology while optimizing its cost structure [3]. - A strategic decision was made to dispose of underperforming areas, particularly the e-bicycle business, to enhance overall performance [2][18].

Core Viewpoint - Eos Energy Enterprises, Inc. has received a second loan advance of $22.7 million from the Department of Energy, completing the maximum allowable amount under the first tranche of $90.9 million, aimed at expanding its manufacturing capabilities for zinc-based battery energy storage systems [1][2][5] Group 1: Financial Developments - The loan advance covers 80% of eligible costs related to the Company's production expansion plans for Project AMAZE, supporting efforts to meet growing customer demand [2] - Eos has successfully closed $336 million in concurrent offerings of common stock and convertible senior notes, which has restructured the Company's balance sheet and lowered its cost of capital [5] Group 2: Production and Capacity Expansion - Production volumes at Eos' first manufacturing line are increasing weekly, with a target capacity of 2 GWh [3] - The Company has submitted a purchase order for its second manufacturing line, which is a significant step in expanding U.S. production [4] Group 3: Strategic Objectives - Eos aims to scale operations to meet the rising demand for energy storage solutions, particularly in AI-driven load growth and data centers [3] - The Company is focused on building a robust domestic supply chain and creating high-quality American jobs through its manufacturing initiatives [5][6]

Core Insights - Redodo is launching its Prime Day Sale on lithium batteries from June 25 to July 11, offering significant discounts on various battery models for RVs, marine applications, and solar setups [1][5][11] Pricing and Discounts - The Early Prime Day Sale runs from June 25 to July 7, featuring the lowest online prices and a 30-day price guarantee on all orders [3] - Customers can receive an automatic 3% discount sitewide and an 8% discount on battery accessories [4] - An additional 5% off is available for first-time orders through newsletter subscription or membership, with a free gift for purchases over $899 [4][12] Featured Products and Savings - Notable discounts include: - 12V 100Ah LiFePO4 Battery for $197, saving $22 - 12V 140Ah Group 31 Bluetooth Battery for $265, saving $34 - 12V 300Ah LiFePO4 Battery for $496, saving $53 [7][13] - The Prime Day Big Deals will take place from July 8 to July 11, featuring further discounts on lithium batteries [5][6] Product Benefits - Redodo batteries are constructed with high-density LiFePO4 cells, providing longer energy storage and performance [14] - The batteries are designed to be ultra-durable, lightweight, and safe, featuring over 20 built-in protection mechanisms [15][16][17] Corporate Social Responsibility - Redodo is involved in social impact initiatives, partnering with NGOs for community support and ecological restoration projects [18][19][21] - The company aims to inspire outdoor adventures while providing reliable energy solutions [22][23]

Core Insights - Flux Power Holdings, Inc. has received a significant purchase order from a major U.S. airline for 120 units of its G80-420 lithium-ion battery packs, valued at over $2 million, to be delivered throughout 2025 [1][2][3] - The order signifies a shift towards data-enabled, zero-emission equipment in airport operations, despite challenges from trade policies and economic pressures [2][3] - The G80-420 battery packs are designed for high-intensity ground support equipment (GSE) applications, featuring modular architecture for fast service and embedded telematics for real-time insights [4][5] Company Overview - Flux Power specializes in advanced lithium-ion energy storage solutions for various sectors, including airport ground support equipment, offering a more environmentally friendly alternative to traditional energy sources [7] - The company emphasizes the integration of intelligence, adaptability, and serviceability in its energy platform, aiming to enhance operational efficiency and sustainability for its customers [5][7] Partnership and Collaboration - The order was secured through collaboration with Averest, a key player in the GSE space, which has a strong understanding of airport fleet challenges [3][4] - Averest focuses on providing customized electric power solutions for the aviation industry, contributing to the transition towards cleaner energy systems [6]

Core Insights - Aqua Metals, Inc. is showcasing its innovative lithium battery recycling technology at NAATBatt's Eighth Annual Workshop, emphasizing its scalable, cost-effective, and safer alternative to traditional hydro recycling methods [1][3][6] Company Overview - Aqua Metals operates an Innovation Center in the Tahoe-Reno Industrial Center, producing battery-grade lithium carbonate, nickel, and cobalt products at a commercial pilot scale [2] - The company claims its recycled lithium carbonate output is among the highest in North America from a true closed-loop battery recycling process [2] Technology and Benefits - The proprietary AquaRefining™ technology offers a novel solution that enhances worker safety, economic efficiency, and environmental performance compared to traditional hydro-based recycling processes [3][4] - This clean recycling technology supports the reshoring of critical minerals processing, contributing to American job growth and economic resilience [4] Event Details - The exclusive tour of Aqua Metals' facility will take place on July 31, 2025, providing workshop participants with insights into advanced lithium battery recycling operations [1][6] - The NAATBatt Annual Workshop will gather industry leaders to discuss innovations in lithium battery reuse, recycling, and market development [6] Product Highlights - The facility has produced various products, including battery-grade lithium carbonate, cobalt metal, nickel metal, and mixed hydroxide precipitate (MHP) [9] - The pilot plant has accumulated over 4,000 hours of operational runtime, showcasing significant reductions in waste streams and improved economic efficiencies [9]

Market Overview - Battery energy storage system (BESS) capacity is predicted to grow substantially between now and 2034[8] - The global energy storage forecast includes growth in the C&I, Residential, and Utility sectors[10] Shoals' Competitive Advantages - Shoals has decades of experience navigating the energy transition[6] - Shoals' strengths in the BESS market are underpinned by product offering, customer book overlap, and innovation and partnership[19] BESS Solutions Portfolio - Shoals offers flexible, scalable components for performance, safety, and longevity in BESS solutions, including combiners & recombiners, multi-load break disconnects, custom solutions, and wiring solutions[12] Target Customers - Shoals' target customers include EPCs, systems integrators, OEMs & technology partners, and datacenter customers[16, 17]

Asia Pacific Equity Research 26 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Battery The worst is behind: industry UTR improves, prices recover; initiate CATL-H at OW; u/g EVE & CALB to N Chinese EV Battery supply chain stocks have recover ...