www.teitimes.com

June 2025 • Volume 18 • No 4• Published monthly • ISSN 1757-7365

THE ENERGY INDUSTRY TIMES is published by Man in Black Media • www.mibmedia.com • Editor-in-Chief: Junior Isles • For all enquiries email: enquiries@teitimes.com

Unlocking the potential of

battery storage

Demonstrating the case

for clean investment

The battery storage market has slowed,

according to SolarPower Europe. So, what’s

needed to get this crucial energy transition

technology back on track? Page 13

CATL’s strategic business plans

and successful transition strategy

support the bull case for clean

tech. Page 14

News In Brief

UK and EU align on clean

energy

A UK-EU Agreement that includes

a commitment to linking respective

Emissions Trading Systems (ETS)

could lower bills and support both

the UK and EU in meeting their

decarbonisation goals.

Page 2

US switches Puerto Rico

funding away from

renewables

The Trump administration has said

it will halt funding of $365 million

awarded during the Biden admin-

istration for rooftop solar power in

Puerto Rico and redirect it to fossil

fuel generation and maintenance of

infrastructure.

Page 4

Billions at risk as EVN cuts

subsidies

Vietnam’s state power utility EVN,

has cut previously agreed subsi-

dised prices it pays for electricity

from some solar and wind farms,

which now risk defaulting on their

debts with banks.

Page 5

Europe’s governments turn

to nuclear

A series of decisions and announce-

ments on new nuclear across Euro-

pean countries have indicated a

more positive attitude across the

bloc.

Page 7

Floating offshore wind feels

the strain

Offshore wind developers are start-

ing to retreat from oating projects

as near-term growth expectations

fall and condence dips across the

value chain, according to research

from Westwood Global Energy

Group.

Page 8

Ørsted returns “solid”

performance

Danish multinational energy com-

pany Ørsted has recorded “solid”

rst quarter operational earnings,

despite challenges in the offshore

wind sector.

Page 9

Technology Focus:

Re-imagining nuclear

Cartridge-based molten salt reac-

tors can help decarbonise industry

and unlock clean, reliable power

across Europe.

Page 15

Advertise

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Clean energy groups voice dismay and clean energy stocks tumble, as the US government

makes major revisions to the Biden-era US Ination Reduction Act. Junior Isles

US and Europe drive global power emissions higher in 2025, as China

records biggest cuts

THE ENERGY INDUSTRY

TIMES

Final Word

Global tariffs and a big,

beautiful bill are really

not that pretty, says

Junior Isles.

Page 16

A bill passed in the US House of Rep-

resentatives looks set to put the brakes

on a clean energy boom in the United

States that has been driven by subsi-

dies provided in 2022 under the Ina-

tion Reduction Act (IRA).

Last month Republican lawmakers

narrowly passed what President Don-

ald Trump has called “one big beauti-

ful bill” to carry out his administra-

tion’s plan to cut taxes and boost

spending on the military and border

enforcement. The bill would effec-

tively end Biden-era tax credits for

clean energy projects years sooner

than planned, making them unusable

for most companies.

Clean project developers and man-

ufacturers that benet from the subsi-

dies said the rollback would shutter

factories, kill jobs and increase elec-

tricity costs for US households. En-

ergy analysts at the Rhodium Group

said their preliminary review of the

bill found the changes could raise

household energy costs by as much

as 7 per cent.

“If Congress does not change course,

this legislation will upend an econom-

ic boom in this country that has deliv-

ered an historic American manufac-

turing renaissance, lower electric

bills, hundreds of thousands of good-

paying jobs, and tens of billions of

dollars of investments primarily to

states that voted for President Trump,”

Abigail Ross Hopper, President of the

Solar Energy Industries Association,

said in a statement.

Climate advocacy group Climate

Power said cuts to the clean energy

industry have led to 20 000 job losses

in the US and threatened almost $70

billion in project investments. It said

almost 100 projects had been can-

celled, delayed or threatened since

the November presidential election.

It warned that a further 40 000 clean

energy jobs are now under threat, as

they are attached to paused projects or

linked to companies that were previ-

ously awarded federal grants or loans

that the Trump administration now

plans to cut.

While the industry was already an-

ticipating the gradual phase-out of

wind and solar tax credits, the new

version of the bill accelerates this

timeline, Raymond James analyst

Pavel Molchanov told Reuters.

Under the new proposed timeline,

solar or wind projects must begin con-

struction within 60 days of the bill’s

Continued on Page 2

Global emissions from the power sec-

tor have remained largely at due to

higher fossil fuel power generation,

despite China achieving its biggest

cut to power emissions since 2020 so

far this year. The disappointing news

has been attributed to higher fossil

fuel power generation in the United

States and Europe.

The US and Europe emitted a com-

bined 801 million tonnes of carbon

dioxide (CO

) from fossil fuel fuel-

based power production during Janu-

ary to March, data from Ember shows.

The higher emissions from the US

and Europe largely offset a 60 million t

drop in fossil power emissions in

China and means that global power

sector pollution levels remain elevat-

ed despite reductions by the world’s

top polluter.

Power producers in both the US

and Europe boosted generation from

fossil fuels such as coal and natural

gas during the opening months of

2025 compared to a year earlier.

In Europe, sustained low wind

speeds reduced supplies of clean

power has forced utilities to compen-

sate, with 8 per cent more fossil fuel-

red output than during January to

March of 2024.

Gas red generation climbed by 8

per cent while coal red output rose

by 6 per cent during the rst quarter

of 2025 compared to the same

months in 2024, according to Ember.

In the US, steadily rising power de-

mand coupled with strong support

for fossil fuels from the new admin-

istration of President Donald Trump

spurred utilities to increase fossil

fuel power output by 4 per cent dur-

ing January to March from the year

before.

However, sharply rising gas prices

drove utilities to prioritise generation

from cheaper-to-run coal plants, with

coal red output jumping by 23 per

cent during January to March 2025

from the same months in 2024. Gas

red power output shrank 4 per cent.

This will further drive overall power

emissions, as US power rms pro-

duce far more CO

from coal red

power generation than from gas red

generation.

US generators are also set to in-

crease fossil fuel red power produc-

tion to meet the summer peak power

demand.

Meanwhile, emissions from Chi-

na’s power sector were at their low-

est as overall power demand during

the opening months of 2025 was im-

pacted by a sluggish economy, which

has been hampered by an ongoing

construction sector credit crisis and

more recently by the trade war with

the US.

Lower output by industrial plants

and factories in turn reduced demand

for power by the commercial sector,

and allowed utilities to reduce output

from fossil fuels by 4 per cent during

January to March from the same pe-

riod in 2024.

Going forward, however, Ember be-

lieves China’s manufacturers are

likely to boost production following

the 90-day trade truce with the US.

Higher factory activity will directly

trigger more power demand, and will

likely force Chinese power rms to

lift output from fossil fuels to ensure

adequate power supplies over the

coming months the energy research

group added.

“One big beautiful”

tax bill puts brakes

on US clean energy

Abigail Ross Hopper says the bill will kill

jobs and increase electricity costs

THE ENERGY INDUSTRY TIMES - JUNE 2025

Junior Isles

A UK–EU Agreement that includes a

commitment to linking their respec-

tive Emissions Trading Schemes

(ETS) could lower bills and support

both the UK and EU in meeting their

decarbonisation goals.

The agreement marks the start of

negotiations to not only align their

ETS’ but also their commitment to

work together to create more jobs in

the clean energy sector.

The UK government said the agree-

ment aims to maximise cooperation

on renewable technologies, while

supporting thousands of jobs and

boosting growth in technologies in-

cluding hydrogen and carbon capture

use and storage.

Commenting on the announcement,

RenewableUK’s Executive Director

of Policy, Ana Musat, said: “This is

potentially great news for billpayers

in the UK and across the rest of Eu-

rope, as it could drive down the cost

of electricity in the years ahead by

stabilising prices and reducing trade

friction – including trading in clean

electricity generated in the North

Sea via interconnectors between

countries.

“Crucially, it could remove the need

for the EU’s Carbon Border Adjust-

ment Mechanism (CBAM) which is

a tax on exports of electricity and

goods from the UK and other coun-

tries into the EU.

The UK organisation representing

the renewable energy sector said the

UK and the EU share the same ambi-

tions on decarbonisation to tackle

climate change while reducing energy

bills for consumers, “so aligning the

Emissions Trading Schemes would be

a natural next step” towards doing

business more efciently with each

other.

Enhanced cooperation on carbon

pricing would deliver clear benets

for businesses, reducing administra-

tive burdens, lowering costs, easing

trade friction, and supporting both the

UK and EU in meeting their decar-

bonisation goals, say industry experts.

Rachel Solomon Williams, Execu-

tive Director at the Aldersgate Group,

said: “The explicit recognition that

[ETS] linkage should enable UK and

U goods to benet from mutual e-

emptions from respective CBAMs,

was heartening.

“This Agreement signals the begin-

ning of formal negotiations on ETS

linkage, and it is essential that the UK

government maintains momentum.

Timely progress is vital to provide the

policy certainty that businesses and

investors need. In particular, we call

for urgent clarity on how these nego-

tiations will intersect with compliance

requirements under the EU CBAM.

With the EU CBAM entering full

implementation in 2026 and the UK’s

expected in 2027, businesses on both

sides of the Channel need a stable

policy framework to inform strategic

investment decisions.”

Aldersgate also welcomed broader

commitments to deepen cooperation

on electricity markets and expand

regulatory dialogue on emerging low-

carbon technologies.

“This government made a commit-

ment to deliver growth underpinned

by a modern industrial strategy and

the decarbonisation of our energy sys-

tems, today’s agreement marks a sig-

nicant step forward, said illiams.

The UK and the EU also agreed to

put the Trade and Co-operation

Agreement’s Energy chapter on a per-

manent footing and the government

will also explore the possibility for the

UK to participate in the EU’s internal

electricity market.

Ben Wilson, President of National

Grid Ventures commented: “We

strongly welcome this clear commit-

ment to improve how we trade and

collaborate on energy with Europe.

Today is a positive step in the right

direction to reduce trade barriers, re-

duce costs for UK and European con-

sumers, and to maimise the benets

of secure homegrown energy in the

North Sea.”

The UK is one of Europe’s largest

producers of wind power and the deal

will allow the country to export sur-

plus electricity, while also reducing

the costs of importing solar and nu-

clear power. This will in turn boost

the nation’s GDP, while increasing

energy security.

enactment and nish construction

by year-end 2028. Otherwise, they

will no longer be eligible for tax

credits.

Diego Espinosa, Senior Research

Analyst at Wood Mackenzie, said

the bill introduces “additional

stress” to its wind outlook. “While

it encourages a focus on operation-

al readiness and project completion,

it also poses challenges for invest-

ments and complicates nancing.

The bill rolls back a number of the

IRA’s programmes and provisions,

such as the Greenhouse Gas Reduc-

tion Fund and funding to reduce air

pollution. It would also remove the

30 per cent federal tax credit for

taxpayers who install solar rooftop

systems, posing a signicant chal-

lenge to the industry.

Investors were surprised by the

scale of changes to IRA-era clean

energy incentives since the initial

draft of the bill was released on May

12. Analysts at Jefferies equity re-

search said that while the Senate

would tinker with the House’s pro-

posals, the cuts that Republicans

included in the updated text of their

budget were “sledgehammer

strikes” and the outcome was

“worse than feared”.

Clean energy stakeholders now

turn their attention to the Senate,

where the bill is headed before it is

sent to the President, hoping it will

reverse many of the proposed revi-

sions to the IRA.

Share prices in US renewable

companies plummeted following

the vote. Sunrun led the slide, with

shares falling nearly 41 per cent,

SolarEdge Technologies (SEDG.O),

fell nearly 26 per cent. JinkoSolar,

dipped 4.7 per cent, while First So-

lar and Canadian Solar dropped 5.4

per cent and 6.4 per cent, respec-

tively. Shares in NextEra Energy,

the biggest US power group by

market capitalisation and the coun-

try’s largest developer of renewable

energy, closed 6.4 per cent lower.

The fossil fuels lobby lauded the

bill, with the American Petroleum

Institute saying it would help “re-

store American energy dominance”.

Wood Mackenzie noted that the

biggest winner in the proposed

House bill is carbon capture, utilisa-

tion and storage (CCUS), as the 45Q

tax credit remains largely un-

changed. Rohan Dighe, Research

Analyst at Wood Mackenzie, said:

“While the Ways and Means Com-

mittee’s proposal does include two

modications to the 4 carbon

sequestration tax credit, its value

and duration – attributes that make

it one of the most attractive CCUS

incentives in the world – remain

intact.”

Another small positive for the cli-

mate change lobby is that tax cred-

its affecting the nuclear sector were

exempted from the cuts.

Continued from Page 1

The European Union has unveiled a

plan for EU companies to end any re-

maining energy contracts with Russia

by 2027 and instead source gas from

elsewhere, including the US.

The strategy bans new contracts by

the end of 2025 and mandates the ter-

mination of existing long-term agree-

ments by 2027.

Dan Jørgensen, the EU Energy, in-

sisted the plan would be effective and

would end European energy depen-

dency on Russia.

“It will also be legally feasible and

something that member states will be

able to support,” said Jørgensen. He

promised “new solutions” to enable

companies to break their contracts.

Prior to Russia’s invasion of Ukraine

in 2022, the EU sourced more than 40

per cent of its pipeline gas imports and

about 28 per cent of imported crude oil

from Russia. The bloc’s share has since

dropped to about 13 per cent of gas

imports, including liqueed natural

gas (LNG), and less than 3 per cent of

oil imports.

ut despite the signicant decrease

in pipeline gas, the EU has increased

its imports of LNG from Russia, with

shipments hitting record levels last

year.

ccording to ofcials, the Commis-

sion’s plan is intended in part to signal

to Washington that the EU is ready to

buy more US LNG as part of a deal

to reduce its trade decit, ofcials

have said.

Jørgensen acknowledged that this

would be up to private companies, but

said he was “in dialogue with quite a

few”, and US suppliers were “very

eager and willing” to boost exports to

Europe.

he Commission was quite con-

dent” that the EU could phase out

Russian fuels in a way that would not

hurt Europe’s competitiveness or its

citizens, he added. This would be

done with the help of supplies from

“Norway, [the] US, Qatar and certain

north African countries”, Jørgensen

said.

He added that efforts backed by US

investors to restart ows through the

Nord Stream 2 pipeline that runs be-

tween Russia and Germany would not

affect the Commission’s aim of inde-

pendence from Russian fuel.

A recent report by global energy

market analytics provider Aurora En-

ergy Research examined major geo-

political risks to global gas markets,

the uncertainty of future European

supply, and the ripple effect of tariffs

on prices in the US, Europe, and Asia

due to LNG rerouting.

The report highlights that a resump-

tion of Russian pipeline gas would

have a substantial impact on Euro-

pean energy prices, whereas tariff

trade disruptions could subdue US

growth, while offering mixed results

for other regions.

t the start of this year, the veyear

agreement between Ukraine and Rus-

sia expired, which had allowed Rus-

sian gas to be transported to Europe

through pipelines in Ukraine. Aurora

modelled various scenarios of Rus-

sian gas transport, comparing the

baseline case with scenarios where the

ow either fully resumes or is com-

pletely halted.

If ussian gas ows were to resume

at pre-war levels, the European bench-

mark (TTF) gas prices would decline

by 7 per cent in 2030-2060, alleviating

market pressures across the region. A

potential return of Russian pipeline

supply would reduce the need for

LNG imports, which have played a

vital role in compensating for lost

transit volumes through Ukraine. If

access to more affordable Russian gas

is restored, the importance of LNG

will diminish signicantly, particu-

larly in Germany where demand could

drop by 5-12 bcm/y, according to Au-

rora’s assessment.

A new report from Wood Mackenzie

nds that despite surging power de-

mand, the gas turbine market could

experience “turbo lag” in the next 15

years due to manufacturing con-

straints, rising costs, and competition

from renewables.

The report, titled ‘Turbocharged vs

turbo lag: The new landscape for gas-

red power, projects that around 80

G of new gas red generation ca-

pacity will be added globally between

2025 to 2040. Combined, China and

the US average 47 per cent of global

annual additions from 2025 to 2040.

Other markets and regions, including

Southeast Asia, India, and the EU27

range from 53 per cent of global an-

nual additions from 2025 to 2040.

However, several factors may limit

growth, particularly in the near-term,

says the report.

Manufacturing capacity constraints

could delay new gas plant construc-

tion. Wood Mackenzie calculates

around 0 per cent utilisation of gas

turbine manufacturing capacity in

2025, which could cause some US

developers to nd that 2030 or beyond

is the earliest opportunity to bring new

combined cycle capacity online.

In the US, skyrocketing capital costs

and electricity market prices below

the cost of new gas generation pose

challenges.

In Asia, high imported gas costs

limit gas to a peaking role despite

strong power demand growth.

In Europe, decarbonisation goals are

pushing unabated gas to the margins

by 2040.

“While power markets will require

natural gas red power as part of the

energy transition through 2040, gas’s

role will have limits,” said David

Brown, Director of Energy Transition

Research at Wood Mackenzie. “High

fuel costs in some regions, rising con-

struction costs, and continued cost

declines for renewables and energy

storage will constrain gas’s growth

potential.”

Headline News

Gas turbine market could experience “turbo lag” in 15 years

UK and EU alignment on

clean energy could drive down

electricity bills and emissions

n Talks to link UK and EU emissions trading schemes

n Electricity costs could fall as prices stabilise and trade friction reduces

EU proposes deadline to end Russian energy imports

Photo by Andreas Gücklhorn

Wood Mackenzie’s

Rohan Dighe says CCUS is the

biggest winner

Siemens Energy is a trademark licensed by Siemens AG.

Scan the QR code

to learn more

THE ENERGY INDUSTRY TIMES - JUNE 2025

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THE ENERGY INDUSTRY TIMES - JUNE 2025

Companies News

World Builder Jan De Nul has achieved

a record turnover for the third year in

a row. In 2023, turnover increased by

18 per cent compared to 2022. In 2024,

it went up by 36 per cent. The com-

pany, which has activities in offshore

energy, reached the €4 billion mark for

the rst time.

he landmark gure compares to a

turnover of just under €3 billion in

2023. At €777 million, EBITDA is also

up 2 per cent, while net prot is up

38 per cent, to €409 million.

Jan Neckebroeck, CFO at Jan De Nul,

said: “Jan De Nul can report a fantastic

year in terms of results, despite geopo-

litical tensions and economic uncer-

tainties. his gives us condence for

the future, as global tensions, rein-

forced with growing protectionism,

continue into 2025.”

The company saw growth across its

four main activities: Offshore Energy,

Dredging Solutions, Construction

Projects and Planet Redevelopment.

Dredging and offshore energy projects

accounted for 77 per cent of Jan De

Nul’s turnover.

The construction of offshore wind

farms and the installation of submarine

cables to bring green energy ashore are

“on the rise”, the company said. Jan

De Nul’s dredging activities also con-

tinued to do well, including the con-

struction of new ports in Spain, Sen-

egal and India.

The company’s various construction

and redevelopment projects account

for 23 per cent of its turnover. Ex-

amples include the Oosterweel link,

the new trafc comple near russels

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Junior Isles

Danish multinational energy compa-

ny rsted has recorded solid rst

quarter operational earnings, despite

ongoing challenges in the offshore

wind sector.

perating prot I for the

rst quarter amounted to 8. bil-

lion 1.3 billion compared to 

7.5 billion in the same period last year.

EBITDA excluding new partnerships

and cancellation fees in Q1 2025

amounted to 8.6 billion, an in-

crease of 14 per cent compared to the

same period last year.

Earnings from offshore sites

amounted to . billion, which

was an increase of  0. billion

compared to the same period last year.

The increase was due to the ramp-up

of generation at its German offshore

wind farm Gode Wind 3 and higher

availability. This was partly offset by

signicantly lower wind speeds in the

quarter.

rot for the period totalled 4.

billion, an increase of 2.3 billion

compared with Q1 2024. Return on

capital employed C came in at

4.6 per cent. ROCE adjusted for im-

pairment losses and cancellation fees

in Q1 2025 was 10.2 per cent.

Ørsted maintains its full-year EBIT-

 guidance of 228 billion

excluding earnings from new partner-

ship agreements and impacts from

cancellation fees. Furthermore, it

maintains its gross investment guid-

ance of 04 billion.

Commenting on the interim report

for the rst quarter of 202, asmus

Errboe, Group President and CEO of

Ørsted, said: “I’m pleased with our

operational performance and earnings

in Q1 2025, and we remain fully fo-

cused on the execution of our four

strategic priorities. During the quarter,

we had solid operational earnings sup-

porting our full-year guidance, and we

continued to deliver on our farm-

down programme by completing off-

shore and onshore farm-downs.

“We also continued to deliver on our

construction portfolio as we commis-

sioned our offshore wind farm Gode

Wind 3 in Germany, reaching more

than 10 GW of installed offshore

capacity.”

Ørsted noted that the offshore wind

industry is challenged in the short term

with headwinds relating to supply

chain, regulatory, and macroeconom-

ic developments, and said it is follow-

ing the developments in the regula-

tory landscape closely and

continuously assess any potential

impacts.

Ørsted recently took the decision to

discontinue the development of the

Hornsea 4 project in its current form,

well ahead of the planned FID later

this year.

“The combination of increased sup-

ply chain costs, higher interest rates,

and increased execution risk have

deteriorated the expected value cre-

ation of the project,” said Errboe.

The company maintains, however,

that the long-term fundamentals for

offshore wind are strong due to the

increasing global electricity demand,

a strengthened focus on energy secu-

rity and affordability through renew-

ables, and improved framework con-

ditions in several major markets.

emonstrating his condence in the

market, Errboe reported: “We expand-

ed and strengthened our Group Ex-

ecutive Team and welcomed two

strong proles in manda asch and

Godson Njoku, who’ll add valuable

competences and bring decades of

senior leadership experience from the

energy industry.”

Ørsted returns “solid” operational

performance despite challenging

environment

n  oeratin rots hit . iion n Sector aces short-term headinds

Over half of almost 1500 business lead-

ers of medium and large companies

plan to relocate their operations within

ve years to better access renewable

sources, a survey carried out across 15

countries has found, and nearly all of

them backed a long-term shift away

from fossil fuels.

he ndings were based on inter-

views carried out between December

and February with about 100 C-suite

executives from each of the countries

since US President Donald Trump re-

gained ofce.

Since taking ofce in January,

Trump has launched a sweeping at-

tack on climate policies in the US,

while his threatened tariffs have

sparked fears of a global trade war that

could push the cost of the energy tran-

sition higher.

The research said that while US

policy emphasised fossil fuel expan-

sion, 97 per cent of the American ex-

ecutives polled wanted to see the gov-

ernment expand renewable electricity

in the grid.

Liz Minné, Director and Head of

Global Sustainability at Interface, the

US ooring company, said the polling

showed that “global businesses under-

stand the urgent need to shift from fos-

sil fuels to renewables.”

While participation in the survey,

which included the US, U, Germany,

Brazil and India was anonymous, Iber-

drola, Natura and Schneider Electric

were among those to lend their backing

to the ndings, the Financial Times

reported.

“A rapid shift from fossil fuels to

renewable power and electrication

makes strong business sense and en-

sures energy security and resilience,”

said Iberdrola’s Global Director of

Climate Change and Alliances, Gon-

zalo Sáenz de Miera.

More than three-quarters of busi-

nesses surveyed supported a shift to a

renewables-based electricity system

by 2035 or sooner.

Some 52 per cent of those polled said

they would move their operations and

49 per cent would shift supply chains

to better access renewables-based

power systems within ve years, if

their home market lacked green energy.

his gure jumped to 8 per cent of

senior executives within ten years.

“If enacted, such measures could

have huge ramications for countries

international competitiveness and do-

mestic revenues,” the research said.

Companies plan shift to green energy

despite US rollback on renewables

Airport and the energy island in the

Belgian North Sea.

At the end of 2024, the order book

stood at €9.55 billion – once again a

record, giving the company con-

dence for the future. This is also re-

ected in the major investments Jan

De Nul made in 2024. The company

again ordered an extra-large vessel to

install subsea cables, a rst plugin

hybrid dredger and it is strongly com-

mitted to the electrication of its on-

shore machinery.

“Despite all our investments, we can

present a negative net debt. his -

nancial strength is important for our

company, as it allows us to further

invest in the most innovative eet and

progressive land equipment,” said

Neckebroeck.

Photo by Pau de Valencia

by the global shift towards decar-

bonisation and the increasing adop-

tion of electrication. olicy incen-

tives, the rising energy demands of

data centres, and the expansion of re-

newable energy sources are all con-

tributing to sustained demand for

batteries, particularly SS.

These trends are creating strong

tailwinds for the battery market, as

industries and governments seek to

reduce carbon emissions and transi-

tion to more sustainable energy solu-

tions. arket projections reect this

rapid epansion. ccording to data in

Cs prospectus,  battery ca-

pacity is expected to grow from 969

GWh in 2024 to 3754 GWh by 2030,

representing a compound annual

growth rate CG of 2.3 per cent.

ESS battery capacity is forecast to rise

from 10 GWh to 300 GWh in the

same period, a surprising CG of

6.3 per cent.

Battery recycling and emerging ap-

plications – in sectors such as avia-

tion, maritime, and industrial machin-

ery  are also projected to become

major longterm demand drivers.

C issued shares at 263

33.8 per share. y the end of the

rst trading day, the stock had climbed

to 311.40  a 16 per cent gain 

despite weak and volatile global

markets. ccording to Reuters, “the

institutional tranche of the deal was

oversubscribed 1.2 times, according

to Cs lings, while the retail

portion was 151 times oversub-

scribed. Cs offering is likely the

largest by a clean energy or clean tech

company in the past ve years.

Its strong performance signals that

global investors remain keen on

companies tied to the energy transi-

tion, even as enthusiasm wanes in

the US capital markets. Investor in-

terest remains robust in regions such

as sia and urope. he offering can

be seen as an endorsement of the

prospects for at least some segments

n ay 20, the worlds largest

battery producer, Contempo-

rary mpere echnology Co.

td, widely known as C, success-

fully secured a secondary listing on

the ong ong Stock change. It

was rst listed in June 2018 on the

Shenzhen Stock Exchange, where

shares are not freely tradable by all

investors, including foreign investors.

C was founded in 2011 and is

headquartered in ingde, ujian. It is

the worlds leading developer and

manufacturer of lithium-ion batteries,

primarily serving the electric vehicle

 and energy storage systems

SS sectors. he company quickly

rose to prominence thanks to strong

technological capabilities, a vertically

integrated supply chain, and early

partnerships with global automakers.

ver the past decade, C has

demonstrated remarkable growth. It

has been the worlds largest  bat-

tery maker for eight consecutive

years 2012024, holding a share of

almost 38 per cent of the global mar-

ket in 2024. In the SS market, it has

led for four straight years, with a

similar global share that year.

Its client roster is unmatched. In the

automotive sector, it includes global

manufacturers such as , ord,

onda, ercedesen, Stellantis,

oyota, and olkswagen, as well as

domestic makers like Geely, NIO,

SIC and iaomi. In the SS seg-

ment, clients include the USs e-

tEra Energy and Synergy, as well as

inlands rtsil. Cs global

footprint spans 13 manufacturing

bases and six research and develop-

ment centres, with signicant interna-

tional expansion in Europe, Southeast

sia, and beyond. It is also a leader in

battery innovation, pioneering prod-

ucts like the Qilin battery – which

supports fast charging from 10 per

cent to 80 per cent in approimately

10 minutes under optimal conditions

– and the Shenxing battery, an ultra-

fast-charging lithium iron phosphate

model capable of adding up to 520 km

of range in ve minutes.

s the biggest player in the battery

storage space, it is important to under-

stand the companys strategic busi-

ness plans and transition strategy.

In terms of business development,

C has adopted a multilayered

approach. irstly, it is keen to epand

globally. It already has two overseas

manufacturing bases  Germanys

huringia factory and ungarys

ebrecen factory. In ungary, it

plans to invest 2.6 billion 3.

billion, amounting to around 0 per

cent of its ong ong initial public

offering proceeds. It is also at an

advanced stage of setting up a joint

venture factory in Zaragoza, Spain,

with Stellantis, and is progressing

with battery value chain projects in

Indonesia. In Spain, Cs 4.1

billion 4.6 billion venture aims to

build a 50 GWh lithium-iron phos-

phate battery plant by 2026. hese

European ventures will bring the

company closer to the manufactur-

ing facilities of key customers.

s previously noted in The Energy

Industry Times s, I, and s

a boost to the EU energy transition”,

June 2024, battery storage is seeing

rapid innovation. C has embraced

this trend and is diversifying its bat-

tery technology portfolio. or eam-

ple, it aims to mass-produce sodium-

ion atra batteries by late 202.

hese offer cost efciency and com-

petitive energy density 1 hkg.

It is also developing a battery-swap

eco-system in China, aiming to cover

about 80 per cent of key logistics

routes nationwide by 2030.

In terms of energy transition plan-

ning and sustainability, C is tar-

geting carbon neutrality in its core

operations by 2025 and across its en-

tire value chain by 2035 – well ahead

of Chinas national 2060 target. he

company is transitioning all its facto-

ries to renewable energy sources and

already has four facilities certied

carbon neutral under S2060 stan-

dards a globally accepted specica-

tion developed by the British Stan-

dards Institution, including one

hydropower-powered site in Cheng-

du. It is implementing supplier sus-

tainability audits and promoting

blockchain-based raw material trac-

ing and battery passports to enhance

lifecycle transparency. Innovations

such as high-density condensed bat-

teries and advanced recycling systems

aim to reduce reliance on fossil fuels

in SS. he company is also collabo-

rating with industries such as steel

and cement to develop zero-carbon

industrial parks and islands, aligning

with Chinas dual carbon goals.

C is a dominant player in the

booming energy storage sector, driven

of the energy transition space.

In recent months, the fourth quarter

of 2024 to rst quarter of 202, there

has been compelling evidence of

healthy global investor and capital

markets interest in the energy transi-

tion. espite some quarterly uctua-

tions and notable project cancella-

tions inuenced by policy uncertainty,

especially in the US, the underlying

momentum remains strong as there

has been signicant yearoveryear

growth in overall clean energy invest-

ment globally as well as a substantial

rebound in mergers and acquisition

activity.

mong the many eamples is the

increase in sia investment in the

Us offshore wind sector in ay.

Chinese rms Goldwind and ing-

yang Smart nergy, alongside Japa-

nese companies such as itsubishi

eavy Industries, committed bil-

lions to projects, including a 1.2

billion 1.6 billion oating wind

farm off Scotlands east coast and an

800 1.1 billion million ed

bottom wind farm off nglands east

coast.

In conclusion, the successful offer-

ing by C is by no means a harbin-

ger of growth in energy transition-

related investments. owever, it

stands as a key example that, despite

negative signals from current US

policy towards the energy transition,

the market remains on a growth tra-

jectory. It is still offering eponential

business and investment opportuni-

ties to both direct and capital markets

investors alike.

Giuseppe ‘Joseph’ Jacobelli, head of

single-family ofce Bougie Impact

Capital Ltd., has over 30 years in en-

ergy markets. He raises climate -

nance awareness through his ‘Asia

Climate Finance Podcast’ and publi-

cations, including his upcoming book,

‘Powering the Unstoppable Green

Shift’.

 G IUS IS  JU 202

Decarbonisation Series

The recent public listing of a leading clean energy storage technology company offers several key insights. It sheds

light on the company’s strategic business plans and transition strategy, as well as the medium-term outlook for

the energy storage sector. The listing also highlights strong investor interest in businesses aligned with the energy

transition. Joseph Jacobelli explains.

CATL raises billions, supports

bull case for clean tech



CATL

EVE Energy

BYD

Hithium

Rept Battero Energy

CALB

Gotion High-tech

Other



13%





Co 







13%



CATL

BYD

LG Energy Solution

CALB

SK On

Other

38%

17%





28%

CATL has been the world’s

largest EV battery maker for eight

consecutive years (2017-2024),

holding a share of almost 38 per

cent of the global market in 2024.

In the ESS market, it has led for

four straight years, with a similar

global share that year

Jacobelli: as the biggest player in the battery storage space, it is

important to understand CATL’s strategic business plans and transition

strategy

urope’s energy system is at a

crossroads. As the continent

phases out fossil fuels, the de-

mand for low-carbon, independent

energy is surging. According to the

International Energy Agency (IEA),

electricity use across the EU is ex-

pected to climb steadily in the next

few years. On top of this, European

industry is struggling to remain

competitive.

Right now, nuclear power provides

nearly a quarter of Europe’s electric-

ity. More importantly, it’s the largest

source of carbon-free power on the

continent. But its role is about to ex-

pand dramatically. As we decarbo-

nise industries and power-hungry AI

workloads grow, the demand for re-

liable, dense, clean energy is accel-

erating. Nuclear is a crucial asset on

the pathway to net zero. This is evi-

dent in the actions of many Europe-

an countries that have reversed their

nuclear phase-out policies over the

past 12 months. Its also reected in

public commitments to nuclear and

small modular reactors from major

tech companies like Google and

Microsoft.

Yet pu bl ic su pp or t f or nu cl ea r is

still lagging. In the most recent sur-

veys, concerns about cost, safety,

and waste persist. Today’s nuclear

waste, often viewed as a liability, is a

vast untapped energy resource, one

that could power Europe for de-

cades. To unlock that potential, we

need a new kind of nuclear technolo-

gy. That’s where molten salt reactors

come in.

Molten salt reactors (MSRs) are

part of a class of advanced nuclear

systems known as Generation IV re-

actors. Unlike conventional designs

that use solid fuel rods, MSRs use a

liquid mixture of molten salt that

serves both as a coolant and a fuel

carrier. In these systems, heat is pro-

duced through nuclear ssion within

the circulating salt.

MSRs have several safety advan-

tages built into their design. There is

no risk of a traditional core melt-

down, as the fuel is already in liquid

form. They operate at low pressure

under all conditions, reducing the

risk of pressure-related failures. The

reactors also feature strong negative

temperature feedback; when the tem-

perature rises, the fuel salt expands,

slowing the nuclear reaction.

This high operating temperature

and inherent safety make MSRs

highly efcient and costcompetitive.

Due to their high core temperature,

they are well-suited for supplying in-

dustrial heat, including to sectors

that are difcult to decarbonise with

conventional nuclear technology.

MSRs can use a variety of fuels,

including low-enriched uranium,

thorium, and spent nuclear fuel. Be-

cause the fuel is dissolved in liquid

salt, Ss are more eible in fuel

sourcing than traditional solid-fu-

elled reactors. This opens the door to

reducing long-lived nuclear waste,

making use of underutilised materi-

als, and even closing the nuclear fuel

cycle.

From prototype to practice

Molten salt reactors have long been

described as a kind of “holy grail” of

nuclear ssion, offering the potential

for high efciency, eible fuel use,

and enhanced safety. The technology

was successfully demonstrated in the

United States during the 1960s, but it

was never developed for commercial

deployment. Despite ongoing inter-

est, two persistent challenges have

limited progress. This has been due

to a number of factors:

Material Integrity: Materials in the

molten salt reactor core must with-

stand constant radiation, corrosive

salt, and high temperatures. Ensuring

long-term durability of materials un-

der these conditions remains one of

the key engineering hurdles.

Fuel handling and transport: Mol-

ten salt reactors need large amounts

of liquid fuel, and guring out how

to safely move, store, and handle

that salt, especially once it has been

used, has not been easy.

hese difculties have kept Ss

in the research domain for decades.

Thorizon’s design addresses these

challenges by rethinking how the

core is structured and how the fuel is

managed, aiming to make the tech-

nology more practical to build, oper-

ate, and license.

Rethinking the core

Rather than stretching materials to

endure decades of intense radiation,

high temperatures, and corrosive en-

vironments, Thorizon has designed

around the problem. Instead of one

large, ed reactor core, horion

uses a modular system built from in-

dividually contained cartridges. Each

cartridge is subcritical on its own

and houses the key systems needed

for reactor operation – the molten

salt fuel, a primary heat exchanger,

and a pump – all within a fully en-

closed structure.

The cartridges remain closed be-

fore, during, and after operation. No

material enters or leaves the car-

tridge while in the reactor. When a

cartridge reaches the end of its ser-

vice life, typically ve years or

more, it is removed and replaced.

The salt is then conditioned and, if

needed, reprocessed at an external

facility. This avoids the complexity

and proliferation concerns associated

with online reprocessing, with salt

conditioning instead carried out off-

site after cartridge removal.

Each cartridge is designed with

two containment layers: a primary

vessel and a secondary barrier, sepa-

rated by a gas-swept gap. This pro-

vides an added layer of safety, allow-

ing for real-time monitoring and

limiting pressure buildup from s-

sion gases or volatile compounds.

This design is the foundation for

horions rst commercial system 

Thorizon One.

Thorizon One

The Thorizon One is designed to be

cost-competitive and deliver 250

MW of industrial heat, which can be

directly used in sectors like the

chemical industry or hydrogen pro-

duction. This heat can also be trans-

formed into 100 MW of electricity –

enough to power 250 000

households. The reactor can be con-

gured to provide eible capacity

between 50 MW and 300 MW, stor-

ing energy when demand is low and

releasing it during peak hours.

During operation, the pump moves

the salt upwards through the car-

tridges. The reactor becomes critical

 meaning ssion happens  only

when all cartridges are active and

salt is circulating. Fission occurs

through neutron interaction at the top

of the reactor. he heat then ows to

the bottom and is extracted through

the heat exchanger. At the end of the

cartridge lifecycle, or in case of a

power failure, the pump stops and

the salt drops to the bottom of the

cartridges. his stops the ssion re-

action automatically. This way, the

reactor stays safe, even during a full

power outage scenario.

The Thorizon One has been en-

dorsed as the only molten salt reac-

tor project in the EU Small Modular

Reactor (SMR) Industrial Alliance

 a signicant recognition of its

strategic relevance to Europe’s en-

ergy future.

Journey to commercialisation

Thorizon was awarded a €10 million

grant in 2024 as part of a consortium

with Orano through the France 2030

programme, making it one of only

three molten salt reactor projects se-

lected. Together with Orano, Thori-

zon is leading ten specialised work

packages, ranging from fast spec-

trum reactor design and cartridge

handling to fuel salt transport and

nuclear safety, with strong involve-

ment from CEA, NRG, and other

top-tier research institutions.

In parallel, Thorizon has teamed up

with VDL and Demcon to demon-

strate the manufacturability and

functionality of key molten salt reac-

tor components. This long-term col-

laboration will support critical proto-

typing, including heat exchanger

development and salt purication

systems.

Most recently, in March this year

Thorizon announced a successful

fundraising of €20 million to accel-

erate reactor development. This in-

cludes a €16 million equity commit-

ment from existing investors led by

Invest-NL, and a €4 million grant

from the Province of Noord-Brabant.

This new capital will support licens-

ing efforts, design and prototyping,

and commercial development. Thori-

zon is actively seeking strategic in-

dustrial collaborators and investors

across Europe on its path to building

the rst of its kind.

With a construction licence appli-

cation planned for 2027 and con-

struction for the rst of a kind target-

ed for 2030, Thorizon is moving

from theory to implementation.

Europe’s next nuclear chapter

Europe’s energy system is undergo-

ing a rapid transformation, driven by

decarbonisation goals, energy securi-

ty concerns, and growing demand

from industry and digital infrastruc-

ture. Existing nuclear plants play a

critical role in this transition and will

continue to provide stable, low-car-

bon power for decades. But to meet

future needs, particularly eible

heat, affordable power, and long-

lived waste reduction, new reactor

designs are required alongside to-

days eet.

Molten salt reactors represent a

new generation of nuclear technolo-

gy that is cost-competitive, inher-

ently safe, and capable of signi-

cantly reducing long-lived waste.

Thorizon One applies these princi-

ples through a cartridge-based de-

sign focused on manufacturability,

maintainability, and real-world de-

ployment. By delivering high-tem-

perature heat and eible electricity

from a compact, modular system, it

offers a practical solution to support

Europe’s energy transition.

Kiki Lauwers is CEO at Thorizon.

Cartridge-based

molten salt reactors

can help decarbonise

industry and unlock

clean, reliable power

across the continent,

says Thorizon’s

Kiki Lauwers.

Re-imagining nuclear: a practical path

to a resilient European energy future

THE ENERGY INDUSTRY TIMES - JUNE 2025

Technology Focus

A cutaway view of Thorizon’s

modular cartridge-based

reactor, showcasing its

double containment, pump-

driven salt circulation, and

walk-away safe design

Lauwers: Thorizon One is moving from theory to implementation

THE ENERGY INDUSTRY TIMES - JUNE 2025

Final Word

ne big, beautiful bill” is how

US President Donald Trump

describes his bill to cut taxes

and boost spending on the military and

border enforcement. But where is the

beauty in legislation that will also dam-

age the renewable energy sector?

The bill, which narrowly passed in

the House of Representatives and es-

sentially guts the green energy support

provided under the idenera Ination

Reduction Act (IRA), was welcomed

by American Petroleum Institute who

praised the bill for “preserving com-

petitive tax policies”.

Clean energy supporters, however,

have not been so welcoming.

“Despite many reassurances that

[House] members support domestic

manufacturing, a vote for this bill was

a vote to close US factories and

concede manufacturing jobs of the

most important energy resource of the

21st century to China,” said Michael

Carr, Executive Director of the Solar

Energy Manufacturers For America

Coalition.

The House bill strengthened restric-

tions on the use of tax credits for any

project backed by Chinese companies

or using materials produced in China

under a provision targeting “foreign

entities of concern”. China dominates

all aspects of the clean energy supply

chain, and the restrictions effectively

eliminate the ability of most projects

to claim the credits.

“This isn’t a scalpel, it’s a meat

cleaver, and it will hurt us all,” said

Heather O’Neill, President of clean

energy lobby group Advanced Energy

United.

Though O’Neill’s “all” may have

been referring to the US, the nation’s

direction of travel under the Trump

administration is having global conse-

quences. Certainly, the bill, together

with Trump’s tariff wars, are causing

concern far beyond US domestic

boundaries. The picture is getting ugly.

At Aurora Energy’s recent Spring

Forum in London, UK, panellists

during a session on securing Europe’s

energy future discussed how US poli-

cies are already affecting the energy

transition’s supply chains in Europe.

Anne-Laure de Chammard, Execu-

tive Board Member & Group Execu-

tive Vice President, Siemens Energy,

commented: “The tariffs and the

geopolitical tensions that go with it, is

creating something where the uncer-

tainty is now becoming very struc-

tural… most of the investments are

halted because of that. Inventories

have stopped. There was a drop of

more than 20 per cent in ports in the

US; it’s now back on track but the

ripple effects are huge everywhere. So

even though you might think there is

no short-term effect, the long-term

effect – because we have 5-10 year

projects – is going to be important,

whatever happens.”

Andreas Regnell, Senior Vice Presi-

dent, Head of Strategic Development

at Vattenfall noted that although the

impact of the tariffs is primarily indi-

rect, “it does not mean that it’s not

severe”. He added: “It’s super-severe

but it’s not direct because many of the

things we source, we buy from Europe.

But the uncertainty means that things

take longer and fundamentally, it in-

creases cost of capital.”

This was echoed by Tim Meyerjür-

gens, CEO, TenneT, Germany, who

said: “All our suppliers are more or

less in Europe but if we look at the

entire supply chain, especially in the

raw materials market, of course it is

also affecting our supply chain. So it

brings insecurities, additional costs

and I think it’s a wake-up call for

Europe to become more resilient.”

Indeed, supply constraints are in-

creasingly shaping the cost and pace

of decarbonisation, as various choke

points make long term planning and

eecution more difcult than ever. he

EU is attempting to address the issue

through several measures, such as the

Critical Raw Materials Act and Clean

Industrial Deal.

Meyerjürgens said the Clean Indus-

try Act is therefore “very important”

and needs to not only be introduced

“very fast” but with “less bureaucracy

than we usually do. Otherwise, it will

not help sufciently.

During the panel discussion Elyette

Roux, Executive Vice President

Power Grid and Member of the Ex-

ecutive Committee at Nexans, agreed

but added: “It’s surprising to see that

President Trump didn’t put an import

tax on copper, which is the main

metal for making cables. But as we

do manufacture copper cables in

Canada, that’s good for the US. So,

so far so good. But for sure, the un-

certain climate is pushing us to rein-

vent the way we should look at our

supply chains.”

Ahead of the panel session, Roux

told TEI Times how Nexans was

tackling the challenges.

Risks and challenges to offshore

wind are particularly acute, especially

in the US, where Trump has put a halt

to projects in federal waters. Fortu-

nately for Nexans, only 4 per cent of

the French cable manufacturer’s

backlog of projects is in the US – all

of which are due to be completed by

next year. The remaining projects are

spread globally, primarily in Europe.

At the distribution level the produc-

tion of grid components is generally

local, since distribution grid operators

are usually state-owned.

Roux noted: “This means you oper-

ate in a regulated environment in terms

of the energy tariff and type of prod-

ucts, etc. With the need to interconnect

grids across borders there is an increas-

ing need to harmonise standards and

products.”

With circularity being a central

theme to sustainability, a key chal-

lenge for cable manufacturers is pro-

curing copper and aluminium from

existing sources.

Roux explained: “Copper or alu-

minium scrap is not that easy to cap-

ture. Everybody wants copper and

there is a lot of theft due to its value.

And with regards to aluminium, you

can only make recycled aluminium

cables from [existing] aluminium ca-

bles. You cannot, for example use alu-

minium from a soda can because it has

to be pure enough to be used as an

aluminium cable.

“So the circular loops that have to be

created for aluminium are not that easy

because you have to be able to access

the dismantling of aluminium cables.

In urope its quite difcult because

it is underground – usually when a grid

operator makes a repair, the old cable

is left in the ground.”

Nexans is therefore organising a

circular supply chain to ensure it can

access the scrap that is the resource of

tomorrow. It collects all the scrap from

its plants and reinjects it to its alu-

minium suppliers, providing up to 10

per cent of scrap towards the manu-

facture of aluminium.

Meanwhile, next year the company

plans to open its own copper smelting

and rening plant that will have the

same production capacity as a copper

mine in Peru but produced from copper

scrap.

“There will be scarcity of copper by

2030 so that’s why we are accelerat-

ing,” said Roux. “… In Europe, we

have decided not to use any more

Russian aluminium, so we don’t have

access to that.”

eing more selfsufcient or at least

diversifying supply chains seems an

obvious thing to do but how countries

do this is key, especially if the energy

transition is to maintain its momentum

globally.

The US government’s approach may

well help it to become more self-suf-

cient but will do little to help the

world’s transition to a clean environ-

ment – although that is probably far

from the mind of President Trump.

et ove rl oo ki ng t he b ene ts tha t

clean energy has brought to the envi-

ronment and its own economy could

be viewed as shortsighted and have a

ripple of unforeseen circumstances.

Trump may see his new tax bill as

beautiful but perhaps should look

through a different lens when asking

his mirror if his policy is indeed the

fairest of them all.

Mirror, mirror on the wall…

Junior Isles

Cartoon by Jem Soar