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Date: Fri, 17 Oct 2025 10:17:16 -0400
From: Mordor Intelligence <news@emailmordorintelligence.net>
Reply-To: yogesh.mishra@mordorintelligence.com
To: shishir@banglamarkgroup.com
Message-ID: <1760710626779.7bbf2497-9361-4f81-9d1a-055f5b261096@bf10.na2.hubspotemail.net>
Subject: From Recycling to Grid-Scale: Inside the Battery Transition
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Storage, sustainability, and recycling are defining the next phase of batte=
ry growth.

Mordor Intelligence Logo (Full-Transparent) (https://dxwlxW04.na2.hubspotli=
nks.com/Ctc/GJ+113/dxwlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN8064225f=
r76W50kH_H6lZ3mvW1wz72k83N04lW3P2T4n8tzRRfW7j8fYg7q7NHkW6KTcHX2PSc6jVHXr-49=
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5zD78r397V7LC5q28qjR0VnWzNF2slpNNW8q0vV735TWY6f2SnKYR04 )

LATEST UPDATED REPORTS FROM MORDOR INTELLIGENCE

Battery Ecosystems Are Moving from Capacity Growth to Circular Integration

Battery markets are moving from rapid expansion toward long-term efficiency=
 and recovery. As electrification spreads across vehicles, grids, and indus=
tries, the focus is shifting from capacity growth to sustainability, chemis=
try optimization, and closed-loop recycling. This transition is linking raw=
 materials, production, and repurposing into one of the world=E2=80=99s mos=
t strategic industrial ecosystems.

Our 2025=E2=80=932030 Forecasts Highlight

- The global battery ecosystem is projected to exceed USD 200 billion in an=
nual revenue by 2030, as EV adoption and grid electrification expand demand=
 for cells, recycling, and integration.
- Lithium-ion batteries account for over 70 percent of installed capacity t=
oday, with chemistry mix evolving Lithium Iron Phosphate (LFP) for cost, Ni=
ckel Manganese Cobalt (NMC) for performance, and solid-state for high-end a=
pplications.
- Recycling capacity is expected to reach nearly 2.5 million tons of proces=
sed material per year by 2030, with recovered lithium and nickel feeding di=
rectly into new cell production.
- The grid-scale storage market has tripled in installed capacity since 202=
0 and is evolving toward multi-hour systems combining lithium, flow, and hy=
brid chemistries.
- Dual-carbon and sodium-ion technologies are crossing early commercial mil=
estones, offering stable, low-cost alternatives for stationary and fleet st=
orage.
- Global alkaline and primary battery demand remains steady at roughly USD =
9=E2=80=9310 billion, but producers are differentiating through longer shel=
f life and recyclable packaging.

These insights are drawn from our latest updated reports and capture how el=
ectrification, recycling innovation, and chemistry diversification are resh=
aping the global battery value chain.

Read More (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dxwlxW04/VWjDf2=
5y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN8064225fr76W50kH_H6lZ3mvW1wz72k83N04lW3P2T=
4n8tzRRfW7j8fYg7q7NHkW6KTcHX2PSc6jVHXr-49cWQT8W7vjP5w1rMGgDW46pkFL6PBRX8W7F=
Q93v8pgRtWW3XZ1Wf81QDDNN2mvQdVnjdNfW5SVvyD6PW9PYN8pd_kk2fDZ8W7DDWKY9h_xC2W2=
Nw3D86XDVy4W2fHGvx8qJ6R5VbRVRt8rNnVfW47j6yj33Mx-DN1W8Qp8Z0lHTN4jXc-723RBzW1=
22wtb5LZBKMW96Z9ML6mgz0fVwLR_w3wr-_dW2DNVNx60GRMpVX0_1Z1DPQcrW22_h5y8zFmZGW=
2vTq9r8s2MMTW5tNwvc6trh_ZW44Qsg28K4jtFVtd5zD78r397V7LC5q28qjR0VnWzNF2slpNNW=
8q0vV735TWY6f2SnKYR04 )

Markets to Watch

Lithium-Ion Battery Recycling

Recycling networks are scaling in North America and Europe as OEMs secure s=
upply from recovered materials. Hydrometallurgical processes now dominate f=
or lithium and nickel recovery.

Download Sample Report (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dx=
wlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5fr76W69t95C6lZ3lpW1sJ0=
__79rsMLW9bNYHP3ccSM7W36ZMln90ynYkW5M0Jkf3H-ttcW5_YNgt10kmdcW61Jz-M2WVhNhW8=
fXLTG76CmhmW4204Tz9frg-bW2DFHbQ9kYTsQW5DRqv-51Zr17V8Zq7t3ctHRwW5BxZrD93tqBf=
W4T8Jcg2ZbPl1VT-BB97F8CncW2gyxL85Kckg7W7zGdPb5gk_JmW7kkCxm8rlV6rW7GLQbk7PWL=
v1W3lwsZ38C0Wc-N14z7lCWmvjzW9cDS5_33HTkzW8SyFkN9ghRvPW1-2JGr1vsTs1W3zcf4y4-=
34GvW1bBqnK2yp2pwW8csl3W6PVqhgW5swRBg21CddVN78xb5gdVDjBW3cHZJ_9lTHpTW1tsN3z=
4Yq7b9W3QWhw5379Z3hW99FLq34tGxzNW5Kj7KJ5S6jwbW884GHk7r-cgXW8WPn1w39t0XnW7LZ=
Rkg9kJNKXf7nfg6R04 )

Primary Battery

Industrial and defense applications continue to anchor demand for high-ener=
gy primary chemistries. Manufacturers are optimizing alkaline and lithium p=
rimary cells for longer standby life.

Download Sample Report (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dx=
wlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5fr76W69t95C6lZ3mhW7kVY=
yP9k6JqfW2798wP11L_vRW4tBFgj8tgn1ZVgc2Gy530ZrMW8nV9_783L3F1VcLDty8cn0KRW91_=
_4z2SC3NWW8Q8ZnX3zD-1lW6c9xJs5MvgnYW6LB7LY6mVPtlW7M4NK868njlGN3s9vgkY09mdW8=
jWdPb7DXNSgW2KKz723zxz2WN173LXTFsQPDW31dsDY8FvN_MW7jkJNZ9gLhJ-W7nR4jV1BpKYQ=
W3MPb0b1zzw7QW2NPP0H33Y0d7VHCZGZ3g-gW5W51pq-x7m5KqyVH7Swx45sR-mW7_NLc22Bgkg=
DW5pPqBk5fVRPXW4xX17n8Lp5W_W6PNZMg1tL-kBW2NPBLj69bHZGW8kyrL43754WjW8FpNRK4g=
tjvTVMZnXr6vdbFdW43BtWZ2K6jXxW623Qpy5ZJbFNW7Ns_dG1PmqlxW20nPrM7KnX51W3H04VV=
8WS3s_f5kt9hb04 )

Battery Market

Cell manufacturers are investing in localized production to meet regional s=
ourcing mandates. Cost parity between lithium-ion and lead-acid batteries i=
s accelerating EV adoption.

Read More

Download Sample Report (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dx=
wlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642l5fr76W5BWr2F6lZ3ksW6n5K=
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G9W8fRmFD5yYY_gW15lDvB28HH-9W8lL2kn79SrvzW6BvGjg7mj8wmW3tx7RN7YHx_yW3ZJyZ-4=
Cd9sNW68Vjpv6Lr7SNW92vPPX649zfWW1gHwk773Mj6TW2WjN1b4_QrXCf6XPyjd04 )

Battery Recycling

Asia-Pacific leads global recycling capacity, supported by government incen=
tives and second-life EV battery projects. Material recovery efficiency con=
tinues to improve through closed-loop collaborations.

Download Sample Report (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dx=
wlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5fr76W69t95C6lZ3pTVHcny=
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jJR6Rgb0ZW3GRYZb3Qxk-gW6yCLMQ7PmH3MVr56_C374sTdW8J2s4b6cl90rW3p88HR75vN1HW4=
hDX538CxTWxN7s08qCGBCMbW4kxlfH6YX6YvW12ytBS6_K_qLW1dpRKG4bxHNVW2k6tZ15-y14J=
W5MvY0g4JTBZZMwzt5zX1jW5W2kk8qM4QQ0TlW2q7zg98K6KgdW2vYQz47Q0DgHW8LXXlj7WntD=
KW2P9L4Z4dFQyrW8dhPjF223c4mW8pt6Xs31hTs3W2RZQfC6L7CG5W98cWVk3-Rts2W3MwFT855=
jnVMW1WTcFJ24RDczW1-w4lk6jpZnVW7HhkgV5Q-RsRW3NQPgx5LrjdzN2vkNBlRcPBjW23b31n=
4nNlDHf6BGvzd04 )

Lithium-Ion Battery

Energy density improvements and solid-state prototypes are defining the nex=
t growth wave. Supply-chain localization remains a priority across the Unit=
ed States and European Union.

Download Sample Report (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dx=
wlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5fr76W69t95C6lZ3nWW2xtT=
J45s13ZDW8jKDK07zlJ0XW5XtX--4bBhMjW4v4qvt4HBbVTW7Tc_XV7z9k1LW6-_r-w7nl-Y2W5=
ZzHzx8X1j6fW483H1S39DvsLW7s9WzT5d76LcW8NzTFg2GgXX-W5SstjX2kp44KW8ftbKc5Gh72=
1W66YxD27s7YH9W8bBmGD4tYBZSW8-hXR472x-_9W6KJGWD6f4n8KW6NSgQj1Pc5jmW1rrMgS2z=
jrwjW569DwJ3CMkD8W2T930d6J1X5WW4jXCRy4C8KxdW1645KH2kkPrQW8Kq0411x9b9mVQgkPF=
9b9HZTW81w0nq3cLz6fN1YsbQzXfyllW9g4_X249D0MFN5-pB-FL6-LkW1MsLDM6pqxzlW4PGnb=
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ZxM1KYFH1f1XN6Rs04 )

Grid-Scale Battery

Utilities are expanding multi-hour storage to support renewable integration=
 and grid stability. Flow batteries and hybrid systems are attracting pilot=
-stage investment.

Download Sample Report (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dx=
wlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5fr76W69t95C6lZ3m_W8kZb=
MN178vr_W36JswC6gv0v6W9dhynL503GB2W14W8f56LzH9yVN_KFQ4Rq7stW8Vx6hj58qlxVW7J=
rwGN1y4MMdW3Dyhsq1RbKDVW3gHbns6fyy4rW65YT6N5xZPw1W56-RSC4zkSl0W73PDDs7ZLBHT=
W6wQMFD976mlPW8VRMxF3905LZW41MnMj6VBb5xW1dD4Hm2KQ8pSW1Vynkd3ysT4vN8GWMbnp3_=
KtW3DLm5x3yTGv6Vp2xvd5TX88GVhJmQL3F1H-rW2VV5h_5LXLDkW71ZBCN7G49SYW6XdhFg3rP=
b5pW5zWT8M4hzd4vW9dBPSS4Ct8WHV5HFJy2pNWYWW98DrdB8vyKlWW1Fzdkc7F4SxlW2w0P1L4=
m_YrGVkDsJP4RQN6WW4rX1hw96JTFhW4FSJZs49H_PTW91BgQF13lcldW3x86NH3mqqkzW7nrpq=
_83fw2mf5zz02404 )

Dual-Carbon Battery

Research investment is accelerating for sustainable electrode chemistry tha=
t eliminates metal dependency. Early prototypes show potential for high-cyc=
le stability at lower environmental cost.

Download Sample Report (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dx=
wlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642Y5fr76W6N1X8z6lZ3n6W8cWS=
CV5tM62_W8wNfRl1lWx47N5W1Sc-Q5Zp7W2xNNs04mwqCsW4XxBR-59fsVQW6FTWfr6NnmKXW1z=
Dw1B41SJTmW6fl9DR4jvXxGMtYXGRFJV8fW38-_4h2zm1j-W6KgBGf7dH_wfW3v8c_44p3H9PW3=
lDPwr287sBtW5ySmhz3g0WlgW8QZfDx30c8HmVQCMv71Fqwx6W1dpKb85X8w8BW4V9Lvz4CSn6r=
W91dsKt3WTzY4W5w68PL2CrFwVW80kW5W8TnGQ5W6n4N_689LDzXW7TXyC82rYHl5W41KgZy1sB=
5-JW6rNgbB7QFnpmW6Mg3N26ZXzj5W6sqWxF62yB-3VPwd177qfJb4N8pVsRxxP4hbW20fpNv3F=
Ft7DW5S2Pmr1dsMy2W8ky7JW11F-DyW1wXg7L2PYc0JVZq7C19fq7X6V4bqx14NkDfjW4wBSxZ8=
mfr73VYkbZp9jF2rxW8ZC3V06LMQCVf6_9K3z04 )

Alkaline Battery

Demand remains concentrated in low-drain consumer devices and portable inst=
ruments. Manufacturers are focusing on eco-friendly packaging and mercury-f=
ree formulations.

Download Sample Report (https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dx=
wlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642l5fr76W5BWr2F6lZ3njW3H4Y=
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W8K68JX6bpNRlVVvzR86TjWN2W72dDsg2Df305W1ZxkQ-7RkSH9W7Gsl2k5VFHTJN4GVRxtKSXm=
1W7n-tQJ6ThxvhMLMG551lwkYW2t62pG6wjPKLW12Vc6081S52LW5YzWTP3dWTM_W1ytnrj7ycz=
chW6NCwqw7lKRW5W7K2t3F3ZClmrW4Ypqqj8T8J93W7zD5hS90vY29W5cQ-XR1hPK0-W1fTfvD7=
VGRs9VmgjXx83hKjpW82z8m55S0fLdW5KVL1K7x9nY6N6fftWSfXZWqf381zMC04 )

Explore Related Reports
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TM53v7SmlW5tZZwQ5DMxRJN8064225fr76W50kH_H6lZ3mvW1wz72k83N04lW3P2T4n8tzRRfW7=
j8fYg7q7NHkW6KTcHX2PSc6jVHXr-49cWQT8W7vjP5w1rMGgDW46pkFL6PBRX8W7FQ93v8pgRtW=
W3XZ1Wf81QDDNN2mvQdVnjdNfW5SVvyD6PW9PYN8pd_kk2fDZ8W7DDWKY9h_xC2W2Nw3D86XDVy=
4W2fHGvx8qJ6R5VbRVRt8rNnVfW47j6yj33Mx-DN1W8Qp8Z0lHTN4jXc-723RBzW122wtb5LZBK=
MW96Z9ML6mgz0fVwLR_w3wr-_dW2DNVNx60GRMpVX0_1Z1DPQcrW22_h5y8zFmZGW2vTq9r8s2M=
MTW5tNwvc6trh_ZW44Qsg28K4jtFVtd5zD78r397V7LC5q28qjR0VnWzNF2slpNNW8q0vV735TW=
Y6f2SnKYR04 )

Reply to this email if you=E2=80=99d like a tailored summary or a quick wal=
kthrough on these regional market shifts.

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fff;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;=
" lang=3D"en">Storage, sustainability, and recycling are defining the next =
phase of battery growth.</div>
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os_wrapper_module_17575904600562_" class=3D"hs_cos_wrapper hs_cos_wrapper_w=
idget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: in=
herit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-c=
os-type=3D"rich_text"><h2 style=3D"margin:0; font-size:14px; line-height:12=
5%; font-weight:bold; text-align:left" align=3D"left">LATEST UPDATED REPORT=
S FROM MORDOR INTELLIGENCE</h2></div></div></td></tr></tbody></table>
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=3D"0" style=3D"width:598px">
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    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_175681766968=
42" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_modul=
e" style=3D"color: inherit; font-size: inherit; line-height: inherit;" data=
-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_c=
os_wrapper_module_17568176696842_" class=3D"hs_cos_wrapper hs_cos_wrapper_w=
idget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: in=
herit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-c=
os-type=3D"rich_text"><h2 style=3D"margin:0; font-size:22px; line-height:12=
5%; font-weight:bold; text-align:left" align=3D"left"><span style=3D"color:=
 #191919;">Battery Ecosystems Are Moving from Capacity Growth to Circular I=
ntegration</span></h2></div></div></td></tr></tbody></table>
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min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#ffffff" bgcolor=3D"#ffffff">
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      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
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=3D"vertical-align: middle;">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:0px 20px 20px"><div id=3D"hs_cos_wrapper_module_17556100=
273332" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17556100273332_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><pre style=3D"white-space:pre-wrap"></pre>
<pre style=3D"white-space:pre-wrap"></pre>
<p style=3D"line-height:150%; font-size:14px"><span style=3D"color: #666666=
;">Battery markets are moving from rapid expansion toward long-term efficie=
ncy and recovery. As electrification spreads across vehicles, grids, and in=
dustries, the focus is shifting from capacity growth to sustainability, che=
mistry optimization, and closed-loop recycling. This transition is linking =
raw materials, production, and repurposing into one of the world=E2=80=99s =
most strategic industrial ecosystems.</span></p></div></div></td></tr></tbo=
dy></table>
</div>
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-left:10px; padding-right:10px">
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      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#eaf6fa; padding-bottom:10px; padding-top:10px" bgcolor=3D"#eaf6fa">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#eaf6fa">
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op:10px;">
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=3D"0" style=3D"width:598px">
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<div id=3D"column-1756817716541-0" class=3D"hse-column hse-size-12" style=
=3D"vertical-align: middle;">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px 5px"><div id=3D"hs_cos_wrapper_module_17568177=
165414" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17568177165414_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><p style=3D"line-height:175%; font-weight:bold"><=
span style=3D"color: #000000; font-size: 18px;">Our 2025=E2=80=932030 Forec=
asts Highlight</span></p>
<p style=3D"line-height:175%"><span style=3D"font-size: 18px;"> </span></p>
<ul style=3D"line-height:150%; font-size:14px">
<li style=3D"line-height: 150%;"><span style=3D"color: #666666;">The global=
 battery ecosystem is projected to exceed USD 200 billion in annual revenue=
 by 2030, as EV adoption and grid electrification expand demand for cells, =
recycling, and integration.&nbsp;</span></li>
<li style=3D"line-height: 150%;"><span style=3D"color: #666666;">Lithium-io=
n batteries account for over 70 percent of installed capacity today, with c=
hemistry mix evolving Lithium Iron Phosphate (LFP) for cost, Nickel Mangane=
se Cobalt (NMC) for performance, and solid-state for high-end applications.=
&nbsp;</span></li>
<li style=3D"line-height: 150%;"><span style=3D"color: #666666;">Recycling =
capacity is expected to reach nearly 2.5 million tons of processed material=
 per year by 2030, with recovered lithium and nickel feeding directly into =
new cell production.&nbsp;</span></li>
<li style=3D"line-height: 150%;"><span style=3D"color: #666666;">The grid-s=
cale storage market has tripled in installed capacity since 2020 and is evo=
lving toward multi-hour systems combining lithium, flow, and hybrid chemist=
ries.&nbsp;</span></li>
<li style=3D"line-height: 150%;"><span style=3D"color: #666666;">Dual-carbo=
n and sodium-ion technologies are crossing early commercial milestones, off=
ering stable, low-cost alternatives for stationary and fleet storage.&nbsp;=
</span></li>
<li style=3D"line-height: 150%;"><span style=3D"color: #666666;">Global alk=
aline and primary battery demand remains steady at roughly USD 9=E2=80=9310=
 billion, but producers are differentiating through longer shelf life and r=
ecyclable packaging.&nbsp;</span></li>
</ul>
<p style=3D"line-height:175%"><span style=3D"color: #666666;"> </span></p>
<p style=3D"line-height:150%; font-size:14px"><span style=3D"color: #666666=
;">These insights are drawn from our latest updated reports and capture how=
 electrification, recycling innovation, and chemistry diversification are r=
eshaping the global battery value chain.&nbsp;<br><br></span></p>
<p style=3D"line-height:150%; font-size:15px; font-weight:bold"><span style=
=3D"text-decoration: underline; color: #006fab;"><span style=3D"font-size: =
14px;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dxwlxW04=
/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642l5gg4xW5BWr2F6lZ3pbW18dcTW4rY8=
6MW3FSxcZ4ynpMPW7v5cT12nNBFfW1p0W6z1GC7qGW6BPqBp8rtc1yVMx1Lw7K8K0hW3JtrTx1p=
_w0sW6164-J9kPhKrW3Y06xl8GWd8sW2py3gg7qymLFW97vq9j9cwFQPW5t4mTG72S05sW3wczc=
x6ZCt4LW2Pb74310VXwdW5WM4QZ3-0cwJW4kQjc749y-GqVlL5yJ8C7qyrW7bBH0S3B5ys5W1m3=
lsc67K02kW2N-bb-2PGyL9W3RkwHy4HW73sW4qnCmM3D55F7W61pL898zvw7NW4Q6VzT9bhcFTW=
4qS8YF9lytCbV6KZZt1FzSJYN4zBl03Wksl0W325WV12KNnXQN7B3qxFSvkMYW4kRvLx59-Y41W=
3Y4cZt2w1ZrbW81mJdj1_KDHcW8mhN-T250JRPW6sQH6z711J51f306rhP04" style=3D"colo=
r:#006fab; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"1" data-hs=
-link-id-v2=3D"guvWv09/" target=3D"_blank">Read More</a></span><br></span><=
/p></div></div></td></tr></tbody></table>
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  <div id=3D"hs_cos_wrapper_module_17568182363046" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; =
font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg=
et" data-hs-cos-type=3D"module"><table role=3D"none" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"vertical-align:top" width=3D"100%">
  <tbody><tr>
    <td align=3D"center" style=3D"font-family:Arial, sans-serif; color:#234=
96d; font-size:0; word-break:break-word">
      <p style=3D"font-size:1px;border-top:1px solid #006fab;width:100%;mar=
gin:0 auto;"></p>
      <!--[if mso]>
        <table role=3D"none" align=3D"center" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" style=3D"font-size:1px;border-top:1px solid #006fab;wid=
th:598px;">
          <tr>
            <td style=3D"height:0;line-height:0">&nbsp;</td>
          </tr>
        </table>
      <![endif]-->
    </td>
  </tr>
</tbody></table></div>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1755611820610" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF; padding-bottom:10px; padding-top:10px" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;padding-bottom:10px; padding-top:=
10px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1755611820610_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:0px 20px"><div id=3D"hs_cos_wrapper_module_1755611816280=
3" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module=
" style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-=
hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_co=
s_wrapper_module_17556118162803_" class=3D"hs_cos_wrapper hs_cos_wrapper_wi=
dget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inh=
erit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-co=
s-type=3D"rich_text"><h2 style=3D"margin:0; font-size:18px; line-height:175=
%"><span style=3D"color: #191919;">Markets to Watch</span></h2></div></div>=
</td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_17568178828598" class=3D"hse-section" style=3D"padding=
-left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column-1756817882859-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_17568178=
828592" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17568178828592_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><p style=3D"font-size:14px; line-height:150%; fon=
t-weight:normal"><span style=3D"font-family: Arial, sans-serif;"><span styl=
e=3D"font-weight: bold; color: #006fab;"><span style=3D"font-size: 16px;">L=
ithium-Ion Battery Recycling&nbsp;</span><br></span><span style=3D"color: #=
666666;">Recycling networks are scaling in North America and Europe as OEMs=
 secure supply from recovered materials. Hydrometallurgical processes now d=
ominate for lithium and nickel recovery.</span><br></span></p></div></div><=
/td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:brea=
k-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_17568178828=
593" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_modu=
le" style=3D"color: inherit; font-size: inherit; line-height: inherit;" dat=
a-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_=
cos_wrapper_module_17568178828593_" class=3D"hs_cos_wrapper hs_cos_wrapper_=
widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: i=
nherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-=
cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:16px; line-height:1=
50%; font-weight:normal"><span style=3D"color: #006fab; font-size: 15px;"><=
span style=3D"font-size: 14px; font-weight: normal;"><span style=3D"color: =
#d24311;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/dxwlx=
W04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642Y5gg4xW6N1X8z6lZ3l3W5bPH4T4=
bDFg-Vxqhg-8JmhmsW1tz7hf3qsy8CVbLnVC1d10g6W2qftR-5Wj6k3W4NXd7m3jlz95V8_sf92=
m-R2_W5Nxgfs2nKdNyW2DZR-p5DtT9rW2qvwWd8hKsVmW7Zt66z7Fyz9CW43DF_72d0FXvW7XR1=
Zh2YHFVGVfTthP6j30wBW2qhvHk219vQvN5VqbLgKV9GjW3X1MQF47p6txVFhkrG5qrL8jW4L19=
nz8KwxVzW4G8mKM5bfC9qW6vH6M48MNQhZW27rngw6Nvll0W1QsHpB9m4P-fW2whNSS2DystbW4=
LBgQY28dvG0W2Msw7g6JBfFVVlhmNW5wn6wyW15P_Dw92m-qbW6hxMMR7-LL44W7wFCs12xXX_h=
W83VbRn3j6BTtW97dhf31swX7lW2wGT_26dGtGVW2QSPP43Q26VHW5zTzk12y6BSkW5nttT81f2=
HhZW6ZJ6Yg113JC3W4GtD6j2zGTsMf4mxZC404" style=3D"color:#d24311; font-weight=
:bold" rel=3D"noopener" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"02BlRAp=
O" target=3D"_blank">Download Sample Report</a></span></span></span></h1></=
div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:brea=
k-word; padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_17568178828=
594" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_modu=
le" style=3D"color: inherit; font-size: inherit; line-height: inherit;" dat=
a-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_=
cos_wrapper_module_17568178828594_" class=3D"hs_cos_wrapper hs_cos_wrapper_=
widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: i=
nherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-=
cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:16px; line-height:1=
61%; font-weight:normal"><span style=3D"font-family: Arial, sans-serif;"><s=
pan style=3D"font-weight: bold;"><span style=3D"color: #006fab;">Primary Ba=
ttery&nbsp;<br></span></span></span></h1>
<p style=3D"font-size:14px; line-height:150%; font-weight:normal"><span sty=
le=3D"color: #666666;">Industrial and defense applications continue to anch=
or demand for high-energy primary chemistries. Manufacturers are optimizing=
 alkaline and lithium primary cells for longer standby life.&nbsp;</span></=
p></div></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:brea=
k-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_17568178828=
595" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_modu=
le" style=3D"color: inherit; font-size: inherit; line-height: inherit;" dat=
a-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_=
cos_wrapper_module_17568178828595_" class=3D"hs_cos_wrapper hs_cos_wrapper_=
widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: i=
nherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-=
cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:14px; line-height:1=
60%; font-weight:normal"><span style=3D"color: #006fab;"><span style=3D"col=
or: #d24311;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+113/d=
xwlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642Y5gg4xW6N1X8z6lZ3mRW6cK=
zPH6PzpbKW4j5LhJ1735gxW93RZF93g9_ZyW1TCn_J1llwY8Vt1xf64pJYtGW7WzwZM8NTKQFW6=
x7Vj92TG0dpW5TpqR46wX6RsW3Dp1pL5KJbndW8jlqWY39HQ88W9199nz8V25ctW8pjb8m1HBfl=
tW3Tb6Hd7w7hr0W5SNRSb6_79fDVW2-HT4C7wWfW2HpDL916lHkKVGpv5D1tRf5tW9cjd1S5xXr=
FZW7htr4Z1qhzgGV6HKJM4Dv020W9kc6mP3Fz-rHW3rzQBG44-LBxW1hpQtB1XJ0hlW1Nc6qB45=
5rlJW36B7yb998qGhW16Xpt33yNTS3W3RLwGW9bccBCW6pSM0C5Rl-WsVR1HLV9kWkz7N8lHt73=
DNwSXW3HP7SK705SVVW5J_0sW2c-_75W7YvWK76FdPgFW2wFV2y96GxkwW3YRVJn5N4sB-W2pRD=
Gg2tz5TwW4Nnwsv4wmFK7W3ZD9sn1Fjk3Vf6T5XWH04" style=3D"color:#d24311; font-w=
eight:bold" rel=3D"noopener" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"UM=
kzzLIs" target=3D"_blank">Download Sample Report</a></span></span></h1></di=
v></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:brea=
k-word; padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_17568178828=
596" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_modu=
le" style=3D"color: inherit; font-size: inherit; line-height: inherit;" dat=
a-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_=
cos_wrapper_module_17568178828596_" class=3D"hs_cos_wrapper hs_cos_wrapper_=
widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: i=
nherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-=
cos-type=3D"rich_text"><p style=3D"font-size:14px; line-height:150%; font-w=
eight:normal"><span style=3D"font-family: Arial, sans-serif;"><span style=
=3D"color: #006fab;"><span style=3D"font-weight: bold;"><span style=3D"font=
-size: 16px;">Battery Market</span><br></span><span style=3D"color: #666666=
;">Cell manufacturers are investing in localized production to meet regiona=
l sourcing mandates. Cost parity between lithium-ion and lead-acid batterie=
s is accelerating EV adoption.&nbsp;</span><br></span></span></p></div></di=
v></td></tr></tbody></table>
<!--[if !mso]><!-->  <table role=3D"presentation" cellpadding=3D"0" cellspa=
cing=3D"0" width=3D"100%" class=3D"hs-hd" style=3D"display:none"><tbody><tr=
><td class=3D"hs_padded" style=3D"font-family:Arial, sans-serif; font-size:=
15px; color:#23496d; word-break:break-word; padding:0px 20px 15px"><div id=
=3D"hs_cos_wrapper_module_17568178828597" class=3D"hs_cos_wrapper hs_cos_wr=
apper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; font-size=
: inherit; line-height: inherit" data-hs-cos-general-type=3D"widget" data-h=
s-cos-type=3D"module"><div id=3D"hs_cos_wrapper_module_17568178828597_" cla=
ss=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" s=
tyle=3D"color: inherit; font-size: inherit; line-height: inherit" data-hs-c=
os-general-type=3D"widget" data-hs-cos-type=3D"rich_text"><h1 style=3D"marg=
in:0; font-size:16px; line-height:150%; font-weight:normal"><span style=3D"=
text-decoration: underline; color: #006fab"><span style=3D"font-family: Hel=
vetica, Arial, sans-serif">Read More</span></span></h1></div></div></td></t=
r></tbody></table><!--<![endif]-->
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1756818037673" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1756818037673_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_17568180=
349091" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17568180349091_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:14px; line-heigh=
t:160%; font-weight:normal"><span style=3D"color: #006fab;"><span style=3D"=
color: #d24311;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.com/Ctc/GJ+11=
3/dxwlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5gg4xW69t95C6lZ3q0W=
5PLfNB4F6lGYW2DhpPm2_Vbg6W42Hh_w2mRPdLW6KgFn46KJG74W2lRBW-69hY84W6zqPQ76j6p=
rCN8m77bPQH-kxW99hhgG4mJx1FW8zGX6r188ZhdW4YZgVk4J1hk5W4wQlq-11sr_LW2lGPzv7J=
r2kVW6XkGHw502xMGV_3Q9t5_nJy9W3nb2jK5r_2QxW21s7Wv6Dn4KzMMR2qdMPZlxW8C33Dy6t=
s8xrW7T8s_W9ctZ8FW4M0yyb725d9cVz0kKX5R9VnHW15WBP94rBbtPW1sV2g11f3C-8W7g203j=
4ybDPfW5hxtnm6YnmMXN81nn2kb9nwSW3nRHHY4jB5-pN7klkf65yjdQW1sVKNc1HTH2GW4b17h=
p8PlndjW16ZwfD8-YdbBW3Cf-YD1j_wlWW5f1N2r4B9HzVW3cRmdw1wLsZ4W1JrmcY8mjM_9W5b=
ZPYH3xNrd-f6_DpKC04" style=3D"color:#d24311; font-weight:bold" rel=3D"noope=
ner" data-hs-link-id=3D"0" data-hs-link-id-v2=3D"RlfHMmAg" target=3D"_blank=
">Download Sample Report</a></span></span></h1></div></div></td></tr></tbod=
y></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1758519678396" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1758519678396_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_17585196=
783801" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17585196783801_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:15px; line-heigh=
t:150%; font-weight:normal"><span style=3D"font-family: Arial, sans-serif; =
font-size: 14px;"><span style=3D"color: #006fab;"><span style=3D"font-weigh=
t: bold;"><span style=3D"font-size: 16px;">Battery Recycling&nbsp;</span><b=
r></span><span style=3D"color: #666666;">Asia-Pacific leads global recyclin=
g capacity, supported by government incentives and second-life EV battery p=
rojects. Material recovery efficiency continues to improve through closed-l=
oop collaborations.&nbsp;</span><br></span></span></h1></div></div></td></t=
r></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1758519693175" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1758519693175_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_17585196=
931712" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17585196931712_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:14px; line-heigh=
t:160%; font-weight:normal"><span style=3D"text-decoration: underline; colo=
r: #006fab; font-family: Arial, sans-serif;"><span style=3D"color: #d24311;=
 text-decoration: underline;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.=
com/Ctc/GJ+113/dxwlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5gg4xW=
69t95C6lZ3lkW2zWqfp785l7KW7YkwFn7-WqYcW3mTj1n6Qd3wxN6t5J_B7hpDwW9hyV7360Z25=
gN6Pk5gs9QG7qW8nL_xh3RH-QXW1SVwYC565v88W414ffw5kvJRXW2MJS_K3143W9W5Yvflp1zV=
Y0cF1y_xrxCDl_W4x-2Xh6kwvnsW6wl8vl6bsNzgW6j17y24vRs2YW272Yfq266nRvW1xjsDh2w=
S_K6W211FDq4c_88lW2ZhpV99520_HW21SNj399BHYyW4d0B444Q4_T8W85kppt2ptzDFW6KQYK=
d3mGj2DVjHJG596YTNrN38RNgrGSJJqW4m9tgX4xnB6HW5BxnMd1dK9gtW4_F70G23MRfJVft_k=
P1KFGSgW2TrynG3Bc8GNVXrTZC90LFLrW8Mxx7n1x_2pNW2TYwXw6stC_4W2z7SFm2RHRGhW93h=
__T4LCDR6W5jtQbt7jvRvnf3ccCYx04" style=3D"color:#d24311; text-decoration:un=
derline; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0" data-hs-l=
ink-id-v2=3D"zbELa73J" target=3D"_blank">Download Sample Report</a></span><=
br></span></h1></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1759294455278" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1759294455278_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_17592944=
552521" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17592944552521_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:15px; line-heigh=
t:150%; font-weight:normal"><span style=3D"font-family: Arial, sans-serif; =
font-size: 14px;"><span style=3D"color: #006fab;"><span style=3D"font-weigh=
t: bold;"><span style=3D"font-size: 16px;">Lithium-Ion Battery&nbsp;</span>=
<br></span><span style=3D"color: #666666;">Energy density improvements and =
solid-state prototypes are defining the next growth wave. Supply-chain loca=
lization remains a priority across the United States and European Union.&nb=
sp;</span><br></span></span></h1></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1759294461211" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1759294461211_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_17592944=
611932" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17592944611932_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:14px; line-heigh=
t:160%; font-weight:normal"><span style=3D"text-decoration: underline; colo=
r: #006fab; font-family: Arial, sans-serif;"><span style=3D"color: #d24311;=
 text-decoration: underline;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.=
com/Ctc/GJ+113/dxwlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5gg4xW=
69t95C6lZ3pTW6Mw3-t4L-GsHW3wXxFY6KCWYRW1vKHc13dMjDSVZ7TXj3sNzNdW45GDXS2nWVg=
hW6DmM4v5JS0dTW4hx89M14jgnSW26hBYV3_43MCW7hr95-3fR_LCW6NfD-Q5rx-KqW2nQ1zk3c=
pmgwVM0BXv16sCsmVYbBdp6jgznvW6S6pDm3Vq5S8W1fbbV068jJMtW4tjWBt7V-PZfW1vYN1-5=
pQJysW2d7W-Z2GytDsVGZSG893jPyRW3xKGkV6Ww3BDVPvvfK5csK25W4nt8KD20rpKQW2_3h3r=
307bgwW6tpjY-2n1pqMW3Z2P5P4vt67qW1TqzNM3Fg54nW1MpNF_6NYSBfW2Ktcyx8YF8qjW7wN=
gyF8c3wmfW4btzG36Q4tNDW6L8H9P8D3G8vW5fBFMS5jLNsnW8-yns146GxZFW1nWQ883t6clhW=
2s15cS6t81YjW7gzxsY7KmzmLf39SLP004" style=3D"color:#d24311; text-decoration=
:underline; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0" data-h=
s-link-id-v2=3D"KTGqs9Q0" target=3D"_blank">Download Sample Report</a></spa=
n><br></span></h1></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1759294481664" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1759294481664_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_17592944=
816393" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17592944816393_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:15px; line-heigh=
t:150%; font-weight:normal"><span style=3D"font-family: Arial, sans-serif; =
font-size: 14px;"><span style=3D"color: #006fab;"><span style=3D"font-weigh=
t: bold;"><span style=3D"font-size: 16px;">Grid-Scale Battery &nbsp;</span>=
<br></span><span style=3D"color: #666666;">Utilities are expanding multi-ho=
ur storage to support renewable integration and grid stability. Flow batter=
ies and hybrid systems are attracting pilot-stage investment.</span><br></s=
pan></span></h1></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1759294502153" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1759294502153_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_17592945=
021344" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17592945021344_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:14px; line-heigh=
t:160%; font-weight:normal"><span style=3D"text-decoration: underline; colo=
r: #006fab; font-family: Arial, sans-serif;"><span style=3D"color: #d24311;=
 text-decoration: underline;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.=
com/Ctc/GJ+113/dxwlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5gg4xW=
69t95C6lZ3n8W8x6zn87dtBwwW4vt-TW1F8ZF6W6Fn9k83YKsXWW8XSlJ472X6kcVn7jWL71DBg=
zW3X8fWL7gqNn3W7_f3y45xqN5yW8njyLK2Gvz6fW1MnhSb4WNFXvW11fbcV4png_yW1ybx7r5W=
pw4bW3YPdPt3QR8HbW6-S_197t_1BCV_YVjv4ww-hvW7mf-wV1vMJsnW1Cv_N68QyWvRW86LhJt=
11flJVW4pYyBh6xL_4cW5gMjNw9jz8rpW5F5fdB37MVc4Vjgb2_2y0LKZW36pMk44fW31vN5nD2=
YnHvWz5W141ggh17-pnDW5fBpch6VByQsW43srnk5xQRRWW35YZkC44TlPVW8jyTqp3cCPVNW5Q=
zjkH2H_VnRV5h5hv3qV8gNW44vJPb65h3tPW5q2NZf92QT-BW3_KQC22RpL2rW2DwP-25MyYcrW=
4p05Vb5Q5XyhW6B-pqn7R3K04f2KsKwq04" style=3D"color:#d24311; text-decoration=
:underline; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0" data-h=
s-link-id-v2=3D"mqYqNS0u" target=3D"_blank">Download Sample Report</a></spa=
n><br></span></h1></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1759730699139" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1759730699139_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_17597306=
991271" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17597306991271_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:15px; line-heigh=
t:150%; font-weight:normal"><span style=3D"font-family: Arial, sans-serif; =
font-size: 14px;"><span style=3D"color: #006fab;"><span style=3D"font-weigh=
t: bold;"><span style=3D"font-size: 16px;">Dual-Carbon Battery</span><br></=
span><span style=3D"color: #666666;">Research investment is accelerating fo=
r sustainable electrode chemistry that eliminates metal dependency. Early p=
rototypes show potential for high-cycle stability at lower environmental co=
st.&nbsp;</span><br></span></span></h1></div></div></td></tr></tbody></tabl=
e>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1759730703215" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1759730703215_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_17597307=
032052" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17597307032052_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:14px; line-heigh=
t:160%; font-weight:normal"><span style=3D"text-decoration: underline; colo=
r: #006fab; font-family: Arial, sans-serif;"><span style=3D"color: #d24311;=
 text-decoration: underline;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.=
com/Ctc/GJ+113/dxwlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642Y5gg4xW=
6N1X8z6lZ3l1W28f23t4Hfs2vW81H8Lj2dh9PjN8478FZg8SxMW46Sj4H3nywFSW5Jn_4w2SxQ9=
7DcMHKNWVplW6vRqBZ4_WMg5W2sM6vw6WHSd-N549p783RnS3W2s6Sr53PmP8zW6h3y0x7npcYX=
W3BGK9D8LD3_6W4cCQCw8FWH14M27MkhhGbNtW4ZLllq2cfs_TW3BtL142XCQ4GW5w0zyd4hlsr=
bW65HPdD1s3wxPW3bcrS83M3bkxW1BCZYZ7KM8lXW6tktts4505hzW3qZQtn39KKmDW8YSDjW6G=
dFgGW8B9PCL3KJVlGW5p5Jkd7sFDVRW82N4zh7rgY4YW7pBPSh31BXXCMpj-N6XBpJNVcljz-3x=
8rvWW31pHJy5JyK0DW6M4ppg1Z5-S_W4H8DMK8GCK-gW6ybZjW3mtcxrVTSgHY515xgXV9GDkm8=
hVy1PVPjfqf9lqnwyW2f7LLk82Zz2nN8vfcQLk918Hf7-G1Xz04" style=3D"color:#d24311=
; text-decoration:underline; font-weight:bold" rel=3D"noopener" data-hs-lin=
k-id=3D"0" data-hs-link-id-v2=3D"xwAHCsIo" target=3D"_blank">Download Sampl=
e Report</a></span><br></span></h1></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1759922207052" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1759922207052_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px 0px"><div id=3D"hs_cos_wrapper_module_17599222=
070421" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17599222070421_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:15px; line-heigh=
t:150%; font-weight:normal"><span style=3D"font-family: Arial, sans-serif; =
font-size: 14px;"><span style=3D"color: #006fab;"><span style=3D"font-weigh=
t: bold;"><span style=3D"font-size: 16px;">Alkaline Battery&nbsp;</span><br=
></span><span style=3D"color: #666666;">Demand remains concentrated in low-=
drain consumer devices and portable instruments. Manufacturers are focusing=
 on eco-friendly packaging and mercury-free formulations.</span><br></span>=
</span></h1></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1759922211664" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1759922211664_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:0px 20px 10px"><div id=3D"hs_cos_wrapper_module_17599222=
116552" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_m=
odule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" =
data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"=
hs_cos_wrapper_module_17599222116552_" class=3D"hs_cos_wrapper hs_cos_wrapp=
er_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size=
: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-=
hs-cos-type=3D"rich_text"><h1 style=3D"margin:0; font-size:14px; line-heigh=
t:160%; font-weight:normal"><span style=3D"text-decoration: underline; colo=
r: #006fab; font-family: Arial, sans-serif;"><span style=3D"color: #d24311;=
 text-decoration: underline;"><a href=3D"https://dxwlxW04.na2.hubspotlinks.=
com/Ctc/GJ+113/dxwlxW04/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642F5gg4xW=
69t95C6lZ3mhN9cT7N5th0wqVS9b2G2X63nbW7tN27f3j-tkLW6hpbKd7Sv8TNW566Vfy2S5P9w=
VXKbrk8Ghh6CN7HZzDzL8VnsW6D6SjL4F5TztW2mrBdL6gl9xXN39G1ZcwP1b7Mv6pPxj4cywW9=
d4FVb8_R2qmW8Rm6g16fxZG-W6DJPqt5hHfk8W6nv5Vv5gC56-MjwGfd47WsjW4x-C6M2pjGM4W=
7MrHNq9lthLQW4c2x-c6G1cPgV_HnsH7GmMNnW4vQwbr44Cm-WW4RH7Vp1X2wryW2LKhkp3xQtm=
TW99LdbV3BVW0-N1G_KSSwrtHWW7rGx4d99NgwbN1sHRbycvx3TW5zgMN11_9WwgW8sgtft3ssL=
MVW3zKHVY6kf6zcW1HT73X7RmYV8W51pJQX6zkl07W4x25yy8H3rzZVcmy-Q39p3JHVFfCqt63m=
NMKW8nhnqL4Jjj60f2N78Jv04" style=3D"color:#d24311; text-decoration:underlin=
e; font-weight:bold" rel=3D"noopener" data-hs-link-id=3D"0" data-hs-link-id=
-v2=3D"Qh7yj3rv" target=3D"_blank">Download Sample Report</a></span><br></s=
pan></h1></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_175681815240515" class=3D"hse-section" style=3D"paddin=
g-left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#FFFFFF; padding-bottom:5px; padding-top:5px" bgcolor=3D"#FFFFFF">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#FFFFFF">
      <tr style=3D"background-color:#FFFFFF;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;padding-bottom:5px; padding-top:5=
px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column-1756818152405-0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:5px 40px"><div id=3D"hs_cos_wrapper_module_1756818152405=
14" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_modul=
e" style=3D"color: inherit; font-size: inherit; line-height: inherit;" data=
-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table align=3D=
"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentat=
ion" style=3D"border-collapse:separate!important">
    <tbody><tr>
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ont-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:bre=
ak-word; border-radius:0px; cursor:auto; background-color:#008fdb; mso-padd=
ing-alt:12px 36px">
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4/VWjDf25y3SkSW4LLTM53v7SmlW5tZZwQ5DMxRJN80642l5gg4xW5BWr2F6lZ3ltW8jrnPh8Xr=
rYGW8YwxV97d6H59W4sjkmK7YyLtMW2kVZz42Ssnp1W95F3lg4cKRyJW6HK2jk49HdskW45k8j6=
6FMJx7W3jRBRF8Clv58W7Bjf8Z3DgJr3N1_SrmGqlp5vW45wp203kGKGwN7F9_H194V9lW6fhs5=
G8BWH55VzpM0y7K8wzFW1N6G6X5LQwRFW6mV_rl6yCCynN94vSGVcZlm_W4SWyrW8sB9m7W1M71=
c77fwtv7W264r1V8b_1SrW5DjTbb17vykDW86bnLs3J0GYMVCxcRQ51lCqsW5WF8F36cmvmVW4n=
GxCD6f39-XW2k6t4N5_6gDVW2vYTMm7N-VvmW27vTJ78GWW3ZW5xkcph4QKpdtW4yt3q414w46M=
W6-G4xZ2F9vJLW1qnL_N1tVGZwW58fXcq551b2sW2dtY9H1qGtYhf1B3J9g04" target=3D"_b=
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    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"section_1756823249396" class=3D"hse-section" style=3D"padding-=
left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#ffffff" bgcolor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
<!--[if gte mso 9]>
  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1756823249396_0" class=3D"hse-column hse-size-12">
    <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#23496d; word-break:b=
reak-word; padding:10px 20px 15px"><div id=3D"hs_cos_wrapper_module_1756818=
15240513" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type=
_module" style=3D"color: inherit; font-size: inherit; line-height: inherit;=
" data-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=
=3D"hs_cos_wrapper_module_175681815240513_" class=3D"hs_cos_wrapper hs_cos_=
wrapper_widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font=
-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" =
data-hs-cos-type=3D"rich_text"><p style=3D"line-height:150%; font-weight:no=
rmal; font-size:14px"><span style=3D"color: #666666;">Reply to this email i=
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    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
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left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; margin:0 auto; border-left:1px solid #ccc=
ccc; border-right:1px solid #cccccc; box-sizing:border-box; background-colo=
r:#ffffff" bgcolor=3D"#ffffff">
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    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
r=3D"#ffffff">
      <tr style=3D"background-color:#ffffff;">
    <![endif]-->
    <!--[if (mso)|(IE)]>
  <td valign=3D"top" style=3D"width:598px;">
<![endif]-->
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  <table role=3D"presentation" width=3D"598" cellpadding=3D"0" cellspacing=
=3D"0" style=3D"width:598px">
<![endif]-->
<div id=3D"column_1756818242734_0" class=3D"hse-column hse-size-12">
  <div id=3D"hs_cos_wrapper_module_17556106924155" class=3D"hs_cos_wrapper =
hs_cos_wrapper_widget hs_cos_wrapper_type_module" style=3D"color: inherit; =
font-size: inherit; line-height: inherit;" data-hs-cos-general-type=3D"widg=
et" data-hs-cos-type=3D"module"><table role=3D"none" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"vertical-align:top" width=3D"100%">
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