China-headquartered lithium-ion battery manufacturer Gotion High-Tech has announced a new US$2 billion gigafactory in Illinois, US, targeting the EV and energy storage system (ESS) markets.

The lithium industry needs US$116 billion of investment to achieve the 5.7x ramp-up in production needed for 2030 decarbonisation goals, and prices may remain ‘tight’ in the coming years.

Corporate funding into battery storage companies rebounded in Q2, but remains lower than in 2022 or 2021 so far.

FREYR Battery, which is targeting the battery storage sector with its product line, has received a €100 million (US$112.29 million) grant commitment.

Metals group BASF has begun commissioning on what it claimed is the first combined battery cathode materials production and recycling plant, in Germany.

Lithium carbonate prices have started to creep back up again after coming down from 2022’s extreme highs, but the long-term outlook is one of downwards prices, research firm Fastmarkets said.

BESS projects in the US need to be 40% US-made to qualify for the ITC domestic content adder, rising to 55% from 2027 onwards, the IRS has said.

The president of Chile has proposed boosting state control over its lithium reserves, sending the share prices of companies involved in the extraction industry tumbling.

ElevenEs has opened a lithium iron phosphate (LFP) gigafactory in Serbia, which it claimed is the first in Europe.

There has been US$150 billion of announced investments into the US’ upstream and downstream clean energy industry since the Act was passed, according to American Clean Power (ACP).