The first EV battery recycling shakeout separated commercial-scale survivors from undercapitalised startups; Redwood Materials reached a $6 billion valuation, Germany's cylib raised €63.4 million, and EU Battery Passport compliance deadlines gave the sector a regulatory floor
Recycling
China's largest cobalt-battery materials company expanded simultaneously into Korean EV supply, Indonesian cell manufacturing, and European recycling in 2026, building a vertically integrated position from DRC mining to end-of-life battery recovery