First tranche - 1-2 further additional purchases are planned in order to reach a position size of € 2,500 - 3,000.

Further considerations for entries are $ALSTI (+0,47 %) and$UMI (-1,81 %) .

LG and a good start to the week

John

Dear Community,

Where the hunger for energy is being met by nuclear power and the new generation of Small Modular Reactors (SMRs), a massive growth market for downstream services is inevitably emerging.

This applies above all to nuclear waste disposal, the professional dismantling of old plants and the recycling of fuels and water.

Since there is currently no pure "nuclear waste ETF" (at least that I am aware of), we investors must focus on specialized individual stocks that are global leaders in the disposal of uranium and contaminated components (including water).

1. the operational heavyweights for dismantling and disposal

• Veolia ($VIE (-0,28 %)
  ): Although Veolia is primarily perceived as a global environmental services provider, it also operates a nuclear power plant with Veolia Nuclear Solutions a highly specialized division. As the global market leader in robot-assisted cleaning and the dismantling of highly radioactive sites (such as Fukushima), they are indispensable. They offer technologies for the vitrification of waste ("vitrification", the transformation of liquid or solid nuclear waste into a solid glass body) and for water treatment in contaminated areas. Veolia thus bridges the gap to the traditional water business and covers two key areas in its portfolio at the same time.

• Fortum ($FORTUM (-1,36 %)
  ): The Finnish energy group is a hidden champion of nuclear aftercare. In addition to operating power plants, Fortum offers specialized services for the purification of radioactive liquids (NUKEM technology) and final disposal. They are a key player in European waste management standards.

• Jacobs Solutions ($J (-0,79 %)
  ): The US engineering services giant manages major government nuclear sites such as Sellafield (UK) and Hanford (USA). Its focus is on program management for the long-term storage of fuel elements. The SMR connection is particularly exciting: Jacobs is already advising numerous developers on planning the entire life cycle, including disposal.

• Perma-Fix Environmental Services ($PESI (-1,78 %)
  ): Perma-Fix is regarded as one of the few genuine "pure plays". The company operates its own facilities for the treatment of nuclear and mixed waste. Its core competence lies in massively reducing the volume of nuclear waste before it is transferred to a final repository.

2 The fuel cycle: Cameco and Westinghouse

Cameco ($CCO (-5,53 %)
) is primarily known as a uranium producer, but together with Brookfield Asset Management holds a majority stake in Westinghouse Electric Corporation (electrical engineering). The company thus covers the entire cycle:

• Operations: Cameco produces uranium concentrate (yellowcake), while Westinghouse supplies the reactor technology and maintenance.

• Disposal expertise: Through Westinghouse, Cameco covers the lucrative "back end". This includes the decontamination of process water as well as the conditioning and volume reduction of of radioactive waste.

• Dismantling service: As a technological market leader, the team offers solutions for the dismantling (D&D) of old plants, using specialized filter systems to clean contaminated liquids.

• Market model: Sales are stable through long-term supply contracts. The service division makes the company less dependent on fluctuations in the uranium price, as maintenance and waste treatment are permanent tasks required by law.

Energy Fuels ($UUUU (-9,76 %)
): This company occupies a strategic niche. In its White Mesa Mill they recover uranium from residual materials and waste from other industries. This positions Energy Fuels as a pioneer in "uranium recycling", which reduces dependence on primary extraction and makes waste streams economically viable.

3. specialty materials and water technology

In the nuclear industry, water is not only a coolant, but often also a transport medium for contaminants. This is where the technology leaders come into play:

• Xylem Inc. ($XYL (+0,12 %)
  ): As a pure water technology company, Xylem supplies the heavy-duty pumping and filtration systems that are essential for the cooling circuits of modern reactors and subsequent wastewater treatment.

• Danaher Corporation ($DHR (+1,2 %)
  ): Via the divested environmental division Veralto Danaher offers high-precision analytical instruments for monitoring water quality - a critical component for detecting leaks and contamination in real time.

• Umicore ($UMI (-1,81 %)
  ): The materials technology group is pursuing a "closed-loop" model. In the long term, its expertise in recovering metals from complex industrial waste could play a role in the recycling of power plant components.

The new generation of reactors: SMR specialists in detail

When it comes to direct energy supply for the AI sector, two companies are in the spotlight:

• NuScale Power ($SMR
  ): The conservative pioneer relies on proven light water reactor technology (VOYGR™). As NuScale traditionally relies on water, the need for water technology (pumps, filters from suppliers such as Xylem) is extremely high. This makes NuScale an ideal partner for traditional infrastructure investors.

• Oklo Inc.$OKLO
  ): The radical innovator (supported by Sam Altman) develops "fast reactors". The key feature: these can be fueled with recycled nuclear waste (HALEU). Oklo transforms a disposal problem directly into an energy source and thus addresses the waste problem at its root.

Strategic conclusion

If you want to bridge the gap between water cooling and waste disposal, you will find in Veolia the most stable connection.

Jacobs Solutions and Perma-Fix are the most direct options for physical dismantling.

Energy Fuels offers an exciting bet on the recycling of uranium residues, while Xylem and Danaher provide the indispensable technological basis for water management in a nuclear renaissance.

However, the decisive strategic winner of the current nuclear renaissance could be the team of Cameco & Westinghouse ($CCO) (-5,53 %) could be:

By merging uranium mining and reactor technology, they have created a vertically integrated business model. They not only profit from the sale of the fuel, but also control the entire downstream value chain via Westinghouse - from the purification of the process water to the final storage preparation.

As a result, Cameco has risen from a pure mining player to an indispensable infrastructure partner for the energy and AI economy.

In addition, the 80 billion dollar agreement with the US government agreed at the end of 2025 is likely to have cemented Cameco's long-term market leadership in the West (https://de.marketscreener.com/boerse-nachrichten/westinghouse-electric-cameco-und-brookfield-starten-80-milliarden-dollar-offensive-fuer-atomkraft-in-ce7d5ddcd88cf127).

Risk analysis

The nuclear renaissance is more real today than it was ten years ago, but as investors we need to look at two sides of the coin:

Opportunities through regulatory certainty: Waste disposal and dismantling are not "optional services", but permanent tasks prescribed by law. Financing is often already secured by existing provisions of the groups, which makes the service providers (Veolia, Jacobs, Perma-Fix) crisis-resistant.

Risks: Political risks remain. A change of government can delay approval processes for final storage facilities. In addition, the sector is highly emotional; ESG ratings often (still?!) determine how much capital actually flows into the shares.

Could water and waste management technology end up being the safer investment than the actual SMR builders, because it makes money from every technological outcome? How do you see the risk/reward ratio?

Best regards and thank you very much for the positive response and all the feedback on my previous and very first post ✌🏼

Anderlé

Good morning, dear getquin community.

Over the past few weeks, I’ve been taking a deep dive into the battery and energy storage industry—its entire value chain, the major players, and the hidden champions behind the scenes. Today, I’d like to share this knowledge with you @Tenbagger2024 and show how individual technologies are coming together to form a cohesive energy system. I look forward to hearing your perspectives on this.

It’s no coincidence that Warren Buffett $BRK.B (+1,39 %) Berkshire Hathaway. He recognizes early on where real value is created and what role chemical processes play in the development of modern energy and storage systems. That is precisely where it will be determined how efficiently batteries and fuel cells will be produced, operated, and recycled in the future—and who will profit from this transformation in the long term.

Personally, I’m not yet as broadly positioned in this sector as I’d like to be. I’ve already invested in some segments, but the entire value chain still offers enormous potential—and that’s exactly what I wanted to better understand through this analysis, among other things.

I’ve deliberately avoided mentioning personal favorites @Multibagger to keep the analysis neutral. If you’re particularly interested in certain companies, topics, or questions, feel free to mention them here in the comments. I’m open to feedback, additions, and discussions, and if any key players are missing in a particular area, I’ll be happy to add them later. This post ended up being a bit longer because I wanted to present the topic comprehensively and clearly. If you’re primarily interested in the companies, the value chain, and the shovel manufacturers, you can skip ahead to points 13 through 16.

Perhaps Part 2 will cover fuel cells, if that’s what you’d like? I wish you all the best of luck with your investments and, of course, a wonderful Sunday.

Structure of the Post

1. Introduction and Hook

2. Topic and Objective: Value Creation Concept 3. The Battery Industry as a Model

4. Basic Principle of the Battery

5. Applications

6. Battery Life Cycle

7. Future Trends

8. Raw Material Base and Development

9. Value Chain Stages 1–9

10. Value Creation Vectors in the Battery Industry

Value Creation as a Cycle and an Overall Model

11. Macro and Micro Levels and How They Fit Together

12. Significance of Battery Industry 4.0

13. Value Chain with Company Assignments for Stages 1–8

14. Key Players at Each Stage, Plus Overarching Financiers and Strategic Distributors

15. Points of Connection: Hybrid Energy Systems for Data Centers, Industry, and Transportation

16. Energy for Humanoid Robots: The Next Evolutionary Stage of Application

17. Takeaway with a Hidden Question in the Body Text

18. Sources

2️⃣.Topic and Objective of the Article

The battery industry has long been more than just cell manufacturing or e-mobility. It is at the center of a global structural transformation that is redistributing energy, technology, and capital. The goal of this article is to understand the battery as a complete value chain—from raw material extraction through material technologies, production, and application to recycling and recovery.

I will show how genuine value is created along this chain, which industries benefit directly from it, and why the battery industry is becoming a central link in future energy systems. At the same time, the goal is to view the whole as a strategic model—a convergence of technology, economics, and sustainability that extends far beyond the mobility sector.

3️⃣.Basic Principle of the Battery

At its core, a battery is a chemical energy storage device that stores electrical energy in the form of chemical compounds and releases it again when needed. It consists of three main components: an anode, a cathode, and an electrolyte. During charging and discharging, positively charged ions move back and forth between these electrodes. This generates an electric current that can be used to power vehicles, supply machinery, or stabilize energy in grids.

The basic principle is reversible. This means that energy can not only be drawn from the battery but also fed back into it. This simple yet highly effective reaction makes batteries one of the central building blocks of modern energy systems. Thanks to advances in chemistry, materials technology, and manufacturing, performance is steadily increasing, while weight, charging time, and costs are continuously decreasing.

4️⃣.Applications

Today, batteries are far more than just a power source for electric cars. They are the backbone of modern energy systems and key to stabilizing renewable power grids. Their applications range from electric mobility to stationary energy storage to industrial and digital applications.

In the mobility sector, batteries enable the transition from internal combustion engines to electric drive technology and form the foundation of new vehicle platforms. In the energy sector, they serve as buffer storage for solar and wind power, balance out grid fluctuations, and ensure a reliable supply during peak times. In industry, they ensure supply reliability, efficiency, and emergency power solutions, while in data centers they are increasingly being used as emission-free backup systems.

In addition, new areas of application are emerging in aviation and maritime transport, in household and building systems, and in microgrids that supply remote regions or industrial parks with energy independently of the central grid. Batteries are thus a universal energy storage medium that connects sectors and lays the foundation for flexible, decentralized energy architectures.

5️⃣.Battery Life Cycle

A battery goes through a clearly defined life cycle that extends far beyond its actual use. It begins with the extraction and processing of raw materials, continues through cell and system manufacturing to the active use phase, and ends with the recovery and recycling of the materials.

During the production phase, active materials and cells are manufactured from raw materials such as lithium, nickel, manganese, cobalt, graphite, and copper. These cells are then assembled into modules and complete battery packs. During the usage phase, the batteries provide energy for years in vehicles, energy storage systems, or industrial facilities.

Once the end of their service life is reached, the second cycle begins. Cells that are still powerful enough are reused in so-called second-life applications, such as stationary energy storage systems. Finally, the recycling process takes place, during which valuable raw materials such as lithium, nickel, and cobalt are recovered and fed back into the production cycle.

This closed-loop material cycle is the crucial step toward a sustainable battery economy. It reduces dependence on primary raw materials, lowers environmental impact, and makes the entire value chain more resilient in the long term.

6️⃣.Future Trends

The battery industry is facing a period of massive technological and structural change. Progress is shifting from a focus on sheer capacity increases toward efficiency, sustainability, and material independence.

A key trend is the shift toward solid-state batteries, which—thanks to solid electrolytes—are safer, more compact, and more powerful than today’s lithium-ion systems. At the same time, silicon anodes are gaining importance, as they enable higher energy densities and shorter charging times. Sodium-ion batteries open up new possibilities for cost-effective storage solutions, particularly in applications where weight and energy density are less critical.

The digitization of batteries is also advancing. Smart battery management systems analyze the condition, temperature, and state of charge of each cell in real time. This not only improves safety but also extends service life and optimizes operation.

On an economic level, the industry is moving toward vertical integration: manufacturers are securing raw materials, energy suppliers are building their own storage facilities, and technology conglomerates are investing directly in manufacturing capacity. At the same time, political pressure is growing for a circular economy, recycling, and carbon neutrality.

The future of batteries thus lies in a combination of new materials, smart control systems, and closed-loop systems. Those who successfully integrate these three elements will play a decisive role in shaping the dynamics of the energy market in the coming years.

7️⃣.Raw Material Base and Development

The battery industry begins at the source of raw materials. Lithium, nickel, manganese, cobalt, copper, and graphite currently form the basis of nearly all high-performance cells. These metals determine the energy density, stability, and service life of every battery. At the same time, they are the most sensitive part of the value chain, as their extraction, processing, and supply determine costs, sustainability, and geopolitical dependencies.

A significant shift has taken place in recent years. Companies and governments are investing in new mining areas, recycling facilities, and alternative materials to ensure a secure supply. Lithium and nickel, in particular, remain key materials, while cobalt is increasingly being replaced. Graphite is undergoing a transformation toward synthetic and recycled forms, which are intended to reduce dependence on China.

The trend is clearly moving toward material efficiency and a circular economy. Instead of constantly opening new mines, closed-loop systems are emerging in which raw materials are reused multiple times. At the same time, alternative cell chemistries are coming to the fore, relying on abundantly available elements such as sodium, iron, or silicon.

This shift reduces costs, lowers environmental impacts, and increases the independence of entire economies. The raw material base of the battery industry is thus transforming from a linear supply chain into a global, circular material network that combines technology, recycling, and sustainability.

8️⃣.Value Chain

The battery industry follows a clear industrial logic that extends from the extraction of raw materials to the recycling of materials. Each stage in this chain creates its own value and is, at the same time, a prerequisite for the next.

1. Raw Material Extraction – Mining and extraction of lithium, nickel, manganese, cobalt, copper, and graphite from mines and salt lakes. This stage determines the cost structure and environmental footprint of the entire battery.

2. Refining and processing – Processing raw materials into battery chemicals, such as lithium hydroxide or nickel sulfate, which are used in cell production.

3. Materials technology and component manufacturing – Production of cathode, anode, and electrolyte materials, as well as separators, conductive foils, and binders.

4. Cell production – Assembling the materials into electrochemical cells through coating, stacking, and sealing. This step determines capacity, safety, and quality.

5. Module and pack manufacturing—Cells are assembled into modules and complete battery packs, including the battery management system and cooling.

6. System integration – Installation of battery packs in vehicles, energy storage systems, or industrial equipment. This is where the battery, software, and power electronics come together.

7. Use and operation – The battery’s operational phase spanning several years. Digital monitoring and predictive maintenance extend its service life and efficiency.

8. Recovery and Recycling – At the end of the life cycle, materials such as lithium, nickel, cobalt, and graphite are recycled and returned to the production cycle.

Together, these eight stages form the complete industrial cycle of the battery industry. Value is created at every stage, but it is greatest where technology, energy efficiency, and recycling intersect. This is the point at which a supply chain becomes a true value-creation system.

9️⃣.Value Creation Vectors in the Battery Industry

The battery industry is shaped not only by production processes but also by several overarching forces that act like vectors, cutting across all stages of the value chain. These vectors determine which companies remain at the forefront and where value is concentrated in the long term.

1. Technology Vector

Advances in cell chemistry, materials science, manufacturing, and software integration. Companies that scale up in these areas reduce costs and increase energy density, safety, and service life.

2. Digitalization Vector

Data management, condition analysis, cloud-based battery monitoring, and predictive maintenance. This level connects physical systems with AI and makes operations and recycling more predictable.

3. Sustainability Vector

Circular economy, carbon-neutral production, ESG standards, and material recycling. Companies that lead in this area secure long-term approvals and capital.

4. Finance and Investment Vector

Capital flows from government subsidies, private funds, and infrastructure programs that finance manufacturing capacity and research.

5. Infrastructure Vector

Construction of gigafactories, recycling centers, charging infrastructure, and energy storage facilities. This foundation is crucial for scaling up and ensuring supply security.

6. Geopolitical Vector

Location decisions, trade agreements, raw material dependencies, and security interests determine who has access to strategic materials and markets.

These vectors operate simultaneously and reinforce one another. The true dynamics of the battery industry emerge where technology, sustainability, and capital are intelligently intertwined. This is the axis where innovation, returns, and resilience converge.

🔟.Value Creation as a Cycle

The battery industry is increasingly evolving from a linear supply chain into a closed-loop system. Energy, materials, and data flow continuously between production, use, and recycling. The goal is to conserve resources, minimize losses, and increase value throughout the entire life cycle.

The cycle begins with raw material extraction and proceeds through material development, cell manufacturing, and integration, all the way to use in vehicles, energy storage systems, and industrial facilities. After the operational phase, materials are recovered and reused in new batteries. This physical cycle is complemented by a digital data cycle in which all relevant information about the condition, performance, and age of each cell is stored and analyzed.

This creates a system that optimizes itself. Data from operations flows back into research, design, and recycling, making new generations of batteries more efficient, safer, and more sustainable. This combination of physical and digital cycles is the key to genuine value creation in the Battery Industry 4.0.

1️⃣1️⃣.Macro and Micro Levels

The battery industry operates on two interconnected levels that drive and stabilize one another. At the macro level, global structures, political programs, and economic frameworks take shape. At the micro level, technological, chemical, and process-related developments come into play, making these larger trends possible in the first place.

The macro level encompasses everything that drives the industry as a whole: geopolitical interests, energy policy, subsidy programs, trade, infrastructure, and capital flows. This is where the course is set for where gigafactories are built, which countries secure access to raw materials, and how nations reduce their energy dependence.

The micro level describes the technical reality: cell chemistry, material innovation, manufacturing technology, software integration, and recycling processes. This is where actual progress takes place. Every new battery chemistry, every improvement in energy management, or every reduction in the use of rare metals alters the larger system in the background.

Both levels are intertwined. Political decisions and capital flows at the macro level enable technological developments at the micro level, while technological breakthroughs, in turn, trigger new markets, trade structures, and investment cycles. It is precisely at this intersection—where technology, politics, and the economy interact within a closed system—that the strategic potential of the battery industry emerges.

1️⃣2️⃣.The Significance of Battery Industry 4.0

Battery Industry 4.0 stands for the complete digitization and networking of all processes along the value chain. It combines production, energy, data, and sustainability into a single intelligent system that is controlled, monitored, and optimized in real time.

At its core is the integration of physical equipment with digital platforms. Every cell, every machine, and every process provides data that is analyzed using AI and analytics. This creates a self-learning system that detects errors early, ensures quality, and extends the service life of the batteries.

In manufacturing, automated lines, robotics, and machine learning maximize efficiency and precision. During operation, cloud services and IoT sensors enable continuous condition monitoring, which optimizes maintenance, safety, and performance. At the same time, environmental data is collected to make CO₂ footprints transparent and verifiable.

Battery Industry 4.0 is therefore not just a buzzword, but the transition to a fully integrated, data-driven energy industry. It lays the foundation for scalability, cost-effectiveness, and sustainability, and connects research, production, use, and recycling in a closed digital loop.

Visual Overview of the Battery Value Chain

To make the entire structure more tangible, I have divided the battery industry system into three levels:

1. Macro level: global value creation, energy policy, raw material and production networks.

2. Micro level: technological processes, material cycles, and innovation axes.

3. Overall Model: the integration of both levels into a closed-loop system that connects production, use, and recovery.

This diagram illustrates how linear supply chains evolve into a circular, digitally controlled energy system—the very DNA of the Battery Industry 4.0.

➡️Battery Value Creation: Macro–Micro–Overall Model

[R&D] [Engineering] [Digitalization]

↓ ↓ ↓

Raw Materials → Materials → Cells → Systems → Use → Recycling

↑ ↑ ↑

[Supply Chain] [Second Life] [Service]

1️⃣3️⃣.Value Chain with Company Assignments + Hidden Champions

Specialized value is created at every stage along the battery value chain. Companies strategically occupy individual segments or integrate multiple areas to strengthen their position. The combination of material expertise, technological competence, and system integration determines who comes out ahead in global competition.

1. Raw Material Extraction

Lithium, nickel, cobalt, graphite:

$ALB (+0,56 %) Albemarle (NYSE: ALB) – U.S. One of the world’s largest lithium producers with mining sites in Chile, Australia, and the U.S. Supplies global cell production with lithium hydroxide for cathode materials

$SQM SQM (NYSE: SQM) – Chile – Specializes in lithium and potash products from the salt lakes of the Atacama Desert. Plays a central role in South America’s battery raw material supply

$9696 (-0,66 %) Tianqi Lithium (SHE: 002466 / HKG: 9696) – China – Tianqi Lithium is one of the world’s largest lithium producers, with stakes in major hard-rock lithium projects in Australia (Greenbushes Mine) and processing facilities in China. The company supplies lithium hydroxide and lithium carbonate for cathode materials in the battery industry. Focus on upstream control and chemical processing

$GLEN (-2,58 %) Glencore (LSE: GLEN) – Switzerland – A diversified commodities group focused on nickel, cobalt, and copper. A leader in the recycling and reuse of battery waste

$SSW Sibanye Stillwater (JSE: SSW / NYSE: SBSW) – South Africa / U.S. – Sibanye Stillwater is a mining company focused on platinum group metals such as platinum and palladium (important for fuel cell catalysts), as well as nickel and cobalt from recycling and mining. Strategically particularly relevant because it engages in both primary mining and metal recovery. This positions it at the intersection of battery raw materials, fuel cell catalysts, and recycling streams

$PLS (+1,65 %) Pilbara Minerals (ASX: PLS) – Australia – A major producer of spodumene concentrate. It is driving the expansion of local lithium value creation in Western Australia

$SYR (+1,16 %) Syrah Resources (ASX: SYR) – Australia / Mozambique – Mines natural graphite in Balama, Mozambique, and is establishing anode materials production in the U.S. Strategically important for the Western graphite supply

Copper and other industrial metals:

$FCX Freeport-McMoRan (NYSE: FCX) – U.S. – One of the world’s largest copper producers. Supplies the battery and electronics industries with copper cathodes from mines in North and South America

$BHP (-1,98 %) BHP Group (NYSE: BHP) – Australia / UK – Global mining conglomerate focused on copper, nickel, and iron. Invests heavily in sustainable mining and the decarbonization of raw material production

$RIO (-1,46 %) Rio Tinto (NYSE: RIO) – United Kingdom / Australia – A multinational commodities giant with a growing presence in the lithium sector. A leader in sustainable copper mining and materials processing

Hidden Champions

$SLI (-3,84 %) Standard Lithium (NYSE: SLI / TSX-V: SLI) – Canada / U.S. – Standard Lithium is developing direct lithium extraction (DLE) from brine in the U.S. The goal is to extract lithium without traditional hard-rock mining or massive evaporation ponds. This positions the company as a technology-driven lithium developer focused on ensuring North American supply security. This is clearly a second-tier stock with significant upside potential

$VUL (-1,05 %) Vulcan Energy Resources (ASX: VUL) – Australia / Germany - Vulcan Energy is working on geothermal-coupled lithium extraction in the Upper Rhine Graben in Germany. Approach: Low-carbon lithium production from thermal brine plus regional supply for the European battery cell industry. This is extremely important geopolitically because it enables lithium from Europe for Europe without relying on traditional mining infrastructure

$LKE (+0 %) Lake Resources (ASX: LKE) – Australia – Develops lithium projects using sustainable direct extraction technology (DLE). The goal is to extract lithium with minimal water consumption and CO₂ emissions

$SGML (-2,24 %) Sigma Lithium (NASDAQ: SGML) – Canada/Brazil – Produces high-purity lithium concentrate in Brazil with a focus on ESG-compliant mining and local value creation

$ABAT American Battery Technology Company (NASDAQ: ABAT) – U.S. – Combines raw material extraction with the recycling of lithium and nickel. A pioneer in closed-loop material cycles using domestic sources

2. Refining and Processing

These companies process raw materials into battery chemicals, thereby facilitating the transition to materials technology.

$UMI (-1,81 %) Umicore (EBR: UMI) – Belgium – A leader in the refining and processing of nickel, cobalt, and lithium. Develops cathode materials and operates recycling centers in Europe and Asia.

$BAS (+1,9 %) BASF (ETR: BAS) – Germany – Global chemical company with a growing focus on battery materials, particularly cathode active materials and nickel-manganese chemistries

$003670 POSCO Future M (KRX: 003670) – South Korea – A specialist in cathode and anode materials. Part of the POSCO Group, it supplies LG Energy Solution and Samsung SDI

$051910 LG Chem (KRX: 051910) – South Korea – Develops and manufactures battery materials, polymers, and electrolytes. Closely integrated with LG Energy Solution throughout the entire supply chain

$010130 Korea Zinc (KRX: 010130) – South Korea – Leading provider of rare metal refining. Supplies nickel and zinc products for battery cathodes

Hidden Champions

Ecopro (KRX: 086520) – South Korea – Manufacturer of high-purity cathode materials and precursors for nickel and cobalt chemistries. Key supplier to LG Energy Solution and SK On

Sila Nanotechnologies (private, U.S.) - Develops silicon anode materials to increase energy density and charging speed. Supplies automakers with advanced battery materials

Green Lithium – United Kingdom (private) - Is building Europe’s first large-scale lithium refinery. Focus on ESG-compliant, energy-efficient refining for the European market

Mangrove Lithium – Canada (privately held) - Develops modular refinery plants based on electrochemical processes to convert lithium concentrate into battery-grade lithium hydroxide

$ICL ICL Group (NYSE: ICL) – Israel – Manufactures specialty chemicals and electrolytes for batteries and energy storage. Combines chemical expertise with sustainable process optimization

3. Materials Technology and Component Manufacturing

They supply cathode and anode materials, electrolytes, separators, and coating systems.

$3407 (-1,31 %) Asahi Kasei (TYO: 3407) – Japan – Manufacturer of separator films and electrolytes. A global leader in thermal stability and safety

$3402 (-1,09 %) Toray Industries (TYO: 3402) – Japan – Develops high-performance polymers and carbon materials for electrodes, separators, and casings

$SOLB (+0,2 %) Solvay (EBR: SOLB) – Belgium – Chemical company focused on binders, electrolyte salts, and coatings for cathode and anode production

$MMM 3M (NYSE: MMM) – U.S. – Supplier of additives, protective coatings, and conductive materials. Strong partner in cell and module manufacturing

$018880 Hanon Systems (KRX: 018880) – South Korea – Specializes in thermal management solutions for battery packs and electric powertrains

$PPG PPG Industries (NYSE: PPG) – USA – One of the world’s leading manufacturers of specialty coatings and functional materials. Develops conductive and protective coatings for battery cells, enclosures, and interconnect components. Supports cell manufacturers with solutions to improve heat dissipation, safety, and service life

Hidden Champions

Nexeon – United Kingdom (privately held) – Develops silicon anode materials to increase energy density in lithium-ion cells. Focuses on lightweight construction and fast-charging capability

Group14 Technologies – U.S. (privately held) – A pioneer in silicon-carbon composites. Collaborates with automakers and cell manufacturers on the next generation of high-energy anodes

$TLG (-2,36 %) Talga Group (ASX: TLG) – Australia/Sweden – Integrates graphite mining and anode production. Aims to sustainably produce carbon materials for European cell manufacturing

4. Cell Production

The technological heart of the value chain. This is where capacity, energy density, and cost structures are determined.

$3750 (-3,71 %) CATL (SHE: 3750) – China – The world’s largest battery manufacturer with a market share of over 30 percent. A leader in LFP and NMC technologies and a partner to numerous OEMs

$373220 LG Energy Solution (KRX: 373220) – South Korea – Global cell manufacturer with plants in Asia, Europe, and the U.S. Focuses on high-performance cells for e-mobility and energy storage

$SMSN Samsung SDI (KRX: 006400) – South Korea – Focuses on premium cells with high energy density. Close supplier to BMW, Rivian, and other premium manufacturers

$6752 (-2,19 %) Panasonic Holdings (TYO: 6752) – Japan – Long-standing partner of Tesla. Building new production facilities in the U.S. and Japan

Northvolt – Sweden (privately held) – European pioneer in sustainable battery manufacturing. Focus on the circular economy, green energy, and closed-loop supply chains

Hidden Champions

$QS (-5,96 %) QuantumScape (NYSE: QS) – U.S. – Develops solid-state batteries with ceramic electrolytes for higher energy density and safety. Partners with Volkswagen

$SLDP Solid Power (NASDAQ: SLDP) – U.S. – Specializes in solid-state electrolytes and high-performance cells for automotive applications. Collaborations with BMW and Ford

24M Technologies (private, USA) – Develops semi-solid lithium-ion cells with simplified production. Significantly reduces costs and material consumption

$AMPX Amprius Technologies (NYSE: AMPX) – U.S. – Specializes in silicon nanowire anodes with extremely high energy density. Applications in aviation, drones, and robotics

$ENVX (-4,13 %) Enovix (NASDAQ: ENVX) – U.S. – Develops 3D silicon cells with a novel architecture. Focuses on safety, fast charging, and compact formats

ProLogium – Taiwan (privately held) – Technology leader in solid-state batteries. Building the first large-scale production plant in Europe with partners from the automotive industry

5. Module and Pack Manufacturing

In this phase, individual cells are assembled into complete battery modules and packs. This is where mechanical engineering, robotics, and precision technology converge with energy chemistry and quality assurance. Companies such as KUKA (ETR: KU2), $ABBN (-1,68 %) ABB Robotics (VTX: ABBN), Comau (privately held, Italy), Teamtechnik (privately held, Germany), and $LECN Leclanché (SWX: LECN) supply automated systems for the assembly, welding, testing, and cooling of battery modules. Cell manufacturers such as $300014 EVE Energy (SHE: 300014) or $3750 (-3,71 %) CATL (SHE: 3750) also manufacture complete battery systems for the automotive and industrial sectors.

Hidden Champions such as $VAR1 Varta (ETR: VAR1), $MVST Microvast (NASDAQ: MVST), and $FORSE (-3,28 %) Forsee Power (EPA: FORSE) are developing modular high-performance batteries for commercial vehicles, rail, shipping, and stationary storage solutions.

These companies combine innovative cell chemistry with thermal management, fast-charging capabilities, and longevity.

At the same time, automakers such as $TSLA (-2 %) Tesla (NASDAQ: TSLA), $1211 (-1,11 %) BYD (HKG: 1211), $VOW3 (-1,86 %) Volkswagen (ETR: VOW3), $BMW (+0,02 %) BMW (ETR: BMW), $MBG (-0,93 %) Mercedes-Benz Group (ETR: MBG), $XPEV Xpeng (NYSE: XPEV), $NIO NIO (NYSE: NIO), and $RIVN Rivian (NASDAQ: RIVN) are increasingly integrating cell production into their own value chains in order to independently control efficiency, energy density, and cooling.

In short: At this stage, market-ready battery systems are developed; these are precisely assembled, thermally stabilized, and digitally monitorable. They form the heart of modern e-mobility and energy storage solutions and serve as the bridge between materials science and application.

6. System Integration

Here, the manufactured battery modules are combined into intelligent complete systems—in vehicles, data centers, networks, or industrial facilities.

This stage integrates hardware, software, and control systems into a functional energy landscape.

Companies such as $SIE (-0,49 %) Siemens (ETR: SIE), Hitachi Energy (privately held, Switzerland/Japan), $ETN (-4,38 %) Eaton (NYSE: ETN), $VRT Vertiv (NYSE: VRT), $WRT1V (-2,09 %) Wärtsilä (HEL: WRT1V), $SU (-1,62 %) Schneider Electric (EPA: SU), and $ABBN (-1,68 %) ABB (VTX: ABBN) are developing comprehensive systems for energy flow control, grid stabilization, and digital integration.

Hidden champions such as $PCELL (-0,85 %) PowerCell Sweden (STO: PCELL), Volterion (private, Germany), $ADSE (+0,65 %) ADS-TEC Energy (NASDAQ: ADSE), AutoGrid Systems (private, U.S.), $EGT Eguana Technologies (TSXV: EGT), $EOSE Eos Energy Enterprises (NASDAQ: EOSE), and Nuvation Energy (private, U.S.) combine battery storage with control electronics, inverters, and AI-based management software. They create modular energy systems that are flexibly scalable and can be deployed to benefit the grid.

In short: This phase sees the emergence of interfaces between technology and the market—systems that not only store electricity but also intelligently control, distribute, and optimize it.

7. Utilization and Application

This is where the battery industry reveals its economic core. In this phase, energy is not only stored but also strategically deployed in mobility, data centers, grids, industry, and private households.

E-Mobility

Batteries are the foundation of electric powertrains. In addition to $TSLA (-2 %) Tesla (NASDAQ: TSLA), $1211 (-1,11 %) BYD (HKG: 1211), $VOW3 (-1,86 %) Volkswagen (ETR: VOW3), $BMW (+0,02 %) BMW (ETR: BMW), $MBG (-0,93 %) Mercedes-Benz (ETR: MBG), and $NIO NIO (NYSE: NIO) are also part of $STLAM (-3,69 %) Stellantis (NYSE: STLA), $LCID Lucid Motors (NASDAQ: LCID), and $RIVN Rivian (NASDAQ: RIVN). They are developing their own battery cell chemistries, software, and charging infrastructure.

Hidden Champions such as $VAR1 Varta (ETR: VAR1) and $LECN Leclanché (SWX: LECN) supply modular systems and high-performance cells for specialized applications.

Data Centers and Cloud Infrastructure

The global expansion of AI, cloud, and storage architectures is driving a massive increase in energy consumption. Companies such as $GOOGL (-1,28 %) Google (NASDAQ: GOOGL), $MSFT (-1,38 %) Microsoft (NASDAQ: MSFT), $AMZN (-1,52 %) Amazon Web Services (NASDAQ: AMZN), and $ORCL Oracle (NYSE: ORCL) are developing their own energy strategies and software solutions to operate their global data centers more efficiently and with lower CO₂ emissions. Infrastructure partners such as $EQIX (-2,11 %) Equinix (NASDAQ: EQIX) and $DLR (-2,48 %) Digital Realty (NYSE: DLR) are relying on battery and hybrid solutions to ensure grid stability. Technology providers such as $VRT Vertiv (NYSE: VRT), $SU (-1,62 %) Schneider Electric (EPA: SU), and $WRT1V (-2,09 %) Wärtsilä (HEL: WRT1V) provide energy management, cooling, and hybrid power systems.

Hidden Champions such as AutoGrid Systems—AI-controlled virtual power plants, $ADSE (+0,65 %) ADS-TEC Energy (NASDAQ: ADSE)—modular high-performance storage for server farms.

Energy suppliers and grid operators (NRPG)

This is where the transition between generation and storage takes place. Utilities such as $FLNC Fluence Energy (NASDAQ: FLNC), $NEE NextEra Energy (NYSE: NEE), $ENEL (+0,28 %) Enel (BIT: ENEL), $TTE (+0,73 %) TotalEnergies (EPA: TTE), $RWE (-0,94 %) RWE (ETR: RWE), and $ORSTED (-2,43 %) Ørsted (CPH: ORSTED) are investing heavily in battery storage to stabilize grids and manage demand. They are joined by specialized developers such as $AMRC (-3,87 %) Ameresco (NYSE: AMRC) and $AES (+0,26 %) AES Corporation (NYSE: AES), which implement hybrid storage and power plant projects.

Hidden Champions such as $STEM Stem Inc. (NYSE: STEM) and GridBeyond (privately held, Ireland) connect these systems via software and enable real-time energy trading.

Industrial and residential storage

Decentralized energy systems are increasingly connecting industry, commercial properties, and private households with storage solutions. Sonnen (privately held, Germany)—a subsidiary of $SHEL (+1,22 %) Shell (LON: SHEL) is a leader in home storage and energy communities. E3/DC (privately held, Germany) and $EGT Eguana Technologies (TSXV: EGT) provide modular systems for self-consumption and grid independence. Software providers such as TWAICE (private, Germany) monitor storage status, efficiency, and lifespan using digital twins.

Summary of the Usage Level

This phase integrates technology, infrastructure, and digital management. Whether in electric vehicles, cloud data centers, industrial facilities, or private households, batteries serve as the link between energy generation, consumption, and intelligence. This is where it will be determined which technologies will define energy distribution, efficiency, and autonomy in the long term.

9. Quality & Safety / Materials Technology

$KEYS Keysight Technologies (NYSE: KEYS) – U.S. – A leader in measurement technology, signal processing, and test systems for battery and semiconductor applications

National Instruments (NASDAQ: NATI) – U.S. – Develops modular test and measurement systems; now part of Emerson Electric

$FORM FormFactor (NASDAQ: FORM) – U.S. – Specialist in wafer probing and precision measurements in cell and semiconductor manufacturing

$KULR (-8,31 %) KULR Technology Group (NYSE: KULR) – USA – Specialist in thermal management and safety systems for lithium-ion batteries. The technology originated in the aerospace industry (NASA) and is now used in energy storage systems, electric vehicles, and recycling processes.

9. Recovery and Recycling

These companies close the loop and ensure the recycling of strategic raw materials.

$LICY Li-Cycle (NYSE: LICY) – Canada – Operates recycling facilities for lithium-ion batteries. Recovery of nickel, cobalt, and lithium using hydrometallurgical technology

Redwood Materials – U.S. (privately held) – Founded by Tesla’s former chief technical officer, JB Straubel. A leader in establishing closed-loop material cycles in the U.S.

Primobius – Germany (Neometals/SMS Group joint venture) – Develops modular recycling plants for battery production in Europe. Focus on industrial scalability

$UMI (-1,81 %) Umicore (EBR: UMI) – Belgium - Combines materials production and recycling. A leader in the recovery of valuable metals such as platinum, nickel, and cobalt

Stena Recycling (privately held, Sweden) – One of Europe’s leading players in recycling and the circular economy. Processes industrial waste, electronics, and batteries, recovering valuable metals and materials for reuse

Heraeus (privately held, Germany) – A technology group specializing in precious metal recycling and materials technologies. Recovers platinum, gold, silver, and rare metals from industrial and battery waste and uses them to manufacture new functional materials

Hidden Champions

Tozero – Germany (privately held) – An innovative startup specializing in hydrometallurgical battery recycling. Its goal is the complete recovery of lithium, nickel, and graphite

$AMY (+22,73 %) RecycLiCo (TSXV: AMY) – Canada – Develops chemical processes for the efficient recovery of high-purity battery materials

ACE Green Recycling – Singapore (privately held) – Works on CO₂-neutral recycling processes for lead-acid batteries and lithium systems. Focus on energy efficiency and scalability

Along this chain, a global network of specialists, producers, and integrators is emerging. The greatest growth opportunities lie at the intersections—where chemical expertise, digitalization, and the circular economy converge.

1️⃣4️⃣.Equipment manufacturers at each stage, plus overarching financiers and strategic distributors

⚒️ 1. Raw material extraction – “shovels” = exploration, machinery, plant engineering

Who benefits: Machinery manufacturers, chemical and plant equipment suppliers, raw material financiers

$CAT (-2,6 %) Caterpillar (NYSE: CAT) – U.S. – mining equipment, transport vehicles for lithium and nickel mines

$6301 (-1,95 %) Komatsu (TYO: 6301) – Japan – heavy mining machinery, particularly in South America and Australia

$SAND (-1,08 %) Sandvik (STO: SAND) – Sweden – Drilling and rock-cutting equipment (lithium mines)

$FLS (+0,13 %) FLSmidth (CPH: FLS) – Processing plants for nickel and cobalt

$EPI A (-0,91 %) Epiroc (STO: EPI-A) – Sweden – Specializes in underground drilling, blasting technology, and automated mining solutions

$WEIR (+0,93 %) Weir Group (LSE: WEIR) – United Kingdom – Supplies grinding and pumping technology for ore processing and material transport in mines

Hidden Champions

$ANG (-3,11 %) Austin Engineering (ASX: ANG) – Australia – Manufactures mining vehicle components and heavy equipment for open-pit mining

$ORI (-1,75 %) Orica (ASX: ORI) – Australia – Leading supplier of industrial explosives and drilling chemicals for exploration and mining

$METSO (-0,68 %) Metso Outotec (HEL: METSO) – Finland – Equipment for ore processing and metal recovery

Investors / Funds:

$SPWRC8 BlackRock Natural Resources Fund

$LIT Global X Lithium & Battery Tech ETF

Sprott Physical Battery Metals Trust – Financing of exploration projects

⚗️ 2. Refining & Materials Chemistry – “Shovels” = Process plants, chemical equipment

Who benefits: Chemical plant manufacturers, specialty chemicals, process engineering

$LIN (+0,43 %) Linde (NYSE: LIN) – UK – Gas processing, process plants (e.g., electrolytes, carbon-neutral hydrogen for batteries)

$AI (+0,05 %) Air Liquide (EPA: AI) – France – industrial gases, CO₂-free syntheses

$WCH (-0,93 %) Wacker Chemie (ETR: WCH) – Germany – Silicon compounds for anodes

$BAS (+1,9 %) BASF Engineering Services – Germany – Process design & EPC for cathode production

$TE (-0,46 %) Technip Energies (EPA: TE) – France – Engineering solutions for chemical refineries

$ANDR (+0,91 %) Andritz AG (VIE: ANDR) – Austria – Machinery and plant manufacturer for chemical processing, filtration, and metal separation

$FLS (+0,13 %) FLSmidth (CPH: FLS) – Denmark – Supplies large-scale plants for ore processing and metal recovery with a focus on energy efficiency

$VIE (-0,28 %) Veolia Environnement (EPA: VIE) – France – Develops industrial water and waste solutions for metal processing and recycling

Hidden Champions

$PYR (-6,16 %) PyroGenesis Canada (TSX: PYR) – Canada – Uses plasma technology to refine metals cleanly and efficiently. A sustainable alternative to traditional high-temperature processes

$MMI Metalo Group (TSXV: MMI) – Canada - Specialist in low-carbon metal refining. Develops energy-efficient processes for converting raw materials into battery-grade metals

Financiers / Strategic Partners:

KfW / EIB / EU Innovation Fund – support materials and recycling projects

Breakthrough Energy Ventures (Gates Fund) – invests in new cathode and anode technologies

🧪 3. Materials Technology & Components – “Tools” = Measurement Technology, Machinery, Software

Who benefits: Measuring instruments, lab automation, software for cell research

$TMO Thermo Fisher Scientific (NYSE: TMO) – U.S. – Materials analytics

$BRKR (-0,39 %) Bruker (NASDAQ: BRKR) – U.S. – spectroscopy & materials characterization

$HEN3 (+1,83 %) Henkel AG & Co. KGaA (ETR: HEN3) – Germany – Global supplier of industrial adhesives, sealants, and thermal materials, central to battery and electronics manufacturing

$MMM 3M Company (NYSE: MMM) – U.S. – Supplies high-performance insulation materials, adhesives, and protective coatings for battery cells and modules

$DD (-0,74 %) DuPont de Nemours, Inc. (NYSE: DD) – U.S. – Produces polymers, insulating materials, and binders for electrolytes, separators, and cell packaging. Focus on safety and energy efficiency

$AMAT (-3,35 %) Applied Materials (NASDAQ: AMAT) – U.S. – Supplier of production and coating equipment for battery and semiconductor manufacturing

Hidden Champions

Bühler Group (privately held, Switzerland) – Manufacturer of precision equipment for powder processing, coating, and material preparation

$AFX (+0,64 %) Carl Zeiss Meditec AG (ETR: AFX) – Germany – Leading manufacturer of optical and imaging systems for research, microscopy, and materials analysis. Relevant to cell research and quality control of battery materials

Leica Microsystems (privately held, Germany / part of $DHR (+1,2 %) Danaher Corporation, NYSE: DHR – U.S.) – Develops microscopes and imaging systems for materials science and cell analysis. Significant for research and process development in battery cell production

Ionbond (privately held, Switzerland) – A leader in hard coatings for electrodes, contact surfaces, and housings. Extends the service life of critical components

$ENTG Entegris (NASDAQ: ENTG) – USA – Develops specialty chemicals, filtration, and process solutions for ultra-high-purity battery and semiconductor manufacturing

Software & Simulation Providers:

$DSY (-0,88 %) Dassault Systèmes (EPA: DSY) – Battery development simulation (CATIA / SIMULIA)

COMSOL AB (privately held, Sweden) – Developer of the multiphysics simulation platform. Enables coupled simulations of electrochemistry, mechanics, and thermodynamics in battery cells and energy systems

🏭 4. Cell & Module Production – “Shovels” = Production Equipment, Robotics, Measurement Technology

Who benefits: Machine builders, automation, quality control

$300450 Wuxi Lead Intelligent (SHE: 300450) – China – Develops automated production lines for cell manufacturing and assembly

Toshiba (TYO: 6502) – Japan – Manufacturer of cells and production systems for energy storage and vehicles

$SIE (-0,49 %) Siemens AG (ETR: SIE) – Germany – Supplies digital production and automation software, including “Digital Twin” solutions for battery factories.

KUKA AG (ETR: KU2) – Germany – Robotics and automation expert for battery pack assembly and manufacturing processes

Hidden Champion

Tera Automation (privately held, Italy) – Precision machines for electrode handling and cell stacking

InoBat Auto (privately held, Slovakia) – Modular small-batch cell production with a research focus on material adaptation

Trumpf (privately held, Germany) – A leader in laser welding technology and manufacturing systems for cell housings and battery modules

$M5Z (+0 %) Manz AG (ETR: M5Z) – Germany – Specialist in machine and plant engineering for cell and module production. Offers complete production lines for electrodes and cells

$DUE (+0,24 %) Dürr AG (ETR: DUE) – Germany – Manufacturer of coating and drying systems for battery electrodes. Also supplies cleanroom systems for cell production

Bosch Rexroth (private, Germany) - A leader in production control, linear technology, and battery system integration for automated production lines.

Financing & Infrastructure

EU IPCEI Battery Initiative (Europe) – A European funding program worth billions aimed at strengthening European battery production and research.

Capricorn Partners (private, Belgium) - Venture capital investor focused on cleantech, deep tech, and battery projects in Europe. (Hidden Champion)

InnoEnergy (private, EU / Netherlands) - An EU-backed innovation network for financing and scaling battery startups such as Northvolt or Verkor. (Hidden Champion)

Swedish Growth Fund (private, Sweden) – A government-backed fund that invests in Swedish technology companies and battery manufacturing (Northvolt, Polarium). (Hidden Champion)

⚙️ 5. System Integration & Energy Management – “Components” = Power Electronics, Software, Grid Control

Who benefits: Hardware and software providers that control the energy system

$ABBN (-1,68 %) ABB Robotics (VTX: ABBN) – Switzerland – Automation systems and robots for assembly, testing, and quality management

KUKA (ETR: KU2) – Germany – Leading provider of robotics and automation solutions for battery pack assembly

$ENR (-6,15 %) Siemens Energy (ETR: ENR) – Germany – Grid integration, medium-voltage connections

$ETN (-4,38 %) Eaton (NYSE: ETN) – Ireland – Grid protection, smart power distribution

$SU (-1,62 %) Schneider Electric (EPA: SU) – France – BMS & EcoStruxure energy platform

$FLNC Fluence (NASDAQ: FLNC) – U.S. – Battery storage control (software + hardware)

Hidden Champions

Fronius International (privately held, Austria) – Specialist in welding technology and power supply systems for e-mobility

Comau (privately held, Italy) – Automation specialist for battery pack assembly, robotics, and testing systems. Close partnerships with automakers

Teamtechnik (privately held, Germany) – Develops automated test systems and production lines for battery and energy modules

Reis Robotics (privately held, Germany) – Specialist in precision robotics, welding, and joining processes in battery manufacturing

Software / AI:

TWAICE (privately held, Germany) – Offers a software platform for analyzing and optimizing battery lifecycles. Focus on condition monitoring, aging modeling, and second-life applications

AutoGrid Systems (privately held, U.S.) – AI-based software for energy management and grid optimization. Connects battery storage systems, solar farms, and wind farms to form virtual power plants

GridBeyond (private, Ireland) – Develops an AI platform for real-time grid control and energy trading optimization for industry and utilities

⚡ 6. Usage / Applications – “Shovels” = Charging Infrastructure, Power Management, Data Centers

Who benefits: Infrastructure, cloud, and network operators

$CHPT (-6,89 %) ChargePoint Holdings (NYSE: CHPT) – U.S. – Operates one of the largest networks of electric vehicle charging stations in North America and Europe. Focus on software and infrastructure management

$ABBN (-1,68 %) ABB Ltd. (VTX: ABBN) – Switzerland – Global energy and technology group, a leader in charging infrastructure, grid management, and industrial automation

$SIE (-0,49 %) Siemens AG (ETR: SIE) – Germany – Technology and industrial conglomerate, strong in power distribution, automation, and digital grid systems

$VRT Vertiv Holdings Co. (NYSE: VRT) – U.S. – Leading provider of power, cooling, and infrastructure solutions for data centers and telecommunications

$NVDA (-3,31 %) NVIDIA Corporation (NASDAQ: NVDA) – U.S. – Develops AI chips and data center architectures that optimize energy efficiency and performance management

$INTC (-4,31 %) Intel Corporation (NASDAQ: INTC) – U.S. – Manufacturer of energy-efficient processors and data center platforms, with an increasing focus on AI workloads

$AMD (-5,8 %) Advanced Micro Devices (NASDAQ: AMD) – U.S. – Manufactures high-performance processors and GPUs with a focus on improving efficiency in data center applications

Hidden Champions

$WBX (-3,66 %) Wallbox N.V. (NYSE: WBX) – Spain – Manufacturer of smart chargers and energy management systems for electric vehicles and building integration

$SMCI Super Micro Computer, Inc. (NASDAQ: SMCI) – U.S. – Leading provider of energy-efficient server and data center architectures for AI and cloud infrastructure

$ALFEN (-3,27 %) Alfen N.V. (AMS: ALFEN) – Netherlands – Specialist in smart grids and battery storage. Strong focus on European electromobility

Financiers / Operators:

$EQIX (-2,11 %) Equinix Inc. (NASDAQ: EQIX) – U.S. – The world’s largest data center operator. Increasingly investing in its own energy storage and microgrid solutions to improve efficiency and stabilize the power supply

$DLR (-2,48 %) Digital Realty Trust Inc. (NYSE: DLR) – U.S. – Operates global cloud and colocation data centers. Focuses on integrating battery storage, renewable energy, and energy management systems

$BEP.UN Brookfield Renewable Partners L.P. (NYSE: BEP / TSX: BEP.UN) – Canada – Invests globally in renewable energy, storage technologies, and hydrogen infrastructure. A major financier and operator of hybrid energy systems

♻️ 7. Recycling & Second Life – “Shovels” = recycling technology, sorting machines, chemicals

Who benefits: Recycling plant manufacturers, software, and logistics

$ANDR (+0,91 %) ANDRITZ AG (VIE: ANDR) – Austria - Manufacturer of mechanical and chemical processing plants for recycling and battery metal recovery

$NDA (-1,86 %) Aurubis AG (ETR: NDA) – Germany – Europe’s largest copper producer and recycler. Entering the battery metal recovery sector to close raw material loops

$UMI (-1,81 %) Umicore SA (EBR: UMI) – Belgium – Fully integrated materials and recycling group with closed-loop metal cycles

$LICY Li-Cycle Holdings Corp. (NYSE: LICY) – Canada – Operates hydrometallurgical recycling facilities for lithium-ion batteries

Hidden Champions

Tozero (privately held, Germany) – A startup with innovative hydrometallurgical technology for recovering lithium, nickel, and graphite

$AMY (+22,73 %) RecycLiCo (TSXV: AMY) – Canada – Chemical processing of used batteries. Achieves high purity and low energy consumption

ACE Green Recycling (privately held, Singapore) – CO₂-neutral recycling processes for lithium and lead-acid batteries. Focus on energy efficiency and modular plants

Redwood Materials (private, U.S.) – A startup specializing in battery recycling and secondary raw material production with a focus on closed-loop supply chains

SMS Group (privately held, Germany) – Develops smelting plants and hydrometallurgical systems for metal and battery recycling

Funding Sources:

EU Circular Economy Fund (EU) – Supports European recycling and resource efficiency projects

Breakthrough Energy Ventures (U.S.) – Bill Gates’ climate fund, invests in new recycling technologies

EIT RawMaterials (EU) – EU initiative to support raw materials startups along the battery value chain

💰 8. Overarching Financiers & Strategic Fund Distributors

These players provide capital, technology, or infrastructure to all stages:

$BLK (+0,45 %) BlackRock Inc. (NYSE: BLK) – U.S. – The world’s largest asset manager, investing in battery, raw materials, and energy technologies via thematic ETFs

Vanguard Group (private, U.S.) – One of the largest global fund providers, with passive investments in the energy and tech sectors

State Street Global Advisors (private, U.S.) – Manages institutional funds, including those focused on clean tech and infrastructure themes

SoftBank Vision Fund (private, Japan) – A private equity fund with investments in energy, battery, and robotics technologies

Temasek Holdings (private, Singapore) – A sovereign wealth fund focused on sustainable energy and infrastructure projects

$GS Goldman Sachs Group Inc. (NYSE: GS) – U.S. – Offers investments in energy storage and infrastructure projects through CleanTech and sustainable finance funds

$MS Morgan Stanley (NYSE: MS) – U.S. – Global financial services firm with dedicated funds for sustainable infrastructure and battery projects

Global X ETFs (U.S.) – Thematic ETF provider focused on lithium & battery tech, clean energy, and critical materials

$IVZ (-2,81 %) Invesco (NYSE: IVZ) – U.S. – Asset manager with strategic holdings in CleanTech and infrastructure ETFs

$BEP.UN Brookfield Renewable Partners (NYSE: BEP) – Canada – Invests in clean energy, battery storage, and hybrid power plants worldwide

Hidden Champions

Khosla Ventures (private, U.S.) – Venture capital firm focused on clean tech, storage technologies, and materials innovation

InnoEnergy (private, EU / Netherlands) – EU-funded innovation network that supports startups along the European battery value chain

1️⃣5️⃣.Interconnections – Hybrid Energy Systems for Data Centers, Industry, and Transportation

Hybrid energy systems combine different energy sources—such as batteries, fuel cells, photovoltaics, wind power, and grid power—into a single, intelligently controlled system. The goal: maximum efficiency, stability, and reliability of supply with minimal emissions.

These systems are at the heart of Energy Infrastructure 4.0. They combine storage, control, and utilization on a single platform. What matters most is no longer which energy source is used, but how it is integrated.

1. Data Centers – Energy Efficiency Through Storage and Grid Intelligence

Core idea: Data centers are continuous consumers of energy. Hybrid systems combining battery storage, fuel cells, and grid management offset peak loads and power servers during grid outages without the need for diesel generators.

Technological integration:

Lithium- or sodium-ion batteries for short-term load peaks

Hydrogen fuel cells for emergency and long-term power supply

Intelligent energy management software (EMS) for load balancing

Relevant companies:

$VRT Vertiv (NYSE: VRT) – U.S. – Power and cooling infrastructure for data centers

$SU (-1,62 %) Schneider Electric (EPA: SU) – France – Digital power distribution, smart grids

$ABBN (-1,68 %) ABB (VTX: ABBN) – Switzerland – Energy automation, modular microgrids

$EQIX (-2,11 %) Equinix (NASDAQ: EQIX) – U.S. – Operator; integrates battery storage and fuel cells

$NVDA (-3,31 %) NVIDIA (NASDAQ: NVDA) – U.S. – AI-based load control and optimization

2. Industry – Hybrid Power Systems and Load Management

Core Idea: Energy-intensive industries use combined systems comprising storage, renewable sources, and hydrogen to achieve grid independence and cost efficiency.

Technological Integration:

Battery storage (Li-ion, sodium, solid-state) for production peaks

Hydrogen for long-term storage

Heat recovery + grid control via AI

Relevant Companies:

$SIE (-0,49 %) Siemens (ETR: SIE) – Germany – Industrial microgrids, energy management

$WRT1V (-2,09 %) Wärtsilä (HEL: WRT1V) – Finland – Hybrid power plants for industry and island grids

$TTE (+0,73 %) TotalEnergies (EPA: TTE) – France – Integration of solar, batteries, and hydrogen in industrial parks

AutoGrid (private, U.S.) – AI platform for energy management (Hidden Champion)

$ALFEN (-3,27 %) Alfen (AMS: ALFEN) – Netherlands – Smart grid and storage systems.(Hidden Champion)

3. Transportation – Energy Infrastructure for New Mobility

Core idea: The transportation sector is increasingly becoming electric, but with a variety of energy sources. Hybrid infrastructures combine battery, hydrogen, and grid systems for road, rail, and aviation.

Technological connections:

Battery swap stations and fast-charging hubs

Hydrogen refueling stations + local electrolysis

Sector coupling between transportation, electricity, and heating

Relevant companies:

$TSLA (-2 %) Tesla Energy (NASDAQ: TSLA) – U.S. – Energy storage and charging infrastructure

$NIO NIO Inc. (NYSE: NIO) – China – Battery-swapping networks

$005380 Hyundai Motor (KRX: 005380) – South Korea – Combination of battery and fuel cell propulsion

$BLDP (-4,37 %) Ballard Power (NASDAQ: BLDP) – Canada – Fuel cells for commercial vehicles

$NEL (+3,84 %) Nel ASA (OSL: NEL) – Norway – Hydrogen electrolysis and refueling systems

4. Interconnection Level – Energy System 4.0

At this level, batteries, fuel cells, renewable sources, and digital control converge into a shared flow of data and energy. The key lies in sector coupling: electricity, heat, mobility, and data share a dynamic grid.

Technology Platforms & Drivers:

$ENR (-6,15 %) Siemens Energy (ETR: ENR) – Hybrid grid architectures, Power-to-X

Hitachi Energy (privately held, CH/JP) – Control systems and grid stabilization

$ETN (-4,38 %) Eaton (NYSE: ETN) – Power distribution, load management

$ADSE (+0,65 %) ADS-TEC Energy (NASDAQ: ADSE) – Fast-charging and storage systems. (Hidden Champion)

After examining the value chains and cross-sector applications, I’d now like to show you the whole picture in a simplified system diagram. The diagram visualizes the energy flow of a hybrid energy system: Renewable sources feed electricity into battery storage and fuel cells, which in turn supply consumers such as data centers, industry, and transportation. An AI control system connects all levels into a self-regulating, data-driven循环 system—the foundation of Energy Infrastructure 4.0.

Structure:

1. Energy Sources (top left)

Sun ☀️ → Photovoltaics

Wind 🌬 → Wind turbines

Grid power ⚡ → Feed-in from the public power grid

Hydrogen (H₂) → Produced by electrolysis from surplus energy

2. Conversion and Storage (center of the diagram)

Battery systems (lithium-sodium, solid-state) – short-term energy storage

Fuel cells / hydrogen tanks – Long-term storage and reconversion to electricity

Hybrid control / energy management system – AI-based control of energy flow

➜ Bidirectional arrows between battery ↔ fuel cell ↔ grid symbolize energy exchange and load management

3. Consumers (bottom right)

Data centers – Constant base load, backed up by storage and fuel cells

Industry – Flexible load control, use of hybrid energy for stabilization

Transportation sector – e-mobility, fast-charging hubs, hydrogen logistics

4. Data and Control Layer (above the center)

AI platforms (e.g., AutoGrid, TWAICE, NVIDIA)

Cloud integration for real-time data

Control of energy flow, CO₂ emissions, and costs

5. Feedback (below / base of the system)

Recycling → Raw material recovery → Cell production

Circular arrow visually leads back to the energy sources – symbolizing a closed-loop value chain

The hybrid energy flow illustrates how electricity, hydrogen, data, and raw materials reinforce one another in a circular, data-driven network. This is the foundation of Energy Infrastructure 4.0, which is dynamic, decentralized, and interconnected across sectors.

1️⃣6️⃣.Energy for humanoid robots: the next evolutionary stage of application

The next industrial revolution is no longer taking place solely in data centers or vehicles, but in the convergence of humans, machines, and energy. Humanoid robots symbolize this transition. These are systems that must think, act, and be self-sufficient. Their energy source is what makes them functional in the first place.

This is where battery technology, microgrid systems, and smart energy distribution intersect directly with artificial intelligence. Power density, longevity, and energy efficiency determine how autonomously these machines can operate. Whether in industry, healthcare, logistics, or everyday life, the stability of their energy supply is becoming a strategic factor for entire value chains. Next-generation batteries, solid-state systems, and mini fuel cells form the foundation for this. Companies that develop or supply these technologies are not only creating products but also building the infrastructure for a new form of intelligence that is energy-independent, networked, and scalable.

16.1 Technical Basis: What a Humanoid Really Needs in Terms of Energy

A humanoid robot is, at its core, a mobile energy system. It must walk, grasp, lift, balance, communicate, see, think, and remain safe while doing so. All of this requires a constant supply of energy.

Key requirements: high energy density with low weight, short-term power spikes, thermal stability, energy recovery, and long operating times without manual recharging. Currently, the energy requirements of humanoid robots range from 500 watts to 2 kilowatts, with energy storage capacities of 1 to 5 kilowatt-hours. A system is only considered suitable for industrial use if it can operate autonomously for several hours and recharge itself or swap modules.

16.2 Storage Status Today and in Five Years

Today:

Lithium-ion systems (NMC, NCA) dominate due to their high energy density.

LFP cells excel in safety and lifespan.

In five years:

Silicon anodes will increase energy density and charging speed.

Partially and fully solid-state batteries will improve safety and stability.

Combinations of batteries and fuel cells will emerge for continuous-load applications.

As a result, the robotics energy market is shifting toward modular, interchangeable high-performance cells with active thermal management and smart controls.

16.3 Industry Landscape

A. Cells and High Energy Density

$AMPX Amprius (NYSE: AMPX) – U.S. High-energy-density silicon anodes, ideal for robotics and drones

$ENVX (-4,13 %) Enovix (NASDAQ: ENVX) – USA 3D cell architecture, compact and capable of fast charging

$QS (-5,96 %) QuantumScape (NYSE: QS) – U.S. Develops solid-state cells with ceramic electrolytes

$SLDP Solid Power (NASDAQ: SLDP) – U.S. Solid-state electrolytes for safe, high-performance cells

Sila Nanotechnologies (private, U.S.) Silicon anode materials for lighter systems

B. Battery Pack Architecture and Integration

$TSLA (-2 %) Tesla Energy (NASDAQ: TSLA) – USA Vertically integrated battery packs including BMS

$NIO NIO Inc. (NYSE: NIO / HKG: 9866) – China Battery swap systems for modular power supply

$LECN Leclanché (SWX: LECN) – Switzerland Modular packs for industry and logistics

C. Actuators and Drive Mechanisms

$6324 (-1,88 %) Harmonic Drive Systems (TYO: 6324) – Japan Precision gearboxes for humanoid joints

$6268 (-2,17 %) Nabtesco (TYO: 6268) – Japan: Cycloidal gearboxes for high loads and stability

Maxon (privately held, Switzerland): High-performance, high-efficiency motors

D. Power Electronics and Control

$IFX (-3,43 %) Infineon Technologies (ETR: IFX) – Germany Power semiconductors for motor control and power distribution

$STM STMicroelectronics (EPA: STM) – Switzerland / France Sensors and energy controllers

$TXN Texas Instruments (NASDAQ: TXN) – U.S. BMS components and cell monitoring

E. Charging, Power Supply, and Infrastructure

$ADSE (+0,65 %) ADS-TEC Energy (NASDAQ: ADSE) – Germany High-performance storage and fast-charging units

Wiferion (privately held, Germany) Inductive charging for autonomous systems

$ALFEN (-3,27 %) Alfen (AMS: ALFEN) – Netherlands: Smart grids and charging infrastructure for robotics and industry

F. Control, Fleet Management, and Energy Intelligence

TWAICE (privately held, Germany) Software for battery health and lifespan prediction

AutoGrid (privately held, U.S.) AI-based platform for energy distribution and load control

$NVDA (-3,31 %) NVIDIA (NASDAQ: NVDA) – U.S. Computing platforms for real-time control and energy management

16.4 Who Has the Most Potential

In the short term: Harmonic Drive Systems, Nabtesco, Maxon—because every humanoid robot needs precise, efficient joints.

Medium term: Amprius, Enovix, Sila, QuantumScape, Solid Power—they increase energy density and operational reliability, the key criteria for autonomy.

System-wide: NVIDIA, AutoGrid, TWAICE – because the future lies not only in storage but also in the intelligent control of energy flow.

16.5 Practical Blueprint – Energy Stack of a Humanoid Robot

Energy Storage: Lightweight, high-energy battery module with active thermal management, based on NMC or silicon.

Drive: BLDC motors with harmonic or cycloidal gearboxes, integrated regenerative braking. Power electronics: Inverters and DC/DC converters from Infineon or STMicro, BMS from Texas Instruments.

Charging Infrastructure: Quick-swap packs, inductive intermediate charging with ADS-TEC or Wiferion.

Intelligence: Status diagnostics via TWAICE, energy coordination via AutoGrid, computational control via NVIDIA.

A stack like this not only makes humanoid robots operational but also economically viable. It’s no longer just about robotics—it’s about energy expertise. Whoever masters this stack controls not only the machine but also the business case behind it.

1️⃣7️⃣.Takeaway

The battery industry has long since evolved from a standalone solution into a multifaceted ecosystem in which materials, technologies, data, and energy flows are intertwined. Hybrid energy systems that combine batteries, fuel cells, and renewable sources are no longer a vision but a reality, evident in data centers, industrial parks, and transportation systems around the world. What matters most is no longer just how energy is generated or stored, but how it is intelligently controlled and integrated into existing grids. This is precisely where the real added value lies: in the ability to synchronize energy flows, data systems, and capital flows. Perhaps this is the point at which it will be decided in the future who will shape true energy autonomy—those who produce energy, or those who can control it precisely?

1️⃣8️⃣.Sources & data used:

International Energy Agency (IEA) – Global EV & Battery Outlook 2024

BloombergNEF – Battery Supply Chain & Energy Storage Report

McKinsey & Company – Battery Value Chain 2030

Fraunhofer ISI – Energy System Analysis: Germany & the EU 2024

Company Reports & Investor Relations:

CATL, Tesla, Northvolt, Siemens Energy, Hitachi Energy

Manz AG, Vulcan Energy, Li-Cycle, Umicore, Albemarle

Market Analyses: Benchmark Minerals Intelligence, S&P Global, Reuters Energy Desk

Research Sources: IEA Hydrogen Roadmap, EU Strategic Raw Materials Act, Battery Passport Initiative (Global Battery Alliance)

Images:

Illustrative image — JLStock / Shutterstock.com

Photo: dpa

https://tse1.mm.bing.net/th/id/OIP.Zs6cG53hAFkOB4TXG0psVgHaDR?pid=Api&P=0&h=180

https://www.bmwgroup.com/content/dam/grpw/websites/bmwgroup_com/News/2024/1280x854_batterie_und_charging_V1.png

Hello dear Getquin Community,

This year's IAA Mobility in Munich showed that the automotive industry is on the verge of a turning point. With over 30 percent more exhibitors than in 2023 and numerous premieres from Audi, $BMW (+0,02 %) BMW, $MBG (-0,93 %) Mercedes, $VOW3 (-1,86 %) VW, Opel and Chinese challengers such as BYD and $1211 (-1,11 %) BYD and $9868 (-1,49 %) XPeng, it became clear that electromobility has now become the standard. However, behind these new platforms and concepts lies an even bigger topic, namely autonomous driving and the robotaxis of the future.

In order to present this field in a clear and transparent way for investors, I have broken down the entire value chain into individual sectors. These include automotive and suppliers, semiconductors and technology, communication and infrastructure, software and algorithms, logistics and transportation, insurance and finance, energy and infrastructure, battery and propulsion, maps and mapping, and safety and cybersecurity. Within each sector, I have analyzed the big players, the hidden champions and the blade manufacturers and highlighted my favorites in each case with a brief explanation. @Multibagger 😎

My aim was to develop as comprehensive a picture as possible that shows where the opportunities lie in this new industry and how investors can position themselves at an early stage. Perhaps the IAA 2025 was not just a car show, but actually the starting signal for the next big investment ecosystem around robotaxis and autonomous driving. If I have overlooked any important aspects or if a categorization was not quite precise, I look forward to your comments @BamBamInvest
@Epi
😎 and exciting additions @All-in-or-nothing 😎 Together we can understand this topic even better and learn from each other. @Tenbagger2024 😎

Feel free to leave a 👍. I wish you every success with your investments 🚀

🚘 Automotive & suppliers

Big player:

$TSLA (-2 %) Tesla - pioneer in autopilot/FSD, vertical integration, huge database

$MBG (-0,93 %) Mercedes-Benz Group - EQS/EQE with Level 3 approval in Germany, strong regulatory expertise

$BMW (+0,02 %) BMW - New class platform, e-models with prepared sensor technology & level 3 approaches

$VOW (-1,71 %) VW Volkswagen - Cariad software unit, massive push towards ADAS/AV

$7203 (+0,18 %) Toyota (Japan) - largest OEM, cooperation with Pony.ai and Denso

$GOOGL (-1,28 %) Alphabet Waymo (private/Alphabet $GOOGL) - robotaxi pioneer in the USA

$9888 (-2,19 %) Baidu Apollo (9888.HK) - Robotaxi & Full-Stack AV in China

$Pony.ai (private, China) - Robotaxi & partnerships with Toyota

👉 Favorite: Alphabet Waymo ($GOOGL (-1,28 %))

Moat through years of data collection in real operation, deep AI integration, financially secured by Alphabet. Compounder potential, as Waymo can scale as a platform.

Hidden champions:

$APTV (-1,52 %) Aptiv - supplier for ADAS, sensor fusion, E/E architectures

$MG (-0,93 %) Magna International - produces complete vehicle systems including autonomous components

$ZF Friedrichshafen (private) - German giant in steering and braking systems for AVs

Veoneer (private, formerly listed) - safety software, vision, sensor technology

$SHA0 (+0,25 %) Schaeffler AG (DE, Germany, Xetra) - global supplier of drive, chassis and intelligent steering systems. Important for e-mobility and redundancy solutions in autonomous driving.

👉 Favorite: Aptiv ($APTV (-1,52 %)
)

High barriers to entry through system integration, broad customer base (OEM-agnostic), strong cash flow and close partner of major car manufacturers.

Blade manufacturer:

$NVDA (-3,31 %) Nvidia - Drive Orin / Thor chips for OEMs, standard in the AV sector

$QCOM (-2,1 %) Qualcomm - Snapdragon Ride platform for AVs

$INTC (-4,31 %) Intel Mobileye - EyeQ chips, one of the market leaders in ADAS

$LAZR Luminar Technologies - Lidar, partnerships with Volvo, Mercedes, SAIC

$OUST Ouster, Inc. - Lidar solutions

$INVZ Innoviz (INVZ) - Lidar sensor technology, cooperation with VW & BMW

👉 Favorite: Nvidia ($NVDA (-3,31 %)
)

Dominance in high-performance AI chips, ecosystem with software (CUDA, DriveSim), network effects through partnerships with almost all OEMs. Classic compounder, enormous moat due to technology and developer lock-in.

Takeaway:

In the automotive & supplier sector, it's not just who sells the most cars, but who has mastered the best technology stack for autonomy. OEMs work closely with specialized suppliers and blade manufacturers. Investors should focus less on unit numbers and more on data basis, software expertise and partnerships. The real levers often lie with suppliers and technology enablers, not just the traditional car brands.

💻 Semiconductors & technology

Big players:

$NVDA (-3,31 %) Nvidia - GPUs & AV chips (Drive Orin, Drive Thor), software ecosystem

$QCOM (-2,1 %) Qualcomm - Snapdragon Ride platform, automotive pipeline >30 billion USD

$INTC (-4,31 %) Intel / Mobileye - EyeQ chips, ADAS market leader

$AMD (-5,8 %) AMD - GPU/CPU, entry into automotive AI compute

👉 Favorite: Nvidia ($NVDA (-3,31 %)
) Unique position: Technological moat through CUDA ecosystem, enabler of almost all AV developments, quasi-monopoly in high-end compute. Classic compounder with long-term growth leverage.

Hidden champions:

$LAZR Luminar Technologies - Lidar supplier, partnerships (Volvo, Mercedes, SAIC)

$INVZ Innoviz Tech. - Lidar, BMW & VW as customers

$KOTMY Koito Manufacturing - world market leader in automotive lighting, entry into lidar through Cepton integration, important role as supplier for OEMs

$AMBA (-4,93 %) Ambarella (AMBA) - camera chips & vision processors for AV

$STMPA (-5,25 %) STMicroelectronics (France/Italy, Euronext) - automotive microcontrollers, sensors, power electronics. European counterpart to Infineon.

$AIXA (+0,29 %) Aixtron (Germany, Xetra) - supplies manufacturing equipment for SiC and GaN semiconductors, indispensable for power electronics in EV/AV.

$ELG (+1,21 %) Elmos Semiconductor (Germany, Xetra) - niche player for mixed-signal semiconductors in automotive, e.g. for radar and driver assistance.

👉 Favorite: Luminar ($LAZR
) Clear technical USP, strategic OEM deals in series production, high barriers to entry in lidar technology. Scalable compounder in a niche market.

Blade manufacturer:

$TSM (-3,15 %) Taiwan Semiconductor - production of all relevant automotive chips

$ASML (-1,93 %) ASML Holding - Lithography monopolist, without ASML no AI/AV chips

$EQIX (-2,11 %) Equinix - data center colocation for AI training & simulations

$DLR (-2,48 %) Digital Realty - cloud and data infrastructure

$AMZN (-1,52 %) Amazon AWS - Cloud resources for AI training, simulation & OTA updates

👉 Favorite: ASML ($ASML (-1,93 %)
) Monopoly on EUV lithography, no advanced chips for autonomous driving without ASML. Moat through technology and patents, classic compounder.

Takeaway:

Semiconductors & technology are the foundation of autonomous driving. While Nvidia plays the central role with computing power, lidar specialists such as Luminar ensure perception. The real shovelware winner, however, is ASML, without whose machines there would be no AV chips. Investors will find the deepest technological moats in the entire value chain here.

📡 Communication & infrastructure

Big players:

$ERIC B (-1,64 %) Ericsson - 5G/6G networks, vehicle-to-everything (V2X) applications, global player

$NOK (-4,53 %) Nokia - 5G/Edge solutions for automotive & smart cities

$QCOM (-2,1 %) Qualcomm - Snapdragon Digital Chassis, V2X chipsets, automotive pipeline

Huawei (private, China) - strong player in 5G/AV communication, partnerships in Asia

👉 Favorite: Qualcomm ($QCOM (-2,1 %)
) Wide moat through IP in mobile communications, at the same time deep automotive integration via Snapdragon Ride & Digital Chassis. Compounder, as economies of scale in chips + licenses worldwide.

Hidden champions:

$Cohda Wireless (private, Australia) - pioneer for V2X communication, software solutions for OEMs

$Autotalks (private, Israel, acquisition by Qualcomm planned) - leader in dedicated V2X chips

Commsignia (private, Hungary) - V2X middleware & roadside units

👉 Favorite: Autotalks (private, Israel)

Technology leader in dedicated V2X chips, unique IP portfolio. Strong takeover candidate (Qualcomm already active), giving moat + exit potential.

Shovel manufacturer:

$CSCO (-0,7 %) Cisco Systems - network infrastructure for automotive, cloud & edge

$AMT (+0,39 %) American Tower - cell towers & infrastructure, benefits from 5G expansion

$CCI (+0,71 %) Crown Castle - radio tower and fiber optic infrastructure (mainly USA)

$EQIX (-2,11 %) Equinix - data centers, basis for edge computing and OTA updates

$DLR (-2,48 %) Digital Realty - colocation & data center capacity for simulations and AV data

👉 Favorite: Equinix ($EQIX (-2,11 %)
)

Global leader in data center colocation, benefits from the edge computing trend. Strong moat due to network effects & high switching costs. Long-term compounder.

Takeaway:

Communication & infrastructure are the silent cornerstones of autonomous driving. Without low-latency networks, edge data centers and V2X communication, no AV can drive safely. While Qualcomm forms the technological bridge between chip and infrastructure, hidden champions such as Autotalks secure niche leadership. On the blade side, Equinix remains unbeatable, as every OEM & service provider needs computing power at the edge.

🤖 Software, platforms & algorithms

Big Player:

$GOOGL (-1,28 %) Alphabet / Waymo - Robotaxi pioneer, full-stack AV software, years of database

$TSLA (-2 %) Tesla - FSD, Dojo supercomputer, vertical integration incl. fleet

$9888 (-2,19 %) Baidu Apollo (HK) - largest robotaxi network in China, full-stack solution

$UBER (-2,75 %) Uber - AV platform in partnership (e.g. with Momenta), scaling via existing user base

👉 Favorite: Alphabet / Waymo ($GOOGL (-1,28 %)
)

Unbeatable moat due to millions of real driving kilometers + simulations, strong financial base via Alphabet, focus on platform scaling (robotaxi, licensing model). Compounder with global expansion potential.

Hidden champions:

$Momenta (private, China) - L4 software for OEMs, partner of Mercedes, Toyota

$AUR (-6,9 %) Aurora Innovation - software + sensor technology for truck autonomy, partner PACCAR, Volvo

$Argo AI (private, USA) - formerly Ford/VW, now partly continued through partner projects

$Oxbotica (private, UK) - modular AV software, focus on industrial & logistics applications

👉 Favorite: Aurora Innovation ($AUR (-6,9 %)
)

Clear focus on trucking (biggest lever in the AV market), long-term OEM partnerships, strong moat due to specialization in long-haul autonomy. Still young, but strong compounder potential.

Shovel manufacturer:

$PLTR (-3,52 %) Palantir - data management, simulation & AI analysis for AV training

$SNOW (-5,65 %) Snowflake - Cloud data platform, relevant for AV data streams

$MSFT (-1,38 %) Microsoft Azure - cloud & simulation platform for OEMs

$AMZN (-1,52 %) AWS - largest provider for AI training & simulations in the AV sector

$ADBE (+1,12 %) Adobe - Simulation & Digital Twin Tools (via partnerships)

👉 Favorite: Palantir ($PLTR (-3,52 %)
)

Deep integration in data pipelines, modular platform for simulation & decision logic. Moat due to lock-in effects with major customers, strong compounder with AI scaling.

Takeaway:

Software and algorithms are the real key to autonomous driving. Vehicles are becoming "data centers on wheels" and only the companies with data, simulation and AI stacks can dominate the market in the long term. Waymo provides the scalable robotaxi ecosystem, Aurora scores with its trucking focus, and Palantir ensures that data streams remain manageable. This is where the biggest margins are generated, not in the sale of hardware.

🚚 Logistics & transportation

Big player:

$AUR (-6,9 %) Aurora Innovation - focus on autonomous trucks, partnerships with Volvo & PACCAR

$TuSimple (private, USA) - pioneer for autonomous trucks, strong in the USA and China, currently undergoing restructuring

$AMZN (-1,52 %) Amazon / Zoox - Robotaxi & autonomous delivery services, integration into e-commerce and Prime

$FDX (-0,69 %) FedEx - test programs for autonomous delivery (cooperations with Aurora, Nuro, among others)

$DHL (+0,18 %) Deutsche Post DHL - pilot projects with autonomous delivery vehicles & drones

👉 Favorite: Amazon / Zoox ($AMZN (-1,52 %)
)

Moat through e-commerce ecosystem, integration of AV in the last mile, strong financial power and scalability. Compounder due to synergies between logistics and technology.

Hidden champions:

$Nuro (private, USA) - autonomous delivery vehicles specifically for the last mile

$Einride (private, Sweden) - electric autonomous trucks, focus on freight & sustainability

$Gatik (private, Canada/USA) - AV for medium distances (B2B supply chains, e.g. Walmart)

$Starship Technologies (private, Estonia/USA) - autonomous delivery robots for urban logistics

👉 Favorite: Gatik (private, Canada/USA)

Clear business model: "middle-mile" logistics, profitable niche market with predictable routes. Moat through early commercial contracts (Walmart). Compounder potential through scaling in the B2B sector.

Shovel manufacturer:

$CAT (-2,6 %) Caterpillar - autonomous technologies for construction machinery & mining, know-how transferable

$DE (+0,65 %) Deere & Co - autonomous agricultural machinery, similar technology stacks as for trucks

$ISRG (-0,36 %) Intuitive Surgical - example of high-end automation (here as a cross-reference for AV tech transfer)

$UPS (+1,02 %) United Parcel Service - logistics infrastructure, partner for AV integration

$R (-0,94 %) Ryder System - fleet management, leasing and AV test integration

👉 Favorite: Deere & Co ($DE (+0,65 %)
)

Autonomy already in use (precision farming), moat through data & technology in the agricultural sector. Compounder quality, as know-how in navigation & autonomy is transferable to transportation/logistics.

Takeaway:

Logistics is one of the first markets where autonomous driving brings real profitability. Trucks and delivery services benefit from 24/7 operation without drivers, while the last mile (Nuro, Gatik) opens up new business models. Amazon is the most powerful player through vertical integration, while hidden champions like Gatik occupy targeted profitable niche markets. Shovel manufacturers such as Deere supply the already proven autonomy stacks.

🏦 Insurance & finance

Major players:

$ALV (+0,28 %) Allianz - the world's largest insurer, involved in AV pilot projects at an early stage

$MUV2 (+0,47 %) Munich Re - reinsurance, develops models for AV risk transfer

$CS (+0,6 %) Axa - active in AV insurance testing & research

$BRK.B (+1,39 %) Berkshire Hathaway - large presence in the US motor insurance market via Geico

👉 Favorite: Munich Re ($MUV2 (+0,47 %)
)

Moat through global reinsurance strength, pioneer in new risk models for AVs. Compounder characteristics through diversification and ability to insure new markets (cyber, AV, climate) at an early stage.

Hidden champions:

$LMND (-2,25 %) Lemonade - digital insurance, AI-driven, quickly adaptable for AV policies

$Root Insurance (private/USA, formerly listed) - data-driven car insurance, use of driving data

$Next Insurance (private, USA) - platform approach, simple onboarding for new risks

$Wefox (private, Germany) - digital platform for insurance brokerage, flexible for new products

👉 Favorite: Lemonade ($LMND (-2,25 %)
)

Pure digital insurer with AI-driven underwriting. Moat through data and automation approach. Still small, but compounder potential as scalable platform can be used in new markets such as AV policies.

Shovel manufacturer:

$SREN (-0,03 %) Swiss Re - global reinsurer, benefits from increasing AV risk volume

$VRSK Verisk Analytics - data & risk analytics for insurers, AV risk models

$GWRE (+0,12 %) Guidewire Software - software solutions for insurance companies, customization for AV policies

$FICO (-0,92 %) Fair Isaac - Analytics & risk modeling, increasingly relevant for complex AV data

👉 Favorite: Verisk Analytics ($VRSK
)

Moat through exclusive data pools & analytics. Enabler for almost all insurers. Compounder character, as growing demand for data & models in new markets such as AVs.

Takeaway:

Autonomous driving shifts liability from the driver to the manufacturer or software provider. Insurers need to develop new products, reinsurers and data providers are becoming more important. Munich Re is protecting the industry, Lemonade is testing digital models and Verisk is providing the data intelligence without which no AV insurance can function. Investors will find silent but indispensable winners of the upheaval here.

🛡️ Security & Cybersecurity

Big players:

$PANW (-4,88 %) Palo Alto Networks - market leader in network security, focus on cloud & IoT, relevant for connected vehicles

$CRWD (-3,78 %) CrowdStrike ($CRWD) - endpoint security, strong platform for AV endpoints and fleets

$CHKP (-0,33 %) Check Point ($CHKP) - Security appliances & firewalls, focus on embedded & IoT

$CSCO (-0,7 %) Cisco Systems ($CSCO) - Network security + automotive infrastructure

👉 Favorite: Palo Alto Networks ($PANW (-4,88 %)
)

moat due to the width of the platform, which extends from the data center to the vehicle. With the $CYBR -integration, PANW has also covered the topic of identity security. Compounder properties through continuous expansion, high customer loyalty and a strong M&A strategy.

Hidden champions:

$CON (-0,58 %) Argus Cyber Security (private, subsidiary of Continental) - specialized in automotive cybersecurity

$Upstream Security (private, Israel) - cloud-based cyber platform specifically for connected vehicles

Karamba Security (private, Israel) - embedded security for control units (ECUs)

$4704 (-2,51 %) VicOne (subsidiary of Trend Micro) - AV-specific threat analysis

👉 Favorite: Argus Cyber Security (private, part of $CON (-0,58 %)
Continental)

Pioneer in the automotive segment, deep integration in OEMs. Moat through early partnerships and specialization in vehicle architectures.

Shovel manufacturer:

$AKAM (-9,09 %) Akamai - Content Delivery & Edge Security, relevant for OTA updates

$FTNT (-3,2 %) Fortinet - Network & IoT security, broad base

$ZS Zscaler - cloud-native security for data traffic between AV & cloud

$NET (-6,39 %) Cloudflare - infrastructure protection, DDoS protection for fleets & updates

$BB (-2,08 %) BlackBerry QNX - Operating system & security framework for automotive

👉 Favorite: BlackBerry ($BB (-2,08 %)
)

Moat by QNX, which is already running in millions of vehicles. Strong lock-in with OEMs. Compounder potential if QNX continues to scale as a security operating system for AV architectures.

Takeaway:

Cybersecurity is the nervous system of autonomous driving. Without secure communication, OTA updates and fleet protection, AV is inconceivable. Palo Alto Networks provides the necessary breadth and depth, Argus secures the vehicles themselves, and BlackBerry QNX provides the foundation in the control units. Investors are relying on the invisible gatekeepers of tomorrow's mobility.

⚡ Energy & infrastructure

Big player:

$EBK (-1,33 %) EnBW - operator of charging infrastructure in Germany, expansion of fast-charging parks

$SHEL (+1,22 %) Shell - massive entry into e-mobility & charging infrastructure, partnerships with OEMs

$BP (+1,04 %) BP - charging and energy infrastructure via bp pulse, global rollout

$TSLA (-2 %) Tesla ($TSLA) - Supercharger network as AV backbone, potential licensing model

👉 Favorite: Tesla ($TSLA (-2 %)
)

Moat due to world's largest fast charging network with high availability & own software integration. Compounder, as Supercharger can grow as a service independently of the OEM.

Hidden champions:

$Ionity (private, joint venture of BMW, Mercedes, Ford, VW, Hyundai) - Europe's premium charging network 👉 Access via OEMs such as BMW or Mercedes

$ALLG Allego - listed charging infrastructure operator, focus on Europe

$FAST (-0,77 %) Fastned (FAST.AS) - fast charging network in Europe, rapidly growing

$DCFC Tritium DCFC - manufacturer of fast charging stations, globally active

👉 Favorite: Fastned ($FAST (-0,77 %)
)

Clear business model as a pure fast-charging operator, strong moat through premium locations & brand perception. Compounder potential via expansion in Europe.

Shovel manufacturer:

$ABBN (-1,68 %) ABB - leader in charging hardware & power grid infrastructure

$ENR (-6,15 %) Siemens Energy - grid infrastructure & charging hardware, important supplier for energy transition + AV

$SU (-1,62 %) Schneider Electric - power distribution, smart grids for charging infrastructure

$6594 (+3,06 %) Nidec - motors & drives for e-mobility

$ETN (-4,38 %) Eaton - Energy management & charging infrastructure components

👉 Favorite: ABB ($ABBN (-1,68 %)
)

Broadly positioned from fast charging hardware to grid technology. Moat due to market leadership & long-standing customer base. Compounder, as electromobility + AV will bring growth for decades.

Takeaway:

Autonomous vehicles don't just need software, they need a reliable charging and energy base. Tesla is securing a massive advantage with its Supercharger network, while hidden champions such as Fastned are setting the pace in Europe. On the shovel side, ABB dominates with its global infrastructure expertise. Investors should not underestimate this sector, as no AV will drive without energy.

🏙️ Mobility services & platforms

Big players:

$UBER (-2,75 %) Uber Technologies - ride-hailing, partnerships with AV start-ups (Momenta), robotaxi plans in Munich

$LYFT (-0,85 %) Lyft - ride-hailing, own AV programs, cooperations with Aptiv & Motional

$DIDIY (-0,64 %) Didi Global - largest ride-hailing network in China, AV research on Didi Autonomous Driving

$9888 (-2,19 %) Baidu Apollo - robotaxi operator in China, leading with Apollo Go

$AMZN (-1,52 %) Amazon / Zoox - fully autonomous robotaxi, integration into Amazon ecosystem

👉 Favorite: Baidu Apollo ($9888 (-2,19 %)
HK, China, HKEX)

Moat through network effects in the world's largest mobility market. Apollo Go has already completed hundreds of thousands of robotaxi journeys. Compounder potential as China aggressively promotes AV.

Hidden champions:

$Momenta (private, China) - L4 autonomy software, partnerships with Mercedes & Toyota, based in Suzhou, China

👉 Access indirectly via investors such as $7203 (+0,18 %) Toyota or Mercedes $MBG (-0,93 %)

$Motional (joint venture Hyundai & Aptiv, private, USA/South Korea) - Robotaxi tests in the USA

👉 Access via $Hyundai or $APTV (-1,52 %) Aptiv

$WeRide (private, China) - Robotaxi & AV bus solutions, based in Guangzhou, China

👉 Investors: Renault-Nissan-Mitsubishi Alliance

$Cruise (private, USA) - GM subsidiary for robotaxis, based in San Francisco

👉 Access via $GM (-0,99 %) General Motors

👉 Favorite: Motional (private, USA/South Korea)

Strong moat through OEM partnerships (Hyundai + Aptiv). Realistic scaling through series integration, compounder potential via global fleet integration.

Shovel manufacturer:

$HTZ (-5,46 %) Hertz Global - fleet management, integration of AVs in rental fleets

$SIX2 (-0,89 %) Sixt SE - Car sharing & fleet leasing, focus on Europe

$R (-0,94 %) Ryder System ($R, USA, NYSE) - fleet services & leasing, AV test integration

$GRAB (-2,95 %) Grab Holdings ($GRAB, Singapore, Nasdaq) - Southeast Asian ride-hailing market leader, entry into AV services

$Ola Cabs (private, India) - AV pilot projects in India

👉 Favorite: Sixt SE ($SIX2 (-0,89 %)
.DE, Germany, Xetra)

Moat due to premium positioning in Europe, flexible business model (rental, leasing, car sharing). Compounder, as Sixt invests early in fleet integration of AVs and benefits from growing Mobility-as-a-Service market.

Takeaway:

Mobility services are the interface to the end customer. This is where it will be decided whether AVs remain just technology or break through to the mass market. Baidu dominates in China, Motional scores with strong partners in the West, and Sixt provides the platform to bring scalable AVs into everyday life in Europe. Investors who get in early will secure access to the future platform monopolies of mobility.

🔋 Battery & drive

Big player:

$300750 CATL - world market leader for battery cells, supplies almost all major OEMs

$373220 LG Energy Solution - global player, supplier for Tesla, Hyundai, GM

$6752 (-2,19 %) Panasonic Holdings - long-standing partner of Tesla, strong in energy storage

$1211 (-1,11 %) BYD - integrates battery production and vehicles, pioneer in blade batteries

👉 Favorite: CATL ($300750
SZ, China, Shenzhen)

Moat due to technological leadership and economies of scale, supplies almost all global OEMs. Classic compounder, as batteries are at the heart of every AV fleet.

Hidden champions:

$Northvolt (private, Sweden) - European battery startup, sustainable production, supplies VW and BMW 👉 Access indirectly via VW ($VOW3 (-1,86 %) DE, Germany, Xetra) or BMW ($BMW (+0,02 %) DE, Germany, Xetra)

$SLDP Solid Power - specialist for solid-state batteries, partnerships with Ford and BMW

$ProLogium (private, Taiwan) - solid-state batteries, pilot projects with Mercedes👉 Access indirectly via Mercedes-Benz Group ($MBG (-0,93 %) DE, Germany, Xetra)

$QS (-5,96 %) QuantumScape ($QS, USA, NYSE) - solid-state batteries, strong focus on future technology

$MOD (-8,08 %) Modine Manufacturing (USA, NYSE) - Thermal management for batteries, e-motors and power electronics. Critical for range and safety.

$KULR (-8,31 %) Technology (USA, NYSE) - specializes in battery cooling, energy storage and recycling. Still small, but focus on safety makes it interesting in the AV context.

$ZIL2 (-0,29 %) ElringKlinger (DE, Germany, Xetra) - supplier of battery packs, housings, seals and fuel cell technology. Supports OEMs in electrification and alternative drive systems.

👉 Favorite: Solid Power ($SLDP
USA, Nasdaq)

Technology leader in solid-state batteries with strong OEM partnerships. Moat through patents and early market entries. Compounder potential through commercialization from 2027+.

Blade manufacturer:

$6594 (+3,06 %) Nidec (JP) - leader in electric motors for EVs and AVs

$IFX (-3,43 %) Infineon Technologies (DE) - semiconductors for power electronics and battery management

$300450 Wuxi Lead Intelligent (China, Shenzhen) - machines for battery production

$UMI (-1,81 %) Umicore (Belgium, Euronext) - cathode materials and recycling

$ALB (+0,56 %) Albemarle (USA, NYSE) - Lithium mining and processing

👉 Favorite: Infineon Technologies ($IFX (-3,43 %)
DE, Germany, Xetra)

Moat due to market leadership in power electronics, deeply integrated in battery and drive systems. Compounder potential due to growing demand for silicon carbide (SiC) chips for EV and AV applications.

Takeaway:

Battery and drive are the foundation of autonomy. Without powerful energy storage, reliable electric motors and robust power electronics, no autonomous vehicle can be operated economically. CATL dominates cell production, Solid Power is a promise of the future in solid state technology, and Infineon supplies the critical power electronics. Investors who neglect this sector are ignoring the heart of autonomous driving.

🗺️ Maps & Mapping

Big players:

$GOOGL (-1,28 %) Alphabet / Waymo (USA, Nasdaq) - HD maps for robotaxis, combined with AI-supported real-time navigation

$9888 (-2,19 %) Baidu Apollo (China, HKEX) - leader in AV mapping in China, integrated into Apollo Go

$HERE Technologies (private, based in NL/DE, owners: Audi, BMW, Mercedes and others) - global provider of HD maps, industry standard for many OEMs

$TOM2 (-0,55 %) TomTom (Netherlands, Euronext) - specialized in HD maps for AVs, partner of Volvo and Bosch

👉 Favorite: HERE Technologies (private, access via OEMs Audi, BMW, Mercedes)

Moat through global map databases, OEM consortium as backing. Compounder potential, as almost all autonomous vehicles rely on HD maps.

Hidden champions:

$002405 Navinfo Co. Ltd, (China, Shenzhen) - market leader for digital maps in China, partnerships with OEMs - unfortunately not tradable in the EU

$Civil Maps (private, USA) - specialized in AI-supported HD mapping for AVs

$DeepMap (private, USA, acquired by $NVDA (-3,31 %) Nvidia) - high-precision mapping, integration with Nvidia Drive

$Mapbox (private, USA) - cloud-based mapping platform, strong in the developer ecosystem

👉 Favorite: NavInfo ($002405
SZ, China, Shenzhen)

Dominance in the Chinese market, regulatory anchoring and partnerships with major OEMs. Moat through market access in China, compounder potential through data growth.

Shovel manufacturer:

$PL (-5,9 %) Planet Labs (USA, NYSE) - daily earth observation data, basis for dynamic mapping

$HEXA B (-0,34 %) Hexagon AB (Sweden, Nasdaq Stockholm) - measurement technology and geodata solutions

$TRMB (-1,38 %) Trimble (USA, Nasdaq) - positioning and geospatial data for AV and industrial applications

👉 Favorite: Hexagon AB ($HEXA B (-0,34 %)
Sweden, Nasdaq Stockholm)

Moat due to decades of experience in geodata and measurement technology, strong market position in industry and automotive. Compounder potential, as mapping and positioning are indispensable for all AV applications.

Takeaway:

High-precision maps are the nervous system of autonomous driving. Without continuously updated HD maps, vehicles cannot navigate safely. HERE secures a key role through OEM stakes, NavInfo dominates the Chinese market, and Hexagon provides the geospatial bucket technology. Investors should not overlook this sector, as mapping is the invisible foundation on which autonomy works.

Sources: own research, https://www.t-online.de/mobilitaet/aktuelles/id_100901210/iaa-mobility-muenchen-2025-alle-neuheiten-von-audi-bmw-vw-opel.html

Images: https://www.deraktionaer.de/artikel/mobilitaet-oel-energie/robotaxis-das-milliardenrennen-der-autonomen-autos-20381083.html

https://insideevs.de/features/763886/vorschau-iaa-2025-neuheiten-2026/

Preface:

In the following, I would like to present how my portfolio has developed over the course of 2024.

This includes

1) my strategic orientation

2)Return on the portfolio.

The main topics are:

• Moving away from individual stocks
• Entry into gold and bitcoin
• Factor investing

Finally, I will give my own thoughts on how to proceed.

The main changes to my portfolio that have led

to my current strategy are presented below using a short timeline.

timeline:

My timeline

Beginning of 2024

At the beginning of the year, I pursued a 70/30 core satellite

strategy. The 70% ETF core again consisted of STOXX Europe.

MSCI World, Emerging Markets.

The 30% consisted of stocks such as: $CSIQ (-6,14 %) , $O (+0,69 %) ,$TSM (-3,15 %)
$ADM (+1,51 %)
$UMI (-1,81 %)
$D05 (-1,34 %)
$BMW (+0,02 %)
$UKW (+0 %)
$8031 (+0,13 %)
$MUV2 (+0,47 %)

February

Addition of gold to my portfolio. Target size 10%. Build-up in batches.

The remaining 70/30 strategy therefore only relates to the remaining

90%.

April-June:

Entry into Bitcoin via Trade Republic in several batches

at prices between 50k and 63k.

After exchange with @Epi to the fee schedule at Trade Republic

I sold them there in order to sell Bitcoin on a dedicated crypto exchange.

exchange.

June:

Thanks to @PowerWordChill I got to grips with factor investing. A Gerd Kommer book later, and after some internet research, I decided to

decided to transform my ETF strategy into a factor ETF strategy.

July-August 2024:

Sale of my shares. Concentration on the factor portfolio.

August - September 24:

Renewed build-up of Bitcoin with the aim of making Bitcoin a

a fixed component of the portfolio. Consideration is 5%-10%

of my portfolio.

The idea. Build up an initial position, then make regular

investments of €50 per week with the aim of growing to the target size

to grow to the target size. The rapid rise in October/November led me to

led me to leave it at €50 per week. And individual purchases in

larger tranches at an early stage with a portfolio size of 2.x%.

End of December 2024:

Position size of Bitcoin almost 5%.

I am not yet including Bitcoin in my gold/ETF quota. I'm still running it on the side.

I re-evaluated my factor weighting at the end of the year

and would like to fine-tune it a little. I will briefly present the result in the

following section.

In addition, I have decided to include a small

include a small proportion of real estate stocks. However, this will probably never

part of my strategy worth mentioning and contains - as of today - only

about 3% of my portfolio and only $O (+0,69 %) ).

Overall breakdown of my portfolio:

As described above, I do not yet include Bitcoin in my overall strategy

part of my overall strategy so that rebalancing remains easier. This will

change when Bitcoin reaches its target size.

The rest is made up as follows:

ETFs:

$XDEM (-1,49 %) 30.3% (MSCI World Momentum)

$XDEB (+0,5 %) 10.1% (MSCI World Minimum Volatility)

$XDEV (-0,75 %) 10.1% (MSCI World Value)

$ZPRV (-0,78 %) 15% (MSCI USA Small Cap Value Weighted)

$ZPRX (-0,51 %) 6.5% (MSCI Europe Small Cap Value Weighted)

$PEH (-1 %) 4.5% (as a quality factor on emerging markets)

$5MVL (-1,42 %) 4.5% (Edge MSCI EM Value)

$SPYX (-0,8 %) 9% (MSCI EM Small Cap)

Gold

$EWG2 (-1,6 %) 10% Gold ETC

Getquin Rewind and own data:

At the end of the post you will find my Getquin Rewind, as I was not able to embed the image in the text:

However, according to my own calculations, this cannot be correct.

My portfolio volume at the start of the year was around €103,500 with a return of €16,693. This would correspond to a total return of 19.2%. However, we are not yet talking about a time-weighted return, as my invested capital has roughly doubled over the course of the year. I therefore estimate my TTWROR to be higher.

My own thoughts and outlook:

I do not expect any major changes in strategy over the next few years. At some point, a strategy will have to be established. If necessary, I will make some adjustments to this strategy.

This includes the fact that I am dissatisfied with the costs of the emerging markets factor ETFs. So far, however, I intend to live with it. Should I

stumble across better products, I will consider switching. Especially as long as I stay within the tax allowance when switching.

I'll also have to decide how big my Bitcoin holding should ultimately be.

If you've been reading carefully, you'll notice that a lot of money has accumulated in the last year. Big profits, big investments. Due to personal circumstances, I will not maintain these rates in the same style, but will reduce them somewhat. I expect to be able to continue investing around 1.5-2k per month. This means that my financial goals are

with an expected return of 5% adjusted for inflation over many years.

I am half hoping for major setbacks in the near future and the associated favorable entries. However, in view of the impact that minor price jolts have had on society as a whole (thanks to populism), I don't really wish for them.

Do you have any suggestions, questions or comments? Is there anything that particularly interests you?

I am also happy to receive suggestions for improvement for future posts.

Best regards,

Your Smurf

PS: @DonkeyInvestor and me, that's love ❤. And now send me your coins! (So I can reward your next post appropriately).

PPS: I hope someone is interested.

$UMI (-1,81 %)

Opinion on Umicore? Good entry opportunity?

Evil traded companies in my professional life

Thanks to @Koenigmidas for linking and for the nomination! #börsengehandelteralltag
#boersengehandelteralltag

Exchange traded companies in my professional everyday life in precious metals and foreign exchange trading:

• Umicore $UMI (-1,81 %) (refinery)
• Prosegur $PSG (-0,81 %) (security, logistics, cashrecyling)
• Johnson Controls $JCI (-2,63 %) (security)
• Swiss National Bank $SNBN (-1,79 %) (foreign exchange trading)
• National Bank of Japan $8301 (foreign exchange trading)
• FedEx $FDX (-0,69 %) (logistics)
• United Parcel Service $UPS (+1,02 %) (logistics)
• Cloudflare $NET (-6,39 %) (IT Security, Web)
• Fortinet $FTNT (-3,2 %) (IT Security)
• Teamviewer $TMV (-1,79 %) (Software)
• Microsoft $MSFT (-1,38 %) (Software)
• Cancom $COK (-1,42 %) (IT system house)
• Kyocera $6971 (-0,63 %) (printer and scan hardware)
• Alphabet $GOOGL (-1,28 %) (Who doesn't know it...?, research)

Naturally, I still have to do with various things which are traded on the stock exchange, but are not companies... these include: $965515 (-0,97 %) (gold), $965310 (-5,93 %) (silver), platinum and the various currency pairs like $965275 (-0,36 %) (EUR/USD) but also all other currencies (AUD, NOK, GBP, JPN, SEK, PLN, CZK, SAR, etc. etc. etc.). Subordinately, we also have to deal with $BTC (-1,75 %) (Bitcoin), although it is rather negligible.

In our other parts of the company we also deal with $UHR (+0,37 %) (SwatchGroup).

What strikes me personally when I look at my professional environment:

There are dozens of companies in this sector, which are not traded on the stock exchange. Among them are some refineries (partly huge company constructs), service providers and luxury goods manufacturers. Also in the area of analysis technology (physical), equipment and software, there are some well-known manufacturers who have so far shied away from the stock exchange or are family-run.

In my private environment I have to do of course like each of you with various products and brands. A separate listing should be interesting for the fewest...

But the most extraordinary might be $RI (+1,57 %) (Pernod Ricard), which is not least due to one of my hobbies: ABSOLUT VODKA bottles in the various designs and Limiteditions collect.

Basically I nominate all Getquin friendsbut especially @Der_Dividenden_Monteur , @Staatsmann
@Simpson !

ARTE once again knocks one out 🚀

This time it's about whether sustainable funds are just greenwashing. If you want to save yourself 51 minutes: the answer is yes.

https://youtu.be/82T6S0rZTUM