Battery storage is rapidly evolving from a niche investment into a standalone infrastructure asset class — and the numbers reflect the scale of that shift. With global installed capacity growing 40% year-on-year in 2025 and utility-scale projects now accounting for more than half of all new European installations, the investment case has fundamentally matured.
Yet the dominant technology — lithium iron phosphate batteries — carries a structural vulnerability that cost reductions alone cannot resolve: over 95% of the global supply chain runs through China. For infrastructure investors financing projects over 15 to 25-year horizons, that concentration demands careful consideration. Dario Bertagna, Senior Managing Director and Co-Head of Clean Energy, highlights sodium-ion technology as a credible alternative with a more geographically diversified supply chain — while cautioning that if European and US manufacturers do not scale now, the continent risks trading one dependency for another.
To read the article (available in German), please click here.