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CATL Debuts World’s First Field-Validated Sodium-Ion BESS, Bringing Sodium Storage to Commercial Reality

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MUNICH, June 23, 2026 /PRNewswire/ — On June 22, 2026, CATL officially unveiled the TENER Sodium Energy Storage System, the world’s first real-world validated sodium-ion energy storage solution in Munich, Germany. The solution has reached full commercial maturity across technology, production capacity, and supply chain readiness. Cumulative shipments are expected to reach 1 GWh by the end of 2026, with global deliveries to begin in June 2027.

“CATL is committed to promoting energy independence around the world while delivering long term value for our customers. To achieve this we have made it our mission to develop a new battery chemistry based upon abundant resources available across all continents, one that can support the energy needs of all eight billion people, while offering longer cycle life and enhanced safety” said William Wu, Director of CATL’s Energy Storage Technology Center, at the launch event. ” We believe that sodium and lithium together will form the twin foundations of the future energy storage system.”

TENER Sodium: Certainty for an Uncertain Future

As the share of renewable energy continues to rise and AI-driven power demand surges, energy storage is moving from a supporting role to critical infrastructure for the global energy system. However, conventional energy storage has relied heavily on lithium-based systems, whose concentrated supply and volatile prices pose growing supply chain risks. Sodium—over 1,000 times more abundant than lithium and widely distributed—offers better extreme-temperature performance, safety, and cost potential, making a technology transition in energy storage inevitable.

“The energy storage industry has moved beyond a race for scale. Today, success is increasingly defined by the ability to create long-term value,” said Amanda Xu, CTO ESS and President of ESS Europe CATL, in her keynote speech. “The principle we most firmly believe in is that readiness creates certainty.”

And this is precisely the mission of TENER Sodium.

Powered by CATL’s latest sodium-ion technology, TENER Sodium delivers more than 30 MWh of rated capacity on a fully modular architecture. This architecture delivers three direct benefits for customers:

Simpler project deployment, with each single module weighing about 42 tonnes and only 34 units required for a 1 GWh site.

Greater configuration flexibility, with energy and power blocks decoupled to support flexible storage durations of 1, 2, 4, 6, and 8 hours, tailored to specific project requirements.

Lower maintenance cost, as faulty modules can be quickly isolated and replaced independently, simultaneously improving station-level system availability while reducing customer OPEX and maximizing asset utilization.

Beyond modular convenience, CATL has purpose-built a station-level platform specifically for sodium-ion systems.

1.Voltage regulation: To address the wide voltage range of sodium-ion batteries, CATL has developed a dedicated bidirectional (Bi-DC) voltage regulation system for its sodium solution. The system enables automatic voltage boosting in the low-voltage range, allowing the PCS to consistently deliver optimal output across the full range. This improves overall system round trip efficiency (RTE) by nearly 2%. For a 1 GWh energy storage station, this means millions of additional kilowatt-hours of power generation each year. The system is compatible with all major PCS products worldwide and provides stronger grid support capability.

2. BMS system: CATL has designed a BMS system for sodium-ion energy storage systems to leverage sodium chemistry’s continuously sloping voltage curve, enabling more accurate SOC estimation. Furthermore, the overcharge SOC tolerance of sodium-ion batteries has been increased by 20% compared with lithium-ion batteries. This gives the BMS an additional 20% safety margin for operation, allowing greater flexibility.

3. Ultra-low auxiliary energy consumption: The unique top-discharge airflow design eliminates thermal-island effects at the source, reducing system heat generation by nearly 30% compared to conventional solutions. Combined with a highly efficient liquid-cooling system, auxiliary power consumption has been reduced from the industry average of 2% to 1%. For large-scale, long-duration energy storage projects, this improvement can save millions of euros in operating costs.

4. Low-noise design: TENER Sodium operates at only 65 decibels — 10 decibels lower than conventional systems. This helps address local community concerns commonly encountered across the industry, allowing for energy storage stations to be built closer to load centers, saving substantial transmission and distribution costs.

In addition, the TENER Sodium system is compatible with LFP systems and shares the same physical footprint. The same platform can accommodate either sodium-ion or lithium-ion batteries without changing enclosures, redesigning projects, or repeating certification processes. This flexibility to switch seamlessly between sodium-ion and lithium-ion technologies provides customers with a practical solution for managing lithium price volatility. Looking ahead, the TENER Sodium system also reserves an upgrade path to 2000V high-voltage architectures, enabling it to adapt to evolving technology routes.

A Decade in the Making: Supply Chain and Manufacturing Now Fully Commercial-Grade

TENER Sodium’s comprehensive advantages in safety, returns, and reliability did not emerge overnight. CATL has been engaged in sodium-ion battery R&D since 2016, investing nearly €1.2 billion over the past decade. With more than 300 R&D professionals involved, it has accumulated more than 1,600 patent families and over 200 globally granted patents, overcome more than 100 technical challenges, and fully established the end-to-end manufacturing process from materials to cells.

Sodium-ion technology has evolved from a laboratory project to an energy storage material system with scalable capability. At present, CATL has built up manufacturing capability to deliver tens of thousands of tonnes of anode and cathode materials. Production costs for the NFPP are expected to decline further as the technology matures.

CATL is working with system integrators to build a complete closed loop ecosystem for sodium-ion energy storage, covering cell R&D, system delivery, product testing, and commercial deployment. In terms of production capacity, CATL has invested RMB 5 billion to expand sodium-ion production lines at its Fuding base, adding 40 GWh of annual capacity. The Jining base in Shandong has planned 160 GWh of sodium-ion production capacity. CATL’s mass-production lines are fully commissioned and operational, ready to support large-scale deployment.

The comprehensive maturity of technology, products, supply chain, and manufacturing capability has significantly accelerated the commercialization of sodium-ion energy storage. In China, CATL will officially begin delivering its first sodium-ion energy storage systems to customers this September, with cumulative shipments expected to reach 1 GWh by the end of 2026. International deliveries are scheduled to begin in June 2027.

In April 2026, CATL and HyperStrong signed the world’s largest sodium-ion commercial contract — a three-year, 60 GWh energy storage order — marking the official entry of sodium-ion energy storage into the GWh-scale deployment era.

Next-Generation Energy Storage: Building Certainty for the Future Grid

From pioneering LFP as the mainstream chemistry for energy storage, to defining the first-generation dedicated energy storage cells of 280Ah and 314Ah and the second-generation 587Ah cell, and now to launching its first real-world validated sodium-ion energy storage system, every standard transition by CATL has moved the industry one step forward.

The launch of the CATL TENER Sodium Energy Storage System marks a new stage in which lithium and sodium together form the twin foundation of next-generation energy storage infrastructure, supporting the energy transition for decades to come. As TENER Sodium makes its global debut and moves steadily toward mass delivery, CATL and its global partners are working together to turn the strategic vision into tangible reality — a more stable, cost-effective, and sustainable foundation for the world’s energy future.

SOURCE CATL

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U.S. News & World Report Reveals the 2027 Best Places to Retire

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Affordability is a top priority for attendees as Midland, Michigan, holds No. 1 spot.

Summary

Midland, Michigan, is the No. 1 Best Place to Retire for the second year in a row.Affordability is the most considered factor when choosing a place to retire in 2027.Florida and Texas dominate the top 250 Best Places to Retire, offering a number of affordable and retiree-tax friendly locations.

WASHINGTON, Oct. 27, 2026 /PRNewswire/ — U.S. News & World Report, the global authority in rankings and consumer advice, today revealed the 2027 Best Places to Retire in the United States.

Midland, Michigan, retained the No. 1 rank for the second year in a row. Midland scored high in affordability and retiree taxes, helping it to lock in the top spot.

“Retirees are seeking a place that gives them a sense of security and comfort as they live out their golden years,” said Megan Wood, assistant managing editor, home services and real estate. “Whether that comfort prioritizes scenic nature spots, access to multi-cultural experiences, or everyday affordability, places like Midland, Michigan, offer financial safety while still providing a good quality of life.”

Homosassa Springs, Florida, came in at No. 2 due to strong scores in affordability, 55+ population growth and retiree taxes. High performance for, quality of life, retiree taxes, affordability and quality of life resulted in Weirton, West Virginia, placing No. 3 on the list.

U.S. News adjusted its scoring weights for the 2027 rankings to mirror a growing concern for affordability in America. This resulted in multiple double-digit jumps in the top 25, including Paducah, Kentucky (No. 8), ascending into the top 10 for the first time.

“It’s no secret that affordability is top of mind for Americans this year, which is why U.S. News updated its weighting criteria to better align with what retirees prioritize,” Wood said. “The 2027 rankings reflect key metrics used to highlight the places that best suit retiree needs.”

U.S. News evaluated more than 850 U.S. cities – publishing the top 250 places – based on how well they meet American retirees’ expectations against measures including quality of life, affordability, healthcare, retiree taxes, job market, and population and migration for retirees aged 55 and older.

The six measures factored into this year’s rankings were weighted based on a public survey of individuals across the U.S. who are at or approaching retirement age (45 and older) to find out what matters most to people when they’re considering where to retire. Resources include federal, state and local data provided by Applied Geographic Solutions, which includes data sourced from the FBI’s Uniform Crime Reporting program, Bureau of Labor Statistics, Bureau of Economic Analysis and U.S. News’ Best Hospitals rankings. To learn more about how the rankings are determined, read the Best Places to Retire methodology.

Best Places to Retire is part of U.S. News’ Real Estate section, which provides rankings and tools to help individuals navigate the housing market, including home value estimates to working with an agent.

2027 U.S. News Best Places to Retire – Top 10 
*See the full rankings here.

Midland, Michigan Homosassa Springs, Florida Weirton, West VirginiaThe Woodlands, TexasSpring, TexasRancho Rio, New Mexico Altoona, PennsylvaniaPaducah, KentuckyLynchburg, Virginia Palm Coast, Florida 

For more information on Best Places to Retire, explore Facebook, LinkedIn, Tik Tok, Instagram and X using #BestPlacesToRetire.

About U.S. News & World Report
U.S. News & World Report is the global leader for journalism that empowers consumers, citizens, business leaders and policy officials to make confident decisions in all aspects of their lives and communities. A multifaceted media company, U.S. News provides unbiased rankings, independent reporting and analysis, and consumer advice to millions of people on USNews.com each month. A pillar in Washington for more than 90 years, U.S. News is the trusted home for in-depth and exclusive insights on education, health, politics, the economy, insurance, personal finance, travel, automobiles, real estate, careers and consumer products and services.

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SOURCE U.S. News & World Report, L.P.

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IBM Introduces Identity and Control for AI Agents, Securing Frontier Intelligence for the Enterprise

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Enterprises are deploying agents faster than they can verify them. HashiCorp Vault uses Agent Identity to give each agent a governed identity Verified agents still need limits on access. Vault extends its established secrets management to AI agents, built to enforce least-privilege access and enable real-time revocation when an agent attempts an unauthorized action Enterprises can’t scale agents they can’t see, test or account for. IBM watsonx Orchestrate is designed to unify discovery, containment, and evaluation across Amazon Bedrock, Microsoft Foundry and Google Gemini 

ATLANTA, Oct. 27, 2026 /PRNewswire/ — At TechXchange 2026, IBM (NYSE: IBM) is announcing new capabilities to help developers, IT and security teams put AI agents to work across business systems with clear authority and accountability. IBM brings together agent discovery, verified identities, access controls and performance evaluation to help organizations understand who owns each agent, control what it can access, and trace its actions across existing applications and infrastructure.  

According to Gartner, by 2028 the average Fortune 500 enterprise will use over 150,000 AI agents. But only 13% of organizations believe that they have the right AI agent governance in place [1]. Persistent credentials, unclear ownership and disconnected controls make it harder to govern agents as they interact with other agents, invoke tools and act across teams, platforms and clouds. 

“The winners in enterprise AI are changing how their business runs, not simply adding more AI to it,” said Dinesh Nirmal, Senior Vice President, IBM Software. “For agents to take on real work across the systems a company depends on, it requires an AI operating model – one that connects agents to the business’s data, applications and infrastructure and runs them with the same discipline as its most critical systems. Build trust and control into that model, and agents stop being a technology and become a way of doing business.”  

Today’s announcements extend IBM’s portfolio to deliver an AI operating model of four essential systems working together: agents, data, automation and hybrid infrastructure. This starts with the trust and control every agent needs – a verified identity, only the access it needs, and one place to discover, secure and evaluate agents regardless of where they were built. 

Extending HashiCorp Vault to AI agents
HashiCorp Vault manages the secrets and credentials that applications and services use to access business systems. It provides that control through centrally managed secrets, automated rotation for supported credentials, and dynamically generated credentials that expire or can be revoked. These capabilities help reduce the time exposed credentials remain usable and limit access to the permissions configured for each role. 

HashiCorp Vault already secures non-human identities for organizations including ABN AMRO, Adobe, athenahealth, BBVA, BlackRock, Canva, Duke Energy, Expedia, London Stock Exchange, Starbucks, Swiss Federal Railways and Target, across systems that process billions of dollars in transactions [2]. HashiCorp will now extend those capabilities to AI agents, issuing secured, short-lived credentials that limit each agent to what it needs. 

Establishing agent identity and accountability
AI agents are a growing class of non-human identity, alongside applications and services. As they begin acting across business systems, enterprises need a clear record of who owns each agent and what authority it has been granted. HashiCorp is combining governed agent identity with credential controls to help organizations delegate work with defined authority and accountability. 

When used with HashiCorp Vault, Agent Identity establishes the authoritative record for each agent, such as who owns it, its lifecycle status and the authority it has been granted. Built to extend existing identity and security investments, it shares relevant identity and authorization context with Vault’s credential controls – ultimately enforcing least-privilege access and enabling real-time revocation when an agent attempts an unauthorized action. 

Controlling agent credentials and access
Identifying an agent is only the start. Enterprises also need to control the credentials it uses to reach databases, applications and cloud services – and how long those credentials remain valid. As agents invoke tools and act across business systems, their credentials become a critical security boundary. An agent with a long-lived, overprivileged credential can put systems and data at risk if it’s compromised or acts outside its intended task. Enterprises need to establish what each agent’s job is, limit the access it receives and revoke that access when circumstances change. 

These controls extend beyond initial authentication. If an agent attempts to retrieve information or perform actions outside its approved permissions, the access can be denied and session revoked in real time to prevent unauthorized activity. Vault’s short-lived credentials and least-privilege controls can further restrict what an agent accesses and the duration of those permissions.  

Additional capabilities include: 

Vault 2.2 gives agents their own secured accounts, automatically renews their credentials and incorporates post-quantum encryption for quantum-era threats. Secure Hub (public preview) gives companies centralized visibility across their Vault environments to make it easier to understand operational health, usage and security resources. 

At TechXchange, client speakers will share how they use Vault to secure enterprise applications, workloads and AI agents 

athenahealth: Automating certificate management with Vault’s PKI engine. Albert Einstein College of Medicine: Applying IBM Verify and Vault to AI agent identity, just-in-time access, dynamic secrets and auditability. Optum: Using Vault Radar to detect exposed secrets and Boundary for just-in-time, identity-based access. Seven-Eleven Japan: Centralizing and encrypting secrets with Vault Enterprise and detecting hardcoded secrets with Vault Radar. Yum! Brands: Building an identity security platform with IBM Verify, with a look ahead to machine identities and secrets management. 

“AI presents extraordinary opportunities to accelerate biomedical research and discovery, but realizing its potential requires a foundation of security, trust, and responsible governance,” said Shailesh M. Shenoy, Assistant Dean for Information Technology at Albert Einstein College of Medicine. “In my experience, technologies such as IBM Verify and HashiCorp Vault can play an important role in helping organizations establish the identity, access, and security controls needed to innovate with confidence.”  

Managing agents across platforms
Identity tells organizations what an agent is. But they also need to see every agent they have, wherever it was built. IBM watsonx Orchestrate works across the AI ecosystem, not inside a single vendor’s platform, to give organizations one place to discover, secure and evaluate their agents. Capabilities include: 

Discover (tech preview): Organizations can’t govern agents they don’t know exist. Orchestrate connects to platforms such as Amazon Bedrock, Microsoft Foundry and Google Gemini to find agents built in third-party environments, so teams can see and manage agents instead of adding them manually. This capability also extends to models and MCP servers. Contain (tech preview): One rogue agent can disrupt others and spread mistakes across the business. Orchestrate now runs agents in isolated sandboxes so a rogue agent can’t interfere with others. Teams also now have access to a kill switch to shut down any agent. Evaluate: Agents that aren’t tested and tracked can quietly drift off course and increase costs. Teams using Orchestrate can now test the quality, accuracy and compliance of agents, models and MCP servers before deployment, then monitor them in production. Built-in cost tracking shows each agent’s model and token use, so teams can spot what’s driving spend and fix it. 

Orchestrate also works with Vault’s credential controls and Agent Identity to establish what each agent’s job is, govern its authority and enforce least-privilege credential access. Together, these controls help organizations authorize and audit agent actions and rapidly revoke trust and credentials when risk changes. 

Connecting agents to the business
Once agents are authorized to use a company’s APIs and tools, they need to know what already exists, how systems connect, what can be reused safely and what their actions could affect. IBM Integration Intelligence Hub is built to provide that knowledge through its Unified Context Engine, so agents can fix problems like stuck messages or deploy an API using what’s already in place. Skills, approval policies and audit controls keep those actions in check. Instead of rebuilding for AI, organizations can put agents to work on the systems they already depend on. 

Scaling agents with NVIDIA
Agent Identity and HashiCorp Vault integrate with NVIDIA OpenShell secure runtime software, the foundation of the NVIDIA OpenShell Architecture. Together, they pair a protected environment for agents to run in with a verified identity and short-lived credentials for every agent, so each action can be traced, limited and reviewed. 

“Businesses need enforceable control over how agents operate and what they can access,” said John Fanelli, vice president, enterprise software, NVIDIA. “Our work with IBM combines NVIDIA OpenShell’s policy-governed runtime with Agent Identity and HashiCorp Vault to help enterprises scale AI agents with secure execution, verified identities and tightly scoped access to business systems.” 

Responding to Emerging Security Threats
When new vulnerabilities are discovered, enterprises must quickly identify affected systems, determine required changes and deploy fixes without disrupting critical operations. In complex environments, this process often involves multiple teams, tools and processes. 

IBM Concert integrates observability, optimization, incident management and security across applications, infrastructure and networks. With AI-powered insights and proof of exploitability, Concert helps teams to identify high-risk vulnerabilities, assess operational impact, and coordinate responses. These capabilities also help organizations address performance, manage costs and maintain resilience in hybrid environments. 

HashiCorp Terraform provides an infrastructure context and governed workflows for change implementation. New features now generally available and in public preview, including Terraform policy, Terraform Developer Portal and Terraform remote MCP server, enable developers and AI agents to access approved configurations and implement infrastructure changes through established controls. Terraform powered by Infragraph also helps teams understand infrastructure relationships and dependencies for more informed decisions. 

Together, these capabilities enable organizations to progress from identifying vulnerabilities to implementing and verifying remediation, while optimizing the visibility and governance essential for enterprise operations. 

A comprehensive system intelligence and change orchestration layer for IBM Z 
IBM Z Atlas maps a client’s entire z/OS stack across infrastructure, middleware, and applications, and then uses that intelligence to address the manual effort of tasks like patch management, regulatory response, and sharing system knowledge across teams, from systems programmers to application developers. Atlas addresses the leading cause of unplanned z/OS outages – changes that aren’t proven to be safe – by mapping how a change impacts the z/OS stack and testing and validating it. This design (in tech preview) accelerates clients’ modernization efforts by keeping experts in control and giving practitioners, in operations or development, the same shared Z system visibility to reduce risk. 

Availability
HashiCorp Vault 2.2, Agent Identity, watsonx Orchestrate evaluate capabilities, IBM Concert, and HashiCorp Terraform policy are generally available. Secure Hub, Terraform Developer Portal, Terraform remote MCP server, and IBM Z Atlas are in public preview. IBM Integration Intelligence Hub and watsonx Orchestrate discover and contain capabilities are in tech preview. 

Statements regarding IBM’s future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only. 

Learn more
IBM TechXchange is IBM’s annual conference for developers and technology practitioners and brings together nearly 6,500 attendees from 85 countries. This year, the event incorporates HashiConf to bring together the HashiCorp community with practitioners from across IBM, Red Hat and Confluent. Attendees can choose from more than 1,000 sessions and experiences, including 180 hands-on labs, 260 client-led sessions and more than 50 certification exams. Speakers include American Airlines, Bradesco, Citi, CVS Health, Deutsche Bank, DoorDash, Hertz, and US Bancorp who will share how they are making AI enterprise ready. 

Session livestream and replays will be available here: ibm.biz/txc26-livestream.  

Supporting Materials

Strengthen security for agentic AI with new Vault, Verify, Boundary, and Secure Hub capabilities  IBM Agent Identity now generally available: Building Trust for the Agentic Era  Vault Enterprise 2.2 advances identity security, PKI, and cryptoagility  Announcing the public preview of Secure Hub: govern Vault at scale  IBM watsonx Orchestrate advances AI agent management with new capabilities  IBM Integration Intelligence Hub gives AI the context to act, not just access IBM Concert platform advances the path to cross-domain agentic IT operations  Terraform advances infrastructure lifecycle management for the agentic era Introducing IBM Z Atlas: Change Intelligence for IBM Z 

[1]: Gartner Identifies Six Steps to Manage AI Agent Sprawl
[2]: HashiCorp Vault client stories  

About IBM  
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information. 

Media contacts:

Sarah Benchaita
IBM
sarah.benchaita@ibm.com

Kate Lehman
IBM
Kate.Lehman@ibm.com 

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Three Blind Spots Leave Industrial Companies Exposed to Critical Mineral Shortages

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Boston Consulting Group Finds Industrial Companies Underestimate Their Critical Mineral Exposure, Which Also Limits Their Access to Public CapitalDemand for Key Minerals Is Projected at 120% to 250% of Forecast Supply Through 2040An Estimated $3.5 Trillion of Products Depend on Gallium, a “Mosquito Mineral” Traded in a Market Under $350 Million a YearSome Governments Have Deployed Less Than 10% of Their Critical Minerals Funds

BOSTON, Oct. 27, 2026 /PRNewswire/ — Industrial companies are underestimating their exposure to critical mineral shortages and missing a strategic opportunity as a result, according to new analysis from Boston Consulting Group (BCG). Three blind spots in the metrics that companies rely on hide where the risk sits, including what BCG calls “mosquito minerals,” so small by traded value that they never reach a risk register.

These are among the findings of Why Critical Mineral Shortages Are a CEO Issue, a BCG report released today. BCG’s proprietary model projects demand for key inputs, including rare earths, graphite, copper and lithium, at roughly 120% to 250% of forecast supply through 2040.

“Most industrials track exposure through spend and direct supplier data, and the minerals that can stop a production line are often the ones they spend almost nothing on,” said Tycho Möncks, a BCG managing director and partner and a coauthor of the report. “The question for CEOs and boards is not whether their company is exposed. It is. The question is whether they intend to live with that exposure or turn it into an advantage.”

Small Markets Can Stall Large Industries

Companies often start their risk assessment with the bill of materials, which points them toward high-volume metals such as copper and lithium. Mosquito minerals fall outside that view. Their traded value is tiny, but the value chains that depend on them are not.

Rare earths. The rare earths used in a fighter jet are worth less than the paint that coats the plane.Gallium. The global market is worth under $350 million a year, with production of only about 900 tons, yet BCG estimates about $3.5 trillion of final products depend on it.Arsenic. The upstream market is about $50 million worldwide, yet a single producer supplies roughly 60% of the ultra-high-purity grade used in 5G and 6G infrastructure, data center optics, radar systems, and defense electronics.Byproduct supply. Gallium, germanium and arsenic are recovered as byproducts of other mining and industrial processes, so the host metal’s market sets their supply. Even a sharp price spike may not bring new production.

Exposure Hides Below Tier One Suppliers

A company that buys almost no critical minerals directly can still be acutely exposed because minerals arrive embedded in motors, magnets, power modules, lasers and sensors. They also sit in the tools and processes used to make those components, from crucibles and catalysts to dies and the capital equipment itself.

Turbine blades, engine blocks and structural aerospace components, for example, are machined with cutting tools made of tungsten carbide bonded with cobalt. A manufacturer that has never bought either metal directly can still see production stop if those tools run short, a dependency that appears on no bill of materials.

Companies also tend to map where critical minerals are mined, but for some minerals the bottleneck is processing, not production. A map of where assets sit and a map of who owns them can look very different, so a change of supplier that looks like diversification may leave a company’s exposure unchanged.

Public Capital Is Committed but Largely Unspent

The three blind spots also lead to a strategic miss. The International Energy Agency reports that public finance commitments to critical minerals in advanced economies reached around $65 billion in 2025, more than four times the 2023 level. BCG’s review of government-backed vehicles found the flagship instruments barely deployed, with some countries having spent less than 10% of their allocated capital and others nothing.

These vehicles are designed to draw in private capital, and offtake requirements are typically the main eligibility gate. BCG argues that companies without a clear view of their own exposure cannot make a credible commitment, and so cannot qualify. The funds are not free money: they carry conditions such as reporting obligations and localization requirements, and they represent only about one tenth of the capital needed through 2040. But for industrial companies, BCG says, they are a way to build a competitive advantage.

Several of the companies that have reframed their approach and tapped public capital are industrial companies and trading firms, not miners, and BCG found that in each case the CEO and executive team led the process of identifying and correcting their blind spots.

“These blind spots have a cost beyond risk. The money is there, but it comes with offtake requirements, and a company cannot make a credible commitment without knowing its own exposure,” said Karthik Valluru, a BCG managing director and senior partner who coauthored the report. “Mapping that exposure properly is where the opportunity starts.”

Download the publication here:

https://www.bcg.com/publications/2026/critical-minerals-risk-blind-spots

Media Contact: 
Bruce Wraight
wraight.bruce@bcg.com 

About Boston Consulting Group
Boston Consulting Group bridges the gap between ambition and outcomes for the world’s leading companies and organizations. We are built for this era of unprecedented change — bringing strategic clarity rooted in over 60 years of deep domain knowledge, combined with applied AI shaped by our practitioners. BCG works shoulder-to-shoulder with CEOs across industries and geographies to deliver transformative impact at scale: stronger returns, transferred capabilities, and change that sticks. For more information, visit bcg.com.

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SOURCE Boston Consulting Group (BCG)

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