Summary

• As oil majors did at the dawn of the petroleum age, CATL has emerged as a dominant supplier of a key energy input.
• Despite being based in China, CATL has achieved a truly global reach, supplying carmakers, including Tesla, BMW, Ford, and Mercedes-Benz.
• CATL’s market capitalization has surged over 600% in the past five years to reach a level that is on par with many of the world’s largest oil companies.

As the world transitions to more renewable energy, accelerated by geopolitical fault lines exposed by the closure of the Strait of Hormuz earlier this year, we believe energy storage will become as critical as oil and gas reserves. As oil

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