Prof. Dr. David Bendig (l.), Linda Brüss (m.l.), Dr. Florian Degen (m.r.), Dr. Thomas Schäper (r.)

Start-ups are important drivers of the energy transition. A new study by the University of Münster and the Fraunhofer Research Institution for Battery Cell Production FFB examines how young companies are distributed across the global battery value chain - and identifies strategically important segments in which relatively few start-ups are being created. The findings were published in Energy Strategy Reviews.

Using Crunchbase data, the research team screened more than 400 battery companies and assigned a final sample of 144 start-ups founded between 2014 and 2024 to individual value-chain stages and world regions. The policy context was analysed using the International Energy Agency's Policies and Measures database.

The key findings

• Start-up activity is concentrated in the midstream: Many start-ups operate in advanced materials, specialised components and cell manufacturing. These fields require substantial technological expertise, while capital needs remain more manageable than in other parts of the value chain.
• Strategic bottleneck segments remain underrepresented: Far fewer ventures are created in particularly capital-intensive and regulation-intensive areas, including raw material extraction, recycling and second-life applications. Start-up activity and industrial-policy needs therefore do not automatically align.
• Industrial scaling is the central hurdle: Although investment in battery start-ups rose markedly after 2019, large financing rounds are concentrated among a small number of companies. Many material- and hardware-intensive ventures remain underfunded and struggle to move from technology development to industrial production.
• Regional ecosystems shape different specialisation patterns: North America shows more activity close to raw materials and a stronger focus on next-generation chemistries. Europe is comparatively strong in recycling and the circular economy but has gaps in upstream stages and selected components. Asia benefits from dense clusters spanning materials, components and cell manufacturing.

For policymakers and industry, the findings suggest that support should be tailored more closely to the specific barriers at each stage of the value chain. Reliable framework conditions and long-term demand signals need to be complemented by stage-appropriate, risk-tolerant financing, streamlined approval and certification processes, and shared qualification infrastructure. Broad support for early-stage ideas alone is insufficient if the path to industrial scaling is not addressed.

Coverage in the trade press

The findings have also attracted attention in the trade press. The German industry publication "Produktion" covered the study in the article Batterie-Start-ups: Wo Europas größte Lücken liegen, highlighting gaps in raw materials, recycling and industrial scaling from an industry perspective.

The study "Mapping the global battery start-up landscape across the value chain: Implications for market design and industrial policy" by Prof. Dr David Bendig, Linda Brüss, Dr Florian Degen and Dr Thomas Schäper is available open access here (Energy Strategy Reviews, Volume 65, Article 102202).

A broader perspective on entrepreneurship in the energy sector is provided by another study, likewise conducted jointly by the University of Münster and Fraunhofer FFB, which examines different forms, success factors and sustainability impacts of entrepreneurship in the renewable energy sector.

Contact for further information

Linda Brüss, M.Sc.
University of Münster | Institute for Entrepreneurship
Leonardo-Campus 9 | 48149 Münster | Germany
lbruess@uni-muenster.de