Graphite – The Diamond in the Rough at the Centre of the Battery Revolution


Please read the latest update from Baker Steel’s team addressing the graphite sector and the opportunities we see for investors. This is the latest article in our series focusing on the key speciality metals and materials which are the building blocks of the green revolution.


While often overlooked, graphite is among the primary beneficiaries of the green energy revolution, being a core material for battery production and green steel. Graphite is required for lithium-ion batteries used in electric vehicles (“EVs”), representing c.20-24% of the material needs in a battery. It is also used in refractory, metallurgy, and industrial applications, and plays a key role in the development of grid storage. From 2020 to 2040, a 22x increase in graphite for energy technology demand is forecast, and a 10x increase across all applications (Benchmark Mineral Intelligence), an increase second only to lithium. 


As sector specialists with many decades of experience investing in resources market, our Investment Team seek selective opportunities in niche markets, such as the graphite sector, with the goal of identifying undervalued miners with strong margins and competent management, which offer exposure to the growth areas of the natural resources investment universe.

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