摩根士丹利-地球修复计划系列：钠离子电池技术-Earthshots Series：Sodium-Ion Battery Technology-20260416

MorganstanleyRESEARCH

April16,202612:36PMGMT

Sustainability|Europe

EarthshotsSeries:Sodium-IonBatteryTechnology

WehostedourmostrecentEarthshotswebcastwithMukeshChatter,Co-FounderandCEOofAlsymEnergy,aUSbatterytechnologycompanydevelopingsodium-ionbatterychemistryforenergystorageapplications.

sustainability

KeyTakeaways

Sodium-ionbatteriesarenon-flammable,non-toxicandoperateacrossawidetemperaturerange,enablingdeploymentwherelithium-ionfacessafety

constraints.

Aphysics-informedAIplatformcombinesmachinelearning,quantumphysicsandrobotics;cuttingdiscovery-to-prototypetimelinesfromdecadesto12–18months.

Lowerenergydensityisoffsetbycheaperinputsandnocoolingrequirements,andAlsymistargetingcostcompetitivenesswithLFPatscale.

Flexibleperformanceacrossstoragedurations,fromshort(30minutes)tolong(110hours),withchargeanddischargeratesof30minutes.

Stationaryenergystoragefordatacentres,telecominfrastructure,realestate,industrialfacilities,defence,andmicrogrids.

Earthshots-radicaltechnologicaldecarbonisationaccelerantsorwarmingmitigants-maynotbethefirstclimatesolutions,butbecomeincreasinglynecessaryasclimateurgencyincreases.Inthisseries,wehostcompaniesdevelopingpromisingEarthshottechnologiestodiscussthemarketoutlookandkeychallenges.

RelatedResearch:

SeethecompleteEarthshotscollectionhere:

EarthshotsSeries.

Wehavehostedcompaniesengagedinfuelcelltechnology,sustainableaviationfuelproduction,textilerecycling,proteinfermentation,carboncapture,batteryrecycling,andagriculturalbio-stimulants.

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MoRGANSTANLEy&Co.INTERNATioNALpLc+RachelFletcher,Ph.D.

EquityStrategist

Rachel.Fletcher@

+44207677-4089

ArushiAgarwal,CFAEquityStrategist

Arushi.Agarwal1@

+44207677-3944

MoRGANSTANLEy&Co.LLC

StephenCByrd

EquityAnalyst

Stephen.Byrd@

+1212761-3865

MoRGANSTANLEyAsiALimiTED+EhserntaFu

EquityStrategist

Ehsernta.Fu@

+8523963-3711

MoRGANSTANLEyAusTRALiALimiTED+RobKoh

EquityAnalyst

Rob.Koh@

+6139256-8932

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

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Batterystorageiscriticaltotheenergytransition-asrenewableenergysourcesare

intermittent,large-scalebatterystorageisessentialtobalancesupplyanddemandandensuregridstability.Today’sbatterysystemsareheavilydependentonlithium,whichissubjecttosupplyconstraintsandgeopoliticalconcentration.Sodium-ionbatteriesofferapromisingalternativebyusingabundant,widelyavailablematerials,reducingrelianceonlithiumandloweringenvironmentalimpact.

Alsym’ssodium-ionchemistryimprovessafetyversuslithium-ion:Alsymisdevelopingasodium-ionbatterychemistrythatisdesignedtobenon-flammableandnon-toxic.Thebatteriescanoperateacrossawidetemperaturerange(-40°Cto60°C)withoutrequiringcomplexcoolingsystems,whichallowsfordeploymentinenvironmentswherelithium-ionbatteriesfacesafetyorsitingconstraints,suchasindoororhigh-temperaturesettings.

TheyalsocomplywithUL9540Atransportsafetystandardsanddonotemittoxicgases.

AI-drivenmaterialsdiscovery:Acentralcomponentofthecompany’sapproachisits

physics-informedAIplatform,whichcombinesmachinelearning,quantumphysics,and

robotics.Thissystemisusedtoscreenlargenumbersofpotentialmaterialcombinationsandreducedevelopmenttimelines,shorteningthepathfromdiscoverytoprototypefromdecadesto12–18months,whilealsoreducingrelianceontrial-and-errorexperimentation.

Flexibleperformanceacrossstoragedurations:Thebatterieshaveanenergydensityof135Wh/kgand250Wh/L,whichislowerthanlithium-ionbutwithinanacceptablerangeforstationarystorage.Thebatteriessupportchargeanddischargeratesof2C(30

minutes),andcanbeconfiguredforarangeofdurationsfromshort(30minutes)tolong-duration(110hours).Thesystemscanoperatemultiplecyclesperdayandaredesignedtoretaincapacityoverextendedcycling.

Costparitywithexistingbatterychemistryiscrucial:Theuseofsodium-basedmaterialsprovidesacostadvantagerelativetolithium-basedchemistriesduetogreatermaterial

abundanceandfewersupplychainconstraints.Additionalcostsavingscomefrom

eliminatingtheneedforcoolingsystemsandsimplifyingsystemdesign.Whilesodium-ionbatterieshavelowerenergydensitythanlithium-ion,Alsym'sCEOsaidthatthisisoffsetbysignificantlylowerrawmaterialcosts,andthecompanytargetscostcompetitivenesswithLFPbatteriesatscale.Wenotethattheneedtoachievecostparitywithexisting

technologieshasbeenaconsistentthemeacrossourEarthshotsseries.

Focusedonstationarystoragemarkets,includingdatacentres:Thecompanyisfocusedonstationaryenergystorage.Targetsegmentsincludedatacentres,telecom

infrastructure,commercialandresidentialrealestate,industrialfacilities,defence,and

microgrids.Theseapplicationshavebeenselectedbasedonsafetyrequirementsand

operatingconditionswherelithium-ionmaybeconstrained.Alsymhasapproximately1.5GWhofpre-ordersacrossarangeofdifferentsectors,includingtelecomsandrenewableenergyproviders.Thetechnologyispositionedforpotentialuseindatacentres,where

MorganStanleyforecastssignificantpowerdemandbottlenecksasdatacentresgrow.Thesafetyprofileofthesodium-ionbatteriesallowco-locationatdatacentres.Thesystem

cansupportbothbackupandprimarypowerusecasesandisdesignedtohandledemandvariability.

Manufacturingapproach:Alsymplanstofocusonproducingbatterycellsandmodules,withexternalpartnersresponsibleforpacksandcontainers.Thecompanyistargetingscale-upto15GWhby2027.TheCEOhighlightedthattheavailabilityofproduction

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infrastructuretofacilitatemanufacturingscale-upisakeyriskthatthecompanyisworkingtomitigate.

TheaboveisasummaryofourrecentdiscussionwithMukeshChatter,Co-FounderandCEOAlsymEnergy.Questionsanswers

ofandhavebeencondensedforclarification

purposesandarenotdirectquotes.YoumaycontactMorganStanleyResearchforfurtherclarification.

PleasenotethatMukeshChatterisnotamemberofMorganStanley’sResearch

department.Unlessotherwiseindicated,hisviewsarehisownandmaydifferfromtheviewsoftheMorganStanleyResearchdepartmentandfromtheviewsofotherswithinMorganStanley.Wemakenoclaimthattherepresentationsareaccurateorcomplete.

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DisclosureSection

TheinformationandopinionsinMorganStanleyResearchwerepreparedoraredisseminatedbyMorganStanleyEuropeS.E.,regulatedbyBundesanstaltfuerFinanzdienstleistungsaufsicht(BaFin)and/orMorganStanley&Co.Internationalplc,authorizedbythePrudentialRegulationAuthorityandregulatedbytheFinancialConductAuthorityandthePrudentialRegulationAuthority.MorganStanley&Co.InternationalplcdisseminatesintheUKresearchthatithasprepared,andwhichhasbeenpreparedbyanyofitsaffiliates,onlytopersonswho(i)areinvestmentprofessionalsfallingwithinArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005(asamended,the“Order”);(ii)arepersonswhoarehighnetworthentitiesfallingwithinArticle49(2)(a)to(d)oftheOrder;or(iii)arepersonstowhomaninvitationorinducementtoengageininvestmentactivity(withinthemeaningofsection21oftheFinancialServicesandMarketsAct2000,asamended)mayotherwiselawfullybecommunicatedorcausedtobecommunicated.Asusedinthisdisclosuresection,MorganStanleyincludesRMBMorganStanleyProprietaryLimited,MorganStanleyEuropeS.E.,MorganStanley&CoInternationalplcanditsaffiliates.

Forimportantdisclosures,stockpricechartsandequityratinghistoriesregardingcompaniesthatarethesubjectofthisreport,pleaseseetheMorganStanleyResearchDisclosureWebsite

at/eqr/disclosures/webapp/generalresearch

,orcontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY,10036USA.

Forvaluationmethodologyandrisksassociatedwithanyrecommendation,ratingorpricetargetreferencedinthisresearchreport,pleasecontacttheClientSupportTeamasfollows:US/Canada+1800303-2495;HongKong+8522848-5999;LatinAmerica+1718754-5444(U.S.);London+44(0)20-7425-8169;Singapore+656834-6860;Sydney+61(0)2-9770-1505;Tokyo+81(0)3-6836-9000.AlternativelyyoumaycontactyourinvestmentrepresentativeorMorganStanleyResearchat1585Broadway,(Attention:ResearchManagement),NewYork,NY10036USA.

AnalystCertification

Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:ArushiAgarwal,CFA;StephenCByrd;RachelFletcher,Ph.D.;EhserntaFu;RobKoh.

.

GlobalResearchConflictManagementPolicy

MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailable

at/institutional/research/conflictpolicies.A

Portugueseversionofthepolicycanbefound

at.br

ImportantRegulatoryDisclosuresonSubjectCompanies

TheequityresearchanalystsorstrategistsprincipallyresponsibleforthepreparationofMorganStanleyResearchhavereceivedcompensationbaseduponvariousfactors,includingqualityofresearch,investorclientfeedback,stockpicking,competitivefactors,firmrevenuesandoverallinvestmentbankingrevenues.EquityResearchanalysts'orstrategists'compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

MorganStanleyanditsaffiliatesdobusinessthatrelatestocompanies/instrumentscoveredinMorganStanleyResearch,includingmarketmaking,providingliquidity,fundmanagement,commercialbanking,extensionofcredit,investmentservicesandinvestmentbanking.MorganStanleysellstoandbuysfromcustomersthesecurities/instrumentsofcompaniescoveredinMorganStanleyResearchonaprincipalbasis.MorganStanleymayhaveapositioninthedebtoftheCompanyorinstrumentsdiscussedinthisreport.MorganStanleytradesormaytradeasprincipalinthedebtsecurities(orinrelatedderivatives)thatarethesubjectofthedebtresearchreport.

Certaindisclosureslistedabovearealsoforcompliancewithapplicableregulationsinnon-USjurisdictions.

STOCKRATINGS

MorganStanleyusesarelativeratingsystemusingtermssuchasOverweight,Equal-weight,Not-RatedorUnderweight(seedefinitionsbelow).MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,holdandsell.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinMorganStanleyResearch.Inaddition,sinceMorganStanleyResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadMorganStanleyResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.

GlobalStockRatingsDistribution

(asofMarch31,2026)

TheStockRatingsdescribedbelowapplytoMorganStanley'sFundamentalEquityResearchanddonotapplytoDebtResearchproducedbytheFirm.

Fordisclosurepurposesonly(inaccordancewithFINRArequirements),weincludethecategoryheadingsofBuy,Hold,andSellalongsideourratingsofOverweight,Equal-weight,Not-RatedandUnderweight.MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,hold,andsellbutrepresentrecommendedrelativeweightings(seedefinitionsbelow).Tosatisfyregulatoryrequirements,wecorrespondOverweight,ourmostpositivestockrating,withabuyrecommendation;wecorrespondEqual-weightandNot-RatedtoholdandUnderweighttosellrecommendations,respectively.

CoverageUniverse

InvestmentBankingClients(IBC)

OtherMaterialInvestmentServices

Clients(MISC)

StockRating

Count

%ofTotal

Count

%ofTotalIBC

%ofRating

Count

%ofTotalOther

Category

Category

MISC

Overweight/Buy

1534

42%

461

50%

30%

698

43%

Equal-weight/Hold

1573

43%

372

40%

24%

716

44%

Not-Rated/Hold

4

0%

1

0%

25%

1

0%

Underweight/Sell

568

15%

89

10%

16%

209

13%

Total

3,679

923

1624

DataincludecommonstockandADRscurrentlyassignedratings.InvestmentBankingClientsarecompaniesfromwhomMorganStanleyreceivedinvestmentbankingcompensationinthe

MoRGANSTANLEyREsEARcH5

last12months.Duetoroundingoffofdecimals,thepercentagesprovidedinthe"%oftotal"columnmaynotadduptoexactly100percent.

AnalystStockRatings

Overweight(O).Thestock'stotalreturnisexpectedtoexceedtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Equal-weight(E).Thestock'stotalreturnisexpectedtobeinlinewiththeaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Not-Rated(NR).Currentlytheanalystdoesnothaveadequateconvictionaboutthestock'stotalreturnrelativetotheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Underweight(U).Thestock'stotalreturnisexpectedtobebelowtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Unlessotherwisespecified,thetimeframeforpricetargetsincludedinMorganStanleyResearchis12to18months.

AnalystIndustryViews

Attractive(A):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeattractivevs.therelevantbroadmarketbenchmark,asindicatedbelow.

In-Line(I):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeinlinewiththerelevantbroadmarketbenchmark,asindicatedbelow.

Cautious(C):Theanalystviewstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthswithcautionvs.therelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachregionareasfollows:NorthAmerica-S&P500;LatinAmerica-relevantMSCIcountryindexorMSCILatinAmericaIndex;Europe-MSCIEurope;Japan-TOPIX;Asia-relevantMSCIcountryindexorMSCIsub-regionalindexorMSCIACAsiaPacificexJapanIndex.

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ImportantdisclosuresregardinganymaterialconflictofinterestthatcanreasonablybeexpectedtohaveinfluencedMorganStanleySmithBarneyLLC'schoiceofathird-partyresearchproviderorthesubjectcompanyofathird-partyresearchreport,

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.ForMorganStanleyspecificdisclosures,youmayreferto

/eqr/disclosures/webapp/generalresearch

.

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/matrix

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