Global demand for clean energy, notably batteries, solar, electric vehicles and wind power is growing at a rapid clip. In this report, Atlas Public Policy provides a comprehensive picture of the state of the global supply chain with data on nearly $1.1 trillion in manufacturing projects from 2019 to 2025.
Nearly half of the announced investments, led by more than 500 companies in 54 countries, are in battery technology. The range of countries belies the dominant role that China and Chinese companies play, with 55 percent of total announced clean manufacturing investments from Chinese companies. China has built enormous manufacturing capacity domestically, and increasingly, grown production abroad to skirt trade restrictions and assert itself as the global leader in the future of energy.
After China ($509.7 billion), the United States ($236.1 billion) is second for announced investment following a period of rapid growth from 2021 to 2024, though 2025 was plagued by project cancellations and few new announcements in the United States. In 2025, as companies announced $39 billion in new clean energy manufacturing in China, the United States had its first annual net negative clean energy investment (-$22 billion) since at least 2012. Investments for 2019 to 2025 then trail off significantly to Germany ($33 billion), Hungary ($33 billion), India ($32 billion), and Malaysia ($30 billion).
Demand for clean technology is growing rapidly. Even before the energy shocks from the war on Iran began in early 2026, there was significant and growing demand for clean technology. Sustained high fossil fuel prices will only increase demand as nations look to ensure their economies see greater energy certainty and price stability. Solar installations rose 32 percent from 2023 to 2024, reaching a global capacity of 1,865 gigawatts (GW): enough to power the equivalent of 417 million U.S. homes.
Batteries led cleantech manufacturing investments from 2019 to 2025, followed by solar. Battery manufacturing accounts for the largest share of announced investment ($514.9 billion), reflecting the capital-intensive nature of the battery supply chain and its central role in enabling electric vehicles and intermittent renewable power. Solar is the next largest ($323.9 billion) followed by electric vehicle manufacturing ($207 billion), while wind manufacturing represents a far smaller share of total announced investments ($45.2 billion). Chinese companies lead investments in each technology but have a greater lead in solar than in any other tech.
China leads the global supply chain by every metric. China dominates battery supply chains, controlling over 70 percent of cell manufacturing and most of the processing of minerals that go into these batteries. Among the 25 companies with the highest announced clean‑energy manufacturing investment, 14 are headquartered in China, reflecting the global leadership of Chinese companies. Put another way, there are 86 Chinese companies that have announced more than $1 billion in manufacturing investments, compared with 19 U.S. companies.
CATL, a Chinese battery maker, leads all companies with more than $51.7 billion in announced investment. Most of the investment is going to Chinese factories. In 2019, the company announced a $2 billion investment in Germany, CATL’s first factory outside of China. Since then, the company has announced a series of largescale projects in Hungary, Spain, and Indonesia. According to SNE Research, CATL’s lithium-ion battery sales rose to 661 gigawatt hours (GWh) in 2025, an increase of 39 percent from 2024. In 2025, the company maintained the world’s largest power battery market share at 39 percent for the ninth consecutive year, with lithium-ion battery sales up 39 percent over 2024.
China is investing strategically in new markets. Building on a strong domestic base, Chinese companies have announced more than $136 billion in investments outside of China, more than four times the amount from U.S. companies, the second highest. In EV and battery manufacturing, these companies are establishing a presence in existing auto manufacturing countries (Germany, Spain and Mexico) as well as emerging markets (Hungary, Indonesia, Morocco, and Slovakia), as China works to grow global economic influence and avoid trade barriers. Meanwhile, U.S. companies have a small and shrinking clean manufacturing footprint outside of the United States.
2024 and 2025 represented significant market adjustments: Announced new investment dropped markedly in 2024 and 2025. In 2025, the United States saw large numbers of cancellations—$33 billion worth of clean manufacturing projects were canceled—due to policy changes and market shifts. At the same time, China noticeably slowed down new investments in China as it calibrated its domestic capacity with demand.
Global clean energy supply chains are becoming more complex due to changing trade dynamics, the ongoing crisis in the Middle East and its impacts on energy security, and the world’s growing thirst for energy. Given the rapid growth of clean energy technologies, the ability to produce and use these products will shape national economies for the next several decades.
