PitchBook-清洁能源的关税和供应链挑战（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysispbinstitutionalresearch@pitchbook.comPublishingDesigned by Adriana HansenPublished on June 5, 2025ContentsKey takeaways1Overview2US tariffs3Industries and regions affected3Shared clean energy infrastructure3Solar photovoltaics4Batteries5Addressing clean energy supply chain challenges8EMERGING TECH RESEARCHTariffs and Supply Chain Challenges in Clean EnergyTariffs are compounding the existing challenges faced by clean energy supply chainsPitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways• Clean energy development and adoption are exposed to significant risk due to geographically concentrated supply chains. The falling cost of low-carbon energy technologies such as solar, wind, and lithium batteries has accelerated their adoption. However, their dependence on critical minerals and components from geographically concentrated supply chains—particularly in China and Southeast Asia—creates exposure to geopolitical and operational disruptions.• US tariffs are impacting the country’s ability to develop and adopt clean energy technologies. Recent tariffs from the US are affecting clean energy supply chains, increasing costs, and limiting access to key components for the energy sector. The uncertainty for investors and project developers further complicates supply chain management and long-term planning across a broad range of technologies, including renewables, energy storage, and clean fuel generation.• VC investment in clean energy will be affected by this uncertainty, but there are also opportunities for VC-backed companies to develop technologies in energy storage, recycling, and mineral extraction. VC investment is fueling innovation and development in areas such as lithium battery recycling, direct lithium extraction, subsurface resource detection, and nonlithium battery chemistries. These emerging technologies have the potential to reduce supply chain dependencies, lower environmental impact, and support the global clean energy transition.• The geographic concentration of clean energy hardware production, mineral extraction, and mineral processing represents a risk for the global clean energy transition. Production of clean energy hardware—particularly solar modules, batteries, and electrolyzers—is highly concentrated in Asia, and scaling up mineral production and manufacturing from low levels in other regions is costly. Some critical minerals have very few alternative supply chains due to limited viable mineral deposits, and others depend on high-volume processing of other minerals because they are produced as byproducts of other mineral extraction/refining processes.John MacDonagh Senior Res