Industry Overview
Renewable energy is the most commodity-intensive form of power generation per megawatt of capacity. Solar panels require silver for cell contacts and copper for wiring, with solar now consuming over 15% of annual silver supply. Wind turbines use 3-5 tonnes of copper per MW, neodymium and dysprosium rare earths for permanent magnets, and massive steel and concrete foundations. Battery storage systems consume lithium, cobalt, nickel, and manganese. The irony of the clean energy transition is that it requires a massive expansion of mining -- the IEA estimates that achieving net-zero by 2050 would require a six-fold increase in critical mineral supply. This creates a structural bull case for industrial and precious metals tied to electrification.