Insights

Soon we will close the curtain on what has been a total rollercoaster of a year for the EV sector. On one hand, the pace of innovation has been incredibly fast-paced but on the other, it has been a turbulent and, at times, frustratingly challenging period for many.

From the "wait and see" fatigue of policy uncertainties and geo-political power struggles to the very real physical hurdles of grid constraint bottlenecks and the cable theft crisis, the industry has been tested like never before. Coupled with a toughening investment climate, resilience hasn't just been a buzzword - it’s been a survival requirement for the leaders of our sector.

But despite the headwinds, we enter 2026 with a genuine sense of optimism. The EV transition is no longer a future concept or a niche ambition. The once nascent, EV bubble that many of the naysayers couldn't wait to burst, is now a complex, massive-scale industrial reality that continues to gain momentum. The foundations laid during this challenging and the on-going consolidation has and will only make the sector leaner, more focused, and ready for the next phase of growth. And as I always say, if it were easy, everyone would do it.

For us at Hyperion, this year marked a significant milestone - 12 months since we joined HC Group. It has been a whirlwind of growth across our core practices - EV, Energy Storage & Grid, Renewables, and Board. We’ve expanded our own team, walked the floors of major events across Europe and the US, and had the privilege of helping scale some of the most innovative teams in the sector. I know many of you have felt the market squeeze this year, but seeing the calibre of talent still dedicated to this transition gives me immense confidence as we look toward January.

Let’s take a look at the final quarter’s highlights across the industry.

Industry News Round-up 🚗⚡

EV Charging Infrastructure

• Fastned Hits 50 in Germany: A major milestone for the rapid-charging giant as it continues its aggressive European expansion. Read more
• Green Light for E-Truck Hubs: The EU Commission has approved plans for dedicated electric truck charging hubs along German motorways - a vital step for long-haul logistics. Read more
• Duracell Enters the Fray: The iconic battery brand launched its own UK-based charging network and this month went live with its first site in Bath Terrace Car Park in Cheltenham Read more

Automotive OEM 🚗

• Global Growth vs. US Stall: Global EV sales are up this year but the US market is seeing a temporary plateau due to shifting policy landscapes. Read more
• Ford Refocuses: Ford has discontinued several EV models in the US to pivot toward more profitable segments and hybrid options. Read more
• BYD’s Dominance: BYD recorded its best sales month of the year in December, cementing its position as a global leader. Not least, out of the 20 top selling EV's globally, BYD had an astonishing 8 on the list Read more
• Norway’s 100% Moment: Norway set a stunning new record with near-100% EV registrations in November. The blueprint works - If Norway can do it, why can't we all? Read more

Politics & Policy 💼

• UK ZEV Review: The UK government brought forward its review of EV sales targets under the ZEV mandate to ensure the industry stays on track. Read more
• EU CO2 Targets: A slight weakening of CO2 targets from the EU Commission provided some breathing room, though the long-term trajectory remains firm. the direction of travel is clear! Read more
• Swedish Incentives: Green light for Sweden's new EV incentive scheme which is set to spark a resurgence in local demand. Read more
• Spain’s €1.3bn Boost: A massive "shock plan" for the sector, allocating €400m for direct EV subsidies and €300m for charging infrastructure via the Auto 2030 plan. Read more

Fleet & Logistics 🚚🚛⚡

• Royal Mail’s 8,000th EV: A huge milestone for one of the UK’s most visible fleets. Read more
• Van Market Paradox: BEV uptake is rising even as the broader UK van market faces a contraction. Read more
• HGV Trials: DPD and Voltempo are running new trials that prove electric HGVs are ready for the heavy lifting. Read more

Hydrogen 💦

• HyHaul Project Ends: The ambitious UK Government-backed HyHaul project is to close after failing to secure enough binding customer commitments for fuel cell HGVs. Read more

So is this the Reality Check?

• This article reflects on why hydrogen transport failures are becoming less surprising as the sector grapples with structural economic and infrastructure hurdles. Read more

Battery 🔋

• AESC Sunderland: The new Gigafactory in Sunderland is officially open, a massive win for UK manufacturing. Read more
• Verkor in Dunkirk: Verkor’s 16 GWh battery cell factory is now online in France. Congratulations to an early client of Hyperion on this incredible milestone. Read more

Shared Mobility 🚗🧑🤝🧑

• Zipcar UK Closure: A major blow for London's car-sharing market as Zipcar announces its withdrawal from the UK, citing external cost pressures and upcoming policy changes to EV congestion charge exemptions. Read more

---

Deals, Funding & Investment 💰

Despite it being a challenging year for many start-ups when it comes to securing vital funding, Q4 seemed like a turning point. Over the past few months, we saw a significant influx of capital which has helped drive forward the transition to electric. Here are my top picks:

• Octopus EV secured a massive £2bn in funding to further accelerate electric car adoption. Read more
• Traton landed a €500m EIB loan for R&D. Read more
• Fastned raised €39m in its third bond issue of the year, totaling over €110m in 2025. Read more
• IONNA invested over $250m in its California fast-charging network.Read more
• Other Funding Wins: Huge congrats to Einride ($100m raise), Cornish Lithium (£35m raise), EcoG (€16m raise), Pionix (€8m+ raise), Fuuse (£6m raise), and EO Charging (£25m recapitalisation) for their successful closes.
• Other interesting development included Jolt's acquisition of Volta’s 3,000-unit US network from Shell Read more and;
• The UK Govt. setting aside £10m for off-grid charging. Read more

---

Start-ups in the Spotlight 🔦

Whilst the end of year investment surge really got my juices flowing, huge progress has been made by several start-ups who are taking innovation to the next level and helping tackle some of the biggest barriers holding back the mobility and energy transition. These are the start-ups I’m watching closely as we enter 2026:

• Bnewable Pioneers in "battery-as-a-service" and behind-the-meter storage. The team are doing a wonderful job helping C&I and fleet customers to unlock and execute on their electrification strategies. With co-located batteries, EV fleet operations are able to run smoothly whilst being able to better manage and optimise their energy and generate additional revenues.
• FLEXECHARGE: Smart load management that actually solves grid constraints. I've got to know many of the team over the past year and what they're doing to support commercial EV charging operators with better load, energy and grid management is truly exciting.
• Kwetta: Delivers ultra-fast charging with "grid-first" technology. Following their European expansion earlier this year, I was lucky to meet with some of the key team members in Germany and Netherlands and look forward to what is to come for the team next year.
• Erinion: Scania’s venture focused on turnkey depot charging for heavy-duty trucks. A fantastic team who I have been fortunate enough to support as they continue to expand internationally. Lots more to come from them!
• Relode: Building "Power Parks" to solve gigawatt-scale grid connection issues. With a 15GW network of Power Parks planned UK-wide, Mikey and the team are stepping up to meet the huge increase in electricity demand forecast between now and 2050 and I'm excited for what 2026 brings.
• Aegis Energy: are another really exciting business. They're building a network of 50 clean multi-energy hubs to accelerate the decarbonisation of commercial vehicles.
• Decade Energy: Backed by our friends at Contrarian Ventures, is an energy infrastructure developer and software solution provider helping real estate owners, road transport operators, and retailers electrify their sites. Certainly one to watch!
• VOLTEMPO: are delivering Megawatt-scale charging solutions for the HGV sector and with a series of recent leadership changes, they're well-positioned for further growth next year.
• TOGL Energy: Launched earlier this month, TOGL are helping fleet operators to bring down EHGV TCO by using parked, plugged-in vehicles as flexible energy resources. Essentially, they're helping optimise depot and fleet charging so fleets are less exposed to peak prices whilst able to unlock new revenue streams and cut charging costs for EV and EHGV operations.

Who have I missed off? What start-ups have caught your attention this year? And who should I be keeping an eye on?

---

Industry Insights 🔍

The Rise of Co-located Storage 🔋🔌

Heavy Duty Fleet electrification has undoubtedly been one of the biggest growth areas this quarter, well, this year in fact. We are also seeing an increasing ramp up in the rise of AI as it continues to be leveraged to unlock flexibility and help optimise depot and fleet charging whilst many CPO's are applying AI tools to maintain maximum charger uptime and charger success.

We are also seeing a massive surge in demand for co-located battery storage (BESS) with EV charging. As the grid struggles to keep up with peak demand, BESS offers a long-term solution for grid stability and cost management. As such, it's no surprise we've seen a huge talent demand at Hyperion and I've had the pleasure to collaborate on a number of key searches with my colleague David Beeston as a result.

In fact, smart energy firm GridBeyond touched on this in their whitepaper and you can read more on how Including BESS in EV charging delivers long-term value here.

---

Talent Insights 🧠

Speed is the New Currency in Talent 🚀

As we head into 2026, the demand for "builders and operators" is skyrocketing. We're entering a phase of maturity where execution is the recipe for success. As such, the companies winning the talent war are those with well-structured, streamlined interview processes and a decision making process that doesn't procrastinate.

Speaking from experience this past quarter, As a founder building your business or a hiring manager building out your function and team. First thing you should be doing before going to market to find your next hire is clearly defining your interview process. if your process drags on for weeks or involves redundant stakeholders who add little to no or worse, damaging value to how you sell your business, you will lose top talent to more agile competitors.

Momentum keeps candidates engaged. With the market currently being candidate-heavy, there is a unique window to access the strongest operators - but you must act with speed and avoid complex and unnecessary processes. No one needs a 6 rounds of interviews.

After 10 years in eMobility headhunting, I’ve seen that a clearly defined process is the difference between a successful scale-up and a stalled one. Consulting with a specialist firm like Hyperion - especially in a soft market allows you to access the best builders - the ones who aren't always active on job boards but also the ones who quickly lose interest if you don't have a streamlined hiring process to keep them engaged.

---