President Trump signed Executive Order 14420 on August 26, 2026, declaring a national emergency over foreign-manufactured equipment in the bulk-power system. The directive targets battery energy storage systems, grid-connected inverters, and transformers from covered foreign entities, primarily China. China controls approximately 80% of global lithium-ion battery supply-chain capacity, and roughly 40% of 2025 US inverter volumes came from Chinese manufacturers. The DOE has until December 24, 2026 to publish implementing rules, leaving developers in uncertainty that could kill deals at the term sheet stage. South Korean battery makers are the most obvious near-term beneficiaries of this measure.
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