Rock Bottom Reserves

Napoleon lost the Battle of Waterloo in 1815.

In the decades that followed, the bones of soldiers and horses from Europe’s battlefields were dug up, shipped to Britain, and ground into fertilizer.

They were after one thing: phosphorus.

Two centuries later, the world’s dependence on phosphorus is arguably even more concentrated. Nearly 70% of the world’s phosphate rock reserves sit in a single country, and it’s probably not the country you’d guess.Phosphorus is no longer just essential to the global food system. It is increasingly essential to our energy system too: LFP batteries powering EVs, grid-scale storage, and AI infrastructure.

In Issue 005 of the Ambition Capital Journal, we unpack Rock Bottom Reserves. Explore Issue 005 here.