Lithium has been the poster boy for battery technologies helping the world transition to a greener future.
However, Bell Direct market analyst Grady Wulff has reminded investors there are so many other ingredients that are required for electric vehicles (EV).
"When investing in the evolving battery metals space, it is important to consider alternative battery metals to lithium as there are many elements that make up EV batteries," she told The Motley Fool.
"We are noticing increasing demand for diversification in the battery metals space."
So if you're looking to buy ASX shares that aren't pure-play lithium shares, here are two suggestions from Bell Potter analysts:
Producing the largest component of EV batteries
The Talga Group Ltd (ASX: TLG) share price has dipped almost 29% since April, but this is a mere buying opportunity in contrast to its longer-term upward trend.
Wulff noted the stock has rocketed more than 127% over the past five years.
"The company's graphite assets in northern Sweden present a strong investment opportunity in the element that makes up 28.1%, or the largest component of current EV batteries."
Conceding that it is a high risk-reward buy, Wulff added that a big catalyst could be coming up for Talga shares.
"The company is awaiting an update on the status of the Nunnasvara South natural graphite mine while also securing €150 million in debt funding from the European Investment Bank (EIB) to support Talga's Vittangi natural graphite and anode business."
According to CMC Markets, the only other two analysts that cover Talga Group also rate the stock as a strong buy.
Mining contractor adding an intriguing side project
Develop Global Ltd (ASX: DVP) shares are up 1.9% year to date and 58% from a year ago.
"Develop's hybrid model as an underground mining contractor and operator of two mining assets drives strong value on an investment front," said Wulff.
However, the company has recently made an interesting acquisition to add to this bread-and-butter.
"Develop has attracted a buy rating from Bell Potter's analysts following the company's recent all-scrip acquisition of 100% of Essential Metals Ltd (ASX: ESS), a lithium and gold explorer with assets in WA including the most advanced asset, the Dome Lithium Project."
This pivot, when complete, will turn Develop Global into an investment that's linked to the fortunes of battery manufacturing.
Similar to Talga Group, Develop Global shares are rated a strong buy by all three analysts that monitor the stock on CMC Markets.
