"Big players" are intensively investing in solid-state batteries

Since the beginning of this year, there has been a continuous stream of good news about solid-state batteries. On the one hand, manufacturers have continuously obtained various financings, and on the other hand, their technical bottlenecks have been continuously broken through and the commercialization process has been accelerated. All signs indicate that the "trend" of solid-state batteries is about to come.

Among these players, there are both well-known heavyweight battery manufacturers and automobile companies such as CATL, Guoxuan High-tech, Farasis Energy, Xinwoda, NIO, SAIC, Geely, Mercedes-Benz, BMW, Toyota, etc., as well as many unknown new battery faces, as well as huge "cross-border giants" such as Huawei, Xiaomi, and Country Garden.

01

Ushering in the climax of financing

Solid-state batteries are experiencing a financing boom. Recently, Chongqing Tailan New Energy Co., Ltd. (hereinafter referred to as "Tailan New Energy"), a new player in solid-state batteries, announced the completion of a multi-billion-yuan A++ round of financing, led by CICC Capital and China Merchants Venture Capital, with participation from well-known investment institutions such as Tsinghua Research Capital, Holocene Capital, and Guoding Capital. This financing is the company's second recent financing. In March this year, Tailan New Energy announced the completion of an A+ round of financing exclusively invested by Country Garden Venture Capital.

Although Tailan New Energy was only established in May last year, it has already started cooperation with some mainstream domestic OEMs. It is reported that Tailan New Energy's first 0.2GWh semi-solid power battery production line in Chongqing will be put into production in October this year, mainly for new energy vehicles and taking into account application scenarios such as electric bicycles and intelligent robots. At that time, the company will provide customers with product performance verification.

"As the product passes verification, the company will start the 1GWh production line at the end of this year or early 2023. At the same time, the 10GWh production capacity (project) will also start construction in 2023," Tailan New Energy said.

In addition to Tailan New Energy, another solid-state battery manufacturer, ProLogium Technology, has also recently received financing from Guoxin Technology, with an investment of tens of millions of dollars. It is reported that ProLogium Technology, founded in 2006, has now formed a full set of solutions for next-generation battery applications in electric vehicles, consumer markets, and industrial fields. It is one of the few companies in the world that independently develops and manufactures everything from upstream materials to battery cells.

ProLogium Technology said that its single-layer battery cell yield can reach 99.9%, which has exceeded the commercialization standard. As of the end of last year, its automated test production line has provided nearly 8,000 solid-state battery samples for global automakers for testing and module development. The technology has reached the mass production preparation stage and will complete the construction of a GWh-level production line by the end of 2022.

In addition to the above-mentioned enterprises, many domestic and foreign solid-state battery industry chain enterprises such as Weilan New Energy, Solitor, High Energy Times, Factorial Energy, Enli Power, SES, etc. have also received capital favor this year. Investors include Huawei, Xiaomi, CATL, Xinwoda, Mercedes-Benz, Honda Motor, Geely Holding, SAIC Group, General Motors, Hyundai Motor, Kia, etc., with a very luxurious lineup.

02

Mass production and loading speed up

In terms of commercialization, Ganfeng Lithium recently stated on an interactive platform that the company expects its planned 2GWh first-generation solid-state battery production capacity to be gradually released this year.

Prior to this, the first batch of 50 Dongfeng-Ganfeng high-energy-density solid-state battery vehicles jointly developed by Dongfeng Motor and Ganfeng Lithium were delivered, becoming the world's first solid-state battery vehicle demonstration operation project. As Ganfeng Lithium's first-generation solid-state battery, its energy density is about 260Wh/kg, and the company's second-generation solid-state battery will have an energy density of 360Wh/kg.

Solid-state batteries generally have a high energy density. On May 28, Xu Xingwu, deputy director of the General Institute of Guoxuan High-tech Engineering Research Institute, revealed that the semi-solid-state battery developed by the company with a single energy density of up to 360Wh/kg and a system energy density of 260Wh/kg will be installed in vehicles this year. In addition, in addition to the 360Wh/kg product that will be mass-produced this year, the company's 400Wh/kg ternary semi-solid-state battery currently has prototype samples in the company's laboratory.

In addition, NIO previously announced the launch of a 150kWh solid-state battery with an energy density of 360Wh/kg. The range of the NIO ET7 sedan equipped with this battery pack will exceed 1,000 kilometers. The product will be launched in the fourth quarter of 2022. In January this year, Farasis Energy said in an interaction with investors: "The company's first-generation semi-solid-state battery (energy density 330Wh/Kg) was sent to vehicle manufacturers and received good feedback."

Not only are domestic companies accelerating the mass production and installation of solid-state batteries, but European, American, Japanese and Korean manufacturers are also actively promoting it. According to reports, Nissan's solid-state battery prototype factory has begun operations in April this year, and another prototype factory with higher output will open in 2024. If the business meets the standards, Nissan hopes to achieve large-scale production in 2028.

Prior to this, Samsung SDI had already started building its first all-solid-state battery test line in March this year. It is reported that the completion of the test line will bring Samsung SDI closer to mass production of all-solid-state batteries than its competitors. In addition, Samsung's Korean counterparts LG Energy Solution and SK On are also developing all-solid-state battery technology, aiming to start mass production around 2030.

It is understood that the two major auto giants, BMW and Ford, are also accelerating the research and development of solid-state batteries, planning to equip vehicles with them and start testing under actual working conditions starting in 2022. In addition, at the beginning of this year, Mercedes-Benz announced that the first test vehicle equipped with solid-state batteries developed in cooperation with ProLogium Technology is expected to be launched in the next few years. The two parties plan to install solid-state battery technology in a series of passenger cars in the next five years.

The accelerated commercialization of solid-state batteries will also drive the demand for related materials. It is understood that domestic material companies such as Dangsheng Technology, Rongbai Technology, Enjie Co., Ltd., Tianci Materials, Jiangsu Guotai, Shanshan Co., Ltd., and GEM are all accelerating the research and development and production of solid-state battery related materials.

In the future, the solid-state battery market has great potential, and many institutions are optimistic. BOC Securities predicts that the global demand for solid-state batteries will reach 44.2GWh and 494.9GWh in 2025 and 2030 respectively. Guohai Securities predicts that global solid-state battery shipments will grow rapidly in the future, and the market space is expected to reach more than 150 billion yuan by 2030.