According to incomplete statistics from Battery Network, since the beginning of this year, 15 companies across various segments of the battery industry chain—including energy storage, power batteries, electrolytes, separators, and lithium salts—have intensively advanced their plans for listing in Hong Kong. These companies have either officially announced plans, submitted applications, completed filings, or passed hearings. A wave of Hong Kong stock market layout, characterized by “leading enterprises driving the trend and covering the entire industry chain,” is fully unfolding within the industry.

Currently, over 50 listed companies in the battery and new energy industry chain have disclosed performance forecasts, with more than 60% delivering impressive results. Several companies have explicitly stated that the core driver of their performance growth is the continued recovery of the global power battery market, the explosive growth in energy storage demand, coupled with the strong rise of emerging sectors. Enterprises in the battery and new energy chain are once again standing at the forefront of development opportunities, ushering in a new round of growth prospects.

Among them, the latest data from the China Automotive Battery Industry Innovation Alliance shows that in 2025, China’s cumulative exports of power and energy storage batteries reached 305.0 GWh, a year-on-year increase of 50.7%, accounting for 17.9% of the total annual sales volume.

In terms of export scale, recent data from the China Industrial Association of Power Sources indicates that China’s cumulative lithium battery export value in 2025 was $76.746 billion, a year-on-year increase of 25.55%. The cumulative export volume of lithium batteries was 4.679 billion units, up 19.52% year-on-year.

Looking ahead, EVTank’s “White Paper on the Development of China’s Lithium-ion Battery Industry (2026)” predicts that global lithium-ion battery shipments will reach 3,016.3 GWh and 6,012.3 GWh in 2026 and 2030, respectively. The forecast for 2026 global shipments has been raised by 17.3% compared to the 2025 version of the white paper, primarily driven by demand for energy storage batteries.

Statistics show that in 2025, the total scale of overseas orders for Chinese energy storage enterprises reached nearly 284.26 GWh, equivalent to 3.49 times the newly installed capacity of overseas new-type energy storage in 2024. However, it is undeniable that changes in the international trade environment brought about by policies such as the U.S. Inflation Reduction Act and the EU’s Net-Zero Industry Act are also evolving simultaneously. Consequently, Chinese battery and new energy enterprises are compelled to gradually transition from “product export” to “capacity export.”

Against this backdrop, to support overseas factory construction and technological R&D, battery and new energy enterprises have an unprecedented strong demand for international financing platforms. As a springboard connecting global capital, the Hong Kong capital market has made a strong comeback as a “dark horse” in the global IPO center. Relevant data shows that in 2025, 19 A-share listed companies landed in Hong Kong, a surge of 533% compared to 2024, raising a total of HKD 139.993 billion, accounting for over 50% of the total funds raised by Hong Kong IPOs. Among them, the battery and new energy industry leader CATL raised HKD 41.006 billion, ranking second globally in terms of funds raised.

Entering 2026, this wave of enthusiasm for Hong Kong listings continues to heat up with even stronger momentum. Not only is the number of companies pursuing dual “A+H” capital market layouts steadily increasing, but new forces aiming for Hong Kong IPOs are also emerging one after another. According to incomplete statistics from Battery Network, since the beginning of this year, 15 companies across various segments of the battery industry chain—including energy storage, power batteries, electrolytes, separators, and lithium salts—have intensively advanced their plans for listing in Hong Kong. These companies have either officially announced plans, submitted applications, completed filings, or passed hearings. A wave of Hong Kong stock market layout, characterized by “leading enterprises driving the trend and covering the entire industry chain,” is fully unfolding within the industry.

**A+H! Penghui Energy Plans to List on the Main Board of the Hong Kong Stock Exchange**

On January 5, Penghui Energy (300438) announced that the company intends to issue overseas listed foreign shares (H shares) and apply for listing on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX). As of the date of this announcement, aside from the relevant proposals approved by this board meeting, other specific details regarding this offering and listing have not been finalized.

In a research activity in December 2025, when replying to investors’ questions about the current production scheduling of its large-scale storage products, Penghui Energy stated that the company is currently basically at full production capacity, with main product scheduling extending until the first half of next year; overseas large-scale storage orders are in the process of ramping up, showing a significant increase compared to previous years. “Mostly cells are supplied domestically, while systems are mainly supplied overseas.” Penghui Energy expects domestic growth next year to be similar to this year, while overseas growth will accelerate further, with more user-side energy storage projects overseas.

**A-share Chint Electric Announces Hong Kong Listing Plan; Energy Storage Business Covers Various Scenarios**

On the evening of January 6, Chint Electric (601877) announced that to meet business development needs, further advance its internationalization strategy, actively leverage international capital markets to broaden diversified financing channels, and further enhance the company’s comprehensive competitiveness, it plans to issue overseas shares (H shares) and list on the HKEX. Chint Electric stated that the company is discussing specific advancement work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized yet.

As a global smart energy solutions provider and a subsidiary of the Chint Group, Chint Electric is a leading enterprise in China’s low-voltage electrical appliance industry, with its energy storage business covering various scenarios. According to its 2025 interim report information, Chint Power (25.880, 2.35, 9.99%) builds a leading technology product system covering photovoltaic inverters and energy storage fields with core patented technology. It continues to deepen its global strategic layout, with localized operations as the core driving force, comprehensively enhancing the international competitiveness of its photovoltaic inverter and energy storage system businesses, and continuously leading industry technological upgrades and value innovation.

**A-share Huasheng Lithium Plans Hong Kong Listing; Additive Annual Output 14,000 Tons**

On the evening of January 8, Huasheng Lithium (688353) issued an announcement stating that to accelerate its international strategic layout, enhance its overseas financing capability, and further improve its capital strength and comprehensive competitiveness, the company is planning to issue overseas shares (H shares) and list on the HKEX based on its overall development strategy and operational needs.

Information shows that Huasheng Lithium is an advanced supplier of lithium battery electrolyte additives, with an annual output of 14,000 tons. Its products are widely used in new energy vehicles, electric two-wheelers, power tools, UPS power supplies, mobile base station power supplies, photovoltaic power stations, 3C products, and other fields. The company has long maintained its leading position as a supplier of VC and FEC, with high product coverage in the Chinese domestic market. It also exports to Japan, South Korea, the United States, Europe, Southeast Asia, and other countries and regions. Its main customers include well-known international and domestic lithium battery industry chain manufacturers such as Mitsubishi Chemical, BYD (91.810, -0.82, -0.89%), Tinci Materials (41.600, -1.81, -4.17%), Guotai Huarong, and Shanshan Co., Ltd. (13.510, -0.41, -2.95%).

**A-share Putailai Plans Hong Kong Listing; 2025 Net Profit Expected to Double Year-on-Year**

On January 9, Putailai (603659) announced that the company is planning to issue overseas shares (H shares) and apply for listing on the Main Board of the HKEX. As of now, the company is discussing related work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized.

On January 20, Putailai announced that based on preliminary calculations by the company’s finance department, it is estimated that the net profit attributable to shareholders of the listed company in 2025 will be RMB 2.3 billion to RMB 2.4 billion, a year-on-year increase of 93.18% to 101.58%. The company stated that the wet-process separator and coating processing businesses saw significant synchronous growth in volume. The self-sufficiency rate of base film increased, continuously consolidating the synergistic advantages of “materials + equipment + processes.” The introduction of new base film products and new coating processes effectively matched customer product upgrade needs. The graphite anode material business strengthened various measures for process cost reduction, focusing on mainstream customer demands for new products such as fast charging, long cycle life, and high capacity. Silicon carbon anode entered mass production, the business bottomed out and recovered, with operations gradually improving. Functional materials such as PVDF, PAA, and ceramic coating materials saw rapid sales growth, effectively contributing to performance increment. Through diversified product portfolios and industry chain synergy to empower customers, the company achieved significant improvement and increase in profitability.

**A-share Inovance Technology Plans Hong Kong Listing; Xi’an Energy Storage Base Has Annual Design Capacity of 50GW**

On January 19, Inovance Technology (300124) announced plans to issue H shares and list on the HKEX to promote its internationalization strategy, enhance its global brand influence, and broaden financing channels.

It is reported that Inovance Technology has developed into a leading domestic industrial automation enterprise, with products involving servo systems, PLCs, industrial robots (18.740, -0.42, -2.19%), and new energy vehicle electric drive systems. In recent years, the company has increased investment in the energy storage field, positioning it as the “second growth curve.” In 2025, the company launched multiple new energy storage products and won major orders. The Xi’an energy storage base involves a total investment of approximately RMB 10 billion, with an annual design capacity of up to 50GW, positioning it to become a top-tier global standalone PCS factory for energy storage.

**”Partnership” with CATL; A-share Tianhua New Energy Rushes to Hong Kong Market**

On the evening of January 21, Tianhua New Energy (300390) issued an announcement stating that the company is planning to issue overseas shares (H shares) and list on the HKEX. Currently, the company is discussing specific advancement work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized.

Information shows that Tianhua New Energy’s main businesses include new energy lithium battery materials, anti-static ultra-clean technology products, and medical device products. Among them, new energy lithium battery materials are the core business segment. As one of the main domestic lithium salt producers, its comprehensive capacity for lithium hydroxide and lithium carbonate reaches 165,000 tons. Currently, the company has established long-term and stable cooperative relationships with many domestic and foreign leading vehicle manufacturers, power battery manufacturers, and mainstream lithium battery cathode material producers. It also has a deep equity-level binding with CATL.

**The First GEM-Listed Company Also Plans Hong Kong Listing! Products Assist in Projects of CATL/BYD, etc.**

On the evening of January 23, Tgood (28.050, -0.57, -1.99%) (300001) issued an announcement stating that to further advance the company’s global strategic layout, accelerate overseas business development, build an international capital operation platform, and enhance its international brand image and comprehensive competitiveness, the company plans to issue overseas listed foreign shares (H shares) and apply for listing on the Main Board of the HKEX. The company will fully consider the interests of existing shareholders and the conditions of domestic and foreign capital markets, and choose an appropriate timing and issuance window to complete this issuance and listing within the validity period of the shareholders’ meeting resolution (i.e., within 24 months from the date of approval by the company’s shareholders’ meeting or other extended periods as agreed).

Information shows that Tgood was founded in 2004 and listed in 2009, being the first company listed on the Growth Enterprise Market (GEM). The company is mainly engaged in three areas: high-end box-type power equipment manufacturing, automotive charging ecosystem network, and new energy microgrid. It is worth mentioning that, under the “dual carbon” background, Tgood also customizes and offers power system solutions for large industrial clients in the battery industry chain. The company’s products are widely used in the construction of battery industry chain industrial park projects for companies such as CATL, BYD, EVE Energy (64.200, -1.58, -2.40%), LanKe Lithium, GEM Co., Ltd. (9.470, -0.34, -3.47%), Dofluoride (29.460, -1.68, -5.39%), and Shanshan New Materials.

**A-share EVE Energy Files Application with HKEX; Intends to Raise Funds for 30GWh Large Cylindrical Battery Construction in Hungary**

On January 2, EVE Energy (300014) submitted a second application to the HKEX. This time, the company intends to use the net proceeds solely for the continued construction of its production base in Hungary, as well as for working capital and general corporate purposes, not involving the third-phase construction of its production base in Malaysia.

The filing documents show that EVE Energy has obtained the land use right for the site of the Hungarian production base, and the Hungarian project has started construction, expected to be operational in 2027, with a planned capacity of 30GWh. The main products planned for production are power batteries, primarily the 46-series large cylindrical batteries. The project site is strategically located near the factories of major automotive customers to better meet their needs, thereby consolidating long-term strategic cooperative relationships with these customers.

**Wanbang Digital Switches to Hong Kong IPO; Sub-brand Star Charge Spun Off**

On January 4, Wanbang Digital Energy Co., Ltd. (referred to as “Wanbang Digital”), the parent company of Star Charge, officially submitted a listing application to the HKEX, launching its fourth “IPO campaign.” However, unlike the previous three times, Wanbang did not include the “gas station” Star Charge in this listing. Instead, it sold it off, planning to go public as a “slimmed-down” entity.

According to Frost & Sullivan data, based on revenue and sales volume in 2024, Wanbang Digital Energy is the world’s largest supplier of smart charging equipment, with global sales exceeding 470,000 units that year. It is also a smart charging equipment supplier in China certified by premium international OEMs (such as Volkswagen, Mercedes-Benz, etc.).

**Yuanxin Energy Storage Rushes for Hong Kong IPO; Recently Completed Hundreds of Millions in Equity Financing**

On January 9, Shenzhen Yuanxin Energy Storage Technology Co., Ltd. (hereinafter referred to as “Yuanxin Energy Storage”) officially submitted a listing application to the Main Board of the HKEX, with China Merchants Bank International acting as the sole sponsor. According to Frost & Sullivan data, in the first three quarters of 2025, Yuanxin Energy Storage added 1.3 GWh of standalone energy storage installed capacity, ranking first among global energy storage asset full lifecycle solution providers. In 2024, based on energy storage system shipments, the company ranked fifth among global energy storage asset full-lifecycle solution providers with shipments of 3.7 GWh.

On January 9, Yuanxin Energy Storage also announced the completion of hundreds of millions of RMB in equity financing. This round of financing was led by the well-known investment institution Cowin Capital, with follow-on investments from institutions such as Zhenghai Capital and Zhuoyuan Lantu.

**Bestar Files Application with HKEX; Has Achieved Scale Supply in Separator Sub-market**

On January 12, Zhenjiang Bestar New Material Co., Ltd. (abbreviated: Bestar) submitted a listing application to the HKEX, aiming for a main board IPO in Hong Kong.

Information shows that Bestar is a company focused on electronic function enhancement materials, with a strong market position in the fields of acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials. Among them, the company’s electronic ceramic materials business has taken the lead in achieving technological breakthroughs and scale supply in the application field of ultrafine coating materials for new energy lithium battery separators. According to Frost & Sullivan statistics based on revenue for the first half of 2025, Bestar ranked second in the global LIB separator coating alumina ceramic materials market, with a market share of approximately 18.1%.

**Shared E-bike Supplier Pinecone Wisdom Files for Hong Kong IPO; Valuation Nearly $1 Billion**

On January 12, shared e-bike service provider Pinecone Wisdom Inc. (abbreviated: Pinecone Wisdom) submitted a listing application to the HKEX, planning to list on the Main Board, with Huatai International acting as the sole sponsor. The company plans to use the raised funds to strengthen R&D, explore e-bike sales commercialization, and overseas expansion.

It is worth mentioning that Pinecone Wisdom’s most recent financing round occurred in November 2025 (the D+ round did not involve new investment), with a post-investment valuation reaching $996 million, just one step away from unicorn status.

**A-share “Industrial Robot Leader” Estun Makes Second Attempt at Hong Kong IPO**

On January 15, Nanjing Estun Automation Co., Ltd. (abbreviated “Estun”) submitted a second application to the HKEX.

Information shows that based on its existing robot automated welding production lines, die-casting automation system solutions, and electric drive control power automation production lines, Estun deeply integrates the advantages of its series products and technologies such as Trio motion controllers, AC servo systems, industrial robots, and machine vision. It provides the new energy industry with high-speed, high-precision power battery module/PACK intelligent assembly production lines based on the company’s robots and motion control systems, and actively expands solutions for systems, establishing industry technology benchmarks and scale applications for the company’s automation core components and robot products to fully enter the new energy industry.

According to MIR statistics, in 2024, Estun once again became the domestic brand with the highest shipments of industrial robots and domestic multi-joint industrial robots in China, ranking first in domestic brand shipments in the Chinese market for seven consecutive years. It ranked second in terms of shipments in the Chinese industrial robot market, with its market share further increasing.

**A-share Cadi Scientific Files Application with HKEX; New Projects Including Charging/Swapping Systems Worth RMB 1.5 Billion Land in Hefei, Anhui**

On January 19, Cadi Scientific (300222) submitted a listing application to the HKEX, with Huatai International and Guoyuan International acting as joint sponsors. Information shows that facing the historical development opportunities brought by the accelerated advancement of new power system construction and the rapid expansion of new energy application scenarios, Cadi Scientific actively deploys core technology R&D in active distribution networks, energy storage, robot advanced control, and artificial intelligence with “digital energy” and “intelligent robot application” as two business carriers, creating integrated application scenarios for source-grid-load-storage.

According to news from “Hefei High-tech Release,” recently, the Cadi Scientific Digital Energy Industrial Base project settled in the Hefei High-tech Zone, Anhui, and completed land acquisition. The project has a total investment of RMB 1.5 billion and will focus on the R&D and production of core products such as smart circuit breakers, charging/swapping systems, and intelligent inspection robots upon completion.

**Passed Hearings**

**Lithium Battery Intelligent Equipment Leader Passes HKEX Hearing**

On January 25, Lead Intelligent (300450) passed the hearing for listing on the Main Board of the HKEX, with CITIC Securities (27.860, -0.21, -0.75%) and J.P. Morgan acting as joint sponsors. Information shows that the company’s core customers include global top battery manufacturers and vehicle manufacturers, including BYD, LG Energy Solution, Tesla, Volkswagen, etc. According to Frost & Sullivan data, based on 2024 revenue, Lead Intelligent is the world’s largest lithium battery intelligent equipment supplier, with a global market share of 15.5% and a Chinese market share of 19%.

On the same day, Lead Intelligent announced that it expects its 2025 net profit attributable to shareholders of the listed company to be RMB 1.5 billion to RMB 1.8 billion, a year-on-year increase of 424.29% to 529.15%. It stated that the recovery of the global power battery market and strong growth in energy storage demand, consolidation of its leading position, acceleration of order scale and delivery acceptance pace, coupled with new technology R&D and digital cost reduction and efficiency improvement, have significantly enhanced profitability.

**Conclusion**

After years of development, China’s battery industry chain has achieved self-sufficiency and control over all links from raw materials to core equipment: the global market shares of power batteries and energy storage batteries exceed 60% and 90% respectively; the self-sufficiency rates of key materials such as electrolytes, separators, and lithium salts have significantly improved; and the supporting capability across the entire chain has become increasingly mature.

Against the backdrop of largely completed import substitution, the collective overseas expansion of the aforementioned 15 companies has also prompted the market to ask a soul-searching question: Is the second half of the development of China’s battery and new energy industry about to officially enter a new journey of “international substitution”?

Undeniably, the significant improvement in import substitution has given Chinese battery enterprises the confidence to participate in global competition. Moreover, the intensive advancement of Hong Kong listing processes by 15 industry chain companies in less than a month at the beginning of the year further signals the acceleration of import substitution towards international substitution. And what is even more undeniable is that the Hong Kong stock market, as an important hub connecting Chinese enterprises with international capital, not only provides financing channels for enterprises but also promotes the establishment of corporate governance and standards in line with international practices, laying the foundation for international substitution.

On January 23, 2026, Shanghai Pylon Energy Technologies Co., Ltd., known as the “first energy storage stock on the STAR Market,” released its annual earnings forecast for 2025.

According to the earnings forecast, during the period from January 1 to December 31, 2025, Pylon Technologies is expected to achieve a net profit attributable to the parent company’s owners of 62 million to 86 million yuan, representing an increase of 20.8927 million to 44.8927 million yuan compared to the same period last year. This translates to a year-on-year growth of 50.82% to 109.21%. However, the estimated net profit attributable to the parent company’s owners after deducting non-recurring gains and losses is projected to be between -12 million and -8 million yuan, compared to -28.1314 million yuan in the same period last year, indicating a narrowing loss scale.

Regarding the primary reasons for the performance growth in this period, the announcement noted that the company benefited from the recovery in demand in the international energy storage market, the sustained growth in domestic energy storage demand, and the rising demand for lithium-ion and sodium-ion batteries in the light electric vehicle market. The company optimized resource allocation in both its sales and research and development sectors. On the one hand, it expanded its sales team and increased market promotion efforts; on the other hand, it accelerated product technology iteration and expedited the launch of new products through improved research and development efficiency. This strategy not only drove rapid growth in overseas commercial and residential energy storage businesses but also led to breakthrough progress in domestic commercial energy storage, shared battery-swapping, and sodium-ion battery applications in the light electric vehicle sector, significantly boosting the company’s production, sales, and revenue scale. Additionally, as the company’s production and sales scale expanded and the operational conditions of some subsidiaries improved, deferred tax assets from unrealized profits in internal transactions increased. Furthermore, deferred tax assets related to deductible losses of certain subsidiaries were recognized, with these multiple factors collectively contributing to the performance growth in this period.

On January 22, CATL launched the “Tianxing II Light Commercial All-Scenario Customized Series Solutions” and its supporting smart management application “Battery Butler” Tianxing Edition. The most notable among these is the Tianxing II Light Commercial Long-Range Battery, which is equipped with the first light commercial ultra-hybrid chemical system cell. This product integrates ternary lithium and lithium iron phosphate materials within the same chemical system.

At a media briefing, CATL’s Chief Technology Officer, Gao Huan, elaborated on the breakthroughs of this technology: “Internally, we refer to this ternary-lithium-iron-phosphate material system as the ultra-hybrid system. It involves mixing battery materials, with the most direct effect being an increase in cell energy density while controlling costs.”

In fact, three months earlier, CATL had jointly released the ultra-hybrid system battery with Leapmotor and announced that it would be installed in Leapmotor’s flagship model, the D19.

Gao Huan stated: “Currently, the highest volumetric energy density of mass-produced lithium iron phosphate materials can reach over 450 watt-hours per liter, while ternary materials start at 500 watt-hours per liter.” When certain vehicle models require batteries with energy densities between 480 and 500 watt-hours per liter, traditional lithium iron phosphate cannot meet the demand, while ternary materials would significantly increase costs.

The emergence of the ultra-hybrid battery aims to fill this gap. It not only breaks through the energy density ceiling of lithium iron phosphate but also avoids the high costs associated with pure ternary lithium.

Today, the new energy vehicle market has increasingly higher requirements for driving range. In 2025, some extended-range vehicles were already equipped with batteries exceeding 60 kWh, and by 2026, multiple models, including Leapmotor’s D series, are expected to feature battery capacities around 80 kWh.

For lithium iron phosphate batteries to achieve a pure electric range exceeding 500 kilometers, more cells often need to be stacked, potentially leading to a vehicle mass exceeding three tons, which affects handling and safety. While ternary lithium batteries can provide higher energy density, cost remains a major barrier to their adoption in the mainstream market.

Solid-state batteries are regarded as the next-generation battery technology direction. According to predictions by Academician Ouyang Minggao of the Chinese Academy of Sciences, the industrialization of all-solid-state batteries may begin between 2027 and 2028, with full-scale mass production expected by 2030. However, solid-state batteries are still several years away from large-scale commercialization, and their cathode materials still primarily rely on high-nickel ternary systems. This creates development space for transitional technologies like the ultra-hybrid battery.

The technical realization of the ultra-hybrid battery is not a simple mix of two materials. Gao Huan admitted at the briefing: “There are numerous technical challenges to overcome, including interface issues between ternary and lithium iron phosphate, voltage platform issues, and electrolyte oxidation-reduction problems, among others.”

This fusion at the material level complements CATL’s earlier “dual-core battery” concept at the system architecture level. At the Super Technology Day in April 2025, CATL launched the Xiaoyao Dual-Core Battery, which achieves performance complementarity by arranging batteries with different chemical systems in separate zones. For example, the combination of sodium-ion and lithium iron phosphate can target extremely cold regions in northern areas, while the combination of ternary lithium and lithium iron phosphate balances high performance with long range.

From the “dual-core” system architecture to the “ultra-hybrid” material level, CATL is breaking the performance boundaries of traditional power batteries across multiple dimensions. Professor Ai Xinping from Wuhan University stated: “Ternary lithium and lithium iron phosphate are not an ‘either-or’ opposing relationship but scenario-based choices based on different technical characteristics.” This view aligns with CATL’s technological strategy.

At the briefing, Gao Huan revealed a key timeline: the large-scale commercial mass production of CATL’s ultra-hybrid battery is expected to begin in April 2026. This means that there are less than three months left before this technology officially enters the market.

CATL’s choice to first introduce the ultra-hybrid battery product in the commercial vehicle sector has its commercial logic. Gao Huan explained: “In intercity delivery scenarios, the required driving range is increasing. Using only ternary materials would make the economics difficult to justify. Additionally, charging is still not very convenient, so we innovatively applied the ultra-hybrid system battery to the commercial vehicle sector.”

It is understood that the Tianxing II Light Commercial Long-Range Battery has a single-pack capacity of 253 kWh, the largest in the light commercial industry. Equipped with this battery, vehicles can achieve a real-world long-range of 800 kilometers, easily covering mainstream intercity routes such as Guangzhou to Fuzhou without the need for mid-journey recharging. Additionally, the battery warranty has been extended to 10 years or 1 million kilometers, and technologies such as self-compensating lithium cathode materials and self-repairing electrolytes are applied to further extend battery life. These characteristics are particularly suitable for commercial vehicle operation scenarios that require high economy and reliability.

Regarding market competition and product mass production pace, Gao Huan stated: “Other companies are also researching ultra-hybrid batteries, but CATL is the first in this field to achieve a mass production breakthrough.”

With the mass production of ultra-hybrid batteries, ternary lithium and lithium iron phosphate materials are no longer an either-or choice but can work synergistically within the same cell, leveraging their respective advantages. From a broader perspective, ultra-hybrid battery technology offers a new development direction for the power battery industry.

As the mass production target of April 2026 approaches, ultra-hybrid batteries will be tested in real commercial environments. Their market performance will depend on various factors, including actual performance, cost control capabilities, and more.

The battery industry has never been short of new concepts. What is truly scarce is the certainty that can be validated within the industry—the ability to guarantee stable supply, sustain a downward cost trajectory, and ensure that safety and consistency withstand the long-term demands of large-scale applications.

According to a December 29, 2025 report by *Caijing* magazine, at its Supplier Conference on December 28, CATL announced that it would deploy sodium-ion batteries on a large scale in 2026 across four major sectors: battery swapping, passenger vehicles, commercial vehicles, and energy storage. This announcement has sparked renewed attention on the commercialization of sodium-ion batteries.

By elevating the priority of sodium-ion batteries at this juncture, CATL’s move signifies more than just adding another technological path. It demonstrates the company’s willingness to first secure confirmed demand, strengthen confirmed delivery capabilities, and solidify confirmed advantages in cost and safety into orders and market share. The value of sodium-ion batteries lies in their faster path to large-scale application, while the value of solid-state batteries lies in their potential to redefine performance ceilings.

CATL’s simultaneous advancement of both paths is essentially a strategy to compete for both near-term orders and long-term pricing power on the same competitive playing field. The next round of competition in the battery industry will no longer be a battle between individual routes or technologies, but rather a prolonged tug-of-war with multiple paths advancing in parallel.

**Sodium-ion Batteries Ride the Wind: A Second Growth Curve**

CATL’s primary motivation for betting on sodium-ion batteries is the sustained high growth in power battery installations over the past year.

According to comprehensive information from Tianyancha media and data released by the China Automotive Battery Innovation Alliance on January 16, 2026, from January to December 2025, the cumulative installed capacity of power batteries in China reached 769.7 GWh, representing a year-on-year increase of 40.4%. Among these, the cumulative installed capacity of ternary batteries was 144.1 GWh, accounting for 18.7% of the total and growing by 3.7% year-on-year. The cumulative installed capacity of lithium iron phosphate (LFP) batteries was 625.3 GWh, accounting for 81.2% of the total and surging by 52.9% year-on-year.

When a single technology route dominates the market to such a high degree, industry growth can more easily devolve into homogeneous competition. To protect their market share, companies must offer differentiated supply capabilities, going beyond mere capacity expansion and price cuts. On April 21, 2025, at CATL’s inaugural “Super Tech Day,” the company framed the mass production of its new sodium-ion batteries as “effectively reducing dependence on lithium resources, solidifying the foundation of new energy, and advancing energy utilization from ‘reliance on a single resource’ towards ‘energy freedom.'” It simultaneously demonstrated the batteries’ applicability across full scenarios including passenger vehicles, commercial vehicles, and energy storage, highlighting the advantages of its sodium-ion battery in extremely cold environments.

For CATL, sodium-ion technology is not just a single product; it represents an entry point into a new supply chain.

The cost of lithium-ion batteries often fluctuates with upstream resource prices. Sodium-ion batteries offer greater elasticity in resource availability, making it easier for manufacturers to establish more controllable supply capabilities for materials and, consequently, form a stable pricing advantage based on cost. The expansion of energy storage scenarios is further propelling the rise of sodium-ion batteries. Currently, energy storage demand is less sensitive to energy density compared to passenger vehicles but more sensitive to low-temperature performance, safety margins, cycle life, and places greater emphasis on system and operational costs.

For instance, as reported by Xinhua News Agency on October 8, 2025, the second-phase expansion and upgrade project of the Fulin Sodium-ion Battery Energy Storage Station in Wuming District, Nanning City, Guangxi, was officially put into operation. Since its initial operation in May 2024, the first phase of the project has cumulatively stored and released over 1.3 million kilowatt-hours of green electricity, playing a significant role in grid regulation and renewable energy consumption. The significance of such projects lies in sodium-ion batteries first gaining scale and reputation on the grid-side and industrial/commercial energy storage side.

From this perspective, once sodium-ion batteries achieve scale in energy storage and commercial vehicle sectors, CATL may possess another replicable growth curve, providing a relatively stable source of incremental revenue when lithium-ion battery prices fluctuate or profit margins in certain scenarios contract.

Of course, the practical challenges of sodium-ion batteries remain, primarily concerning energy density and scaled-up costs.

For sodium-ion batteries to make significant inroads into the mainstream passenger vehicle segment, continuous optimization is needed in the balance between energy density, system integration efficiency, and cost. By betting on sodium-ion technology, CATL is essentially betting that its engineering and manufacturing prowess can gradually address these issues and translate them into stable orders.

**Spot Supply vs. Futures Frenzy**

The difference between sodium-ion and solid-state batteries is first reflected in their industrial readiness. The advantage of sodium-ion lies in its faster path to scalable supply. Its key value often comes from solving practical pain points, such as low-temperature usability, safety margins, and cost stability, making it easier to generate large-scale orders in scenarios like energy storage and commercial vehicles. Solid-state batteries, in contrast, are more like a challenge to performance limits, pursuing higher energy density, stronger safety margins, and better fast-charging potential, but face significantly higher difficulties from materials to manufacturing.

In this sense, sodium-ion batteries resemble spot supply, while solid-state batteries are more akin to forward-looking expectations.

According to publicly available information from Tianyancha and data from Gaogong Industry Institute (GGII), the effective production capacity of sodium-ion battery enterprises is expected to reach approximately 19 GWh, 25 GWh, and 60 GWh in 2023, 2024, and 2025, respectively. In terms of shipments, 2025 is projected to see a jump to around 20 GWh, exceeding 200 GWh by 2030. Sodium-ion batteries can more quickly provide deliverable system solutions and generate actual operational data in energy storage projects and certain transportation scenarios. Solid-state batteries, however, are more readily used by capital and markets as an imagination space for future valuation, especially when industry competition intensifies and profits for single products shrink. Solid-state often serves as a narrative for more distant growth stories.

CATL’s push for sodium-ion batteries carries industrial significance not in negating solid-state, but in re-prioritizing the power battery landscape. As long as sodium-ion batteries can rapidly scale in scenarios like energy storage and commercial vehicles, they will create a new procurement stratification for downstream customers: near-term demand would be met by sodium-ion and LFP batteries, while solid-state caters more to high-end and long-term needs. Consequently, for solid-state batteries to achieve the same procurement priority, they must present more definitive mass production timelines and competitive cost curves.

Viewed through the lens of industrial competition, CATL is not the sole major player in solid-state batteries; this market is already full of pioneers. However, judging from its heavy bet on sodium-ion batteries, its strategic layout—including that for solid-state—determines its tactical trade-offs within a certain period. For example, public reports show that some manufacturers have provided clearer progress and supply potential for semi-solid-state routes. This indicates that solid-state is not merely a concept; it is more likely to first enter high-end and small-scale applications in a semi-solid-state form before gradually progressing towards higher solid content or full solid-state.

This re-prioritization of power battery technologies is already becoming evident. According to the CATL Investor Relations Activity Record (No. 2025-005, dated October 20, 2025), the company’s combined shipments of power and energy storage batteries in the third quarter of 2025 were close to 180 GWh, with energy storage accounting for approximately 20%. It noted, “The company’s released Sodium New Battery has passed the new national standard certification,” and that “Sodium New passenger vehicle power batteries are under development and implementation with customers, with progress proceeding smoothly.” From this perspective, sodium-ion batteries also represent an expansion of CATL’s own boundaries.

Therefore, once sodium-ion batteries become a certain incremental contributor, their significance extends far beyond adding a new product line. They essentially set a “discount benchmark” based on present cash flows for the valuation of “long-term futures” like solid-state batteries. Just as financial markets must discount future earnings to present value using an interest rate, the large-scale delivery and stable cash flow of sodium-ion batteries in sectors like energy storage and commercial vehicles provide a referencable risk-free rate.

From this point on, the premium space for solid-state batteries will face a dual assessment: one based on their long-term technological potential ceiling, and the other based on their short- to medium-term industrialization progress and cost curve. The narrative for solid-state must shift from “why it’s possible” to “when and at what price it can be delivered,” and must withstand pressure under the realities of industrialization.

**A Variable Emerges in the ‘One Superpower, Multiple Strong Players’ Energy Landscape**

CATL’s heavy bet on sodium-ion batteries does not aim to push solid-state off the table, but rather to redirect industry resources from single-line expectations back to delivery competition.

For solid-state batteries to maintain high expectations, they need to convince customers with clearer mass production schedules, cost curves, and more stable supply plans. Sodium-ion batteries, meanwhile, need to prove their practical value with longer-term operational data, larger-scale supply volumes, and more stable full life-cycle costs.

With one hand betting heavily on sodium-ion and the other not letting go of solid-state, CATL’s approach resembles a race for industry dominance rather than a single-technology gamble.

Sodium-ion batteries are closer to the immediate incremental demand in energy storage and some commercial scenarios, while solid-state batteries are closer to the long-term ticket for high-end performance and next-generation platforms. Pursuing both in parallel shifts the mainline competition from waiting for a single endgame to a complex game field where multiple technological routes, various commercial scenarios, and several leading players operate simultaneously.

As sodium-ion batteries achieve widespread adoption in multiple points like energy storage, commercial vehicle auxiliary power, and low-speed power, the industry structure will transition from the lithium-ion era of “one superpower, multiple strong players” to a new form characterized by “one superpower, multiple strong players” superimposed with multi-route racing. CATL’s large-scale deployment of sodium-ion batteries essentially involves securing positions ahead of time at the cost inflection point for energy storage and incremental scenarios, while the main battlefield is still dominated by LFP and ternary batteries, simultaneously reducing dependence on the cycle of a single resource.

According to publicly available information from Tianyancha and a November 21, 2025 report by *Cailian Press*, at the Gaogong Lithium Battery Annual Conference, Bai Houshan, Chairman of Ronbay Technology, stated that the development trend of batteries is towards non-rare, non-critical, and inexpensive materials. He predicted that by 2035, the ratio of LFP batteries to sodium-ion batteries would be 4:6. By then, the demand for LFP cathode materials would reach 15 million tons, and the demand for sodium-ion battery cathode materials would reach 20 million tons.

Competition is rapidly heating up. The aforementioned *Cailian Press* report pointed out that on July 16, 2025, BYD officially announced the commencement of production at its sodium-ion battery production line in Xining, Qinghai. On September 24, 2025, Eve Energy’s first large-capacity sodium-ion battery energy storage system successfully completed grid-connected adjust at its Jingmen base, officially transitioning to commercial operation.

Earlier, on April 29, 2025, *Economic Information Daily* reported that HiNa Battery released its sodium-ion battery commercial vehicle solution, signaling the product’s move from demonstration to the daily operation of power stations, placing greater emphasis on cell system efficiency, operational costs, and long-term reliability.

For CATL, the increase in industry participants naturally raises the competitive threshold. Once sodium-ion batteries enter the regular operation of power systems and industrial/commercial energy storage, customer requirements for supply stability and full life-cycle service will quickly approach those of mature lithium-ion energy storage. Moreover, while advancing both sodium-ion and solid-state lines, CATL also needs to maintain the scale advantage of its LFP and energy storage businesses. With LFP’s share in the domestic installation structure reaching 81.2%, any fluctuations in supply stability or the cost curve will be magnified by the market.

For vehicle manufacturers and energy storage customers, the parallel development of multiple routes means procurement portfolios will be more diversified, with pricing power relying more on comprehensive delivery capabilities and full life-cycle costs rather than a single metric. For battery companies, multi-route parallel development implies more complex capacity allocation and material supply. By betting on a full matrix, CATL is actively choosing to vie for dominance in a more complex competitive environment. The ultimate outcome is more likely to be determined collectively by scale delivery, cost reduction speed, customer acceptance, and localization capabilities, rather than by a single breakthrough in any one technology.

**In Conclusion**

Sodium-ion and solid-state batteries are not in a relationship of mutual replacement; they are more like two commercial paths on different timelines.

Sodium-ion defines priority based on real-world demand, while solid-state defines the imagination space based on performance ceilings. By revealing its strategy at this moment, CATL is emphasizing the tangible, scalable delivery metrics of sodium-ion at a time when the industry is being pulled by long-term visions, while simultaneously retaining its long-term chip for solid-state.

What the industry truly needs to focus on is not which route is more advanced, but which one can achieve stable supply faster, establish long-term advantages in cost and safety, and foster sustained repurchases and stronger stickiness at the customer level.

Once sodium-ion batteries achieve scale in energy storage and commercial scenarios, expectations for solid-state will rely more heavily on deliverable timelines,no longer relying solely on concepts and technological experiments themselves. This will also become a significant watershed in the next round of competition in the battery industry.

Both power battery packs and energy storage battery packs typically contain dozens or even hundreds of internal cells. To manage such a large number of cells, the Battery Management System (BMS) has become an indispensable key technology.

It can be said that the BMS is the “brain” of the battery pack. Its functions are to ensure personnel and battery safety, meet power or energy storage requirements, and extend battery life.

01 Core Functions of BMS

The core function of BMS is to monitor battery voltage, temperature, and current in real-time, optimize battery performance through State of Charge (SOC) estimation and balancing control, while also possessing fault protection functions such as overvoltage, overcurrent, and overtemperature protection.

Estimating the state of the cells is the core function of the BMS. Achieving this function requires an Analog Front-End (AFE) chip (for voltage acquisition), Hall sensors (for current acquisition), NTC sensors (for temperature acquisition), and other sensors (for acquiring gas pressure, smoke, etc.).

After acquiring the signals, they are combined with electrochemical models and advanced estimation algorithms (such as Extended Kalman Filter, Sliding Mode Observer, etc.) to estimate the battery’s State of Charge (SOC), State of Health (SOH), State of Power (SOP), State of Energy (SOE), and State of Safety (SOS) in real-time.

Based on these state parameters,

a) For the battery pack itself:

The BMS controls and manages the optimization of the battery’s charge and discharge power, limits charge/discharge duration, and interacts via control commands, communication, and diagnostic functions to achieve effective management of the battery’s internal state.

b) For external systems:

Through communication and diagnostic functions, the BMS disseminates key status information and control commands to the vehicle and charger, ensuring coordinated operation between the battery and external systems.

02 System Architecture of BMS

(1) Centralized and Distributed Architectures

Centralized BMS integrates the three functional modules – the Cell Monitoring Unit (CMC), High Voltage Monitoring Unit (HVMU), and Battery Management Unit (BMU) – onto a single circuit board or an integrated controller, forming a “single-point control” architecture.

Centralized BMS results in a compact system structure, reduced cabling, smaller footprint, and relatively lower overall cost. However, since the high-voltage and low-voltage modules are on the same circuit board, special attention must be paid to electrical isolation and safety clearances.

Distributed BMS delegates the acquisition function down to individual battery modules. Multiple Slave Control Units (CMCs) achieve distributed sampling and preliminary data processing, while the Master Control Unit (BMU/BCU) is responsible for system-level management and scheduling, forming a “multi-point acquisition, centralized processing” architecture. This can meet the requirements of large-capacity battery systems, such as numerous acquisition channels and dispersed module placement.

As can be seen from the figure above, the so-called distributed architecture essentially adds a layer of management sub-systems in the middle. These small systems are primarily responsible for collecting information from a portion of the cells, then reporting it via a bus to the BMS control board. The BMS control board then implements comprehensive protection measures, state-of-charge calculations, and other management functions based on the reported information.

Simply put, it’s similar to the organizational structure of a company. When the number of people increases, flat management becomes unreliable in large-scale battery management systems. Therefore, to share the load of the core management board, some sub-tasks are assigned to CSC modules (Cell Supervision Circuits) for privileged management.

Distributed BMS can be further subdivided into: Star-type Distributed, Bus-type Distributed, and Daisy-chain Distributed.

Star-type Distributed: The BMU is located centrally, with each CMC connected directly to the BMU via an independent communication link. This structure offers independent communication links with strong anti-interference capability. However, it requires a bus concentration module, making wiring and interface management relatively complex.

Bus-type Distributed: Multiple CMCs communicate with the BMU via a CAN bus (currently the most widely used BMS communication method). Since all CMCs share the bus, power consumption among nodes is relatively balanced. However, the system heavily relies on the health of the bus; if the bus fails, overall communication may be interrupted.

Daisy-chain Distributed: Multiple CMCs are connected in series in a chain, with data transmitted hop-by-hop along the link to the BMU. This structure offers a simple communication link, saving wiring resources. It is suitable for systems with many modules and a clearly layered battery structure.

(2) Functional Layering

To ensure modularity, scalability, and high reliability, BMS can generally be divided into three layers, as shown in the figure below.

a) Physical Layer: Responsible for acquiring directly measurable external states during battery operation, such as voltage, current, surface temperature, etc., providing data support for upper layers.

b) Core Layer: Responsible for estimating internally unmeasurable states of the battery through models and algorithms, such as SOC and internal cell temperature. This is the critical part of the system.

c) Management Layer: Utilizes the internal state information provided by the core layer to achieve reasonable management of battery charging/discharging and prediction of future operating conditions, ensuring safe and efficient battery operation.

03 Hardware Structure of BMS

The BMS hardware architecture is the physical carrier of its system functions. Hardware design directly affects system accuracy, reliability, and cost. A typical BMS hardware design adopts a distributed architecture, mainly including the Master Control Unit (BMU), Slave Control Units (CSCs), sensor networks, and actuation/protection circuits.

(1) Master Control Unit

Main Control MCU: A high-performance processor supporting ASIL-D functional safety level.
Memory: Flash memory stores parameter configurations and fault logs; RAM is used for real-time data buffering.
Isolated Power Supply: Supplies power to the BMU through a DC/DC isolation module (input voltage is often 12V/24V, output is 3.3V/5V).
Communication Interfaces: CAN transceivers, Ethernet PHY chips.

(2) Slave Control Units

AFE Chips: Dedicated Analog Front-End chips for monitoring series-connected cells.
Voltage Sampling Circuit: Multiplexer switch + precision ADC, using differential sampling to reduce noise.
Temperature Acquisition Circuit: NTC thermistor + voltage divider network, or digital temperature sensors.
Balancing Circuit: Passive balancing: MOSFET + power resistor; Active balancing: Bidirectional DC/DC or capacitor arrays.

(3) Sensors

Hall Sensors: Non-contact measurement, accuracy ±0.5% (used for total current detection).
Shunt Resistors: Low-cost current detection solution, achieving ±0.5% accuracy when paired with a differential amplifier.
Temperature Sensors: NTC/PTC sensors placed at key locations such as cell surfaces, busbars, and heat sinks.

(4) Actuation and Protection Circuits

Relays and Pre-charge Circuit:
Main Relays: High-voltage DC relays controlling the battery pack’s charge/discharge circuit.
Pre-charge Circuit: Uses a pre-charge resistor + contactor for soft-start, preventing inrush current during power-on.
Fuses and Circuit Breakers:
Main Fuse: Fast-acting type for short-circuit fault protection.
Secondary Protection: Resettable fuses (PPTC) to prevent localized overcurrent.

Recently, the Exeed brand under Chery held a brand night event in Beijing themed “New Advancement, New Exeed.” During the event, the Exeed brand emphasized that “in 2026, Exeed will be the first to validate the installation of the Rhinoceros all-solid-state battery in vehicles.”

According to media reports, the Exeed brand plans to equip its upcoming “Liefeng” shooting brake model with all-solid-state batteries this year. This battery is said to enable the “Liefeng” to achieve a range of 1,500 kilometers in low-temperature environments as cold as -30°C.

**Exeed Brand’s First Shooting Brake Coupe Model**

It is understood that the “Liefeng” is the first shooting brake coupe model to be launched by Chery’s Exeed brand, targeting the high-end market. It is expected to enter mass production equipped with all-solid-state batteries in 2026.

The vehicle features a low-slung and streamlined design, with body dimensions of 5,053/2,010/1,560 mm and a wheelbase of 3,100 mm. Its drag coefficient is as low as 0.21 cd, and it comes with frameless doors, a retractable rear spoiler, and 21-inch wheels.

In terms of performance, the “Liefeng” is built on an 800V high-voltage platform and equipped with a dual-motor four-wheel-drive system. It can accelerate from 0 to 100 km/h in 3.3 seconds, with a top speed of 260 km/h, and supports four-wheel steering and air suspension. Its core highlight is the self-developed “Rhinoceros” all-solid-state battery, which boasts an energy density of 600 Wh/kg. It retains 90% of its range at -30°C (with a maximum CLTC range of 1,500 km) and can replenish 400 km of range in just 10 minutes of charging.

The interior features a 15.6-inch central control screen, Harmony ecosystem integration, and a “Queen’s Seat” for the front passenger. With a pre-sale price range of 300,000 to 400,000 yuan, it is positioned as a direct competitor to models like the Tesla Model 3.

**The “Rhinoceros” All-Solid-State Battery**

Currently, polymer, oxide, and sulfide electrolytes are the three mainstream technological pathways in solid-state battery research and development. Chery has chosen to focus on the oxide route.

Veko Network Lithium Battery noted that prior to this, Chery unveiled the Rhinoceros S all-solid-state battery at its 2025 Global Innovation Conference. This battery demonstrates significant breakthroughs in both energy density and safety, marking Chery’s entry into a new competitive phase in the field of power battery technology.

The core technologies of the Rhinoceros S all-solid-state battery are its in-situ polymerized solid-state electrolyte system and lithium-rich manganese cathode material. It supports a maximum fast-charging rate of 6C, with a cell cycle life exceeding 3,000 cycles. It can pass extreme tests such as drill penetration and nail penetration without smoke, thermal runaway, while maintaining normal discharge capabilities.

Specifically, the in-situ polymerized solid-state electrolyte technology completely replaces the flammable liquid electrolyte found in traditional lithium-ion batteries, eliminating the risks of combustion and leakage at their source. This solid-state electrolyte also offers higher mechanical strength, effectively inhibiting lithium dendrite growth and preventing internal short circuits, providing a fundamental guarantee for safety.

Compared to currently commonly used cathode materials, the lithium-rich manganese cathode material offers higher specific capacity and voltage platform, providing the battery with higher energy output. Coupled with the metallic lithium anode made possible within the all-solid-state system, this achieves a leap in energy density.

Chery has formulated a phased implementation plan: operational validation in specific scenarios like ride-hailing services will begin in 2026, with the goal of achieving large-scale mass production in 2027.

Naturally, transitioning from samples to large-scale, stable mass production and vehicle integration, all-solid-state batteries still face challenges such as cost, production processes, and supply chain. The “Rhinoceros” all-solid-state battery is no exception. How the “Liefeng” performs remains to be validated by the market.

For instance, some netizens commented, “Don’t just criticize blindly; once it’s out, you’ll be buying it faster than anyone.” Meanwhile, experts point out that all-solid-state batteries are not “absolutely safe,” and issues such as interface stability, consequences of thermal runaway, and low-temperature performance still require in-depth research.

**Conclusion**

Exeed’s announcement of equipping vehicles with the “Rhinoceros” all-solid-state battery represents a charge by a Chinese automaker toward the ultimate goal of battery technology. This is not just a technological innovation for Chery but also a landmark event signaling the intensification of the industrialization race for all-solid-state batteries.

Whether the vehicle validation in 2026 successfully ushers in a new era or reveals more practical challenges that need to be overcome, its significance extends beyond mere marketing. It powerfully declares that the battle to explore the performance boundaries of electric vehicles has begun. The ultimate technological solutions addressing the three core pain points—”safety, range, and charging”—are accelerating from research papers and laboratories toward real-world testing grounds.

For the entire industry, this will be a valuable early-stage practice. Every step of progress and feedback regarding all-solid-state batteries will lay the foundation for their eventual true mass-market adoption.

The future of all-solid-state batteries is becoming increasingly clear and closer through such repeated “vehicle installation declarations.”

Amidst the current market focus on 2025 performance and rankings, Chuneng New Energy not only delivered impressive 2025 results but also secured a major new order.

On the evening of January 16th, Chuneng New Energy announced that it had signed a strategic cooperation agreement with Egyptian local companies WeaCan and Kemet at its global headquarters, aiming to deepen collaboration in the Egyptian energy storage market.

Chuneng New Energy Chairman Dai Deming and Kemet Board Chairman Ahmed Salaheldin Abdelwahab Elabd signed the agreement on behalf of their respective companies. The signing ceremony was witnessed by Egyptian government representatives, including Moustafa Kamal Esmat Mahmoud, Minister of Electricity and Renewable Energy of the Egyptian Ministry of Electricity, as well as senior executives from related enterprises.

According to the agreement, WeaCan and Kemet, as key facilitators for project implementation, will leverage their extensive local industry resources and mature project operation experience in Egypt. They will be fully responsible for application scenario, government approval coordination, grid connection support, and localized operation services, providing a solid foundation for the large-scale deployment of Chuneng’s energy storage products. As the core technology and product supplier, Chuneng will supply a total of 6GWh of high-quality energy storage products in phases, ensuring their safe and stable operation within the Egyptian power system, while offering full-cycle technical support services.

It is reported that Egypt, located on the eastern edge of the Sahara Desert, enjoys abundant solar and wind energy year-round, providing natural conditions for developing “photovoltaic, wind power + energy storage.” In recent years, Egypt has actively promoted energy structure transformation, explicitly aiming to increase the share of renewable energy generation to 42% by 2030. The country has already completed several hundred-megawatt-level energy storage demonstration projects and plans to add over 10GWh of grid-side energy storage capacity. With market demand rapidly expanding, the energy storage industry is poised to enter a period of high-speed growth.

Chuneng New Energy stated that this procurement cooperation for 6GWh of energy storage products not only marks a significant breakthrough for the company in the North African market but also represents a concrete practice of green energy cooperation between China and Egypt under the framework of the “Belt and Road” initiative. Upon completion, the project will effectively enhance the local grid’s peak shaving and frequency regulation capabilities, promote the large-scale grid integration and consumption of clean energy such as photovoltaics, and assist Egypt in building a more flexible, reliable, and low-carbon new power system.

Background information shows that Chuneng New Energy was established in August 2021 in Xiaogan City, Hubei Province. It focuses on the R&D, production, and sales of new energy storage batteries, power batteries, and energy management systems.

In the energy storage sector, Chuneng’s energy storage business has reached over 60 countries and regions worldwide. Specifically, the company has established four core regional service centers globally, covering China, Europe, North America, and Australia, forming a localized service support system that radiates worldwide. This enables comprehensive lifecycle service coverage, from product delivery to technical consulting, installation and commissioning, and operational maintenance support.

Regarding its 2025 performance, statistics show that Chuneng New Energy achieved an annual shipment volume exceeding 90GWh in 2025, with its brand’s international influence continuing to rise!

On January 14, Enjie Co., Ltd. announced updates regarding its all-solid-state battery materials. Its subsidiary, Hunan Enjie Advanced New Material Technology Co., Ltd., focuses on developing high-purity lithium sulfide, sulfide solid-state electrolytes, and related membranes. The company has completed a pilot line for high-purity lithium sulfide and started operations on a 10-ton solid-state electrolyte production line, which is now ready for shipments. Future expansion will depend on market demand.

Enjie noted that the price of lithium sulfide has room to fall as technology, processes, and the supply chain mature, and as production scales up. For instance, if manufacturers using the hydrogen sulfide or sulfur source routes solve their scaling challenges, costs will decrease. Enjie’s own carbon thermal reduction method also scales well, and larger production volumes will lower costs further.

The domestic equipment market is mature. Existing equipment can produce sulfide solid-state electrolytes with only customized modifications for sulfide properties. There are no major equipment bottlenecks. Regarding capacity, the company currently operates a 10-ton annual production line for electrolytes. It will time any expansion according to downstream demand.

Lithium sulfide production follows three main routes:

1. Solid-phase (carbon thermal reduction): Safe and suitable for mass production. It can use modified lithium iron phosphate production equipment and is compatible with cathode material production. A drawback is incomplete reduction of carbon and lithium sulfate.

2. Gas-phase: Features low reaction temperature and a simple process. However, hydrogen sulfide is flammable, toxic, and explosive. Equipment needs custom design similar to silicon-carbon anode lines, making scaling difficult.

3. Liquid-phase: Can use retrofitted solid-phase or electrolyte equipment. Downsides include solvent evaporation, strict environmental approval for toxic solvents like NMP, and high residual solvent content.

Wet-process separator capacity utilization remains high due to strong demand, especially from the energy storage market. Enjie is committed to supplying high-quality separators and services globally. The company expects wet-process separator demand to grow through 2026, alongside rising needs for energy storage and power batteries.