Key Takeaways: Industrialization accelerated sharply in May: SAIC MG 4X launched with a semi-solid battery (53.9kWh, 510km range). Gotion Hi-Tech unveiled its “Jinshi” all-solid-state battery (400Wh/kg) aiming for 1 yuan/Wh cost by 2030. Qingtao Energy’s 5-billion-yuan, 20GWh project advanced. MIIT started solid-state battery standards. Zhong Shanshan led a 500M yuan investment in electrolyte. ProLogium announced US NASDAQ listing. Dongfeng’s solid-state battery will mass-produce in 2H2026. 2026 is the validation year for solid-state batteries.
Preface – May material price trends (key changes), From SMM.
LFP Gen3: +10.3% (to 64,200 yuan/t); NCM811: +4.7%; lithium metal: +8.5%.
Sulfide electrolyte LPSC surged 176% (to 947 yuan/kg) driven by P2S5 cost and rising interest in sulfide routes. Oxide electrolytes (LATP, LLZO) and lithium sulfide fell 2–11%.
Silicon‑carbon anode slightly softened (53.3 yuan/kg).
Overall: Sharp divergence in solid-state material prices – sulfide cost pressure rising fast, typical of early industrialization.
1. Materials
Electrolyte: Gotion targets 50kt Li₂S + 100kt sulfide electrolyte by 2030, aiming for 1 yuan/Wh. Tianhua New Energy, Enjie, TianShi Kefeng (60t → 200t → 1kt) expanding sulfide production. Easpring launched chloride‑iodide composite electrolyte.
Cathode: Easpring shipped >20t ultra‑high‑nickel and Li-rich Mn-based for all-solid; Zhenhua’s nano‑composite electrolyte got client orders.
Anode: Beijing Lier acquired 66% of Luoyang Lianchuang (silicon‑carbon, 10kt/year). Ganfeng’s 500Wh/kg cell in small batch production; JinYu New Energy & PKU published Science Advances on anode‑free Li metal.
2. Technology & Products
Gotion “Jinshi” all-solid (400Wh/kg, passes nail penetration). Ganfeng 500Wh/kg cell; Delian 260→400Wh/kg; CAS metal‑polymer electrolyte (451.5Wh/kg, 700 cycles).
Enpower “Sky Series” for drones (403Wh/kg).
SAIC MG 4X (semi‑solid, <5% electrolyte). Dongfeng’s 350Wh/kg solid-state cell to mass‑produce in 2H2026.
3. Projects
Qingtao 50B yuan / 20GWh zero‑carbon plant (Hohhot) entered implementation.
Guoxiang Century 10B yuan solid-state industrial complex (Shanghai Jiading).
Sunwoda Power raised 1.68B yuan for solid‑state & sodium‑ion. Weihai Jinhong 0.5→2.5GWh; Jiangsu Lvfa 0.1GWh; YuanDian 0.2GWh R&D base.
4. Financing & Cooperation
Zhong Shanshan invested 500M yuan in Zhibang Lithium (electrolyte).
ProLogium to list on NASDAQ via SPAC (pre‑money $3.8B).
Changyang Tech invested 5M yuan in Zhonggu Times.
Beijing Lier ~1B yuan acquisition of Lianchuang; TianShi Kefeng raised tens of millions; Lyric Robot to raise 1.618B yuan (250M for solid-state equipment).
5. Overseas Progress
ProLogium NASDAQ listing. Solid Power’s cell lines in US, Europe, S. Korea.
Nissan completed prototype all‑solid testing, commercial target FY2028, but cites immature supply chain.
Global patent race: China 3,341, Japan 3,225, US 2,355.
6. Expert Voices
Ouyang Minggao: Parallel development of all‑solid and low‑cost liquid batteries.
Zhu Xingbao (Gotion): Prefer small‑scale application (consumer electronics, high‑end drones) for all‑solid to secure returns before scaling up.
Consensus on “stepwise commercialization”: consumer/drones → EVs → stationary storage/aerospace.
7. Policies & Standards
MIIT listed solid‑state battery standards as key task in 2026 auto standardization.
Zhengzhou, Jiangxi (15th Five‑Year Plans) support solid‑state industrialization.
Shenzhen Guangming & Shanghai Pudong offer subsidies for advanced solid‑state tech.
China national standard GB/T defines “solid‑state battery” (mass loss ≤0.5% at 120°C); semi‑solid classified as “mixed liquid‑solid battery”.
According to SMM forecasts, all-solid-state battery shipments will reach 13.5 GWh by 2028, while semi-solid-state battery shipments will reach 160 GWh. Global lithium-ion battery demand is projected to reach approximately 2,800 GWh by 2030, with the EV sector's lithium-ion battery demand showing a CAGR of around 11% from 2024 to 2030, ESS lithium-ion battery demand at a CAGR of about 27%, and consumer electronics lithium battery demand at a CAGR of roughly 10%. Global solid-state battery penetration is estimated at about 0.1% in 2025, with all-solid-state battery penetration expected to reach around 4% by 2030, and global solid-state battery penetration potentially approaching 10% by 2035.
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