Advancing the Entire Sulfide Route Chain: An Overview of Canmax's Solid-State Battery Layout

SMM December 8 News:

Key Points: Canmax is advancing solid-state battery development with a "sulfide electrolyte + high-nickel/lithium-rich manganese-based cathode" strategy, progressing in mass production and sampling of key materials, supported by CATL's investment, targeting a material capacity of 15,000 mt by 2026. From 2025 to 2027, the company aims to industrialize materials and achieve breakthroughs in all-solid-state battery cells.

As a traditional top-tier enterprise in the lithium battery industry, Canmax also has a presence in solid-state batteries. This article provides an overview of Canmax's solid-state battery business layout and progress, which is driven by its subsidiaries. The solid-state battery technology route adopts a "sulfide electrolyte + high-nickel/lithium-rich manganese-based cathode" approach. Laboratory-level battery cells have achieved an energy density of 400 Wh/kg and a cycle life of 2,000 cycles. However, mass production of automotive-grade all-solid-state battery cells still requires resolving issues such as electrolyte film formation, interface impedance, and process scaling.

I. Progress in Solid-State Battery Materials
1. Cathode Materials: Subsidiaries Jiangsu Yili (High-Nickel) + Emt (Lithium-Rich Manganese-Based)
Subsidiary Jiangsu Yili has achieved mass production of medium/high-nickel high-voltage ternary cathode, O3-phase, and 4.65V (O2)-phase LCO products, which can meet the needs of liquid, semi-solid, and all-solid-state battery systems.
Subsidiary Emt's lithium-rich manganese-based material delivers a specific capacity of 300 mAh/g and a working voltage exceeding 4.5 V, boosting energy density by 30% compared to traditional ternary cathode materials. It also addresses industry challenges such as low initial cycle efficiency and rapid cycle decay, with a capacity retention rate exceeding 85% after 1,000 cycles. These cathode materials, including lithium-rich manganese-based and spinel lithium nickel manganese oxide, have been sampled to over ten customers, including CATL and WELION New Energy. Some have passed certification and achieved sales, with related revenue from lithium-rich manganese-based materials projected to exceed 200 million yuan in 2025.

2. Electrolyte: Suzhou Canmax's Lithium Sulfide + Sulfide Electrolyte
Suzhou Canmax focuses on the R&D and industrialization of lithium sulfide. Using low-cost lithium chemicals and sulfur compounds as raw materials, it produces lithium sulfide with 99.9% purity via a short-process route, featuring low impurity content and advantages in cost and performance. The product has been sampled to leading sulfide solid-state electrolyte enterprises and received positive feedback, currently entering the volume production stage. Currently, its lithium sulfide R&D, conducted through collaborations with the Chinese Academy of Sciences and overseas technical teams, has completed small-scale trials and entered pilot testing. A kilogram-scale trial line and a solid-state electrolyte testing and evaluation line have been established in Suzhou.

II. Solid-State Battery Industry Layout: 5,200 mt High-Nickel + 10kt Lithium-Rich Manganese-Based + 10 GWh Solid-State Battery Cells
1. Cathode Materials: Subsidiary Jiangsu Yili invested 1.12 billion yuan to build a 5,200 mt/year high-nickel ternary cathode material production line for solid-state batteries. Simultaneously, a 10kt lithium-rich manganese-based material production line (Phase I: 5,000 mt) is under construction in Wuxi, with total solid-state battery material capacity planned to reach 15,000 mt by 2026.
2. Solid-State Batteries: In partnership with Heyuan Lithium Innovation and others, a 10 GWh solid-state battery cell capacity is being established. The Phase I 1 GWh pilot line has commenced operation, with products achieving an energy density of 400 Wh/kg and a cycle life exceeding 2,000 cycles.
3. Strategic Cooperation: In July 2024, two subsidiaries signed a four-party strategic cooperation agreement on solid-state batteries with Gusu Laboratory and Heyuan Lithium Innovation.

III. Solid-State Battery Business Progress: High-Nickel Mass Production + Lithium-Rich Manganese-Based Sampling + Lithium Sulfide and Sulfide Electrolyte Sampling
1. Cathode: Subsidiary Jiangsu Yili's medium/high-nickel ternary and LCO are in mass production. Emt's developed lithium-rich manganese-based and spinel lithium nickel manganese oxide cathodes have completed customer sampling, with some achieving small-batch sales. Tested specific capacity reaches 300 mAh/g, with cycles exceeding 1,200.
2. Electrolyte: Focus on the sulfide route, self-produced lithium sulfide purity is 99.9%, with a cost target below 1,000 yuan/kg. Sampling and volume validation have been conducted for multiple leading electrolyte and battery manufacturers.

In summary, Canmax has established laboratory-scale capabilities for key solid-state battery materials and is expected to achieve ton-level sampling of lithium sulfide and lithium-rich manganese-based cathode within 2025. Mass production of true all-solid-state battery cells will likely await overall industry chain maturity from 2026 to 2027.

IV. Canmax Profile
1. Canmax was established in 1997, listed on the Shenzhen Stock Exchange in 2014, and ranked among the top 500 private manufacturing enterprises in China in 2023. With nearly three decades of professional expertise, the company has strategically expanded into areas including electrostatic and micro-pollution control, healthcare, and new energy, evolving into an innovation-driven diversified industrial group committed to building a green and pure future.

2. Introduction to Tyeeli Under Canmax: Abundant Lithium Sources Provide Stable, Low-Cost Raw Materials for Lithium Sulphide
Yibin Tyeeli Lithium Industry Technology Co., Ltd., established in 2018, is a subsidiary of the publicly listed firm Canmax (stock code: 300390). With a registered capital of 700 million yuan and over 2,300 employees, the company focuses on the R&D, production, and sales of lithium battery materials such as battery-grade lithium hydroxide and battery-grade lithium carbonate for applications in the NEV and ESS sectors.

The company operates three lithium chemicals production sites located in Yibin City and Meishan City in Sichuan Province, as well as Yichun City in Jiangxi Province, with a total planned capacity of 26,000 mt by 2026.

V. Canmax Updates
[Solid-State Battery: CATL Acquires 2.6 Billion Shares in Canmax, Becoming Second Largest Shareholder]
On the evening of December 1, 2025, Canmax announced that the transfer of 2.6 billion shares from its controlling shareholders, Pei Zhenhua and Rong Jianfen, to CATL had been completed. On October 31, CATL signed a share transfer agreement with Canmax, investing 2.6 billion yuan to become the second largest shareholder of Canmax. Regarding solid-state battery progress, Tyeeli Technology is collaborating with companies such as Suzhou Emight Materials Technology and Heyuan Lithium Innovation to promote the industrial application of materials in the solid-state battery field.

[Solid-State Battery: Canmax Lithium Sulphide in Sample Delivery Phase]
On November 28, 2025, Canmax (300390) responded to investor inquiries regarding its battery-grade lithium sulphide business. The company's subsidiary in Meishan City, Sichuan Province, Sichuan Canmax, has an annual production capacity of 60,000 mt of battery-grade lithium hydroxide, including a flexible production line with an annual capacity of 30,000 mt that can be converted to produce 26,500 mt of battery-grade lithium carbonate based on market demand. Another subsidiary in Yichun City, Jiangxi Province, Fengxin Times, has an annual production capacity of 30,000 mt of battery-grade lithium carbonate. The company is engaged in the R&D and industrialisation of lithium sulphide, a key raw material for sulphide solid-state electrolytes, and has delivered samples to multiple customers with positive feedback, currently advancing further volume sample deliveries. [Solid-State Battery: Canmax's Lithium Sulfide in Sampling and Volume Expansion Phase] On September 15, 2025, Canmax stated on the interactive platform that the company is engaged in the R&D and industrialisation of lithium sulfide material, a core raw material for sulfide solid-state electrolytes, and has provided samples to multiple customers with positive feedback. It is currently in the process of further promoting volume sampling.

[Solid-State Battery: Canmax's Lithium-Rich Manganese-Based and Other Materials in Sampling Phase] On August 12, 2025, Canmax (300390) stated on the interactive platform that the lithium-rich manganese-based and other cathode materials developed by the company have completed R&D sampling and been sent to multiple solid-state battery customers for evaluation, demonstrating high specific capacity and good stability within the customer systems. Some customers have already passed the evaluation and achieved sales.

[Solid-State Battery: Canmax's Solid-State Battery Materials Pass Evaluation and Achieve Sales] On May 28, 2025, Canmax stated on the interactive platform that cathode materials such as high-voltage LCO, high-nickel NMC, lithium-rich manganese-based, and spinel nickel-manganese, which feature "high specific energy, high safety, high C-rate, long cycle life, and low cost," are suitable for application scenarios of solid-state lithium batteries and semi-solid-state lithium batteries. The lithium-rich manganese-based and other cathode materials developed by the company have completed R&D sampling and been sent to multiple solid-state battery customers for evaluation, demonstrating high specific capacity and good stability within the customer systems. Some customers have already passed the evaluation and achieved sales.

[Solid-State Battery: Progress on Canmax's Solid-State Battery Quality Project] On May 14, 2025, the Suzhou Industrial Park Ecological Environment Bureau conducted an environmental impact assessment for the expansion project of Canmax Technologies Co., Ltd. The expansion project for low-cost high-purity lithium sulfide and sulfide solid-state electrolyte research by Canmax Technologies Co., Ltd. was announced. The enterprise plans to invest 4.5 million yuan, utilizing the existing vacant third-floor workshop (with a building area of 570 m²) at No. 26 Fuze Road, Suzhou Industrial Park, to construct the expansion project for low-cost high-purity lithium sulfide and sulfide solid-state electrolyte research by Canmax Technologies Co., Ltd. Upon completion, the project will have an annual R&D capacity of 300 kg/year of lithium sulfide and 30 kg/year of sulfide solid-state electrolyte.

According to SMM projections, all-solid-state battery shipments are expected to reach 13.5 GWh by 2028, while semi-solid-state battery shipments are forecast to reach 160 GWh. By 2030, global lithium-ion battery demand is estimated to be around 2,800 GWh, with the compound annual growth rates from 2024 to 2030 for lithium-ion battery demand in EVs, ESS, and consumer electronics at approximately 11%, 27%, and 10%, respectively. The global penetration rate of solid-state batteries is projected to be around 0.1% in 2025, and is expected to reach about 4% for all-solid-state batteries by 2030. By 2035, the global penetration rate of solid-state batteries may approach 10%.

**Note:** For further details or inquiries regarding solid-state battery development, please contact:
Phone: 021-20707860 (or WeChat: 13585549799)
Contact: Chaoxing Yang. Thank you!