[SMM Analysis] Two Milestones for Semi-Solid ESS Battery in 2025, Big Players to Reshape Competitive Landscape in 2026

SMM January 6 News:
Key Points: Semi-solid-state (solid-liquid hybrid) battery energy storage is transitioning from technical validation to large-scale commercialization. The commissioning of multiple hundred-megawatt-scale projects and the landing of gigawatt-hour-scale orders by the end of 2025 demonstrate that, by enhancing intrinsic safety and cycle life, it has established differentiated value in high-standard grid-side applications. With top-tier producers ramping up mass-production capabilities and costs declining rapidly (system prices initially appearing at 0.55 Yuan/Wh), this technology is expected to achieve a commercial breakthrough first in the high-end energy storage market with stringent safety and longevity requirements, although it must continue to catch up on cost with traditional LFP batteries, which have entered the 0.3 Yuan/Wh range.
By the end of 2025, the concentrated commissioning of large projects, represented by the Guangdong Huadian Shanwei Project (grid-connected on December 29, 2025) and the China Green Development Wuhai Project (grid-connected on December 1, 2025), along with the order for a 2.8 GWh standalone energy storage project using 314Ah semi-solid-state batteries signed by Narada Power on August 11, 2025, signals a potential fundamental turning point for the semi-solid-state battery energy storage track. SMM has collected information on multiple semi-solid-state battery energy storage projects and interprets the market situation from the following dimensions.
Note: Semi-solid-state energy storage batteries will soon be designated as solid-liquid energy storage batteries and applied in large, medium, and small-scale energy storage projects.

I. Core Conclusion: Industrialization Accelerates, Demonstration Projects Validate Commercial Value
Over the past two years (2024-2025), semi-solid-state battery energy storage projects have completed the leap from small-scale demonstrations (e.g., a 466 kWh user-side project) to medium-scale hybrid validation (e.g., part of the capacity in the Xinjiang Balikun 156 MW/624 MWh project), and further to hundred-megawatt-scale standalone applications.
In December 2025, two landmark events defined this historical period:
Largest Scale: The Wuhai 200 MW/800 MWh project is currently the world's largest publicly disclosed semi-solid-state battery energy storage power station. Its commissioning is not just a project success but a clear signal that semi-solid-state batteries possess the capability for scaled delivery supported by GWh-level production capacity.
Highest Technical Recognition: The Shanwei 200 MW/400 MWh project was designated the "National Energy Administration's First (Set) Hundred-Megawatt-Level Large-Capacity Semi-Solid-State Lithium-Ion Battery Energy Storage Project." This designation far exceeds that of an ordinary demonstration project, representing the highest national-level recognition for this technology route's safety, reliability, and technical advancement in large-scale power system energy storage applications, carrying strong policy guidance and industry endorsement effects.

II. In-Depth Analysis: Four Major Trends in Semi-Solid-State Battery Energy Storage Projects
1. Technology Route Solidification and Leading Suppliers Emerge
LFP-based semi-solid-state becomes mainstream: Recent large projects (Wuhai, Shanwei, Guangdong Zhiguang subcontract project) all explicitly adopted "semi-solid-state LFP batteries." This indicates the industry has found the current optimal balance between energy density, safety, and cost – building upon the high safety and low cost of the mature LFP system while significantly enhancing intrinsic safety through solid-state electrolyte modification.
Qingtao Energy emerges as the big winner: The table shows that Qingtao Energy (Kunshan Qingtao, Suzhou Qingtao) successively won the Georg Fischer user-side project and the Wuhai 200 MW/800 MWh project, and played a key role in the Shanwei project. This indicates it has established complete delivery capabilities from cell to system and strong customer trust, gaining a clear first-mover advantage in the scaling track. Others like WELION New Energy (supplier for the Zhejiang Longquan project) also hold important niches.
2. Application Scenarios Focus on Grid-Side, Value Proposition is Clear
All recent large projects are either grid-side standalone energy storage or renewable energy ESS integration. This highlights that the core competitiveness of semi-solid-state batteries lies in addressing the grid's concerns regarding "absolute safety" and "long service life" for energy storage.
For example, the North China Oilfield project emphasized "no explosion during nail penetration or gunshot tests" and low-temperature performance, while the Wuhai and Shanwei projects target a service life exceeding 10 years with high cycle times. These address the pain points of traditional liquid lithium battery energy storage. Semi-solid-state technology, with its higher safety redundancy and cycle life, directly meets the core demands of large-scale power energy storage, providing a value basis for its higher initial investment.
3. System Integration Technology Becomes More High-End, Seeking a "1+1>2" Effect
Innovative "semi-solid-state+" integration becomes a hot topic. The Shanwei project adopted a combination of "semi-solid-state battery + high-voltage cascaded energy storage." High-voltage cascaded technology itself can eliminate the boost transformer and improve efficiency; coupled with the safety advantages of semi-solid-state batteries, it forms a system solution superior in both efficiency and safety. This suggests that in the future, semi-solid-state batteries will not merely be a cell replacement but will drive the optimization and upgrade of the entire energy storage system architecture.
4. Cost Reduction Path Emerges, Dawn of Economic Viability Appears
The winning bid price for the Wuhai project provides a key signal: Suzhou Qingtao won the battery system bid at a unit price of 0.55 Yuan/Wh. Although this price remains higher than current top-tier liquid LFP energy storage systems (approximately 0.6-0.7 Yuan/Wh for project quotations, with even lower cell costs), considering it is the first project of its scale (200 MW/800 MWh) and utilizes new technology, the price is far below early market expectations. This indicates that as semi-solid-state battery capacity ramps up and the industry chain matures, the premium over high-end liquid batteries is narrowing to an acceptable range, providing an important reference for subsequent larger-scale tender pricing.
Recalling the announcement on Narada Power's official account on August 11, 2025, regarding the successful signing of a standalone energy storage project order with a total capacity of up to 2.8 GWh, it is evident that Narada's self-developed 314Ah semi-solid-state energy storage batteries were used in this project. This represents the world's largest semi-solid-state battery energy storage project to date and the first commercial application of solid-state battery technology in a global GWh-scale energy storage project. The project scale in the Shenzhen area is 1.2 GWh; two projects are deployed in the Shanwei area, each with a capacity of 800 MWh. On the cost front, Narada has compressed LFP battery costs to the extreme.

III. Future Predictions: 2026 Track Outlook
Capacity and delivery will become the new focus: With the commissioning of multiple hundred-megawatt-scale projects, the market in 2026 will test whether leading enterprises like Qingtao, WELION, etc., possess the capability for continuous, stable, and high-quality GWh-scale delivery. Capacity ramp-up and supply chain management will be the core competitive factors in the next phase.
Standards and certification systems urgently need development: As a new technology, the industry urgently needs to establish testing standards, safety specifications, and grid-connection certification systems for "semi-solid-state" or "solid-liquid hybrid" batteries in energy storage scenarios to reduce hidden costs of market promotion.
More players entering, competitive landscape evolving: Liquid battery giants like CATL and BYD, as well as solid-state battery manufacturers like Ganfeng LiEnergy, are expected to accelerate the launch of their semi-solid-state route energy storage products into the market in 2026 and compete for demonstration projects. Market competition will intensify, further driving technological innovation and cost reduction.
Application scenarios will extend overseas: Given its pursuit of ultimate safety, semi-solid-state battery energy storage may possess a unique market entry advantage in overseas high-end markets with extremely high fire safety standards, such as Europe and North America. The first overseas demonstration projects are expected to be seen in 2026.

IV. Summary
1. Low-Temperature Weakness: Semi-solid-state battery energy storage needs to address the weakness of traditional LFP energy storage batteries, namely the reduced economic performance at low temperatures.
2. Cost Requirements: The energy storage market has stringent cost requirements. Technological iteration aims to increase the energy density and overall performance of LFP batteries to reduce the cost per Wh. Winning bid prices for many energy storage projects have fallen below 0.3 Yuan/Wh, posing a challenge for semi-solid-state batteries competing in this track.
3. Economics: Semi-solid-state battery energy storage needs to achieve greater improvements in cycle life, stability, etc., compared to traditional LFP batteries to meet economic requirements.
1. Low-Temperature Weakness: Semi-solid-state battery energy storage needs to address the weakness of traditional LFP energy storage batteries, namely the reduced economic performance at low temperatures.
2. Cost Requirements: The energy storage market has stringent cost requirements. Technological iteration aims to increase the energy density and overall performance of LFP batteries to reduce the cost per Wh. Winning bid prices for many energy storage projects have fallen below 0.3 Yuan/Wh, posing a challenge for semi-solid-state batteries competing in this track.
3. Economics: Semi-solid-state battery energy storage needs to achieve greater improvements in cycle life, stability, etc., compared to traditional LFP batteries to meet economic requirements.

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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