【Telegram Interpretation】Leading company’s sulfide solid-state batteries are expected to achieve small-scale production next year. Sulfides are currently the most feasible path to fully solid-state batteries. This company plans to jointly invest in a production line with an annual capacity of hundreds of tons of sulfide solid electrolytes.

【Original Telegram】

[BYD’s Sulfide Solid-State Battery Expected to Achieve Small Batch Production by 2027] Caixin News, February 9 - Caixin reporters learned from BYD’s investor relations department that BYD is exploring multiple routes in the field of solid-state batteries, with sulfide solid-state batteries as an important technological direction, achieving breakthroughs in battery life and fast charging, and is expected to achieve small batch production by 2027. In the sodium battery field, it is in the development stage of the third-generation product technology platform and has developed sodium battery products with ten thousand cycles; mass production timelines will be determined based on actual market and customer demand. (Caixin reporter Xu Hao)

[Interpretation Summary]

Leading companies’ sulfide solid-state batteries are expected to achieve small batch production next year. Sulfide is currently the easiest path to achieve all-solid-state batteries. This company plans to invest in a joint venture to establish a production line for sulfide solid electrolytes with an annual capacity of 100 tons, while another company has provided semi-solid battery production lines to leading lithium battery manufacturers.

[Telegram Interpretation]

1. Sulfide is currently the easiest path to achieve all-solid-state batteries among the three technological routes.

Emerging fields such as low-altitude economy, humanoid robots, and energy storage stations require batteries to have both high energy density above 400Wh/kg and high safety. By replacing liquid electrolytes with solid electrolytes, solid-state batteries fundamentally enhance safety, with energy density potential reaching over 500Wh/kg. The solidification of solid-state battery electrolytes is core, offering advantages in energy density and safety. There are three major mainstream technological routes in the solid-state battery field, including polymer solid-state batteries, oxide solid-state batteries, and sulfide solid-state batteries, with the main difference being the type of solid electrolyte used. Among them, sulfide solid electrolytes possess conductivity comparable to liquid electrolytes, making it currently the easiest path to achieve all-solid-state batteries among the three technological routes.

In addition, solid-state batteries are suitable for commercial aerospace applications. Unlike ground applications, satellites operate in vacuum, strong radiation, and extreme temperature environments. Once a battery fails, it can directly lead to mission failure, and there is no possibility for maintenance or replacement during operation in orbit. This significantly amplifies the deficiencies of traditional liquid lithium-ion batteries in terms of electrolyte volatilization, thermal runaway risks, and uncertainty in lifespan. From first principles, satellite power systems focus more on long-term stability, safety, and energy density.

According to a report by Zhongyin Securities, solid-state batteries have no liquid electrolytes, low gas release risks, and are resistant to radiation and temperature differences, making them highly compatible with satellite application scenarios. From an industrial practice perspective, solid-state batteries in the satellite field have transitioned from laboratory validation to engineering and on-orbit verification stages. With the advancement of industrialization, the penetration rate of solid-state batteries in the aerospace field is expected to increase.

2. Related listed companies: Foshan Plastics Technology, Huazi Technology

Foshan Plastics Technology: The company plans to jointly invest with Zijin Mining’s subsidiary Zijin Lithium Material, Xiamen Zijin, and Guangxin Research Institute to establish a project company to invest in the construction of a battery-grade lithium sulfide pilot platform project. The registered capital of the project company is 100 million yuan, and Foshan Plastics Technology will invest 5 million yuan, holding 5% equity. The total planned investment for the project is 113 million yuan, establishing a 100 tons/year lithium sulfide production line, mainly focusing on R&D, production, and operation of high-purity battery-grade lithium sulfide products. This investment constitutes a related transaction and will not have a significant impact on the company’s future financial status and operating results.

Huazi Technology: The company has currently provided semi-solid battery production lines to leading lithium battery manufacturers and will actively follow up on solid-state battery equipment-related business.