In 2025, when looking at the “heat map” of the lithium battery sector and even the global new energy industry, solid-state batteries have absolutely claimed the center stage. “Buzz” has become the most fitting keyword of the year.
On one hand, as the energy density of traditional liquid batteries approaches their theoretical limits and safety concerns force a technological revolution, battery manufacturers, automakers, and even cross-industry investors are racing to break new ground. They’re all focusing on this next-generation battery technology, which is widely recognized for its potentially disruptive advantages. The list of A-share concept stocks related to solid-state batteries has already grown to 54 companies. On the other hand, from academia to industry, as well as government agencies and industry associations, news regarding breakthroughs in solid-state battery technology, sample launches, policy support, and mass production timelines keeps flooding in, continuously fueling excitement across both primary and secondary markets, as well as among consumers.
展开剩余94%Beneath all the noise, the concepts, standards, and technical paths of semi-solid and solid-state batteries are gradually being clarified. While in previous years solid-state batteries existed mostly as a concept, they are now rapidly moving towards the engineering verification phase, with the focus shifting to critical issues like “engineering feasibility” and “mass production capabilities”.
However, the journey from the laboratory to engineering and ultimately to commercialization is far more challenging than most imagine. From material development to ensuring stability, then on to high costs and the need for radically new manufacturing processes and equipment, every step of the commercialization march for all-solid-state batteries is fraught with obstacles.
Looking at the global landscape, the solid-state battery race has already escalated to an all-out “arms race” between nations, with China, Japan, South Korea, Europe, and the US all starting from nearly the same line. All are in the crucial stage of moving from scientific to engineering verification and are simultaneously pursuing multiple technical pathways—such as sulfide, oxide, and polymer approaches. To date, however, no company has yet crossed the threshold to true mass-market adoption.
In the face of both rampant capital enthusiasm and the vast gulf between laboratory research and commercialization, solid-state battery commercialization timelines have also become a topic of fierce debate. Optimists expect small-scale automotive trials by 2027 and commercial deployment starting in 2030, but more cautious observers predict that even initial commercialization could be delayed by two to three more years—or even longer.
Capital Frenzy
All-solid-state batteries are widely recognized as the definitive next-generation battery technology—there’s simply no question about it.
Currently, mainstream liquid lithium batteries include lithium iron phosphate and ternary lithium batteries. The former has an energy density of 150-210 Wh/kg, with limited range and low-temperature performance, while the latter has a higher energy density but still does not exceed 300 Wh/kg. In addition, liquid batteries are prone to thermal runaway in scenarios such as high temperatures, short circuits, or collisions, posing significant safety risks.
Theoretically, solid-state batteries can achieve an energy density of over 400 Wh/kg, operate within a wide temperature range of -40°C to 150°C, and offer high safety, making them less susceptible to fire or explosion. As a result, they are regarded as the ultimate solution to both range anxiety and safety concerns for electric vehicles.
More market opportunities are also anticipated. Once solid-state batteries achieve commercial application, their use will not be limited to new energy vehicles—they could also expand into sectors such as aviation and marine industries, as well as low-altitude economy and embodied intelligence, thereby broadening their application landscape. EV Tank optimistically predicts that by 2030, global shipments of solid-state batteries will reach 614 GWh, with fully solid-state batteries accounting for nearly 30% of the total.
Moreover, the commercialization of solid-state batteries is expected to directly drive up lithium demand. Data shows that sulfide solid-state batteries developed by companies such as Toyota and Panasonic require 2.4 times more lithium per GWh than liquid batteries; semi-solid batteries produced by domestic companies such as CATL (300750.SZ, 03750.HK) and Ganfeng Lithium (002460.SZ, 01772.HK) use 1.8 times as much lithium as their liquid counterparts. According to estimates by CITIC Securities, global solid-state batteries will require 550,000 tons of LCE (lithium carbonate equivalent) by 2030, fueling a 5% increase in global demand for lithium carbonate.
The anticipated advantages and market prospects have led to heightened activity surrounding solid-state batteries in both primary and secondary markets.
According to data obtained by Guancha from Qichacha, since the beginning of this year, there has been a surge in domestic investment and financing related to solid-state batteries, with a total of 40 deals completed as of November 28.Investors include national industrial and policy funds such as the National Manufacturing Transformation and Upgrading Fund and Sichuan Development Guidance Fund, as well as capital arms of large financial and industrial groups like ICBC Investment, Zijin Mining, and Puquan Capital, renowned venture capital firms such as ZhenFund and Songhe Capital, and international investment giants including Aramco (Saudi Aramco).
The most active provinces in terms of investment and financing are Jiangsu, Guangdong, and Zhejiang, with 8, 7, and 5 deals respectively. Although most of the transaction amounts remain undisclosed, some financings have exceeded RMB 100 million, such as the Series B rounds of Langu (Changzhou) New Energy Co., Ltd. and Anmaite Technology (Beijing) Co., Ltd., and the Series C round of Anhui Yijin New Energy Technology Co., Ltd.
The secondary market has been giving strong positive feedback, with the Solid-State Battery Index (8841671.WI) surging through three consecutive rallies since late September last year. As of the close on November 28 this year, it had soared by 124.02%, while the SSE Composite Index rose by 41.46% over the same period. Particularly since April 9, 2025, the index has shown an almost continuous upward trend, with an accumulated gain of nearly 80%.
Individual stocks have posted even more impressive bull runs; among the 54 concept stocks, nearly 60% have seen their share prices double. Haike Xinyuan (301292.SZ), Shanghai Xi Ba (603200.SH), and Lead Intelligent (300450.SZ) have recorded interval gains of 610.31%, 320%, and 277.35%, respectively.
Progress
In fact, behind the surge in both primary and secondary market enthusiasm lies a steady stream of good news from academia and industry in the field of solid-state batteries.
From Tsinghua University’s Department of Chemical Engineering—where Professor Zhang Qiang’s team has made breakthroughs in solid-state battery polymer electrolyte research, sparking a rally in the secondary market's solid-state battery concepts—to the launch of solid-state battery-related new products by various companies and institutions, every development has signaled record energy density breakthroughs at the laboratory sample stage, continually raising expectations among investors and the public.
For example, earlier this May, Gotion High-Tech (002074.SZ) announced that its “Jinshi” all-solid-state battery achieved an energy density of 350Wh/kg. Just a few months later, Sunwoda (300207.SZ) officially announced that its “Xin・Bixiao” polymer all-solid-state battery reached an energy density of 400Wh/kg. Around the same time, Chery Automobile (09973.HK) and Gotion High-Tech jointly launched the “Rhino S” all-solid-state battery module, claiming an astonishing energy density of 600Wh/kg. There are even several experimental-phase materials being touted that claim to surpass 700Wh/kg in energy density.
“Between 2023 and 2024, our company has already developed laboratory samples of all-solid-state batteries with energy densities between 300 and 400Wh/kg. In line with the development sequence of ‘scientific problems → engineering challenges → industrialization → commercialization,’ we are currently working simultaneously on scientific and engineering fronts,” Tan Tianning, Deputy General Manager of Sichuan Saike Power Technology Co., Ltd. (hereinafter referred to as “Saike Power”), told the reporter. He added that at present, the global push for solid-state batteries is progressing in much the same way, with both scientific validation and engineering verification happening in parallel.
As such, by 2025, news about pilot production lines being planned or launched has become commonplace. For example, on November 23, GAC Group (601238.SH, 02238.HK) announced the completion of China’s first large-capacity all-solid-state battery production line, which has now entered the phase of small-batch trial production, becoming the first to possess the capability for mass production of automotive-grade all-solid-state batteries with capacities exceeding 60Ah. The day after this announcement, GAC Group’s A-shares hit the daily upper limit, while its Hong Kong-listed shares surged by 12.03%.
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However, whether it’s pilot lines being planned, under construction, or already completed, they can only deliver in small batches. At present, most products on the market with limited-scale applications fall into the category of semi-solid-state batteries, with a single cell energy density of around 350Wh/kg.
The news about solid-state batteries is abundant and confusing, with some market participants blurring definitions or using terms interchangeably in their marketing communications. For ordinary consumers and investors, it can be difficult to tell the difference—many people even ask, “Should I wait for solid-state batteries to come out before buying a new energy vehicle?”
Tan Tiening told TMTPost Focus that there are essential technical differences between solid-state batteries and semi-solid-state batteries. He cited SAIKE Power's high-safety battery project (Phase I) with a capacity of 0.5GWh, which began production on November 10. This project implements an intrinsically safe electrolyte in-situ polymerization technology, enabling the industrialization of high-safety batteries with an energy density of up to 360 Wh/kg. In terms of materials, the cathode and anode are essentially the same as those used in liquid batteries. The core difference lies in the use of a highly safe electrolyte combined with in-situ polymerization, which transforms the liquid electrolyte into an immobile solid–liquid hybrid-state electrolyte. This makes it more heat-resistant and helps suppress cross-talk between the cathode and anode materials, lowering the risk of thermal runaway. Essentially, this still falls within the realm of semi-solid-state batteries. On the other hand, all-solid-state batteries represent a disruptive innovation in materials, processes, and performance compared to existing technologies. SAIKE Power’s chosen approach is a sulfide-based solid-state electrolyte combined with polymers, with plans to establish a 100MWh sulfide all-solid-state battery pilot platform by 2026.
At the 2025 World Power Battery Conference, Shenlan Auto Chairman Deng Chenghao went even further, stating, “All-solid-state batteries should be developed, but liquid batteries should not be abandoned.”He said, “There’s a lot of misleading content online. The moment there’s even the smallest breakthrough at the solid-state battery or materials level, it’s blown out of proportion. Everyone thinks they’re saving the world and introducing a new technology.” He called for a rational and patient approach to solid-state batteries and urged for a nurturing environment so the technology can develop at its own pace.
Wu Zhixin, Vice Chairman of the China All-Solid-State Battery Industry-Academia-Research Collaborative Innovation Platform, echoed this view, saying, “Such misleading hype puts huge pressure on researchers. We hope to provide a quiet environment for all-solid-state battery R&D, where researchers can have space and calm to work at their desks.”
Urgent Need to Clarify Standards
The confusion and hype surrounding solid-state batteries in both the primary and secondary markets have already drawn the attention of government agencies and industry associations. By 2025, efforts are underway to clarify the differences between “solid-state” and “semi-solid-state” batteries and to develop and implement relevant technical standards at the same time.
In May of this year, the China Society of Automotive Engineers officially released the Determination Method for All-Solid-State Batteries (T/CSAE 434-2025). For the first time, this standard clearly defines all-solid-state batteries, requiring that ion transfer must occur entirely through solid electrolytes—setting a strict technical distinction from batteries using a hybrid solid-liquid electrolyte.
At the global advanced power battery technology symposium held earlier this month, Wang Fang, Chief Scientist at the China Automotive Technology and Research Center, also explicitly stated: “We are in the process of formulating a national standard for battery terminology and classification, which will clarify basic concepts, classification, and coding related to solid-state batteries, dividing batteries into three primary categories: liquid, hybrid solid-liquid, and all-solid-state.”
According to this explanation, in the future, it is very likely that what are currently referred to as "semi-solid-state batteries" will be unified under the name "hybrid solid-liquid batteries". To classify a battery as all-solid-state, weight-loss testing must detect no liquid components within the battery, and the weight-loss rate must be below 1%.
In addition, starting July 2026, the Ministry of Industry and Information Technology will officially implement the updated Safety Requirements for Power Batteries Used in Electric Vehicles (GB38031-2025), which requires batteries to “not catch fire or explode,”and ensures that any gases released during thermal runaway do not pose a risk to vehicle occupants. These new regulations set especially stringent safety standards for solid-state batteries, given their higher energy densities.
Of course, clarifying terminology, classifications, and technologies is merely China’s first step in taking the lead in setting industry standards—a microcosm of the broader effort to secure strategic initiative for the entire industrial chain. Since last year, policies supporting solid-state battery technology have been rolled out with increasing frequency. After the Ministry of Industry and Information Technology and other key departments set up a special fund of 6 billion yuan for all-solid-state battery R&D, this year’s documents such as the 2025-2026 Steady Growth Action Plan for the Electronic Information Manufacturing Industry and the High-Quality Development Action Plan for New Energy Storage Manufacturing have both explicitly called for accelerating the development of solid-state batteriesThe Global Arms Race
The reason the government is giving such attention to this industry, in reality, is the fear that other countries—Japan, South Korea, the US, and so on—might overtake China in a technological leap,” a senior executive at a lithium battery company told the reporter. Throughout the history of global lithium battery development, every technological disruption has brought with it a prime strategic opportunity—for companies and for nations alike.
Looking back, in 1991 Sony was the first to develop a commercial lithium-ion battery, incorporating it into its new CCD-TR1 camcorder. This ushered in the consumer electronics boom, as camcorders, mobile phones, and laptops fueled explosive growth in lithium battery demand. By 1998, Japan’s annual lithium battery capacity had surged to 400 million units, capturing a remarkable 90% share of the global market.
However, as Japanese companies like Toshiba and Panasonic began to decline, Japan’s lithium battery industry also faded away. At the same time, South Korea’s SDI and LG Chem entered the lithium battery business in the late 1990s. SDI leveraged its consumer electronics business to make significant strides, while LG Chem gradually shifted focus to power batteries, gaining increasing market share. Around 2014, Korea’s power battery industry reached its zenith, with LG Chem and Samsung SDI together claiming over 50% of the global market.
Then, in April 2015, the Ministry of Industry and Information Technology urgently issued the Automotive Power Battery Industry Standardization Requirements, commonly known as the “whitelist,” marking the beginning of China’s own “overtaking on the curve” in the power battery sector. By 2017, the leading spot in the global power battery market was handed over to “Ningde Times” (CATL), which has continued to dominate the rankings ever since. Lithium batteries officially entered “China’s era”, with the country achieving comprehensive leadership across technology, supply chain, and cost.
By the third quarter of 2025, data from SNE Research shows that the global installed capacity of power batteries reached 811.7 GWh, marking a year-on-year increase of 34.7%. Among the top ten companies, six Chinese firms—including CATL and BYD—dominate the leaderboard, collectively holding a market share of 68.2%. The remaining four spots are occupied by LG Energy Solution (3rd), SK On (5th), Panasonic (6th), and Samsung SDI (8th); however, their growth rates are all below the industry average, with Samsung SDI even seeing a year-on-year decline.
With the explosive growth of the energy storage sector in recent years, the lithium battery industry—which is worth several trillions or even tens of trillions of yuan—has not only sparked fierce competition among companies but has also become a strategic focal point for countries worldwide. For Japan and South Korea, which have already fallen behind, betting on solid-state batteries has become inevitable.
Take Japan as an example: as early as 2018, the Ministry of Economy, Trade, and Industry (METI) launched the “Battery Supply Assurance Plan," allocating 104 billion yen to support four major all-solid-state battery projects by companies such as Toyota and Idemitsu Kosan. In 2022, the New Energy and Industrial Technology Development Organization (NEDO) announced the launch of its "Next-Generation Battery and Motor Development" project, investing 151 billion yen in the research and development of all-solid-state batteries and related technologies. In 2024, the Japanese government provided around 350 billion yen in subsidies for expansion plans by companies like Toyota and Nissan, aimed at investing in the development of solid-state batteries and other electric vehicle technologies. Starting in 2025, special policies will be implemented, offering up to 30% tax incentives for companies engaged in solid-state battery R&D……
Similarly, South Korea’s LG Energy Solution has formed a solid-state battery alliance with SK On. The European Union’s "Battery 2030+" plan has made solid-state batteries a strategic priority, and U.S. policies such as the Inflation Reduction Act are promoting the establishment of a domestic solid-state battery supply chain by setting supply chain thresholds.
In terms of technological advancement, a related executive at a lithium battery company mentioned, “Japan currently leads the world in the sulfide-based solid-state battery track. However, starting in 2024, China has rapidly advanced its engineering capabilities, narrowing the gap with Japan. It is expected to catch up within one to two years, and is already ahead of the United States.”
Mass Production, a Long March
In the global race among China, Japan, Korea, and Europe, government-led “top-down” support on one hand highlights the anticipated advantages of solid-state batteries, while on the other hand reflects the manufacturing challenges involved.
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