Investment and financing for solid-state batteries is booming, and the "pioneer" of solid-liquid hybrid technology has been put into production.

Under the circumstances of accelerating technological iterations and intense capital competition, investment and financing in the field of solid-state batteries are booming.

On July 31, Shanghai Shiba announced that its holding subsidiary, Kexuan Guinei, has introduced investors, Jinyun Lita, through a targeted capital increase. The latter plans to invest 40 million yuan to subscribe for the additional registered capital of Kexuan Guinei. Kexuan Guinei will implement the 0.5GWh solid-liquid hybrid cell and 500 tons/year solid electrolyte powder industrialization project in Jinyun County, Zhejiang Province. The equity financing funds for this project will also be invested in this project.

On July 28, HuiNeng Technology announced that it received a 50 million US dollars (approximately 330 million yuan) equity financing from the existing shareholder consortium, which will be used to support the expansion of the next-generation solid-state lithium ceramic battery capacity and expand new application fields such as data centers, aerospace, and robotics. On July 27, Tianhua Xineng's holding subsidiary, Yi Li Technology, completed an A-round financing. The company plans to increase its solid-state positive electrode material capacity to 50,000 tons by 2027.

On July 21, the Future Industry Angel Fund managed by Chengdu Sci-Tech Investment Group, a subsidiary of Chengdu Science and Technology Investment Group, completed an A-round investment in He Yuan Li Chuang and promoted its establishment of a subsidiary in Chengdu. He Yuan Li Chuang focuses on solid-state battery technology and provides solid-state battery solutions for unmanned vehicles, unmanned aircraft, robots, unmanned ships, and new energy vehicles, etc.

Behind the continuous high heat in the capital market, solid-state batteries are standing at the center of the wind of the new energy industry. At present, while the all-solid-state battery industry is accelerating, but has not yet completely overcome the bottleneck of mass production, solid-liquid hybrid batteries that balance performance improvement and cost control have become the leading force promoting the large-scale commercialization of solid-state technology.

01

Progressing step by step with all-solid-state batteries

As the next-generation technology that is highly anticipated by the industry, all-solid-state batteries are currently being actively promoted for installation by both domestic automakers and battery manufacturers. Bank of China Securities pointed out that all-solid-state batteries are currently in the critical stage of moving towards engineering verification. From the current layout of major global enterprises, the institution is optimistic in its judgment that 2027 will be the key node for the mass production of all-solid-state batteries, and at that time, it will also drive the upgrading of the entire battery industry chain.

On August 4th, it was reported that the sulfide all-solid-state battery pack developed by Qingdao Zhongke successfully was installed on a test vehicle and completed verification under actual road conditions. This battery pack was composed of 16 20 ampere-hour-level sulfide all-solid-state cells independently developed by Qingdao Zhongke. This on-board real test systematically verified the sulfide technology route in real vehicle conditions, its adaptability, feasibility and stability.

In March this year, Chery Automobile announced the research progress of all-solid-state batteries at the "2026 Battery Night". Its Xilu all-solid-state battery energy density has reached 400Wh/kg, with the target of 600Wh/kg. In the future, it can achieve a range of over 1500km. It plans to launch the first full-scale installation verification on the Starway ES8 in 2027.

According to the planning of Changan Automobile, after completing the verification of solid-state battery installation in 2026, it will promote the gradual mass production of all-solid-state batteries in 2027. Vice President of Changan Automobile and Chairman of Deep Blue Automobile, Deng Chenghao, said: "It is expected that in 2027, 6C ultra-fast charging will be scaled up for application, and all-solid-state batteries will conduct small-scale demonstration operation; after 2030, all-solid-state batteries will gradually enter the commercialization stage."

However, despite the booming momentum in the industry, there should also be a calm understanding. The large-scale mass production of all-solid-state batteries still faces multiple technical challenges, and a rational view should be taken towards the gap between the completion of the production line and the stable installation.

The solid-solid interface is currently the core problem. Professor Ouyang Minggao from Tsinghua University pointed out, "The interface either fails to bond well or, after bonding well, there will be side reactions, which will trigger stability issues." Including chemical stability, air stability, mechanical stability, cycle stability, and of course, the most core is thermal stability, "All of these need to be solved."

In the opinion of Chen Dingqun, the chairman of CATL, before 2030, the possibility of all-solid-state batteries being installed at a million-level scale is very small. "To reach a million-level scale, the vehicle needs to be sufficiently cheap, which will have some difficulties in terms of performance and cost." He also pointed out that the commercialization of all-solid-state batteries still depends on the breakthrough of several important scientific and technological issues.

The consensus in the industry is that the all-solid-state battery industry needs to develop step by step. Chairman of Great Wall Automobile, Wei Jianjun, said that the true commercialization of all-solid-state batteries on the vehicle, at least, will take at least five years. Currently, Great Wall is still in the stage of technology development and verification, and has not entered the preparation stage for mass production. Ouyang Minggao also earnestly said: "I advise enterprises to be cautious when promoting all-solid-state battery models, and to proceed step by step when launching products."

02

Solid-state liquid hybrid batteries have already been put into practical application.

Currently, solid-state liquid hybrid batteries have achieved an earlier industrial implementation pace compared to all-solid-state batteries due to their ability to integrate with existing production lines and balance safety and performance. This is much faster than the commercialization progress of all-solid-state batteries.

In December 2025, the new MG4 model of SAIC MG completed the delivery of its first batch of customers, equipped with solid-state liquid hybrid batteries supplied by Qingta Energy. SAIC Group stated that starting from 2026, the company will gradually launch mass-produced models equipped with solid-state liquid hybrid batteries for different brands. Currently, the MG 4X model equipped with Qingta Energy's solid-state liquid hybrid batteries has also completed the application process.

"Although our full-solid-state approach is consistent with the solid-state electrolyte used in solid-state liquid hybrid batteries, this is very valuable and significant for us," said Li Zheng, the general manager of Qingta Energy, in an exclusive interview with Battery China. Qingta Energy will prepare and support the entire industrial chain for the future mass production of all-solid-state batteries through the rapid mass production of solid-state liquid hybrid batteries.

It is understood that many vehicles equipped with solid-state liquid hybrid batteries will be launched in the second half of 2026. For example, Guangzhou Automobile Group will launch a new model of the high-end brand Haopin within this year, equipped with a solid-state liquid hybrid battery with an energy density of 400Wh/kg; Dongfeng Motor's 350Wh/kg solid-state liquid hybrid battery is scheduled to be officially mass-produced and installed in September, and it will be paired with the main models of the Yipai series, enabling the vehicle to achieve a range of over 1000 kilometers.

Battery manufacturers are also actively planning. According to Ruipulan Jun, the company has built two product systems of manganese-based and high-nickel solid-state liquid hybrid batteries, achieving comprehensive coverage from the mass market to the high-end market. Its solid-state liquid hybrid high-nickel battery has an energy density of 280–400Wh/kg. Guoxuan Gaoke stated that its G垣 solid-state liquid hybrid battery has completed multiple tests and verifications and successfully passed the summer and winter extreme working condition tests， and has the capacity for mass production.

"Solid-state liquid hybrid batteries can be compatible with most of the existing lithium-ion battery production lines， and the investment in production lines is only 30%-40% of that for building a new all-solid-state battery factory. The yield rate has exceeded 90%， and the cost is only 10%-15% higher than that of traditional liquid-state lithium-ion batteries， far lower than the implementation threshold of all-solid-state batteries," industry analysts pointed out. Solid-state liquid hybrid batteries also balance safety， low-temperature performance， and long range， making them the current suitable and rapidly implementable battery route.