Key Points from Company C’s Sodium Battery Experts – 0420
The first generation of sodium battery products with an energy density of 160wh/kg has been mass-produced, with volume production starting in 2025 for automotive applications, primarily featuring the Xiaoyao battery (AB battery), which emphasizes low-temperature 4C fast charging and high endurance (PHEV 200km+).
The second generation of sodium battery products has an energy density of 200wh/kg (layered, automotive), with sample B. The cost per wh is reliant on the localization of raw materials, currently only 2-3% higher than lithium iron phosphate. This product is suitable for the Northeast region, exhibiting good low-temperature performance, and is expected to be launched in the market by the end of 2025, with attempts to target EV customers and volume production in 2026.
The third generation of sodium battery products features a sodium battery without a negative electrode, achieving 240wh/kg (sample A), with energy density approaching that of ternary batteries. However, there are still some issues with the manufacturing process, including the uniformity of sodium ion deposition (which affects charge and discharge cycles).
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Our viewpoint: The market often criticizes the development of sodium batteries given the low cost of lithium batteries; however, sodium batteries do have advantages over lithium iron phosphate in terms of low-temperature performance, fast charging, and long-term cost. The expected shipment growth for sodium batteries in the next two years is over 20 times, and we strongly recommend paying attention to the sodium battery industry chain.
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Beneficiaries of the sodium battery supply chain:
#Positive Electrode: Zhenhua New Materials, Rongbai Technology, Wanrun New Energy, Tongxing Technology;
#Negative Electrode: Better Energy, Zhongke Electric, Putailai;
#Electrolyte: Tianci Materials, Duofluor;
#Separator: Enjie Co., Xingyuan Materials.
#Batteries: CATL, Prit, Chuangyi Technology, Weike Technology
