On August 28, Caixin Financial News (Reporter Liu Yue and Zeng Chuchu) Guangzhou Great Power Energy made a major breakthrough in the capital markets with its 'significant progress in solid state batteries'. The company showcased its first generation 20Ah solid state battery and internal structure during an afternoon product technology presentation, using self-developed inorganic composite solid electrolyte layer to replace the separator and electrolyte.

However, in stark contrast to the continuous two-day trading limit that was previously announced, the company's stock price fell more than 8% today.

Guangzhou Great Power Energy held a product technology conference at 2:30 pm today. The words 'solid state battery' and 'first-ever showcase' that were mentioned in the previous announcement had piqued the market's interest. During today's presentation, after introducing the Polar series of low-temperature storage cells, the Fengpeng 590Ah power field cell, and a corporate promotional video, the first generation solid state battery was finally revealed around 3 pm.

Guangzhou Great Power Energy showcased the research progress, technological roadmap, and development roadmap of the solid state battery. They also demonstrated and disassembled a 20Ah solid state cell in person.

It is reported that the solid electrolyte, as the core of the solid state battery, mainly focuses on oxide, sulfide, and polymer routes. Different routes and materials lead to vastly different matching processes.

According to a representative from a semi-solid state battery company interviewed by Caixin Financial News, the current solid electrolyte materials are mainly based on the oxide route, while sulfides are considered the mainstream direction for the future. Guangzhou Great Power Energy has chosen the oxide route. It is reported that the company has self-developed an oxide composite solid electrolyte with high ionic conductivity, high stability, and low cost, using inorganic solid electrolyte to replace the separator and electrolyte.

According to Guangzhou Great Power Energy, the company adopts an innovative electrolyte wet coating process, bypassing the high-temperature sintering process of the oxide solid electrolyte, avoiding the inherent brittleness of ceramic materials. The overall cost is expected to be only about 15% higher than conventional lithium batteries. In the next 3-5 years, it is expected to achieve the same cost as conventional lithium batteries.

Guangzhou Great Power Energy and Technology stated that the first generation of solid state batteries have a cycle life of 600 times with a capacity retention rate of over 90% and an energy density of 280Wh/kg. By 2025, with the use of higher proportion silicon-based anodes, the energy density is expected to reach 300Wh/kg or more. Industry insiders in the solid state battery sector told Cailian Press that currently, battery cycles are generally over 1000 times, while iron lithium has an energy storage cycle of 8000 times. In terms of energy density, ordinary ternary batteries are about 230Wh/kg, while the mass-produced semi-solid state batteries are 360Wh/kg or higher.

The roadmap for solid state battery development released at the conference shows that the company plans to start trial development and small-scale production of solid state batteries in 2025, and establish a production line for mass production in 2026.

In the week leading up to the conference (August 21), a tweet from Guangzhou Great Power Energy and Technology about a "major breakthrough in solid state batteries" was vividly remembered as the company consecutively achieved two 20CM daily limit up scenarios. On the evening of the 22nd, the company made an "emergency" announcement stating that mass production of solid state batteries is not expected within a year, which will not have a significant impact on this year's performance. As a result, the stock price "braked" the next day (23rd) and fell nearly 5%.

Looking at today's stock price performance, Guangzhou Great Power Energy and Technology initially experienced a sharp drop in the early trading session, falling by more than 8%. However, starting from the online conference at 2:30 pm, the company's stock price was greatly boosted and briefly turned positive, rising nearly 3%. However, it quickly relinquished gains and ultimately closed down 8.67%.

It is worth noting that Guangzhou Great Power Energy and Technology's interim report released last night showed a performance pressure. In the first half of the year, the company achieved revenue of 3.773 billion yuan, a year-on-year decrease of 13.75%; net income attributable to the parent company was 41.679 million yuan, a year-on-year decrease of 83.41%.