The three major technical routes of solid-state batteries are competing fiercely—what will the future market trajectory of solid-state batteries look like?

Today, we’ll provide an overview and科普 (popular science explanation) of the cross-sector topic of solid-state batteries. On the news front, Mercedes-Benz has announced the start of road testing for its all-solid-state battery; the battery-equipped EQS electric vehicle sees a 25% increase in range, enabling a single-charge driving distance of 1,000 kilometers. This breakthrough marks another step closer to practical application of solid-state battery technology—and will simultaneously accelerate domestic automakers’ and battery manufacturers’ efforts toward mass production. More importantly, several companies have stated they are leveraging AI to expedite the commercialization of solid-state batteries, with industrialization timelines expected to outpace earlier market expectations. Beyond electric vehicles, solid-state batteries also hold strong growth logic across other sectors: In consumer electronics, they can significantly extend battery life for AI-powered smartphones and smart wearables; in the emerging low-altitude economy, they meet the stringent requirements of EV2L (Electric Vertical Takeoff and Landing) aircraft, advancing urban air mobility and logistics delivery; and in robotics, they prolong operational time and reduce charging frequency. In the pre-explosion phase of this industry, investors focus most on incremental segments. Although battery manufacturers and cathode material suppliers currently command the largest value share in solid-state batteries, these players largely overlap with existing industry participants—so their incremental potential is limited. By contrast, high-value incremental opportunities include solid electrolytes—the core component—and dry electrode technology, which drives demand for roll-pressing equipment. Additionally, established companies expanding into solid-state batteries from stable core businesses often attract significant market attention. Today, we highlight four key companies venturing into solid-state batteries. Disclaimer: This video draws exclusively on publicly available online information to provide a general industry and company overview for educational purposes only. It is not investment advice—please be mindful of associated risks. First: Orient Zirconic Industry Co., Ltd. One of China’s most comprehensive zirconium product manufacturers, offering over 100 specifications across nine series—including zircon sand, zirconium dioxide, and composite zirconium oxides—with a fully integrated upstream-to-downstream zirconium product chain. By business segment: Inorganic non-metallic zirconium products account for 71% of revenue—mainly chlorozirconium oxide, zirconium dioxide, fused zirconia, zirconium silicate, and composite zirconium oxide. Mineral products make up 22%, including zircon sand and ilmenite. Inorganic non-metallic materials represent 4%, comprising zirconium oxide and structural ceramic components. By application: Current products serve traditional industries such as ceramics, refractories, rubber additives, titanium dioxide coating, and metal surface treatment agents. In emerging fields, high-purity ultrafine zirconium dioxide serves as an additive for ternary lithium battery cathodes and is already supplied to leading battery manufacturers. Moreover, zirconium dioxide products are being supplied to solid-state battery material developers for R&D—specifically for oxide-based solid electrolytes such as lithium lanthanum zirconate (LLZO) and lithium lanthanum zirconium titanate (LLZTO). According to its semi-annual report and investor interaction platform, the company has established a dedicated R&D team and increased both technical development and investment in zirconium oxide products tailored for solid-state battery electrolytes. Sample deliveries have received preliminary R&D validation from some solid-state battery material suppliers; large-scale sample testing is underway—but no specific collaboration partners have been disclosed yet. Zirconium plays a critical role in solid-state batteries. It functions directly as a solid electrolyte—zirconium oxide exhibits high ionic conductivity and chemical stability. Common zirconium-containing solid electrolytes like LLZO efficiently conduct lithium ions. When added to cathode materials, it enhances stability and conductivity, suppresses structural degradation, and improves cycle life and charge/discharge efficiency.

Asia-Pacific’s largest private equity fundraise: EQT raised RMB 100 billion.

Jean Eric Salata, EQT’s Asia Chairman, commented: “The successful closing of the BPEA IX Fund represents another landmark milestone in EQT’s history—demonstrating the deep foundation, comprehensive capabilities, and proven investment track record we’ve built through nearly three decades of sustained commitment to the Asian market. It also signifies the full integration of Baring Private Equity Asia (BPEA) and EQT’s long-standing presence across Asia. We are proud to have built a powerful, influential platform capable of navigating complex, volatile market cycles—and guiding portfolio companies through transformative change.” He emphasized that, amid today’s intensely competitive fundraising environment—where investor due diligence standards are increasingly rigorous—consistent, stable exit returns remain the key differentiator GPs can offer LPs. This fundraise further underscores EQT’s long-term, unwavering commitment to the Asia-Pacific region. To date, the BPEA IX Fund has deployed 5%–10% of its capital (including completed closings and/or signed investment agreements, as well as announced takeover offers where applicable—net of anticipated co-investment portions), calculated against the fund’s actual size. Betting Big on Asia—and China EQT has left a strong impression on peers in recent years. Recall October 2022, when EQT announced the 100% acquisition of Baring Private Equity Asia—the former employer of Xu Xin—creating what was then the largest private equity merger in industry history. Subsequently, Hong Kong–based Baring Private Equity Asia merged with EQT’s Asia private equity team to form a new investment platform: BPEA EQT. Tracing back further, EQT’s Asia private equity team was founded in 1997, and its Hong Kong office opened in 2006—consolidating Asia operations under EQT Partners Asia. In 2019, EQT successfully listed on the Stockholm Stock Exchange and set an important strategic goal: expanding its footprint across Asia. Over many years, this European PE giant has made numerous notable investments in China—including Lao Bai Xing Pharmacy, Artwall (Wallpaper), China Zhengxin, VBill (Su Xing Fu), Puma Medical, and Conventus Orthopaedics. Currently, EQT’s Asia private equity platform covers the full spectrum of investment strategies—from large-cap buyouts and mid-market deals to growth-stage investments. Local professional investment teams operate across Japan, India, South Korea, Southeast Asia, Greater China, and Australia. To date, EQT’s Asia private equity team has executed over 160 transactions, with cumulative invested capital reaching $30 billion. Its current portfolio comprises approximately 65 portfolio companies across 10 countries or regions. Hari Gopalakrishnan and Nicholas Macksey, Co-Heads of EQT Private Equity Asia, stated: “Today, investment opportunities across Asia have shifted—from simply chasing growth—to actively driving deep, structural transformation. As Asia reshapes global supply chains and strengthens its roster of digital champions, the investment landscape has grown increasingly complex. In this performance-driven environment—where profitability growth and active ownership define success—our value creation capability stands as our true differentiator.”

EQT Is Backing $2 Billion Small-Battery Push to Enable AI

4 days ago

EQT Infrastructure is investing $2 billion in small-battery projects to support data centers and industrial consumers amid AI-driven power shortages. Madison Energy plans to add 1 gigawatt of capacity by 2028 to stabilize the US grid and lower utility costs.

bloomberg

2026-09-18

EQT Is Backing $2 Billion Small-Battery Push to Enable AI

EQT Is Backing $2 Billion Small-Battery Push to Enable AI

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