Are solid-state batteries truly here?

Recently, solid-state batteries have once again become a hot topic. Two years ago, many companies were merely playing word games. Even today, so-called 'solid-state batteries' still contain additives. Many companies developing solid-state batteries incorporate a substance called 'polymer binder' into the solid electrolyte—think of it as giving the battery an injection. Yet, in their marketing, many companies deliberately omit mentioning this 'injection,' referring only to the polymer—or sometimes not mentioning it at all—and simply label the product a 'solid-state battery.' To date, true all-solid-state batteries—batteries that are entirely rigid, with absolutely no liquid components—remain confined to laboratory settings. Only batteries free of additives and artificial enhancements qualify as genuine solid-state batteries. The technical barriers for all-solid-state batteries are extraordinarily high; numerous challenges remain unresolved, and production costs are extremely steep. At a recent All-Solid-State Battery Summit—dubbed the 'Oscars of the battery industry'—many companies unveiled ambitious roadmaps. Yet these announcements often involve semantic sleight-of-hand. For instance, FAW Group announced plans for small-batch application of its all-solid-state batteries by 2027. Another major automaker (referred to here as 'a certain BYD') plans to launch pilot-scale vehicle integration of all-solid-state batteries in 2027. However, 'small-batch application' and 'pilot-scale vehicle integration' are not mass production—and such phrasing can easily mislead people into believing commercial mass production is imminent, as if the all-solid-state battery era is just around the corner. All-solid-state batteries represent the ultimate goal for traction batteries—but achieving that goal is far from easy. Japan currently leads global development of all-solid-state batteries, thanks to its early start. As the first country worldwide to commercialize liquid lithium-ion batteries, Japan once held over 90% of the global market share; even as recently as 2015, its share of the automotive lithium-ion battery market exceeded 50%. However, with the rapid expansion of the automotive and energy-storage battery markets in recent years, Japanese manufacturers’ manufacturing capacity has gradually been overtaken by Chinese and Korean competitors—Japan’s current share of the automotive lithium-ion battery market now stands below 6%. Japan pins its hopes on next-generation battery technologies to reclaim market leadership, investing heavily in R&D and production breakthroughs for all-solid-state battery materials. Japan holds the world’s largest number of patents related to all-solid-state batteries and has recently begun building up its supply chain to enable mass production. In China, however, the dominant technical pathway remains undecided—everyone is still exploring. This applies equally to large enterprises and especially to SMEs. At the forum, Academician Ouyang explicitly stated that the primary technical route must be finalized this year. Currently, there are four main technical pathways for solid-state batteries: sulfide…

March 8–14 | Weekly Update: Chinese Companies’ IPO Plans in the U.S.

On March 11, local time, FG Holdings Limited (hereinafter referred to as 'FG Holdings'), a holding company of Richest View (HK) Limited, filed an updated prospectus with the U.S. Securities and Exchange Commission (SEC), seeking a Nasdaq listing under the ticker symbol 'FGO.' The company initially submitted a confidential filing with the SEC on December 28, 2023. FG Holdings plans to offer 2 million shares at $4–$5 per share, targeting gross proceeds of $8–10 million. Headquartered in Hong Kong, FG Holdings is a financial services provider specializing in private credit mortgage brokerage. It delivers private credit mortgage brokerage services and bank mortgage brokerage services via its fintech platform. 7. Qinhui Technology On February 11, 2025, local time, Qinhui Technology International Co., Ltd. (hereinafter 'Qinhui Technology'), an automotive parts and components manufacturer and distributor based in Wuhu, China, filed an updated prospectus with the SEC, seeking a Nasdaq IPO under the proposed ticker 'QHT.' The company plans to issue 1.25 million shares at $5–$6 per share, targeting gross proceeds of $6.25–7.5 million. Qinhui Technology manufactures and sells automotive parts and components—including for passenger vehicles, trucks, and railway carriages—in China through its operating subsidiaries. The company has grown rapidly: as of the prospectus filing, it holds 37 valid registered patents and 3 registered trademarks in China. Its flagship product—the LNG tank frame for trucks—saw production exceed 28,000 units in 2019, and by 2023, Qinhui had become China’s largest supplier in this segment. The company also co-developed a sliding-welding cargo box with China Railway No. 1 Engineering Group’s Material & Trade Machinery Company. Since its founding in 2002, Qinhui has expanded its production facilities multiple times and now employs over 200 people. In 2023, its revenue totaled approximately $30 million, and it has repeatedly been named an 'Outstanding Supplier' by Chery Automobile. 8. J-Star On March 12, 2025, local time, J-Star Holding Co., Ltd. (hereinafter 'J-Star'), a carbon-component manufacturer headquartered in Taiwan, China, filed an updated prospectus with the SEC, seeking a U.S. IPO under the proposed ticker…

Inside J-Star's $122.5M Texas solid-state battery factory plan

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J-Star Holding plans a $122.5 million solid-state battery manufacturing facility in Baytown, Texas, backed by a Letter of Intent and sovereign financing. The 100MWh project aims to establish a U.S.-based production platform while awaiting Department of Energy grant approval.

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