On November 28, 2025, at the 23rd Guangzhou International Auto Show, Changan Automobile's booth exhibited a series of solid-state battery products.
In addition to the continuous breakthrough of technology, since the beginning of 2026, the solid-state battery circuit has also ushered in the intensive entry of capital. According to incomplete statistics, as of February 25, seven financing incidents have been disclosed in the domestic solid-state battery field, mostly concentrated in the three core links of materials, batteries and equipment, with a total financing scale of more than 1.2 billion yuan.
As the foundation of the solid-state battery industry chain, the upstream material field based on core materials and key minerals is the focus of capital layout. In the field of electrolyte, on January 24, due to the situation of new materials, tens of millions of yuan of angel round financing was completed. Chery Ruicheng Fund took the lead in the investment. Xiangfeng Investment, Anhui State Control and Xiaomi War Investment made additional investment. The enterprise focused on the research and development of high-performance sulfide solid electrolyte. At present, it has achieved an annual supply capacity of 30 tons. It is planned to start the construction of production line with an annual output of 300-500 tons in the second half of 2026 to fill in the domestic scale. In the field of positive and negative electrode materials, in January, Shenzhen lithium silicon new materials completed round a financing, jointly funded by feng and capital and xinjie energy. the core business focuses on the research and development and large-scale production of ultra-thin lithium metal negative electrodes. its main products have entered the supply chain system of xinjie energy. At the same time, speed new energy has also completed strategic financing, focusing on the field of lithium-rich manganese-based cathode materials, efforts will be made to promote the large-scale mass production and standardized upgrading of such materials to provide support for the improvement of the energy density of solid-state batteries.
Compared with the upstream angel wheel, A round and other early financing stage, solid-state battery midstream (mainly battery manufacturing and special equipment) link financing has entered the late stage, showing a single round of financing larger scale, more frequent strategic financing characteristics.
on January 20, solid-state ion energy (Wuhan) successfully won a Pre-A round of financing of hundreds of millions of yuan. this round of financing is jointly invested by junior high school capital, Guizhou science and technology innovation angel equity investment fund (Guizhou venture capital), Shenzhen anshi new energy, Shenzhen zhongji automation and other institutions. the funds will be used for Wuhan headquarters base construction, production line landing, core team expansion and global operation layout, help speed up the industrialization of all-solid-state batteries. In the same month, Lightyear Engine received 1 billion yuan's intended strategic financing, focusing on the mass production of all-solid-state LY-70/LY-25 batteries. As a new enterprise, Crystal Nuclear Energy completed tens of millions of dollars of angel round financing in January this year less than two months after its establishment, led by Sky Workshop, and has reached cooperation intentions with three head new energy vehicle companies and two energy manufacturers. The first batch of engineering samples are expected to be loaded and tested in the fourth quarter of 2026.
In addition, special equipment, as the "shovel seller" in the middle stream of solid-state batteries, has become the segment with the highest financing heat. High Energy Digital Co., Ltd. successfully completed Round A and Round A equity financing in December 2025, led by Guangzhou Industrial Control East High Fund, followed by Guangzhou Liwan Production Investment and Shaanxi University Science and Technology Innovation Fund. The funds are mainly used for technical iteration and industrialization of dry electrode equipment and solid-state battery whole-line solutions. Currently, cooperation has been established with leading enterprises such as Ningde Times and China FAW. In addition, the sea eye, pilot intelligence and other traditional lithium-electric equipment leader, but also through the fixed increase, strategic investment and other ways, the layout of solid-state lamination, such as static pressure, high-pressure formation and other special equipment.
According to industry sources, BYD is bidding for all-solid-state battery equipment at the gigawatt-hour level. When the head enterprise will tender to the level of gigawatt hours, it means that the industrialization path of solid-state batteries is from "verifying several lines" to "preparing reproducible production line capacity", dry electrodes, such as static pressure and other core links to take the lead in benefiting.
CITIC Securities analysts believe that the production process of all-solid batteries is significantly different from that of liquid batteries, and there is an urgent need for special equipment such as isostatic pressing and dry electrodes, and the investment in single gigawatt-hour equipment is as high as 0.25 billion yuan, significantly higher than that of traditional lithium battery equipment.
The continued injection of capital is becoming a key force driving the iteration of solid-state battery technology, capacity expansion and commercialization.