Yinpai Battery: Breaking through energy storage with semi-solid state cells, expected to IPO in Hong Kong next year

Ask AI · Why has energy storage become a core factor in the valuation of Yinpai’s IPO?

Reporter Zhou Xin

On March 31, Yinpai Battery Technology Co., Ltd., a subsidiary of GAC Group (hereinafter referred to as “Yinpai Battery”), officially released the industry’s first mass-producible 587Ah hybrid solid-liquid (semi-solid) energy storage large cell, and disclosed that it is building a dedicated 6.5GWh production line for this cell.

Yinpai Battery General Manager Xu Junhai confirmed to the Economic Observer that the company is advancing capitalization preparations, expecting an IPO on the Hong Kong Stock Exchange in 2027. The energy storage business will become a core growth segment supporting valuation increases, with a planned capacity exceeding 70GWh in the next three years, forming a business structure of 30% power and 70% energy storage.

The newly released “Dafang Wuyu” series 587Ah energy storage cells include the vast version liquid cell and the universe version hybrid solid-liquid cell, both manufactured using stacking technology.

Among them, the universe version hybrid solid-liquid cell is the world’s first mass-producible 587Ah semi-solid large energy storage cell, designed for scenarios such as data centers and chemical parks. This cell employs the innovative “Qiangang Kunluo” technology system, reducing lithium dendrite penetration risk by 95%, increasing the electrolyte flash point by over 100°C, and passing extreme tests such as 10 times the national standard compression, full cutting, 200°C hot box, and thousand-degree fire.

The vast version 587Ah liquid cell relies on high-precision stacking, low-expansion negative electrode materials, and a three-dimensional honeycomb conductive network design, achieving significantly improved cycle life, a 40% increase in overcurrent capability, and over 30% reduction in internal resistance, suitable for large-scale energy storage scenarios like new energy bases and grid peak regulation.

Currently, the energy storage industry shows obvious structural imbalances, with intensified competition among low-end products, but high-end products characterized by high safety, long lifespan, and large capacity remain in short supply. Yinpai Technology aims for these two products to meet market demands for large-capacity, high-safety energy storage cells, prioritizing safety and cost respectively.

Yinpai Battery’s total planned capacity exceeds 60GWh, with downstream clients already showing intentions for over 20GWh. As the government work report this year emphasizes “computing and electricity collaboration” and “future energy,” the chemical energy storage market demand is strong.

On March 31, at the opening ceremony of the 14th International Energy Storage Summit and Exhibition, Chen Haisheng, Chairman of the China Energy Storage Industry Technology Alliance (CNESA) and Director of the Institute of Engineering Thermophysics, Chinese Academy of Sciences, stated that from 2024 to 2035, the global cumulative installed capacity of battery energy storage will surge by 8 to 17 times, and China’s installed capacity is expected to reach 371.2GW to 450.7GW by 2030.

“We are also actively preparing to expand new bases, aiming to achieve 70GWh to 100GWh capacity in the energy storage sector by 2028,” Xu Junhai told the Economic Observer.

In 2024, Yinpai Battery and other state-owned capital will establish a joint venture and build a factory in Kurle Economic and Technological Development Zone, Kurle City. In May 2025, Yinpai Battery signed a cooperation agreement with the Comprehensive Energy Division of CRRC Zhuzhou Institute, deepening cooperation in energy storage order exchanges and joint overseas expansion.

“The capacity of this factory will mainly serve the Middle Eastern market and support local wind and solar energy storage in Xinjiang,” said a person in charge of Yinpai Battery to the Economic Observer. “Currently, Xinjiang is still in the frozen soil period, so construction cannot proceed. Once equipment arrives in the second half of the year, production is expected to start next year.”

Xu Junhai emphasized that the background of automotive companies does not mean closed internal supply but rather higher standards of technological spillover. Power battery standards are much higher than those for energy storage, creating a natural advantage in reducing dimensions. Coupled with GAC’s credit backing, it is easier to cooperate with clients like the “Five Big and Six Small” central and state-owned enterprises, which is the confidence behind Yinpai’s large-scale expansion during industry adjustments.

In terms of power batteries, besides supplying brands like Aion, Trumpchi, and GAC Lingcheng within GAC Group, Yinpai Battery also supplies power cells to automakers like BAIC Arcfox, with the proportion already exceeding 30%. Additionally, GAC Honda, GAC Toyota, and other joint ventures under GAC will also adopt Yinpai’s power batteries.

On the technical route, Yinpai adopts a gradual approach, connecting hybrid solid-liquid to both liquid and fully solid-state batteries. Chang Chun, R&D Director of Yinpai Battery, said that all-solid-state batteries still face multiple bottlenecks such as material systems, interface impedance, large-scale manufacturing, and high costs, whereas the hybrid solid-liquid route can upgrade existing production lines quickly to achieve mass production.

Unlike some peers’ winding solutions, Yinpai firmly adopts high-precision stacking technology. Chang Chun pointed out that when the cell capacity reaches 587Ah, winding processes are prone to issues like electrode fold wrinkles, uneven stress, and poor consistency. Stacking technology has advantages in energy density, cycle life, and structural stability, and can also accommodate larger cell sizes, aligning with the long-term development trend of energy storage.

In terms of technology implementation and ecosystem building, Yinpai is accelerating commercialization through a “corporate innovation + national platform” model. At the launch event, Yinpai reached strategic cooperation with core industry chain companies such as Guochuang Center, Dassault Systèmes, China Construction Sixth Engineering Bureau, and Trina Solar. Relying on the national-level R&D verification platform of Guochuang Center and a 220kV substation empirical scene, they are speeding up scenario verification and standard setting for semi-solid cells.