Sodium-ion Battery Update: CATL and Haibo Sichuang Sign 60GWh Sodium Battery Orders, the World's Largest Sodium Battery Cooperation Agreement

Overview: 4.27, CATL and Haibo Sichuang signed an energy storage sodium-ion battery cooperation agreement, 3 years 60GWh, sodium batteries are entering an industrialization inflection point, CATL has overcome the full-chain production challenges of sodium battery mass production. Estimated 1-5GWh this year, 15-20GWh next year, 30GWh the year after.
The cost inflection point for sodium batteries is approaching. Currently, lithium iron phosphate battery cell prices are around 0.38 yuan/Wh, with rising prices of lithium carbonate and lithium materials pushing cell prices above 0.4 yuan/Wh. By 2025, the average price of sodium battery cells is about 0.52 yuan/Wh, and in 2026, cell costs are expected to drop to 0.38-0.40 yuan/Wh( Zhongke Haidong states that a 1GWh production line can achieve 0.4 yuan/Wh), with some top-tier companies as low as 0.35 yuan/Wh. Under high lithium carbonate prices, sodium batteries and LFP are expected to reach parity, with long-term planned costs potentially dropping to 0.25 yuan/Wh.
Sodium batteries offer high cycle life and safety for energy storage, and excellent low-temperature performance for power applications. Currently, sodium energy storage batteries mainly use NFPP poly-anion, which has high cycle life, over 10,000 cycles, with energy density around 115, and higher safety. Since energy density is not a high requirement for energy storage, sodium energy storage could rapidly replace existing solutions as costs decrease. For power applications, the main route is layered oxygen, with CATL’s sodium batteries reaching an energy density of 175Wh/kg, already at a usable level, and performing well even in low-temperature environments.
The potential for sodium batteries is enormous. CATL’s Yuqun Ning stated that, in the long term, sodium-ion batteries could replace 30% to 40% of the current market. The global energy storage market is expected to exceed 3000GWh by 2026, indicating a huge space for sodium batteries.
Related Stock Highlights
Dingsheng New Materials: The price increase for battery foil processing fees is gradually being implemented, with aluminum foil used in sodium batteries doubling compared to lithium batteries.
Tongxing Technology: Planning an annual production of 100k tons of sodium battery cathodes and 6GWh of cells, with subsidiary’s poly-anion cathode shipments in 2025 reaching the 9th batch.
Puleite: Haishida ranked first in sodium battery shipments in Q1 2026, participating in China’s first AIDC sodium battery project.
Rongbai Technology: Shipping sodium battery cathodes second in 2025, closely collaborating with C.
Dechuang Environmental Protection: Layout of layered oxygen cathodes and coal-based anodes, with certifications from customers in Shaoxing, Luoyang, Shanghai, and others.
Zhongke Electric: Layout of hard carbon anodes, supplying to C.
Zhenhua New Materials: Built a thousand-ton-level layered oxygen cathode production line and achieved mass supply.
Others:
1) Batteries: CATL, Vico Technology, Chuan Yi Technology;
2) Materials: Zhongwei Co., Yuanli Co., Shengquan Group.
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