Key takeaways: Rapid growth: LFP cathode materials (+60%), iron phosphate (+67%), and LiPF6 (+38%) saw significant production expansion, reflecting strong demand from power batteries and energy storage. New-type materials such as LMFP and composite sodium iron phosphate grew by over 90%, entering the commercialisation phase.

The CLNB 2026 Solid-State Battery Conference was held in Suzhou in April, where experts reached a consensus that 2026-2030 will be a critical period for industrialisation. The conference focused on breakthroughs in technology pathways such as oxide and sulphide, elaborating on progress in mass production of lithium sulphide, innovations in high-specific-energy cathodes, and upgrades in equipment and processes.

[SMM Analysis] This article introduces knowledge related to energy storage in a straightforward manner by addressing three questions: What is energy storage? Why do we need energy storage? How is energy storage implemented? At its core, energy storage is a technological system designed to address the temporal and spatial mismatches in electricity supply and demand, enabling the transfer of energy across time through forms such as chemical energy (e.g., batteries) and potential energy (e.g., pumped hydro storage). Its core architecture comprises four major modules: energy storage battery cells serve as the energy carriers, with the LFP route dominating the market; PCS converters facilitate AC-DC conversion; the BMS system monitors the safety of tens of thousands of battery cells in real time; and the EMS system optimizes charging and discharging strategies based on electricity price signals. The primary demand for energy storage covers the power generation and grid side, as well as the demand side. Current technological iterations focus on large-capacity battery cells, such as the 587Ah cell from CATL and the 684Ah cell used in combination by Sungrow.

[Easpring Technology's Finland Plant Breaks Ground! Annual Production Capacity of 300,000 mt LFP] Recently, the groundbreaking ceremony for the first phase of Easpring Technology (Finland) New Materials Co., Ltd.'s project was held in Kotka, Finland. Established in March 2024, Easpring Technology (Finland) New Materials Co., Ltd. is a joint venture between Beijing Easpring Material Technology Co., Ltd. (holding a 70% stake) and Finnish Minerals Group, a state-owned enterprise directly under the Finnish government (holding a 30% stake). The total investment in the project is approximately 800 million euros. The company is positioned to "produce lithium battery cathode active materials to meet the material demands of the European and American markets for new energy vehicles, energy storage systems (ESS), and other applications," aiming to supply cathode active materials to the European production sites of Easpring Technology's existing and new customers. The planned capacity for NCM is 200,000 mt/year, and for LFP/LMFP, it is 300,000 mt/year. Among these, the initial phase's NCM capacity is 60,000 mt/year.

【100,000-Ton LMFP Cathode Material Facility Commences Operations in Gansu】On April 18, 2025, a local company launched full production of its 100,000-ton annual lithium manganese iron phosphate (LMFP) cathode material project at a high-tech industrial park in Baiyin City, Gansu Province. The first-phase 20,000-ton facility involved a total investment of RMB 485 million. The long-term plan includes three phases to reach 100,000 tons of capacity. The operational first phase is projected to generate annual revenue of RMB 1 billion, with full completion expected to achieve the total target.

【100,000 mt/year Lithium Manganese Iron Phosphate (LMFP) Production Line Officially Launched in Gansu】On April 18, 2025, the 100,000 mt/year LMFP cathode material project of Baiyin Shidai Ruixiang New Material Technology Co., Ltd. (hereinafter referred to as "Shidai Ruixiang") was officially launched in the High-Tech Industrial Development Zone of Baiyin City, Gansu Province. The first phase of this project, with a total investment of 485 million yuan, has a production capacity of 20,000 mt. The company has a long-term plan to achieve a total capacity of 100,000 mt, which will be constructed in three phases. The first phase, with a production line capacity of 20,000 mt, has been fully operational, and is expected to generate an annual revenue of 1 billion yuan. Upon completion of the second and third phases, the total capacity will reach 100,000 mt.

The launch of Shidai Ruixiang coincides with the implementation of the "strictest national standard for battery safety" GB38031-2025 in 2026, which requires power batteries to "not catch fire or explode." The high thermal stability of LMFP will accelerate the replacement of medium- to low-nickel ternary cathode materials, seizing a trillion-yuan market.

Market Trends in Recycling Sector (April 21–27, 2025)

At the CLNB 2025 (10th) New Energy Industry Chain Expo - Battery Materials Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Chen Bolin, SMM cathode material analyst, shared insights on the topic "2025 China LFP Cathode Material Industry Trends and Supply-Demand Pattern Changes."

According to institutional forecasts, the global demand for LMFP materials is expected to exceed 300,000 mt by 2030, with the market size surpassing 18 billion yuan. Era Rhino, supported by policies, has commenced production, coinciding with the implementation of the "strictest national battery safety standard" GB38031-2025 in 2026, which requires power batteries to be "non-flammable and non-explosive." The high thermal stability of LMFP materials will accelerate the replacement of medium and low-nickel ternary cathode materials, competing for a trillion-yuan market share.