The sales of new energy vehicles are booming, which makes lithium, an essential raw material for power batteries, in short supply. The three South American countries rich in lithium mines also want to compete for the pricing power of lithium resources. Argentina, Chile, and Bolivia are promoting the establishment of the "Lithium Triangle OPEC".
In the era of new energy, cars are often not limited by oil, but by lithium. How to get rid of the constraints of scarcity of lithium resources? Midstream and downstream manufacturers such as CATL are trying to find a solution. They set their sights on the "dusty" sodium-ion batteries.

Some time ago, Meng Xiangfeng, assistant to the chairman of Ningde Times, said that through the industrialization of sodium-ion batteries, the shortage of some lithium resources and the sharp increase in lithium prices will be solved.

Has the industrialization of sodium-ion batteries really come? According to Shao Junhua, the founder of Farnlight and the winner of the China Invention and Entrepreneurship Award, sodium-ion batteries still need to solve the three major problems of high-temperature cycle gas production, low-temperature cycle charging, and high-voltage cycle life. He believes that the current technical route for cathode materials has not yet been determined and is not suitable for mass production. It is expected to be industrialized in 2024 or even later.

Sodium forced out by high-priced lithium

After breaking through 500,000 yuan/ton in March 2022, the price of lithium carbonate fluctuated and fell. According to Wind data, after hovering below 500,000 yuan for half a year, the price of lithium carbonate climbed again, breaking through 500,000 yuan/ton again at the end of September, and rising to over 550,000 yuan/ton in early November. On November 10, the price of lithium carbonate was reported at 570,000 yuan/ton, approaching the 600,000 yuan/ton mark. The current price of 460,000/ton is still high, and in December 2020, the price of lithium carbonate is still less than 50,000/ton.

In one year, the price of lithium carbonate has risen nearly ten times, and the mid-stream and downstream manufacturers are miserable. However, lithium resources are precisely irreplaceable in the lithium battery system. Then why not change the material system and change lithium to sodium element with similar chemical properties? Sodium-ion batteries started almost at the same time as lithium-ion batteries. However, lithium-ion batteries were successfully commercialized in the 1990s, but sodium-ion batteries have been developing slowly. It was not until 2020 that it began to be applied in the field of energy storage and moved towards industrialization.

In the context of today's high lithium prices, widespread and low-cost sodium is gaining renewed attention.

"On the whole, (sodium-ion batteries) have advantages in cost; in terms of safety, they also have advantages. Especially in terms of alleviating the pressure on lithium resources, for example, sodium reserves are relatively abundant. In addition, sodium-ion batteries have an impact on lithium battery equipment. Strong compatibility. In the research and development of electrolyte and diaphragm, we can also learn from mature technologies related to lithium batteries." On October 28, Shao Junhua told the reporter of "Daily Economic News".

Longzhong Information analyst Wang Juan told reporters on November 4: "Sodium is widely distributed on the earth, and most of the lithium resources currently used in my country are imported. Domestic lithium mines are mainly concentrated in the southwest region, and the grade of the ore Not very high."

The report provided by the Toubao Research Institute to reporters and published in August 2021 shows that the crustal abundance of sodium resources is 2.75%, ranking sixth in the abundance in the crust, and sodium resources are distributed all over the world. The crustal abundance of lithium ions is 0.0065%, and the resources are unevenly distributed. 75% of lithium resources are distributed in South America.

According to the above report, the quotation of lithium iron phosphate, the cathode material of lithium batteries, is about 170,000 yuan/ton. In comparison, the price of sodium batteries is more "people-friendly". Among them, the price of cathode materials such as copper-iron-manganese layered oxide is about 29,000 yuan/ton, nickel-iron-manganese layered oxide is about 42,000 yuan/ton, and Prussian white is 26,000 yuan/ton.

According to the previous disclosure of Chuanyi Technology (002866.SZ), the cost of mass production of battery materials for sodium batteries is about 30% to 40% cheaper than that of lithium iron phosphate batteries. With the further completion of industrialization, the cost should be lower. Today, the price of lithium carbonate has approached the 600,000 yuan/ton mark, and the price gap is more obvious.

Capital market competition: the concept of sodium electricity is sought after

In the A-share market, sodium-ion battery concept stocks are also widely sought after, and one of the representative companies is Transart Technology. On the evening of June 22, Chuanyi Technology disclosed the establishment of a subsidiary company, Jiangsu Chuanyi Nadian Technology Co., Ltd. (hereinafter referred to as Chuanyi Nadian), announced the layout of the sodium battery business, and immediately rose on June 23. From June 20 to November 16, the range of Chuanyi Technology rose as high as 289.28%.

Even the Ningde era, the leader in lithium batteries, is actively deploying sodium-ion batteries. Toubao Research Institute believes that since 2017, the net profit of Ningde era has increased year by year, but the gross profit margin has continued to decline, from about 44% in 2017 to about 28% in 2020. In 2021, the gross profit margin will further drop to 26.28%, and it will drop to 14.48% in the first quarter of 2022. The main reason is that the prices of upstream raw materials continue to rise.

Reducing dependence on lithium may also be an inevitable choice for Ningde era. As technology continues to advance, the development of sodium-ion batteries can reduce the risk of being stuck by upstream lithium resources and serve as an effective technical reserve.

Ningde era is also in action. On July 29, 2021, CATL released the first generation of sodium-ion batteries. The single energy density of the battery cell reaches 160Wh/kg; charging at room temperature for 15 minutes, the power can reach more than 80%; in the low temperature environment of -20 ℃, it also has a discharge retention rate of more than 90%; the system integration efficiency can reach 80 %above.

In January 2022, Ningde Times announced that according to the paper "Roadmap for Sodium-ion Batteries in 2021" jointly written by scientists from Lancaster University, Cambridge University and other institutions in the United Kingdom, and according to the recommendations of some sodium-ion battery manufacturers According to public information, the world's leading sodium-ion batteries have achieved an energy density of 100Wh/kg to 160Wh/kg (for example, the energy density of Faradion's sodium-ion batteries in 2021 reached 150Wh/kg). Ningde Times stated that the energy density of the second-generation sodium-ion battery cells will exceed 200Wh/kg. It should be known that the highest energy density of a lithium iron phosphate battery cell is only around 210Wh/kg.

As a result, the blueprint for sodium-ion batteries drawn up in the Ningde era continues to attract new entrants.

On October 24, Chuanyi Technology said that due to the strong downstream demand, the Chuanyi Na-ion sodium-ion battery project originally planned to build a 2GWh production capacity in the first phase and a 8GWh production capacity in the second phase. The first phase of 4.5GWh production capacity construction, and the second phase of production capacity construction will make follow-up expansion plans according to the progress of the first phase project.

On the morning of October 27, Chuanyi Technology announced that the company's sodium-ion battery pilot line equipment has been installed and debugged and put into production. The number of cycles is not less than 4000 times.

The reporter of "Daily Economic News" learned that the first phase of the 150,000-ton electrolyte project of Chuanyi Sodium Power Co., Ltd. started construction on October 23 and is expected to be completed by the end of December. The demand for ion batteries, the output value can reach 10 billion yuan.

On October 21, CATL’s investor relations records also showed that the company’s sodium-ion battery industrialization is progressing smoothly, and the layout of the supply chain will take some time. It has negotiated with some passenger car customers and will officially mass-produce it next year.

The battle of three technical routes

In the field of lithium-ion battery cathodes, lithium iron phosphate has been "entangled" with ternary lithium for many years.

In the field of sodium-ion batteries, there are also many disputes over the selection of cathode materials. Representative of these are layered oxides, Prussian blue (white) and polyanions. It is understood that layered oxides focus on energy density; Prussian blue (white) focuses on low cost; polyanions focus on cycle life.

At present, the first generation of sodium-ion batteries in the Ningde era uses Prussian white materials; Beijing Zhongke Haina Technology Co., Ltd. (hereinafter referred to as Zhongke Haina) adopts the layered oxide route; anion.

Xinyu Information analyst Zhang Jinhui believes: "The three paths are carried out simultaneously, and it is not certain who will win."

This is because there are pros and cons to all three routes. Zhang Jinhui said that layered oxides are currently the mainstream direction of sodium-ion batteries due to their high energy density, excellent cycle performance, good rate performance, and excellent comprehensive performance. However, there are also disadvantages such as poor stability in the air, easy jelly of the slurry, and unstable gram capacity.

However, the relevant staff of Chuanyi Technology said in response to the reporter's question from the "Daily Economic News" that layered oxides have various technical routes and different solutions to related problems. He himself has not heard the company's technical staff talk about sodium batteries. The positive electrode material has the problem of high-temperature gas generation of layered oxides.

"The biggest problem with Prussian white is the water of crystallization. Prussian blue (white) is also poisonous, and it costs a lot of money to recycle." Zhang Jinhui said that the Prussian blue positive electrode will release highly toxic gases such as hydrocyanic acid and cyanide gas when it is thermally out of control. The preparation of cyanide involves highly toxic sodium cyanide, and special qualifications are required for production and supply.

According to the relevant staff of Transart Technology, polyanions have high stability and are easier to manufacture than layered oxides, but their energy density is also much lower, and they are mainly used for large-scale energy storage. Zhang Jinhui also said that there are not many manufacturers adopting the polyanion route.

The above-mentioned staff members also stated that Transart Nadian uses a technical route of layered oxides and polyanions for the positive electrode and hard carbon for the negative electrode. "The industry has reached a consensus on the technical route of sodium batteries. The industry has not rejected other technical routes, but some problems of other technical routes cannot be solved in a short time." The staff member believes.

Shao Junhua concluded: "First, it is necessary to improve high-temperature cycle gas production; second, it is necessary to improve low-temperature cycle charging; third, it is necessary to improve high-voltage cycle life. As far as electrolyte manufacturers are concerned, it is necessary to start from new additives and find out the direction. Only through thoroughness can the industrialization of sodium-ion batteries be made."

To sum up, many technologies of sodium-ion batteries are still being explored. Judging from the current patent reserves, CATL in China and Faradion in the UK are at the forefront of the industry.

Wisdom Bud data shows that Ningde Times and its affiliates currently have more than 110 patent applications in the field of sodium-ion batteries, including more than 40 authorized invention patents, mainly in related fields such as positive active materials, Prussian blue, and positive current collectors.

Zhongke Haina and its affiliated companies currently have more than 30 patent applications in the field of sodium-ion batteries, including 7 authorized invention patents, mainly in related fields such as positive electrode materials, negative electrode materials, and battery components; The personnel said that the company currently has 60 to 70 patents in the field of sodium-ion batteries.

In terms of foreign manufacturers, British Faradion and its affiliates currently have more than 110 patent applications in the field of sodium-ion batteries, including more than 40 authorized invention patents, mainly in related fields such as battery electrodes, electrolytes, and alkali metals; American Natron Energy and Its affiliated companies currently have more than 10 patent applications in the field of sodium-ion batteries, including 6 authorized invention patents, mainly in related fields such as battery electrodes, transition metals, and metal cyanides. In addition, Kishida Chemical currently has a total of 17 patent applications, and the company has no patents directly related to sodium-ion batteries.

Therefore, Wisdom Buds believes that sodium-ion batteries, as a cutting-edge research and development field, are currently being actively deployed by various manufacturers, and the volume of patent reserves is still growing. In comparison, Ningde Times and British Faradion have relatively rich reserves in the field of sodium-ion batteries, both of which have exceeded 100 pieces.

"PPT battery"? There are still many problems to be solved in the production of sodium electricity

Is the era of sodium-ion batteries really here?

On November 10, a reporter from "Daily Economic News" visited Transart Technology and its subsidiary Transart Nadian in Gaoyou, Jiangsu. The on-site sign shows that the Chuanyi sodium electricity project covers an area of about 140 mu, plans to invest 1 billion yuan, and plans to build 150,000 tons of sodium (lithium) ion battery electrolyte.

The reporter saw at the scene that the factory building of the first phase project had been completed, and the foundation was being laid on the construction site of the second phase project, and workers were building scaffolding. The relevant person in charge of the construction party told reporters that the equipment for the first phase of the project has entered the site one after another, and it is expected to be put into production in January 2023.

Regarding the progress of the current sodium-ion battery project construction, on November 10, the staff of Transart Technology said that the company's sodium battery project and electrolyte project cover a total area of more than 400 acres, with a total construction area of 120,000 square meters, of which 200MWh pilot line It has been put into production on October 27. The pilot line uses a plant area of more than 6,000 square meters, with a total investment of about 50 million yuan and the purchase of more than 100 sets of equipment.

"Before the pilot line was put into production, the anode and cathode materials were already in production, and the electrolyte was obtained through outsourcing in the early stage, and will be supplied independently in the later stage. The production capacity is matched." The staff member said that the plant of the first phase of the project has almost been built, the second phase is under construction, and the first phase of the project will be put into production in early 2023. There will be a process of ramping up production capacity in the follow-up, which will take about two to three years. months.

The staff member also said that the company is working on the entire industrial chain of sodium batteries. The positive electrode material of the first phase project mainly produces layered oxides, and the formula of the electrolyte is mature, which is already in the leading position in the industry.

Different from the "booming" promotion project of Chuanyi Technology, many industry experts said in interviews with reporters that mass production of sodium-ion batteries may not be easy.

"Although sodium batteries and lithium batteries are products of the same era, there is a big gap. At present, each of them is still in the laboratory stage, and there are few in the market. More are (staying) 'PPT'", Zhang Jinhui believes, " Sodium-ion batteries are temporarily difficult to use in the field of power batteries, and there is still a big gap between energy storage and lithium iron phosphate. In terms of cost, it is indeed 40% less. But the number of cycles is less than half, and waste recycling has no value and costs. , Lithium iron phosphate cannot be beaten in energy storage.”

Regarding the technical difficulties of sodium-ion batteries, Shao Junhua said bluntly: "The positive electrode materials have not yet been put into large-scale production; the cycle stability of positive electrode materials needs to be improved. Lithium-ion batteries have been developed for many years. For example, the cycle life of lithium iron phosphate can reach 10,000 times. In addition, the negative electrode can only choose hard carbon at present, which has low coulombic efficiency for the first charge and replacement of the entire battery, and the price is also high.”

The above is a problem in terms of positive electrode materials. In addition, in terms of electrolyte, Shao Junhua said: "Currently the electrolyte is still in the groping stage, and sodium hexafluorophosphate is mostly used in the market." In terms of batteries, Shao Junhua believes that the energy density of a single cell is low, only in the early 100Wh/kg .

The most critical indicator of the battery cell is the energy density. Longzhong Information analyst Wang Juan believes: "The diameter of sodium ions is larger than that of lithium ions, and the energy density of sodium-ion batteries is definitely not as good as that of lithium-ion batteries in terms of volume. In terms of conductivity, the insertion and removal of sodium ions is more difficult than that of lithium ions. Lithium ions are larger, so it is more difficult for sodium ions to flow. This should be improved through the selection of technical routes, and the key difficulty is energy density."

"In the laboratory, the number of cycles (sodium-ion batteries) can indeed reach the level of lithium iron phosphate, but this is only laboratory data, and there is a certain difference from the results of large-scale industrial production." Wang Juan believes that "(sodium-ion batteries) ) Mass production is possible in 2023, it is a bit difficult to apply to power batteries, but it is still possible to use in energy storage.”

In addition, Wang Juan also said: "In theory, the cost of sodium-ion batteries is much lower than that of lithium-ion batteries. But at present, lithium-ion batteries have been mass-produced, and the industrial chain of sodium-ion batteries has not been established. There is currently no cost advantage over lithium-ion batteries.