Founder Securities released a research report stating that the core principle of isostatic pressing technology is Pascal's principle, where powder in a high-pressure vessel receives uniform pressure in all directions. In solid-state battery applications, it is difficult to replace isostatic pressing equipment with roller pressing or post-press formation devices. Overseas isostatic press manufacturers have more experience, while domestic companies are actively catching up, with some having successfully developed the technology. Key players to watch include Lead Intelligent (300450.SZ), Rongqi Technology, and Naconol (920522.BJ).
Founder Securities' key insights are as follows:
Isostatic pressing equipment is categorized into hot isostatic pressing (HIP), warm isostatic pressing (WIP), and cold isostatic pressing (CIP). The performance of solid-state batteries at room temperature is limited by slow ion transport kinetics, leading to increased internal resistance and significantly reduced discharge energy density. Elevated temperatures can notably improve ionic conductivity. Compared to CIP, WIP further enhances conductivity by heating while maintaining lower costs than HIP and achieving higher pressure levels, making WIP more suitable for solid-state battery applications.
Isostatic pressing is well-suited for solid-state batteries as it allows precise control over electrode density, thickness, and porosity. It ensures tight bonding between electrode and electrolyte materials, optimizes interfacial contact, reduces internal resistance, and improves ionic conductivity and mechanical strength. Additionally, it can streamline production processes and lower costs.
The core challenges in isostatic pressing equipment lie in constructing steel wire pre-stressed winding structures, matching high-pressure sealing with ultra-high-pressure vessels, and meeting safety certifications. Current difficulties in mass production include: 1) A single pressurization-holding-depressurization cycle may take tens of minutes, making continuous operation difficult at this stage. 2) Cost reduction may depend on increasing chamber size or adjusting production line timing to lower equipment barriers.
Overseas companies, such as Sweden’s Quintus Technologies and South Korea’s Hana Technology, lead in experience. Domestic firms are accelerating R&D, with successful developers including Sichuan Lineng (20% owned by Rongqi Technology), Chuanshi Machinery (a subsidiary of AVIC Electromechanical Systems), and Lead Intelligent. Other potential entrants include Liyuan Heng, Naconol, Litong Technology, and Xizhuang Co.
Key manufacturers to monitor include Lead Intelligent, Rongqi Technology, and Naconol.
Risks: Uncertainty in isostatic pressing technology pathways; slower-than-expected demand and commercialization in the solid-state battery industry; and inadequate cost control and reduction in isostatic pressing equipment.
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