BOC International released a research report stating that solid-state batteries, with their absence of liquid electrolyte, low outgassing risk, and resistance to radiation and temperature variations, are highly compatible with satellite application scenarios. The firm believes mass production of solid-state batteries is expected to accelerate, representing an industrial investment direction with relatively high certainty. From an industrial practice perspective, solid-state batteries in the satellite field have progressed from laboratory validation to the engineering and in-orbit verification stage. As industrialization advances, the penetration rate of solid-state batteries in the aerospace sector is expected to increase; the firm maintains an "Overweight" rating on the industry.
Solid-state batteries exhibit high compatibility with satellite application scenarios at the performance level. Unlike terrestrial applications, satellites operate in environments characterized by vacuum, intense radiation, and extreme temperature differentials. A battery failure would directly lead to the complete failure of the satellite's mission, with no possibility for repair or replacement during in-orbit operation. This significantly amplifies the drawbacks of traditional liquid lithium-ion batteries, such as electrolyte volatilization, thermal runaway risk, and lifespan uncertainty. From a first-principles perspective, satellite power systems prioritize long-term stability, safety, and energy density. Solid-state electrolytes contain no combustible or volatile liquid components, eliminating leakage and gas evolution issues in a vacuum environment, thereby offering significantly higher intrinsic safety than liquid systems. Furthermore, they demonstrate stronger structural stability under high-low temperature cycling and radiation conditions, making their physical attributes highly compatible with satellite application scenarios.
NASA regards all-solid-state batteries as an important future direction for aviation and aerospace energy storage technology. The NASA TechPort platform indicates that NASA is advancing all-solid-state battery projects aimed at developing technologies suitable for missions involving probes and manned spaceflight. NASA's SABERS (Solid-state Architecture Batteries for Enhanced Rechargeability and Safety) project encompasses solid-state electrolytes and novel electrode designs, with potential applications in future deep space exploration and aviation propulsion systems.
Solid-state batteries in the satellite field have transitioned from laboratory validation to the engineering and in-orbit verification stage. JAXA and Hitachi Zosen Corporation jointly conducted a space experiment on all-solid-state batteries. This battery utilizes a solid-state electrolyte with no liquid components, features a wide operating temperature range from -40°C to 120°C, and offers advantages such as flame retardancy, no leakage risk, and passing nail penetration tests without fire/explosion, making it suitable for the vacuum environment of space. A single cell measures 65×52×2.7mm, weighs 25g, and has a capacity of 140mAh; 15 cells were connected in parallel to achieve 2.1Ah. The in-orbit experimental equipment for all-solid-state lithium-ion batteries was launched to the International Space Station on February 20, 2022, and installed on the external platform of the Japanese Experiment Module. Its mission was to conduct a demonstration experiment of charging and discharging operations for all-solid-state lithium-ion batteries in space. On March 5, 2022, the battery successfully confirmed its charge and discharge functions in the space environment. According to data published by Yu Miyazawa et al. in "Space Demonstration of All-Solid-State Lithium-Ion Batteries Aboard the International Space Station," the battery was exposed in orbit for 434 days, underwent 562 charge-discharge cycles, and showed no significant capacity degradation.
The industrialization of solid-state batteries continues to advance. Solid-state batteries hold advantages in energy density and safety, representing an important future upgrade direction for lithium-ion battery technology and receiving key policy support. Since 2025, multiple national-level policies have been introduced to support the development of solid-state batteries. Several battery enterprises have also announced progress in their solid-state battery pilot production. The firm anticipates that as pilot production continues to advance, the milestone for mass production of solid-state batteries is likely to arrive ahead of schedule.
Regarding investment advice, compared to liquid batteries, solid-state batteries offer benefits such as no liquid electrolyte, low outgassing risk, and resistance to radiation and temperature differentials, making them highly compatible with satellite scenarios. In the medium to long term, the penetration rate of solid-state batteries in the aerospace field is expected to rise. With accelerated validation of solid-state battery installation in vehicles, some companies initiating small-batch mass production, and the reshaping of the all-solid-state process system leading to increased value for incremental equipment like dry electrode processing, stacking, and isostatic pressing in the front and middle segments, the firm believes mass production of solid-state batteries is poised to accelerate, representing an industrial investment direction with relatively high certainty. The report recommends Contemporary Amperex Technology Co., Limited, Eve Energy Co., Ltd., Hunan Changyuan Lico Co., Ltd., Xiamen Tungsten Co., Ltd., and Ningbo Ronbay New Energy Technology Co., Ltd. It also suggests monitoring Taihe Group, Boyuan Co., Ltd., Zhongyi Technology, Honggong Technology, Naconor, Rongqi Technology, Lead Intelligent Equipment Co., Ltd., Winbro, Delong Laser, XIANHUI Technology, Xizheng Boiler, Hymson Laser, and Liyuan Heng.
The primary risks facing the rating include potential underperformance of new energy vehicle industry policies, failure of new energy vehicle product competitiveness to meet expectations, weaker-than-expected demand in the industry chain, and slower-than-anticipated technological progress.
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