China is reportedly set to allocate more than 6 billion yuan ($830 million) to a state-led initiative aimed at advancing solid-state battery technology, in addition to its recent investments aimed at bolstering its domestic semiconductor industry.
What Happened: Six firms are eligible to receive state funding to work on the solid-state battery technology, Reuters reported, citing a person familiar with the matter. Battery maker and Tesla, Inc. (NASDAQ:TSLA) supplier CATL, Nio, Inc.-backed (NYSE:NIO) WeLion New Energy Technology, BYD Co Ltd. (OTC:BYDDY) (OTC:BYDDF), FAW, SAIC, and Geely Automobile Holding’s (OTC:GELYY) are the potential participants of the project.
Compared to traditional lithium-ion batteries that use flammable liquid electrolytes, solid-state batteries offer enhanced ...