Zhuhai Yinlong lithium titanate leader full expansion, the second leader of the industry "lead to be sent"

In the case that lithium iron phosphate has already taken the lead in the industry, can the development of the lithium titanate industry with low energy density and high material cost be able to come to the fore? How big is this market? Does it really support Yinlong to land in the capital market?

Zhuhai Yinlong plans IPO

Is lithium titanate battery superior to lithium iron phosphate and ternary battery? From the safety of the most important indicators of the battery, lithium titanate stands out. Since the lithium titanate battery can be safely used in high temperature and low temperature environments, it also shows its important advantages of wide temperature resistance (especially low temperature resistance). Another advantage of lithium titanate is its rapid charge and discharge capability and high charge rate. The industry believes that these technical characteristics of lithium titanate meet the needs of new energy buses and large-scale energy storage equipment. According to the reporter's multi-party verification, Zhuhai Yinlong is expanding its production capacity and planning to land in the capital market through IPO.

Zhuhai Yinlong Group, the leader of lithium titanate battery, has recently made frequent moves. On May 3, the Group's Guangtong Automobile Production Base project started construction in Lanzhou New District; on May 9, the Nanjing Industrial Park project was officially opened; it is also reported that Yinlong's capacity layout in Hefei, Anhui Province has also been finalized. Behind such a dense expansion, the company is planning an IPO.

This seems to be a gamble. In the case that lithium iron phosphate has already taken the lead in the industry, can the development of the lithium titanate industry with low energy density and high material cost be able to come to the fore? How big is this market? Can you really support Yinlong to land in the capital market? Recently, the Shanghai Stock Exchange reporter launched a field investigation.

Lithium titanate boss full expansion

Although Yinlong was born in Zhuhai, it placed the entire industrial chain base in Wu'an City, Hubei Province.

Not yet entering the company's door, the reporters have been shocked by the scale of Yinlong's local industry. The wide factory area, neat planning, and the scientific and technological door building are somewhat out of tune with the traditional industry of Wu'an. It is important to know that Wu'an, which is adjacent to Handan and Anyang, is a big taxpayer in high-pollution industries such as steel and building materials.

Now, in the Wu'an New Energy Industrial Park, there are no rows of chimneys, dense workers, and piles of materials. Instead, green spaces, new energy buses, and three or two operators that are occasionally seen. At present, the industrial park has four major industries including lithium titanate materials, batteries, energy storage and new energy vehicles, and has become the most important production base of Yinlong.

Shuliang Ma is the general manager of North Ao Ti, which is owned by Zhuhai Yinlong. The company is responsible for the supply of lithium titanate materials for the entire Yinlong Group. The core technology of lithium titanate batteries is the development and application of this material.

Talking about the disadvantage of low energy density of lithium titanate battery, Ma Shuliang clearly told the Shanghai Securities Journal reporter that Yinlong nano-scale lithium titanate battery has increased energy density by 50%, and the cost is also reduced. The future will be with lithium iron phosphate three-dimensional battery three-point world.

"Our batteries have been in the fourth generation and will be improved on the basis of a 50% increase in energy density, such as by improving the ratio of the best technology of lithium titanate materials, electrolytes and cathode materials, and anode materials. Both can increase the energy density. We can also add graphene to lithium titanate to further increase the energy density. Now the cost of anode materials has been reduced by half, and our research institute is also developing independently, which can greatly reduce the cost. Shuliang Ma said.

The reporter learned that the most important task of Hubei Yinlong is to expand production. In the 3,000-ton lithium titanate material production workshop, the reporter saw a huge mixer working. Through a single pipe, lithium titanate was finally packaged and packaged in powder form by workers, without any dust pollution or pungent smell. Together with the three-phase production capacity of 7,000 tons, the production capacity of Yinlong's entire lithium titanate material has reached 10,000 tons.

Shuliang Ma said that the northern titanium alloy lithium titanate is basically supplied by Yinlong for its own use. Due to the expansion of battery capacity, the demand for materials has soared, and the expansion of materials will also drive the expansion of batteries. North Austrian titanium will soon launch 20,000 tons of lithium titanate materials, and the ultimate capacity target will reach 30,000-30,000 tons. At present, the industrial park has opened up 110 acres of lithium titanate material land, and another 160 acres of land for the construction of ternary materials, ternary materials can be supplied by the end of 2017.

In terms of battery capacity, the industrial park already has five lithium titanate battery production workshops with an annual production capacity of 270 million ampere-hours. In the future, it will launch an annual production of 1.462 billion ampere-hour lithium battery production line projects, and eventually achieve 10 billion ampere-hour capacities.

In addition, the annual production of 3,000 pure electric bus projects of Guangtong Automobile Co., Ltd. under Yinlong has also been put into production last year. In the future, it will realize the annual production capacity of 32,000 pure electric special vehicles; and energy storage modules. The production capacity will also achieve an annual output of 200MWh in the future.

Industry second leader "leads to be sent"

Compared with the intensive expansion of Zhuhai Yinlong, Sichuan Xingneng Group, which ranks second in the lithium titanate industry, is conditionally expanding production.

The materials, batteries and charging operations companies under the Xingneng Group are located in Jiange County, Sichuan Province. Dai Yangjie, the marketing director of the Group's new materials company, gave the reporter a guide: "The top is all mountains, we all flattened it to build the factory." In the direction of his fingers, the reporter saw the distance The excavator is working, and obviously there are projects under construction.

The reporter learned that Xingneng New Materials is the second largest producer of lithium titanate materials in China after Yinlong. In 2013, the 3,000-ton material production line has reached production. However, due to market demand, the production of materials in 2016 was less than 1,000 tons, and the production line was not completely released, but the growth rate was very fast.

The battery business of Xingneng Group is under the responsibility of its Jianxing Lithium Industry. When investigating the subsidiary, the reporter found that the second phase of its lithium titanate battery project has not yet been put into production, and the workers are stepping up installation and commissioning. Liang Qi, general manager of the company, told reporters: "At present, Xingneng's battery capacity is 250 million ampere, the first phase is 0.5 billion ampere, and the second phase has 200 million capacity, of which 100 million will be trial production. According to the plan, titanic acid Lithium battery capacity will continue to expand."

Why is a western enterprise optimistic about the technical route of lithium titanate?

In Chengdu, the reporter saw Weifeng Fan, general manager of Xingneng New Materials. His other identity is the Chengdu Institute of Organic Chemistry of the Chinese Academy of Sciences.

After learning about the reporter's intention, Fan Weifeng was quite impressed: "The vast majority of China's lithium battery companies are on the coast. The reason why we chose to make lithium titanate is because the research direction of my research is this technology."

The same as the lithium titanate route, Xingneng and Yinlong are technically different. "Lithium titanate materials are made by different manufacturers, the method is different, and there are gaps in the products." Fan Weifeng said, "For example, some are cheaper and expensive, some products have flatulence and some are not flatulent, and some have good low temperature performance and good high temperature performance. Compared with the nano-scale materials of Yinlong, Xingneng's lithium titanate material can be called sub-micron, the particles are larger, but the volume is smaller, so the performance is different."

Liang Qi also said: "Xingneng can add graphene as an additive to lithium titanate materials, which can improve battery energy density, charge rate and expand high and low temperature performance. But it does not necessarily mean that these performance advantages can eventually be concentrated. Together, we are still continuing to study. I think that the lithium titanate battery itself will eventually be further subdivided due to differences in performance and application market."

Although Xingneng does not currently specialize in the production of electric vehicles, the company has set up operations companies with companies such as Chuanke and Yandu to jointly launch a model that is specially equipped with lithium titanate batteries. At present, there is a model of lithium-ion battery that has been specially equipped with lithium titanate battery. It has entered the catalogue of new energy vehicles of the Ministry of Industry and Information Technology (the fourth batch in 2017). The lithium titanate battery company supplied for this model is Jianxing Lithium.

Energy storage is the key to three-point world

Unlike the lack of competition in the field of new energy passenger cars, lithium titanate batteries are quite competitive in the energy storage market.

"Our energy storage vehicle inverter igbt module response speed is very fast, now we can send power and electricity to the national grid in 0.02 seconds, users simply cannot feel." Yinlong storage plant director Su Bin told reporters.

The industry believes that the current pattern of lithium iron phosphate "hegemony" electric bus is still difficult to shake, and the ternary battery has obvious advantages in the electric passenger car market. Although the lithium titanate electric bus market share is also increasing, but in order to truly form a three-point world, the energy storage market is the most critical.

What is energy storage? Energy storage is a large-scale power storage system. It is mainly used in the field of distributed generation and microgrid and renewable resources.

Energy storage batteries pay more attention to the long life and high safety performance of the battery. Taking a lithium iron phosphate battery as an example, the cycle life is not more than 3000 times, and the life span is 7-8 years. However, the lithium titanate battery has a cycle life of more than 25,000 cycles and a life span of 30 years. The long cycle life is more in line with the application needs of the industrial energy storage field.

At present, Yinlong's industrial energy storage system mainly exists in the form of energy storage vehicles. The large-scale energy storage vehicle has a length of 12 meters and consists of independent energy storage boxes with a capacity of one thousand degrees. Due to the fast charging performance of lithium titanate, a large-scale energy storage vehicle equipped with one thousand kilowatts of electricity can be fully charged in only 2-3 hours after the power is completely used up.

Yinlong Storage Energy Plant Director Su Bin said that Yinlong Energy Storage Vehicles had completed three projects in Hawaii in 2012, 2014 and 2016, and integrated photovoltaic and wind power generation for the three islands. The project also used Yinlong storage vehicles.

"The domestic market understands the concept of energy storage relatively shallowly, or stays in the demand for storage electricity. For example, a power plant needs to store several thousand kilowatts of electricity." Su Bin said that in fact, the energy storage system is not just electricity absorption. Then, when it is discharged, it is released. Its most important role is to adjust the peaks and valleys. For example, during the peak load period, a thermal power plant may not estimate the load in advance. At this time, the energy storage system can be used to dispatch power in time.

Although ordinary people have a relatively simple understanding of energy storage, their industrial development prospects are extremely broad.

According to the incomplete statistics of the domestic authority Zhongguancun Energy Storage Industry Technology Alliance (CNESA) project library, as of the end of 2016, the cumulative installed capacity of domestic energy storage projects (excluding pumped storage and heat storage projects) was 189.4MW, of which 2012- The compound annual growth rate in 2016 reached 45%. What is more worthy of expectation is that the installed capacity of lithium-ion batteries in construction and planning projects is more than six times that of their operating projects. In the next 2-3 years, lithium-ion batteries will experience explosive growth.

CNESA expects that by 2020, the total installed capacity of China's energy storage will reach 24.2GW in the ideal scenario, and the total installed capacity will reach 14.5GW in the conventional scenario.

It is worth noting that Zhuhai Yinlong is planning to land in the capital market in addition to expanding its production capacity. Although Gree Electric Appliances acquired abortion before, according to the reporter's multi-party verification, Zhuhai Yinlong is planning to invest in the capital market through IPO after increasing its capital and shares.

According to public information, as of March 31, 2017, the registered capital of Zhuhai Yinlong reached 1.103 billion Yuan, while the registered capital of the company and Gree Electric was 856 million Yuan. The number of promoters has expanded to 24, three more than before. Among them, Guangdong Yintong Investment Holding Group Co., Ltd. holds 25.98%, which is the largest shareholder; Mingzhu Dong has a personal shareholding ratio of 17.46%, which is the second largest shareholder. In addition to Mingzhu Dong, Wanda Group, Zhuhai Tuojin Energy, Zhuhai Cold Spring Investment, Qingdao Jinshi, Suqian Hanbang Investment are all new faces. Zhongyeda, Huarong Zhicheng NO.2, Oriental Bangxin, and Hengtai Capital chose to withdraw. Among them, Zhongyeda transferred its 0.8701% stake in Zhuhai Yinlong to Zhuhai Tuojin Energy with a transaction price of 117 million Yuan.

The page contains the contents of the machine translation.