36Kr Exclusive | Sodium battery cathode material manufacturer secures tens of millions of yuan in financing, to further expand kiloton-scale production capacity

Author | Qiao Yujie

Editor | Yuan Silai

Yingke learned that Xingrong Xinyuan (Xiamen) Technology Co., Ltd. (hereinafter referred to as "Xingrong Xinyuan") recently completed an angel round of financing of tens of millions of yuan, jointly invested by Blueprint Venture Capital and Xiamen High - tech Investment. The financing funds will be mainly used for R & D investment and capacity expansion.

Founded in 2022 and headquartered in Xiamen, Xingrong Xinyuan is committed to the R & D, production, and sales of cathode materials for sodium - ion batteries. The company has built a systematic material design and process capability around the composite sodium iron phosphate (NFPP) technology route.

The technical advantages of Xingrong Xinyuan are mainly reflected in material design and process innovation. The company uses a unique composite carbon coating technology, which significantly improves the electronic conductivity of NFPP materials. Through the optimization of the formula system and refined process control, the generation of heterogeneous phases is suppressed, further improving the structural purity and consistency of the materials. Through the nano - scale particle design and the introduction of the gradation theory, the material capacity is fully released, and the compaction density of the products is significantly improved.

In terms of the process, Xingrong Xinyuan uses ultra - fine grinding and precise gradation processes to improve the grinding efficiency, achieving precise control of the slurry particle size range and ensuring the uniform mixing of nano - scale particles. Combined with the spray - drying process, the prepared precursor has a higher sphericity and a narrower particle size distribution, further improving the packing density of the materials.

(Image source/Enterprise)

Currently, a complete industrial chain has been formed in China, from upstream battery - grade sodium carbonate, hard - carbon anodes, and electrolytes, to mid - stream cell manufacturing, and then to downstream applications. According to the ICC Xinluo Sodium Battery Database, the production of sodium - ion batteries in China in 2025 was 3.45 GWh, a year - on - year increase of 96%. In terms of technology routes, the polyanion (NFPP) route gradually established its dominant position in 2025, accounting for about 70%.

Liu Hongyang, the founder of the company, said that although the layered oxide route has an advantage in energy density, it still cannot get rid of the dependence on rare and precious metals such as nickel and cobalt when pursuing higher energy, and there are hidden dangers in safety and long - term stability. The Prussian blue route is difficult to industrialize due to its structural defects and crystal water problems. NFPP has natural advantages in terms of safety, cycle life, and raw material costs, and does not require the use of rare metals, making it more suitable for the long - term needs of the energy storage market.

In terms of product differentiation, Liu Hongyang said that Xingrong Xinyuan has achieved fine control of the pure phase of the material through its own synthesis path. NFPP is prone to produce heterogeneous phases during the industrialization process, which will directly affect capacity release and compaction density. The company has successfully controlled the main phase at about 99%, ensuring capacity release and high compaction density. In the carbon coating process, Xingrong Xinyuan uses a composite carbon source coating technology, combined with self - developed process optimization, reducing the carbon coating ratio from the industry - wide 1.8% to 1.1%, effectively optimizing the cost structure.

Regarding product consistency and yield, Liu Hongyang said that from 2023 to 2024, Xingrong Xinyuan systematically refined the equipment parameters and process details, gradually moving away from the early lithium - iron process thinking, and the energy consumption in the front - end grinding and back - end sintering processes has decreased significantly. The company's current product yield and batch consistency have been stabilized between 97% and 98%.

Currently, Xingrong Xinyuan's annual production capacity has reached 5,000 tons. In 2026, downstream customers have locked in more than half of the annual order volume in advance. The company will start the construction of a second - phase production line with a capacity of 20,000 tons in the future, and it is expected to further release production capacity from the first quarter of 2027. The company has established long - term strategic cooperation relationships with several leading enterprises, laying a foundation for future market expansion.

In terms of the team, Liu Hongyang, the founder of the company, graduated from the University of California, Los Angeles (UCLA). He has had multiple entrepreneurial experiences in the United States and has mature enterprise management and industrialization experience. Huang Ling, the co - founder and chief scientist of the company, is a professor and doctoral supervisor in the Department of Chemistry at Xiamen University. He started researching sodium - ion cathode materials in 2017 and is one of the first in China with experience in the sodium - battery polyanion system.