英文【Bernstein】电池周报5月19日

BERNSTEIN FLASHMAIL19 May 2025Global Energy StorageNeil Beveridge, Ph.D.       +852 2123 2648   neil.beveridge@bernsteinsg.comBrian Ho, CFA       +852 2123 2615   brian.ho@bernsteinsg.comHengliang Zhang       +852 2123 2629   hengliang.zhang@bernsteinsg.comBattery Weekly 19 MayAsia• CATL prices upsized $4.6 bln HK listing at HK$263/share. (Bloomberg). CATL priced its shares for its Hong Kong listing at HK$263apiece and fully upsized the deal to 135.6 million shares, not including the over-allotment option, according to terms of the deal seenby Bloomberg News. CATL sold 117.9 million shares in the base offering and exercised the offer size adjustment option of 17.7 millionshares. At that price, CATL would raise $4.6 billion, Bloomberg calculations show. If the over-allotment option is exercised, listing couldraise as much as $5.3 billion.• LG Chem to raise $1b in LG Energy Solution exchangeable bonds. (Bloomberg). LG Chem plans to issue $1b bonds which can beexchangeable into LG Energy Solution shares, according to a regulatory filing. Bond expiration date will be June 16, 2028 and theconversion price is 337,700 won. Proceeds are expected to be used to repay debt before maturity; LG Chem issued $1b EB in 2023.• China's Gotion launches first road tests for all-solid-state batteries. (China Daily). Chinese battery maker Gotion High-Tech has launchedthe first road testing for its next-generation all-solid-state batteries, after completing the country's first fully localized 0.2 Gigawatt-hourpilot line, marking a milestone in the global race to commercialize next-generation EV powers. Pan Ruijun, research and developmentdirector of the company's all-solid-state project, said on Saturday that Gotion's all-solid-state batteries Jinshi has completed a 0.2gigawatts production line, which was the first in China, with all equipment fully localized. The prototype cells, already undergoing vehicle-mounted road tests, feature a 150 percent increase in energy capacity and a 90 percent reduction in preloading force after 12 monthsof extreme condition validation, including nail penetration, thermal chamber and overcharge scenarios. In a parallel move, Gotion's ChiefScientist Zhu Xingbao said the company is planning a 12 GWh quasi-solid-state battery production line. With an energy density of 300Wh/kg, the battery enables EV ranges of more than 1,000 kilometers, Zhu said. He emphasized, "Such an advanced battery has alreadylogged over 10,000 kilometers in road tests."• Honda, CATL sign MOU on battery development, supply chain. (Bloomberg). CATL signed a memorandum of understanding with a Hondaunit in China to deepen cooperation on lithium-iron phosphate batteries, cell-to-body integration technology, supply chain management,according to a statement from the Chinese battery maker. The both parties will also cooperate on the R&D of 12V and hybrid batteries.• Posco’s Battery Material seeks $777 million via rights issue. (BNEF). Posco Holdings’ battery material unit p