In 2024, sodium-ion battery technology has developed rapidly, especially in terms of energy density, cycle life and safety. With the continuous maturity of technology and the growth of market demand, the industrialization process of sodium-ion batteries is accelerating.

In terms of practical applications, sodium-ion batteries have begun to be used in some fields. For example, the world's first mass-produced sodium battery model of JAC Motors, the sodium-electric version of the Flower Fairy electric car, has been delivered to users, and the Jiangling Group New Energy Jiangling Yizhi EV3 (Youth Edition) equipped with Farasis Energy's sodium-ion battery has also officially rolled off the assembly line.

In addition, Datang's 50MW/100MWh sodium-ion energy storage project was implemented in Xiongkou Farm, Qianjiang, Hubei, marking that the application of sodium-ion batteries in the field of energy storage is also being promoted simultaneously.

The strategic cooperation agreement signed by ZOOLNASN and TAILG plans to provide the latter with no less than 2 million sets of polysodium No. 1 sodium-ion battery packs within two years, and is expected to start mass production and delivery in the third quarter of this year, marking the entry of sodium-ion batteries from small batch trial stage to large-scale mass production.

Overall, although the development of sodium-ion batteries in the two-wheeled vehicle and passenger car markets in 2024 is not as expected, it is a standout in the field of energy storage, and the number of companies releasing new sodium-ion battery products is also increasing, indicating that the sodium-ion battery industry has made great progress in product research and development in the past year.

In terms of capacity investment, according to incomplete statistics from the CESA Energy Storage Application Branch Industry Database, from January to October 2024, a total of 65 sodium-ion battery energy storage production and manufacturing projects in China have updated their dynamics, with a planned annual capacity of 248GWh, a planned total investment of 118.9 billion yuan, and an annual output value of 120 billion yuan after reaching full production. Among them, 5 new projects were put into production, with an annual production capacity of 4.04GWh, accounting for 1.63%; 17 new projects were started/under construction, with a planned annual production capacity of 152.81GWh, accounting for 61.62%; 43 new projects were planned (including new filing/planned construction/contract signing/environmental impact assessment approval, etc.), with a planned annual production capacity of 91.15GWh, accounting for 36.75%. It is expected that the number of sodium-ion battery projects that will win bids in 2024 will exceed 4GWh.

In terms of power station projects, according to incomplete statistics from the CESA Energy Storage Application Branch Industry Database, from January to November 2024, the scale of sodium-ion battery energy storage procurement and bidding was 126.25MW/251.75MWh. From January to November 2024, the scale of sodium-ion battery energy storage projects connected to the grid was 66.8MW/151.57MWh.

In terms of shipments, it is expected that China's actual sodium-ion battery shipments will exceed 2GWh in 2024, much higher than 0.7GWh in 2023, and the highest energy density of sodium-ion batteries disclosed by industry companies has reached 230Wh/kg, and some companies sell them at a price of 0.45 yuan/wh.

In terms of global market space, some institutions predict that the global demand for energy storage batteries will be 342GWh in 2025. Assuming that the penetration rate of sodium batteries in the global energy storage field is 5% in 2025, the demand for sodium batteries in the energy storage field will be 17GWh; the global demand for sodium batteries in the electric two-wheeled vehicle field is expected to be 5GWh, and the demand for sodium batteries in the electric bicycle market will be 0.91GWh; the total global demand for sodium batteries in 2025 will be 23GWh. Assuming a unit price of 0.6 yuan/Wh, the market space for sodium batteries in 2025 will be 13.8 billion yuan.