Global Energy Storage EcoPro BM: Quick Take: EcoPro BM 2Q26 - Earnings miss and soft 3Q outlook

研报英文原文证据摘录

Global Energy Storage EcoPro BM: Quick Take: EcoPro BM 2Q26 - Earnings miss and soft 3Q outlook

Brian Ho, CFA +852 2123 2615 brian.ho@bernsteinsg.com 31 July 2026

remains focused on broadening exposure beyond conventional high-nickel cathodes and expanding addressable markets

outside passenger EVs.

• Solid state batteries: For solid-state batteries, EcoPro BM has developed sulfide-based solid electrolytes over the past

four years, operates a 40t-per-year pilot plant, and has completed quality validation with major battery makers; earliest

mass production is targeted for 2027, with plant construction to align with customer timelines. The company is also

developing cathode materials optimized for sulfide-based solid electrolytes and is one of the few material players working

on both solid electrolyte and cathode for solid-state systems.

• LFP cathode materials: EcoPro BM is pursuing both conventional precursor-based and precursor-free LFP synthesis

routes, with a 4kt semi-pilot line in place and active sampling to multiple customers, mainly for ESS applications where

LFP is gaining share on cost and space advantages. However, the company is revisiting larger LFP capex for the North

American ESS market due to policy uncertainty (including PTC/MACR implementation under IRA-related rules) and higher

lithium prices, and will reassess timing once there is better visibility.

• Sodium-ion: The company has established a dedicated 1ktpa sodium-ion cathode production line and claims

performance comparable to leading Chinese products in both layered oxide and polyanionic chemistries. EcoPro BM

recently established the "K-Sodium Alliance" with Solbrain and Aekyung Chemical to strengthen the domestic sodium-ion

supply chain and accelerate commercialization.