China’s Richest Man Invests $500 Million in Solid-State Batteries

Entrepreneur Zhong Shangshang, founder of Nongfu Spring, quietly entered the solid-state battery sector with a strategic investment. In late May, according to Tianyancha, Zhong invested through his subsidiary “Yangsheng Tang” in Zhibang Lithium, a solid-state electrolyte company established just over a year ago. This fund-driven investment positions Zhong, the richest man in China, at the forefront of the new energy materials industry, highlighting the strong allure of the solid-state battery race. Solid-state batteries have been identified as a key focus area by the Ministry of Industry and Information Technology, with multiple institutions predicting global demand to reach nearly 500GWh by…