(Yicai Global) Feb. 8 -- Ganfeng Lithium’s stock price jumped after the Chinese company said the first electric sports utility vehicle powered by a ternary solid-liquid hybrid lithium battery developed by a subsidiary will go to market this year.

Ganfeng Lithium [SHA: 002460] finished 6 percent higher at CNY81.85 (USD12.07) in Shanghai today, while its Hong Kong-listed shares [HKG: 1772] climbed 5 percent to HKD71.80 (USD9.15).

Car and auto parts maker Seres will use Ganfeng LiEnergy’s hybrid lithium battery in its Seres 5 sport utility vehicle, which will debut in 2023, the unit of Xinyu-based Ganfeng Lithium said via WeChat yesterday.

Solid batteries use solid-state electrolytes. Compared with traditional liquid batteries, they are safer with greater energy density, providing a longer travel range. The mainstream ternary lithium batteries and lithium phosphate batteries on the market are all liquid.

Ganfeng LiEnergy was one of the earliest companies in China to develop solid batteries. Ternary hybrid batteries are first-generation power packs with some features of traditional liquid batteries. The firm has a plant producing solid batteries in China’s Jiangxi province and is building a solid battery base in Chongqing.

By the end of last year, 50 Dongfeng Fengshen E70 electric sedans equipped with Ganfeng LiEnergy’s hybrid battery had demonstrated their operation in 10 cities in China for nearly one year.

Editor: Futura Costaglione