According to Matrix Partners China (MPCi)'s official announcement on September 15, 2026, together with reports by PEdaily and GGII Sodium-Ion, Huzhou Yingna New Energy Materials Co., Ltd. ("Yingna New Energy") has closed a tens-of-millions-yuan Series A+ round as a market-based financial investment, with Matrix Partners China as the exclusive investor. Liu Zhuang, Managing Director at Matrix Partners China, said the investment focuses on the company's advantages on the NFPP technology route, its scale-up capability and commercialization potential. Wang Yaping, founder and chairman of Yingna, said the company will leverage the industrial resources of Matrix Partners China and existing investors to expand domestic and international markets. Notably, this is the company's fourth funding round in four years: in May this year, Yingna completed a tens-of-millions-yuan Series A exclusively invested by Xie Nuo Chen Tu as a strategic investment.
On the company and capacity, Yingna New Energy was founded in March 2022 and is headquartered in Changxing, Zhejiang, with core technology from a Jiangsu University research team. It focuses on polyanionic cathode materials for sodium-ion batteries, with core products covering NFPP (sodium iron pyrophosphate composite) and NFS (sodium ferrous sulfate) systems. By its own disclosure it ranks among the industry's top three in polyanionic cathode shipments and has built a 10,000-tonne-per-year line. Per the capacity roadmap disclosed in the GGII interview, capacity will ramp from 5,000 t/y in 2025 to 25,000 t/y in 2026 and 70,000 t/y in 2028, with a long-term plan exceeding 100,000 t/y, using a combination of about 25,000 t/y of in-house production plus 20,000 t/y of tolling; the complete Sichuan production base is scheduled to break ground in October 2026, with the first line expected to start production in May 2027.
On product iteration, the first-generation YN-NFPP-3 has been sampled by more than 100 cell makers with shipments at the thousand-tonne level (company-disclosed); the second-generation YN-NFPP-5, released at CIBF2026 in May, carries company-stated specifications of first-charge specific capacity of no less than 118 mAh/g at 0.1C, first-discharge capacity of no less than 105 mAh/g, electrode compaction density of no less than 2.30 g/cm3, cycle life above 6,000 cycles and thermal-runaway temperature above 310 degrees C; a third-generation product is planned for 2027-2028 with a discharge capacity target above 110 mAh/g.
The exact amount, post-money valuation and equity stake were not disclosed, with "tens of millions of yuan" being the investor's own wording; capacity plans, shipment rank and product specifications are company-disclosed; the Sichuan base has not yet broken ground (scheduled for October), planned capacity does not equal installed capacity, and a closed A+ round does not guarantee subsequent mass production. Watch items include the Sichuan base groundbreaking and first-line startup, NFS commercialization, and order traction into major cell makers' supply chains.