Zhong Shanshan, the reclusive billionaire behind the beverage empire Nongfu Spring, has long been synonymous with China’s consumer market. His fortune was built on the simple premise of selling bottled water and soft drinks to hundreds of millions. Now, in a striking strategic pivot, the man often called the "Water King" is investing in a future that is decidedly dry: solid-state battery technology.
Through his investment vehicle Yangshengtang, Zhong has taken a significant stake in Zhejiang Zhibang Lithium Battery New Material, a startup focused on solid-state electrolytes. This move represents his first foray into the high-stakes world of new energy materials. It signals a broader shift among China’s traditional tycoons as they look to secure a foothold in the country's dominant electric vehicle (EV) supply chain.
The investment is less about a sudden interest in chemistry and more about backing elite talent. Zhibang Lithium is led by Dr. Xu Xiaoxiong, a veteran scientist formerly of Ganfeng Lithium, one of the world's largest lithium producers. Dr. Xu’s track record in solid-state research provides the technical credibility that often eludes traditional manufacturing investors entering the tech space.
Solid-state batteries are widely considered the "Holy Grail" of the EV industry, promising higher energy density and improved safety by replacing flammable liquid electrolytes with solid materials. While commercialization remains a challenge, the race is intensifying globally, with heavyweights like Toyota and CATL pouring billions into R&D. Zhong’s entry into this field suggests a long-term bet on the next generation of energy storage.
This venture also aligns with regional industrial ambitions. Zhibang Lithium has received backing from state-owned capital in Quzhou, a city rapidly positioning itself as a hub for new energy manufacturing. By pairing private billionaire capital with state-level strategic goals, the startup is well-positioned to navigate the capital-intensive path of material science innovation.