Norwegian ‘smart battery’ firm Hagal and China-based lithium-ion battery manufacturer Cospowers Technology have partnered to offer an energy storage solution.
The pair have launched the joint venture (JV) to “provide efficient and sustainable energy storage solutions for the global market”. Utility-scale grid services, microgrids, mobility, and consumer electronics were listed as target segments.
The JV will combine Cospowers’ lithium-ion battery solutions and Hagal’s energy management system (EMS) and battery management system (BMS). They said it will enhance the lifetime and performance of the batteries and also give them a second life.
‘Second life’ means redeploying used batteries for a different use case once they’ve been exhausted in the setting they were designed for. Usually, that means EV batteries being repurposed into stationary energy storage.
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Cospowers is one of the 15 largest lithium-ion battery manufacturers in China with an annual production capacity of 15GWh with an additional 9GWh coming online in two years’ time.
The JV between it and Hagal will be operational in the third quarter of 2023 and will be headquartered in Amsterdam, with associated production facilities in Changde and Tianchang, China, with R&D centres in both nations.
“We are excited to partner with Hagal, a pioneer in smart battery technology, to create a joint venture that will accelerate the energy transition and contribute to a cleaner tomorrow. Together, we can offer a unique value proposition to our customers and deliver more efficient energy to the world,” said Hui Shan, Founder, Chairman, and President of Cospowers Technology.
“By joining forces with Cospowers Technology, a leading lithium battery manufacturer with a global presence and a strong reputation, we scale up our smart battery solutions and reach new markets and segments. We share a common vision of maximizing battery life for a cleaner tomorrow and we look forward to working together to make it a reality,” said Christian F. Ringvold, Executive Chairman of Hagal.
Hagal was acquired by software startup Entheos Network in late 2022, for a total transaction price of US$53.4 million. Entheos said it would build on Hagal’s battery management technology to create a virtual power plant (VPP) platform, Entheos Cloud.
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