The Energy Storage Report 2024

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Hithium and US developer Perfect Power in 1GWh battery MOU


China-based lithium-ion battery manufacturer Hithium has agreed to supply 1GWh of products to US energy storage project developer Perfect Power through a memorandum of understanding (MOU).

The companies announced the MOU yesterday (9 November) which was signed at Hithium’s headquarters in Xiamen, China. Hithium is one of just a few companies manufacturing lithium-ion batteries at scale that is focused on stationary energy storage rather than electric vehicles (EVs).

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The agreement will see Hithium supply 1GWh of battery products to Perfect Power, which describes itself a developer focused on ‘distributed energy storage’ primarily in California and Texas, the US’ two largest markets for energy storage.

Distributed would include the smaller end of utility-scale projects, with Perfect Power having developed 9.9MW battery energy storage system (BESS) projects in Texas. That includes a 79.2MW portfolio sold last year to UK-based energy storage investor Gore Street Capital. Projects that size and under benefit from a faster grid interconnection process in Texas.

Hithium chairman Jeff Wu commented: “Cooperating with Perfect Power is an exciting step for us in the U.S., allowing us to support projects in two of the country’s largest energy markets, California and Texas. Through this collaborative endeavor, we aim to further the penetration and deployment of advanced energy storage products into the Net Zero transition in the US.”

This year saw Hithium launch in Europe as well as raise US$620 million in capital from investors in a Series C for capacity expansion, equipment purchases and research and development. At the RE+ clean energy expo and conference in Las Vegas in September it launched a 5MWh 20-foot containerised BESS product, one of a swathe of BESS providers to do so this year.

Perfect Power is a portfolio company of private equity firm SER Capital Partners. Perfect Power lists microgrid provider MicroGrid Networks and energy efficiency and renewable energy solutions firm Brightcore Energy as affiliate companies, the former of which was named at the MOU ceremony (picture above).

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