Listed company Shenzhen CLOU Electronics says it has secured a contract with a “famous American energy company” to supply an energy storage system totalling 485MWh in South America.
Lithium iron phosphate (LFP) will be the dominant battery chemistry over nickel manganese cobalt (NMC) by 2028, in a global market of demand exceeding 3,000GWh by 2030.
China’s share of the lithium-ion battery cell production capacity market is set to fall from 75% in 2020 to 66% in 2030, according to Clean Energy Associates in a new report.
China is targeting a non-hydro energy storage installed capacity of 30GW by 2025 and grew its battery production output for energy storage by 146% last year, state media has said.
A 100MWh gravity-based energy storage system developed by Energy Vault is expected to begin construction in China in the second quarter of this year, the Swiss-American startup has claimed.