Category: Battery News

Gotion posts 135% year-on-year profit growth in Q1, site for US battery plant nears finalization

Gotion is in the process of exploring a battery plant in the US, and the site is close to being decided, a company executive said.

Gotion High-tech, the Volkswagen-backed Chinese power battery giant, reported strong first-quarter results and revealed more about the company's plans to build a battery plant in the US.

Gotion reported first-quarter revenue of RMB 7.18 billion yuan ($1.04 billion), up 83.16 percent from a year earlier, despite a 16.8 percent decrease from the fourth quarter, according to an exchange announcement Friday from the Shenzhen-listed company.

The year-on-year increase in revenue was mainly due to growth in sales, Gotion said in the announcement.

The company reported a net profit of RMB 75.61 million in the first quarter, up 134.81 percent from a year earlier, but down 53.04 percent from the fourth quarter last year.

China's new energy vehicle (NEV) sales saw strong growth in the fourth quarter of last year, as consumers seized the last chance to get state subsidies for NEV purchases. For the first quarter, while it is usually a slow time for auto consumption, a rare price war this year delivered an additional blow.

China's first quarter NEV sales were 1.32 million units, up 23.72 percent year-on-year, but down 26.62 percent from the fourth quarter of last year, according to the China Passenger Car Association (CPCA).

Gotion, China's fourth-largest power battery manufacturer, saw its performance reflect these seasonal trends.

In March, Gotion installed 1.25 GWh of power batteries in China, ranking fourth with a 4.51 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).

China EV battery installations in Mar: CATL overtakes BYD in LFP market for 1st time this year-CnEVPost

Gotion aims to exceed 300 GWh of capacity by 2025, according to its previously announced plans.

In addition to its quarterly earnings report, Gotion announced its annual report, which showed it had revenue of RMB 23.05 billion in 2022, up 122.59 percent year-on-year.

Gotion's revenue in overseas markets in 2022 was RMB 2.98 billion, up 464.76 percent year-on-year.

The company's profit in 2022 was RMB 199 million, up 408.87 percent year-on-year.

US battery factory nears

Gotion is conducting an in-depth exploration of building a battery factory in the US, and the site is now close to being determined, the company's vice president of international operations Ray Chen said Friday while speaking with media, including CnEVPost, at its Hefei headquarters.

The company is well on its way to building a plant in the US as an early move to capture the explosive growth opportunities in the US and Europe in 2025-2027, Chen said.

Influenced by the Inflation Reduction Act, Gotion's US plant is necessary, he added.

"The US and Europe are at the point where rapid growth is about to begin in this industry, and we certainly can't afford to give that business away," Chen said.

Gotion is currently selling batteries to US customers through exports, with sales expected to be $500 million this year, according to the company.

Notably, on October 5 last year, Michigan Governor Gretchen Whitmer said in a statement that Gotion chose to build its $2.36 billion battery component manufacturing facility in Big Rapids.

The Michigan Strategic Fund (MSF) Board approved the investment by Gotion, which will launch a multi-phase project in Big Rapids to build a battery component manufacturing facility there to serve its entire North American and global customer base, according to the statement.

Once completed, Gotion's plant is expected to produce 150,000 tons of cathode material per year, with two 550,000-square-foot production plants planned as well as other supporting facilities, the statement said.

Gotion chairman Li Zhen said at the media event Friday that the battery materials plant is sited in Michigan partly because of the relatively inexpensive supply of hydroelectric power in the area.

Gotion has been in contact with the local government for about two years, and final approval for the plant is pending, Li added.

($1 = RMB 6.9150)

Gotion to build $2.36 billion battery materials plant in Michigan

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Lithium price in China sees 1st rise this year as analysts expect short-term rebound

Lithium prices are expected to stop falling in the near term, but will continue their downward trend over the next two years, analysts say.

Lithium price in China sees 1st rise this year as analysts expect short-term rebound-CnEVPost

The epic decline in lithium carbonate prices is starting to see signs of stopping.

Industrial-grade lithium carbonate price in China rose RMB 2,500 ($362) per ton today to an average of RMB 137,500 per ton, the first single-day increase this year, according to data from Mysteel.

Battery-grade lithium carbonate, on the other hand, remained at RMB 180,000 per ton for the third consecutive day, according to the data.

With the rapid growth of China's electric vehicle (EV) industry, prices for the key raw material for batteries have risen rapidly in the past two years.

At one point in late November last year, battery-grade lithium carbonate was quoted at RMB 590,000 per ton in China, about 14 times the average price of RMB 41,000 per ton in June 2020.

Since then, lithium carbonate prices have continued their downward spiral, and even a production disruption in Yichun, Jiangxi, nicknamed the "lithium capital of Asia," at the end of February did not stop the downward trend.

Earlier this month, a local media outlet reported that half of Yichun's four major lithium producers had opted to shut down production to stem the downward price trend.

The accelerating downward trend in lithium carbonate prices is unsustainable, with lithium prices expected to gradually stabilize and possibly even rebound in the short term as inventories decrease, said Chinese brokerage CICC analyst Zhang Jiaming's team in an April 20 research note.

Some companies were choosing to cut production due to oversupply, which is a normal phenomenon that would occur during price reductions, the team said.

However, the team believes the downward trend in lithium prices may not end soon, as the global lithium supply is still in surplus.

Market forces will bring a concentration of new capacity coming online and create supply growth that outpaces demand growth, which is the main driver of the easing lithium supply and demand crunch, the team said.

"We expect global lithium resource supply to grow from 760,000 tons to 1,973,000 tons in 2022-2025, with a CAGR of 37 percent," the team wrote.

Separately, CITIC Securities analyst Bai Junfei's team said in an April 17 research note that current lithium prices have fallen near key cost support levels and could stop falling if downstream demand picks up.

Downstream producers have material inventories that are all at extremely low levels, and overseas lithium prices are at a significant premium to Chinese lithium prices, which are also supportive factors, according to the team.

Notably, CITIC Securities shares CICC's view that lithium prices still have room to fall, as the oversupply will continue.

Global new lithium supply will reach 350,000 tons in 2023, and show a trend of quarterly increase, according to CITIC Securities.

In 2023-2025, total global lithium supply will grow to 1.2 million tons, 1.73 million tons and 2.32 million tons, respectively, with year-on-year growth rates of 44 percent, 41 percent and 34 percent, corresponding to a supply surplus of 74,000 tons, 397,000 tons and 438,000 tons, respectively, according to the team.

As the oversupply expands, lithium prices will still have downward pressure in 2024 and 2025, and there is a risk of further price declines after a temporary stop, the team said.

(1 $= RMB 6.9023)

Analysts explain how falling lithium carbonate prices affect EV costs

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Svolt Energy’s Dragon Armor Battery makes real-life debut at Shanghai auto show

In a 4C fast-charging solution, the Dragon Armor Battery has 32 percent higher pack capacity compared to the 46 series high nickel cylindrical battery, according to Svolt Energy.

(Image credit: Svolt Energy)

Svolt Energy, which was spun off from Great Wall Motor, gave its Dragon Armor Battery its real-life debut at the ongoing Shanghai auto show, after unveiling the battery late last year.

The battery maker showcased the Dragon Armor Battery at the Shanghai auto show -- which began April 18 and runs through April 27 -- with a video of a previous thermal runaway test on display.

In the test, heating triggered a thermal runaway of a cell in the middle of the pack, but no open fire was seen throughout the pack, Svolt Energy said in an April 19 post on its WeChat account.

The single cell runaway did not spread to adjacent cells, achieving the ultimate power battery safety, the article said.

Compared to the 46-series high nickel large cylindrical battery, the Dragon Armor Battery has 5 percent higher capacity on a 2C fast-charging solution, according to Svolt Energy.

On the 4C fast-charging solution, the Dragon Armor Battery has a 32 percent higher pack capacity compared to 46-series high nickel cylindrical batteries, the company said.

In addition, the highly integrated design of the Dragon Armor Battery reduces size and weight, effectively lowering battery costs, according to Svolt Energy.

The battery is compatible with a wide range of chemistries and can be carried in the A00-D class models, it said.

The strong compatibility shortens the development cycle of new models for car companies, and the versatility of the battery pack further reduces procurement costs, according to the company.

Since the announcement, Dragon Armor batteries have received multiple intent orders from customers, Svolt Energy said, without disclosing customer names.

Svolt Energy unveiled the Dragon Armor Battery at its third Battery Day event on December 15 in Changzhou, Jiangsu province, where it is headquartered.

Like BYD's Blade Battery and 's Qilin Battery, Svolt Energy's Dragon Armor is an innovation in battery pack structure that does not involve battery chemistry.

The Dragon Armor Battery system with lithium iron phosphate cells has improved volumetric pack efficiency to 76 percent and can have a range of more than 800 kilometers, the company said at the time.

Dragon Armor batteries with high-manganese iron-nickel cells can achieve a range of more than 900 kilometers, while such batteries with ternary cells can exceed 1,000 kilometers, Svolt Energy said.

The battery is expected to be on production models in 2023, including an SUV and a coupe in production in October 2023, Svolt Energy Chairman and CEO Yang Hongxin said at the Battery Day event.

Svolt Energy installed 0.43 GWh of batteries in China in March, ranking No. 9 with a 1.53 percent share, according to data released this month by the China Automotive Battery Innovation Alliance (CABIA).

Svolt Energy unveils Dragon Armor Battery capable of giving EVs up to 1,000 km of range

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China EV battery installations in Mar: CATL overtakes BYD in LFP market for 1st time this year

CATL's share of the LFP market in March was 39.47 percent, higher than 38.88 percent for , which was No. 1 in the LFP market in both January and February.

China's electric vehicle (EV) battery installations continued to grow last month, with CATL maintaining its lead and regaining the top spot over BYD in the lithium iron phosphate (LFP) battery market.

China's power battery installations in March were 27.8 GWh, up 29.7 percent year-on-year and up 26.7 percent from February, according to data released today by the China Automotive Battery Innovation Alliance (CABIA).

CATL's power battery installed base in March was 12.49 GWh, continuing to rank first with a 44.95 percent share, up from 43.76 percent in February.

BYD installed 7.40 GWh of power batteries in March, ranking second with a 26.65 percent share, down 7.54 percentage points from 34.19 percent in February.

CALB saw a market share gain in March, as the company installed 2.86 GWh of power batteries in the month, ranking third with a 10.28 percent share, up 2.89 percentage points from 7.39 percent in February.

Gotion High-tech ranked fourth with a 4.51 percent share of 1.25 GWh installed in March, while Eve Energy ranked fifth with a 3.86 percent share of 1.07 GWh installed.

China's ternary lithium battery installed base in March was 8.7 GWh, accounting for 31.4 percent of the total installed base, up 6.3 percent year-on-year and up 29.8 percent from January.

Lithium iron phosphate (LFP) batteries accounted for 19.0 GWh or 68.5 percent of the total installed base, up 44.4 percent year-on-year and up 25.3 percent from January.

In the ternary Li-ion battery market, CATL ranked first with 56.99 percent of the total installed base of 4.97 GWh in March.

CALB and LG Energy Solution ranked second and third in the ternary battery market with 16.82 percent and 6.52 percent shares, respectively.

In the LFP battery market, CATL topped the list with 39.47 percent of the installed base of 7.51 GWh in March, the first time it overtook BYD in this market this year.

BYD was second in the LFP market with 7.40 GWh installed in March, with a share of 38.88 percent. In both January and February, BYD ranked first in this market, with shares of 51.52 percent and 49.37 percent, respectively.

CALB and Gotion High-tech ranked third and fourth in the LFP battery market with 7.29 percent and 6.20 percent shares, respectively.

Global EV battery market share in Jan-Feb: CATL 33.9%, BYD 18.2%

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CALB unveils new battery tech, boasting significant performance gains over traditional cylindrical cells

The "U" type structure allows the battery to reduce structural component resistance by 50 percent, achieve an energy density of 300 Wh/kg, and support fast charging beyond 6C, CALB said.  | CALB.HK

As CATL's Qilin Battery begins mass production, CALB, another Chinese battery manufacturer, has also rolled out its battery innovation.

CALB officially unveiled its new battery with a "U" type structure at the recent China EV 100 Forum event, an innovation based on its One-Stop minimalist design concept, according to an article by the CATL rival yesterday.

The battery is based on structural and chemical innovations developed by CALB in-house, the industry's first "U" type structure, according to the article, which features a presentation by an executive.

This design allows the battery to reduce the resistance of structural components by 50 percent, achieve an energy density of 300 Wh/kg, and support fast charging of more than 6C, achieving a significant increase in performance compared to traditional cylindrical batteries, according to CALB.

As background, C refers to the battery's charge multiplier, and 6C means that the battery could theoretically be fully charged in one-sixth of an hour -- 10 minutes.

"We have made a disruptive innovation to the structure of the cylindrical battery by introducing the 'U' type structure," CALB vice president Xie Qiu said in a presentation at the China EV 100 Forum.

While the Tabless structure solves some of the current path problems, treating the cell's shell as a conductive component results in a relatively long path for the current to flow through, Xie said, adding that the shell is steel, which does not conduct well.

CALB's structural innovation reduces the current flow path by 70 percent relative to Tabless cells, reduces structural resistance by 50 percent, and improves space utilization by 3 percent, he said.

Also considering CALB's chemical material system technology, the company's large cylindrical battery can achieve 6C fast charging while the energy density of the cells can reach 300 Wh/kg, according to Xie.

In addition to the performance improvement of the cells, the "U" type structure also helps to improve manufacturing efficiency. Compared with the Tabless technology, the number of welding machines in the production line of this battery is about 70 percent less, he said.

CALB is the latest local manufacturer to announce progress in battery technology innovation.

On June 23, 2022, CATL unveiled its CTP (cell to pack) 3.0 Qilin Battery, which it says brings battery system integration to a new level.

The Qilin Battery allows volume utilization to exceed 72 percent and energy density to reach 255 Wh/kg, easily allowing vehicles to achieve a range of 1000 km, CATL said at the time.

With the same chemistry system and the same pack size, Qilin Battery delivers 13 percent more power compared to the 4680 battery, achieving an overall improvement in range, fast charging, safety, longevity, efficiency, and low-temperature performance, according to CATL.

On March 21, local media outlet The Paper reported that CATL's Qilin Battery has achieved mass production.

CATL is the world's largest battery manufacturer, with a 33.9 percent share in January-February, according to data released by South Korean market research firm SNE Research on March 30.

CALB ranked seventh in the global market with a 3.4 percent share.

Notably, CATL is suing CALB in China for infringing its patent rights.

NIO to use batteries from multiple suppliers including CALB and BYD in sub-brand, report says

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Samsung SDI opens battery R&D center in Shanghai

A new research lab under the center will focus on discovering new functional and affordable materials.

(Image credit: Samsung SDI)

Samsung SDI, South Korea's third-largest battery maker, has opened a new battery research and development center in China to boost its technological competitiveness.

Samsung SDI said Sunday it opened the new center, called SDI China Research and Development Center (SDIRC), in Shanghai on Saturday, according to several South Korean media reports.

The R&D center will focus on building partnerships with Chinese universities and research institutes to secure core battery technologies, according to a report by Korea JoongAng Daily on April 2.

A new research lab under the center will focus on discovering new functional and affordable materials, according to the report.

Samsung SDI opened SDI R&D Europe (SDIRE) in Munich last July and SDI R&D America (SDIRA) in Boston last August. The Chinese research arm will complete the company's worldwide network, the report noted.

Through its global R&D network, the company hopes to ensure that the key framework for battery production, including advanced manufacturing methods, facilities, are competitive for different regional environments, including Europe, the US, and China, respectively, according to a report in the Korea Herald.

"By leveraging global technological competence and talent pools, we will further bolster our pursuit of outstanding technological competitiveness," the report quoted Samsung SDI President and CEO Choi Yoon-ho as saying.

Samsung SDI is the sixth largest battery maker in the world, with a 4.9 percent share in January-February, according to data released by South Korean market research firm SNE Research on March 30.

continued to rank No. 1 in January-February with a 33.9 percent share, the only global battery maker with a share of more than 30 percent.

LG Energy Solution and SK On are the two largest battery manufacturers in Korea, with 13.3 percent and 5.5 percent shares in January-February, ranking third and fifth respectively in the world.

Global EV battery market share in Jan-Feb: CATL 33.9%, BYD 18.2%

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Lithium carbonate prices likely to fall below RMB 100,000, says chairman of battery maker Farasis Energy

Lithium prices continue to fall in China today, with the average price of industrial-grade lithium carbonate falling below RMB 200,000 per ton for the first time in the current down cycle.

Lithium carbonate prices likely to fall below RMB 100,000, says chairman of battery maker Farasis Energy-CnEVPost

A Chinese battery maker's chairman believes lithium carbonate prices could even fall below RMB 100,000 ($14,530), with the battery raw material not seeing a single day of gains this year.

In 2022, the supply and demand for lithium carbonate and lithium hydroxide were actually in balance, and there was a lot of hype behind the price surge, Farasis Energy's chairman Wang Yu said in an interview during the China EV 100 Forum yesterday, according to Yicai's report.

Based on this situation this year, the price of lithium carbonate is expected to drop rapidly, Wang said.

Lithium carbonate prices have already dropped to RMB 250,000 per ton and are expected to drop further, to below RMB 100,000 is very likely, he said.

Lithium carbonate prices in China continued to fall today, with the average price of industrial-grade lithium carbonate falling below 200,000 yuan per ton for the first time in the current down cycle.

Battery-grade lithium carbonate fell RMB 12,500 per ton today to an average price of RMB 232,500 per ton, while industrial-grade lithium carbonate fell RMB 10,000 per ton to an average price of RMB 195,000 per ton, according to figures from Mysteel monitored by CnEVPost.

Lithium carbonate resources are not in short supply, and the raw material is not very difficult to produce now, and the industry will return to its normal operations, Wang said.

The actual cost of lithium carbonate per ton is around RMB 30,000, and there is no reason for it to go up to RMB 500,000 or 600,000, he said.

The automotive and battery industries contributed at least RMB 100 billion in profits to the lithium industry last year due to rising raw material prices, Wang said.

At one point in late November last year, battery-grade lithium carbonate was quoted at RMB 590,000 per ton in China, about 14 times the average price of RMB 41,000 per ton in June 2020.

Since then, lithium carbonate quotes have continued their downward spiral, and have not seen a single day of gains this year.

The price of lithium carbonate depends on demand and supply, as well as the price sensitivity of car companies, Wang said.

In the past, new energy vehicle (NEV) sales have soared, and car companies have lost a lot of money to complete their performance, he said, adding that for many automakers, they may cut production if raw material prices do not meet expectations this year.

In addition, the mass production of sodium-ion batteries has already caused an impact on the lithium carbonate and lithium hydroxide industries, Wang said.

On February 23, battery maker Hina Battery unveiled three sodium-ion battery cell products and announced a partnership with Anhui Jianghuai Automobile Group Corp (JAC), which made one of its models the first to carry sodium-ion batteries.

Farasis Energy's sodium-ion batteries will also enter mass production this year and will be used in the short term for budget models with a range of up to 300 kilometers and in the medium term for models with a range of up to 500 kilometers, Wang said.

Farasis Energy installed 0.19 GWh of power batteries in China in February, ranking No. 9 with a 0.88 percent share, according to data released last month by the China Automotive Battery Innovation Alliance (CABIA).

Lithium carbonate prices likely to fall below RMB 100,000, says chairman of battery maker Farasis Energy-CnEVPost

($1 = RMB 6.8844)

Analysts explain how falling lithium carbonate prices affect EV costs

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Global EV battery market share in Jan-Feb: CATL 33.9%, BYD 18.2%

's share in January-February was the same as in January, while saw its share rise.

CATL and BYD remained the top two players in the global EV battery market in the first two months, with the former's share remaining stable and the latter rising.

In January and February, the total battery consumption of EVs registered in each country was about 75.2 GWh, up 39.0 percent from the previous year, according to data released today by South Korean market research firm SNE Research.

CATL's battery installed base in January-February was 25.5 GWh, up 34 percent from 19.0 GWh in the same period last year.

The Chinese battery giant continues to rank first with a 33.9 percent share, the only global battery maker with a share of more than 30 percent.

CATL's share in January-February was the same as in January, but down 1.2 percentage points from 35.1 percent a year ago.

CATL's batteries are in high demand in passenger cars, including Model 3, Model Y, SAIC's Mulan, ET5 and the Chinese commercial vehicle market, and is expected to maintain its No. 1 position, SNE Research said.

BYD installed 13.7 GWh of power batteries in January-February, up 122.6 percent from 6.1 GWh in the same period last year.

The company ranked second with 18.2 percent market share in the first two months, up from 11.3 percent in the same period last year and up from 17.6 percent in January.

BYD is gaining traction in China's domestic market with its competitive pricing by establishing a vertically integrated supply chain management, including self-supply of batteries and vehicle manufacturing, SNE Research said.

LG Energy Solution saw a 51.9 percent year-on-year increase in power battery installed base of 10.0 GWh in January-February.

The South Korean company ranked third in the world with a 13.3 percent share, up from 12.2 percent a year earlier.

Japan's Panasonic ranked fourth with a 10.4 percent share, South Korea's SK On was fifth with 5.5 percent and Samsung SDI was sixth with 4.9 percent.

China's CALB, Gotion High-tech, Eve Energy and Sunwoda ranked seventh, eighth, ninth and tenth respectively, with shares of 3.4 percent, 2.0 percent, 1.8 percent and 1.4 percent respectively in January-February.

CATL's share in global EV battery market slips in Jan, BYD rises

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Panic selling of lithium carbonate just won’t stop

Lithium carbonate prices continue to decline, leading to a heavy wait-and-see mood among downstream customers, who are reluctant to place large orders.

 

The price of lithium carbonate has dropped by half from five months ago, with panic selling not stopping.

Battery-grade lithium carbonate prices in China fell RMB 12,500 per ton ($1,818 per ton) today, bringing the average price down to RMB 300,000 per ton, according to Mysteel.

Industrial-grade lithium carbonate also fell by RMB 12,500 per ton today, leaving the average price at RMB 260,000 per ton.

Compared to yesterday's average prices, battery grade lithium carbonate and industrial grade lithium carbonate fell by 4 percent and 4.59 percent respectively, the new biggest drop of the year.

The price of battery-grade lithium carbonate has fallen 49 percent compared to RMB 590,000 per ton on November 21 last year, and the drop this year is about 40 percent.

Lithium carbonate is still being sold off at an accelerated pace, a report in local media Yicai today quoted an unnamed industry source as saying.

The continued decline in lithium carbonate prices has led downstream customers to shy away from placing large orders, with a heavy wait-and-see mood, the source said.

On March 20, a company in northwest China's Qinghai province dropped its sell offer for battery-grade lithium carbonate to RMB 280,000 per ton, and some local battery-grade lithium carbonate ex-factory prices dropped to RMB 250,000 per ton, the report noted.

As lithium prices continue to fall in China, some analysts previously said the drop will not last long as imports become more attractive.

Overseas lithium products have seen a significant premium, which could support prices for lithium products in China, said CITIC Securities in a March 7 research note.

Notably, Yicai's report today said there have been withdrawals of lithium carbonate orders in overseas markets, which has further pushed down the price of lithium carbonate.

A month ago, it was reported that was pushing a lithium rebate program to car companies, with some cells to be settled at RMB 200,000 per ton of lithium carbonate.

CATL acknowledged the plan on March 9, but did not mention the base prices.

CATL's lithium sharing plan was not motivated by a price reduction, but rather that the company already owns some mineral resources and does not want to reap windfall profits, the company said.

CATL's proposed price benchmark of RMB 200,000 per ton for lithium carbonate has further lowered market expectations for the price, accelerating the panicked drop in lithium carbonate prices, Yicai's report today quoted several industry sources as saying.

($1= RMB 6.8742)

Lithium prices see biggest drop this year in China as decline accelerates

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Gotion reaches deal with Edison Power to tap Japan’s energy storage market

Gotion and Edison Power have a planned sales target of 1 GWh in the first year of the partnership, rising to 2 GWh per year from the second year onwards.

(Image credit: Gotion High-tech)

Chinese battery giant Gotion High-tech and Japan's Edison Power Co Ltd have reached a strategic cooperation agreement to jointly tap the energy storage market in Japan.

The two signed the agreement on March 15 to jointly develop the Japanese energy storage and battery recycling market and promote Gotion's products in the Japanese market, according to a press release from the Chinese battery maker today.

Gotion and Edison Power have a planned sales target of 1 GWh in the first year of the partnership, rising to 2 GWh per year from the second year onward.

Gotion will provide battery cells, modules and BMS, while Edison Power will be responsible for Japanese energy storage customer management, EPC services, and energy storage system operation and maintenance.

In addition, Gotion will also work with Edison Power to establish a recycling system for recycled energy storage batteries in Japan, according to the release.

With the development of global renewable energy and the revision of Japan's Electricity Business Act in May 2022, new opportunities will arise for the development of Japan's large-scale energy storage battery industry, according to the release.

Edison Power, which began developing and manufacturing energy storage battery systems in 1991, is also developing a solar power business and a biomass power business.

Gotion, one of China's power battery giants, ranked eighth in the world with a 2.1 percent share in January, according to a report released earlier this month by South Korean market research firm SNE Research.

In China, Gotion installed 0.78 GWh of power batteries in February, ranking fourth with a 3.58 percent share, according to data previously released by the China Automotive Battery Innovation Alliance (CABIA).

The energy storage battery business is Gotion's second-largest business after power batteries.

In the first half of 2022, Gotion's revenue was RMB 8.6 billion, of which the power battery business contributed RMB 6.6 billion, or 76.51 percent, according to the company's semi-annual report.

Gotion's energy storage battery business generated RMB 1.28 billion in revenue in the first half of last year, contributing 14.8 percent.

Gotion to build $2.36 billion battery materials plant in Michigan

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