Energy storage batteries have become a hot topic in the period of energy transformation.
With the new requirements for carbon neutrality and energy transition, domestic energy storage projects in China have become increasingly popular both in terms of corporate deployments and institutional investments. According to China Energy Storage Network, during the period from January to June 2023, the newly commissioned capacity of new energy storage projects reached approximately 8.63 GW/17.72 GWh, equivalent to the cumulative installed capacity of previous years. In terms of investment scale, the direct investment driven by the newly commissioned energy storage projects exceeded RMB 30 billion.
Looking globally, the worldwide energy transition and the energy shortage resulting from the Russo-Ukrainian War have made energy storage batteries a hot topic in the new economic landscape. In 2022, the global energy storage battery shipments totaled 142.7 GWh, a substantial increase of 204.3% compared to the 46.9 GWh in 2021. The upstream of energy storage batteries includes raw materials and battery production equipment, the midstream covers energy storage battery manufacturing and system integration, while the downstream applications span multiple industries. Upon further examination, it is evident that most of the manufacturers of energy storage batteries in the international market are dominant players concentrated in the midstream sector, with only a few companies having a significant presence in the upstream and downstream segments of the energy storage industry. In this survey, EqualOcean will focus on the leading companies in the manufacturing and integration of energy storage batteries in international markets.
CATL is a global leading lithium-ion battery research and manufacturing company, focusing on the research, production, and sales of new energy vehicle power battery systems and energy storage systems. It is dedicated to providing top-notch solutions for global new energy applications. The core technologies cover the entire industry chain research and manufacturing capabilities in the fields of power and energy storage batteries, including materials, cells, battery systems, and battery recycling.
According to the data, CATL's energy storage business experienced significant growth in 2021, with an annual revenue of 13.624 billion RMB, a year-on-year increase of 601.01%, and the revenue share rising from 3.86% in 2020 to 10.45%, making it the global leader in energy storage batteries.
Founded in 1995, BYD has established over 30 industrial parks worldwide, strategically positioning itself on all six continents. Its business ventures encompass electronics, automobiles, new energy, and rail transportation, with a specific focus on the "Photovoltaic and Energy Storage Integrated" initiative. This initiative is dedicated to harnessing, storing, and applying clean energy to bring about a transformation in the world of renewable energy.
Within the energy storage sector, BYD boasts a comprehensive manufacturing capability covering battery cells, Battery Management Systems (BMS), Energy Management Systems (EMS), and Power Conversion Systems (PCS). The core components such as cells, PCS, and BMS are primarily developed and produced in-house. By the end of 2022, BYD's cumulative shipments of energy storage system products had surpassed 6.5GWh, solidifying its position as a major player in the industry.
Founded in 2017, REPT is a key subsidiary of Qingshan Industries in the field of new energy. The company focuses on research, production, and sales of lithium-ion batteries, providing solutions for new energy vehicles and smart energy storage. According to statistics from InfoLink Consulting, REPT ranked third globally in energy storage battery shipments during the first quarter of 2023. Their official website indicates a global presence, with battery research, production, and marketing operations spanning North America, South America, Europe, Africa, Southeast Asia, Japan, and Australia.
Established in 2001 and listed on the Shenzhen Stock Exchange's ChiNext board in 2009, EVE stands as a globally competitive lithium battery platform company. It boasts expertise in consumer batteries, power batteries, and energy storage solutions, widely applied in the IoT and energy internet sectors. EVE's official information shows its distribution network encompasses North America, multiple European countries, India, Japan, and South Korea, and offices planned for manufacturing bases in Europe and Southeast Asia.
Entering the energy storage battery domain in 2011, GREAT POWER is among China's early enterprises in this field. The company offers products such as battery cells, packs, and clusters, catering to power generation, grid storage, industrial and commercial user-side storage, UPS communication base station backup power, and residential and portable energy storage. GREAT POWER's sales network covers major global markets in North America, South America, Europe, Africa, Australia, East Asia, Southeast Asia, and South Asia.
As one of China's power battery industry giants, GOTION HIGH-TECH operates in the fields of new energy vehicle power lithium batteries, energy storage, and power distribution equipment. With independent and mature research, procurement, production, and sales systems, GOTION HIGH-TECH has established eight research centers in China, the US, Germany, Japan, India, Singapore, and other regions. Overseas production bases are situated in Germany, India, Vietnam, and the US.
Founded in 2019, HTHIUM specializes in core material, lithium iron phosphate energy storage battery, and system research, production, and sales. Holding crucial technological intellectual property rights, the company focuses on providing global customers with safe, efficient, clean, and sustainable green energy solutions. In 2022, HTHIUM topped the list for China's power storage battery delivery projects and shipments. The company's investment in New Zealand in May 2022 and the US in November of the same year have been reported by multiple media outlets.
Established in 2013, POWER OAK concentrates on distributed energy storage products and microgrid technology, leading globally in new energy storage technology and complete energy storage battery application solutions. POWER OAK has become a major player in the energy storage industry, with its products sold in over 70 countries, and branch offices established in Japan, the US, Germany, Australia, and Nigeria.
Founded in 2009 and listed on A-shares in 2020, PYLONTECH focuses on lithium battery energy storage product development and application, offering comprehensive energy storage system solutions. With advanced energy storage battery research, BMS development, and system integration capabilities, PYLONTECH started its international expansion in 2013, and its residential energy storage system achieved the second-highest global market share in 2021.
Established in 2017, EcoFlow is an enterprise dedicated to mobile energy and clean energy solutions, with its main production headquarters in Shenzhen, China. Operating bases are also located in Los Angeles, Dusseldorf, and Tokyo. The company employs over 2,000 people worldwide, with products sold in more than 100 countries and regions, serving over 2.5 million customers globally. EcoFlow's portable energy solutions, solar technology, and smart home energy ecosystem have earned them the trust of users worldwide.
SUNGROW POWER, founded in November 1997, is a high-tech enterprise engaged in research, production, sales, and service of new energy power equipment such as solar, wind, energy storage, and electric vehicles. In 2010, the company underwent overall shareholding changes and was listed on the Shenzhen Stock Exchange in November 2011. In 2022, SUNGROW POWER's energy storage business revenue surged by 222.74%, reaching 10.126 billion yuan, with revenue proportion increasing from 13% in 2021 to 25.15%. Their energy storage systems and energy storage inverters maintained the top position in global shipments for seven consecutive years.
Established in 1991 and listed on the Shenzhen Stock Exchange in 2011, SACRED SUN provides battery products, energy storage systems, and integrated intelligent power solutions to over 130 countries and regions worldwide. As a well-known international and leading domestic green energy supplier, the company serves both domestic and overseas markets.
In the realm of top-tier enterprises, it is evident that only a handful are exclusively focused on energy storage batteries. The majority possess ancillary operations beyond energy storage or strategically expand along the upstream and downstream segments of the energy storage value chain. This strategic maneuvering is aimed at capitalizing on economies of scale and asserting dominance. This phenomenon eloquently underscores the maturity achieved by the energy storage sector, having successfully navigated its tumultuous infancy.
Simultaneously, EqualOcean's investigation reveals that energy storage battery companies with international operations exhibit a discernible absence of geographical bias in their global market deployment. These companies often establish their presence across multiple continents, further corroborating the globalized nature of energy storage battery applications.