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How China's EV battery makers accumulate in energy storage

July 5 - China's EV battery giants CATL and BYD are eyeing the growing market for stationary energy storage.

Here are the numbers behind their energy storage business:

CATL has ranked initially worldwide in regards to battery deliveries for energy storage given that 2021 with more than 40% of the global market share, according to its annual report. It counts among its significant clients state-owned power business such as Huaneng in addition to top energy storage system manufacturers consisting of Sungrow Power Supply.

CATL saw deliveries for storage skyrocket 46.8% to 69 gigawatt-hours (GWh) in 2023, outpacing its 32.6% growth for EV batteries.

Energy storage batteries represented 17.6% of CATL's total battery sales volume, up from 12.5% in 2021.

CATL will also supply battery cells and packs to Tesla's. export-oriented Megapack storage plant in Shanghai,. which will begin production in early 2025 with strategies to export,. according to an individual acquainted with the matter.

Tesla's Shanghai plant will have the ability to make 10,000 Megapacks. a year with a combined 40 GWh of storage capacity, authorities. media has reported.

Competing BYD provided 22 GWh of batteries for energy storage. in 2023, up 57% from 2022, outmatching its EV battery deliveries. growth of 15.6%, according to SNE Research.

By comparison, BYD's EV battery shipments amounted to 135 GWh. last year.

Smaller sized players EVE, REPT, and HITHIUM also saw more than. 100% growth in their energy storage battery sales last year,. with 11%, 8%, and 7% of the 185 GWh global market, respectively.

(source: Reuters)