Industry Updates | Sunshine Secures 4.2GWh Order; Six Battery Companies Including CATL Face US Procurement Ban
On March 17, 2025, the China Energy Storage Network reported that from March 10 to March 16, the activity within the energy storage industry chain continued to rise. In terms of production capacity, Thailand approved over $1 billion investment for Xinhua to build a battery factory; a 10GWh energy storage system integration project was launched in Ma’anshan; Yuan Zhisheng announced a 20GWh energy storage lithium battery project; and Jinna Tech commenced a 1GWh large cylindrical sodium-ion battery project.
Regarding orders and performance, CaRi Energy signed a 200MWh energy storage procurement contract with a Polish power developer; Sunshine Power received a 100MWh energy storage order in Finland; Yingke Shuneng secured over 1.1GWh of orders in Italy; and Hunan Energy signed a strategic cooperation for a 1GWh energy storage system.
In financing, BYD completed a refinancing exceeding HKD 40 billion; Ganfeng Lithium, known as the “Lithium King” of Jiangxi, increased its investment in its energy storage subsidiary; Shouhang New Energy is set to go public on March 24; and Shuangdeng Group submitted an IPO application to the Hong Kong Stock Exchange.
Project updates include the successful grid connection of the first hybrid grid-type energy storage project in China; and the establishment of a 300MW/1200MWh grid-type energy storage station in Uqia, Xinjiang.
Internationally, a 14GWh long-duration energy storage system won a bid in Australia; Renewco Power partnered with Atlantica to develop the first GW-level energy storage project in Southern Europe; the US has banned procurement from six battery companies including CATL; and another fire in South Korea destroyed 3,852 energy storage modules.
In terms of cooperation, Yicheng New Energy partnered with CATL to promote integrated energy storage solutions; Lin Yang Energy Storage signed a strategic cooperation agreement with China Energy Construction (Shanghai); Electrical Era established a strategic partnership with Germany; Ronghe Yuanshu signed a 2GWh overseas strategic cooperation agreement with Shanghai Weizhihe.
Details on Production Capacity, Financing, Orders, and Projects:
Production Capacity
On March 13, Thailand’s National Competitiveness Enhancement Committee approved a plan for Sunwanda Automotive Energy Technology (Thailand), a subsidiary of Xinhua, to invest over $1 billion to produce power and energy storage batteries in Thailand.
A 10GWh energy storage system integration project was officially signed in Anhui, with total investment from top battery suppliers, including CATL, totaling 700 million yuan. Phase one will achieve an annual capacity of 10GWh, forming an upstream and downstream relationship with the existing Honeycomb energy storage project in He County.
The Jiangsu Yancheng Yuan Zhisheng energy storage technology company’s 20GWh lithium battery project was recently announced. This project, located in the Yellow Sea New Area of Binhai, Jiangsu, involves a total investment of 5 billion yuan, with phase one focusing on an annual capacity of 10GWh.
Jinna Tech has begun construction on its large cylindrical sodium-ion battery pilot base with a total investment of 180 million yuan, covering an area of 37,256.1 square meters.
Financing
On March 12, BYD announced the completion of its issuance of 129.8 million new H-shares, raising approximately HKD 43.383 billion, marking its largest equity refinancing in recent years.
On March 13, Jiangxi Ganfeng Lithium disclosed that it will provide up to 800 million yuan in financial support to its subsidiary Shenzhen Yichu Energy Technology to meet its operational funding needs.
Shouhang New Energy plans to go public on March 24, aiming to raise around 1.211 billion yuan for various projects.
Shuangdeng Group submitted its IPO application to the Hong Kong Stock Exchange with joint sponsorship from China International Capital Corporation and Huatai International.
Cooperation
On March 12, Yicheng New Energy announced a cooperation framework agreement with CATL to establish a partnership for green low-carbon storage projects in Henan Province.
On March 6, China Energy Construction (Shanghai) and Lin Yang Energy Storage signed a strategic cooperation agreement to explore innovative scenarios in energy engineering and storage technology.
Recently, Electrical Era signed a strategic cooperation agreement with a German company to focus on European standards for energy storage systems.
On March 5, Ronghe Yuanshu signed an overseas strategic cooperation framework agreement with Shanghai Weizhihe to promote joint energy storage projects in Europe, Japan, and Australia.
Orders/Performance
The Canadian Solar subsidiary e-Storage signed a major battery supply agreement for 1.8GWh of energy storage projects in California and Texas.
Sunshine Power announced a collaboration with Renewable Capital (RPC) to provide a liquid-cooled energy storage system for a 50MW/100MWh project in Finland, marking the first use of the PowerTitan 2.0 system in the country.
In Italy, Yingke Shuneng secured over 1.1GWh in orders during the K.EY event, with an expected total order value exceeding 1 billion yuan.
On March 10, Hunan Energy signed a strategic cooperation agreement for a 1GWh storage system project in Beijing.
Project Updates
The first hybrid grid-type energy storage project in China successfully connected to the grid on March 6.
A new 300MW/1200MWh independent energy storage project was signed in Uqia County, Xinjiang, with a total investment of approximately 805 million yuan.
International Developments
In a recent tender by Australia’s Energy Market Operator (AEMO), three long-duration storage projects successfully won contracts totaling nearly 14GWh.
Renewco Power and Atlantica have teamed up to develop a 2.2GW battery storage system project cluster in Spain, marking Southern Europe’s first GW-level project.
On March 10, the US House of Representatives passed a bill banning procurement from six Chinese battery companies, including CATL and BYD.
On March 9, a fire at a solar energy storage facility in South Korea destroyed 3,852 storage modules, causing an estimated loss of 10 billion Korean won.
