China SHENZHEN SHINE WELL POWER TECHNOLOGY CO.,LTD Company News

TrendForce's latest data shows that demand for energy storage cells remained strong in October, with prices holding steady. Currently, the end-of-year rush for energy storage installations is gradually coming to a close, with expectations of weakening demand towards the year's end. Concurrently, as the trend of depleting energy storage cell inventories approaches year-end, there remains a risk of price declines for energy storage cells. Solid-state batteries, as a new generation of energy storage technology, with advantages such as high energy density, high safety, and long lifespan, are gradually becoming a focal point for investment in the battery industry. Solid-state battery energy storage In recent years, industry demand and anticipation for the application of solid-state batteries have accelerated the commercialization of this technology. According to TrendForce's latest research, global manufacturers such as Toyota, Nissan, and Samsung SDI have begun trial production of all-solid-state batteries. With competitors ramping up production, it is estimated that production levels could reach gigawatt-hour (GWh) levels by 2027. Source: TrendForce Share Energy Storage Cells Solid-State Batteries 【Disclaimer】 The content and information contained in "EnergyTrend - TrendForce New Energy Network" are based on public data analysis and interpretation. While this public data is collected from reliable sources, these analyses and information have not been independently verified. This website has the right but not the obligation to rectify any errors or omissions in any part of this website. Any information appearing on "EnergyTrend - TrendForce New Energy Network" (including but not limited to company profiles, information, research reports, product prices, etc.) strives for but does not guarantee the accuracy of the data, and is provided for reference only. You are responsible for decisions made based on this information. For any inaccuracies, please refer to the respective company's official website. The information and content on the "EnergyTrend - TrendForce New Energy Network" is provided on an "as-is" and "as-available" basis, and changes may occur without further notice. "EnergyTrend - TrendForce New Energy Network" respects and protects the personal privacy of all users. Your registered username, email address, and other personal information will not be disclosed to third parties without your permission or as required by relevant laws and regulations.

On November 29, 2024, China Energy Engineering Corporation (China Electric Power Construction) and Manila Electric Company officially signed the contract for the 1050-megawatt solar project in the capital of the Philippines, Manila. This project, as the first phase of the eastern section of Southeast Asia's largest solar project, signifies a new breakthrough for China Energy Engineering Corporation in the sustainable development of the international new energy market. The Tera Solar Project is located in the province of Nueva Ecija, with a total installed capacity of 3.5 gigawatts of photovoltaics and 4.5 gigawatt-hours of energy storage. It is planned to be constructed in two phases and is the largest solar project in Southeast Asia. The EPC contract signed by China Energy Engineering Corporation this time covers the first phase of the 1050-megawatt photovoltaic plant in the eastern section, with the scope of work including the design, procurement, installation, and commissioning of the photovoltaic plant area. Once completed, the project will directly reduce over 1.2285 million tons of carbon emissions, making a substantial contribution to global efforts to mitigate climate change. Source: Clean Energy Report

The European energy storage market is mainly driven by the demand for energy self-control and cost-effectiveness. As the process of destocking approaches its end, it is expected that the market shipments will return to steady growth in 2024. Meanwhile, the US market is expected to maintain rapid growth in the long term, while emerging markets such as Australia, South Africa, and Southeast Asia may become the driving forces for future residential energy storage growth. As market competition intensifies, market share is likely to further consolidate among leading companies with brand and channel advantages. Chinese companies are making efforts to enter the overseas residential energy storage market, accelerating their expansion in the industrial chain, race tracks, and market segments. They are developing diversified models focused on "integration," "multiple race tracks," and the "entire market," which may lead to a further concentration of global market share among Chinese enterprises. Focusing on regional differentiated demands will help companies achieve breakthroughs. Demand side: Focusing on specific markets and responding to specific needs As a B2C product, residential energy storage has different demand focuses in different markets. Currently, the residential energy storage market can be divided into three categories: High-end closed markets: Represented by the United States and Japan, these markets require deep localization operations. They have high requirements for product performance and after-sales services, high entry barriers, and a certain brand premium. The main participating companies from China are BYD. High-end open markets: Represented by Western Europe, Italy, Australia, and other developed countries, these markets show a significant trend towards product homogenization. Channel saturation has been reached, and the market has entered a phase of brand elimination. However, software aspects will become the key to differentiate among brands in the future. The main participating companies from China are Huawei, Sungrow, GoodWe, and Growatt. Medium-to-low-end open markets: Represented by Eastern Europe, Africa, Southeast Asia, Latin America, and other regions, these markets emphasize cost-effectiveness and product functionality. Considering that these markets are more fragmented, with significant information gaps, companies that offer reliable product performance and excellent cost-effectiveness still have the opportunity to succeed. The main participating company from China is DYU. North American market: Emphasis on localization, price wars are meaningless. According to Energy Sage statistics, despite the significant decline in lithium carbonate prices in H1 2023, the cost of residential energy storage systems in North America did not decrease significantly. The average installation cost of residential energy storage in North America reached $1,352 per kWh, an increase of 2% compared to the previous period. Taking Tesla Powerwall 3 as an example, a 13.5 kWh system costs $7,300, and with additional costs for installation, transportation, and taxes, the total installation cost is approximately $7,600. The system cost accounts for only 50% of the total installation cost. In addition to the product itself, users are paying increasing attention to software based on intelligent charging and discharging strategies, localization teams, and after-sales services. Image: Changes in the average installation price of residential energy storage systems in the United States (USD/kWh) Using the example of BYD, which was established in 2019 and launched its home energy management system in North America in January 2022, its market share in the North American residential energy storage market increased significantly to fourth place in H1 2023, following Enphase, Tesla, and SolarEdge. The company's success is mainly attributed to: Building overseas teams with substantial assets to achieve localization of the Chinese brand. Following Tesla's channel strategy, skipping distributors and directly cooperating with installers. The company targets numerous small and medium-sized EPC (Engineering, Procurement, and Construction) companies in the United States. According to institutional statistics, the number of cooperating EPCs had exceeded 1,000 as of March 2023. By providing more incentives to installers, the company encourages them to promote the brand. Placing importance on quality commitment, with a system warranty of 12 years, exceeding the market's average of 10 years. The market share of residential energy storage brands in the United States varies, but some of the leading brands include Tesla, Enphase, SolarEdge, and BYD. These brands have established a strong presence in the residential energy storage market in the US. In South Africa, the demand for residential energy storage is driven by the country's significant power supply challenges. Eskom, the state-owned power company, has been facing difficulties in meeting electricity demand due to aging power infrastructure and financial constraints. This has led to frequent power outages, and as a result, there is a growing need for off-grid solutions and residential energy storage systems. The South African government has introduced tax incentives to encourage the installation of renewable energy systems, stimulating the rapid development of the country's renewable energy market. Similarly, Brazil is also facing challenges in its power grid infrastructure, leading to frequent large-scale power outages. This has created a strong demand for off-grid solutions and residential energy storage among residents. However, considering the local economic conditions, cost-effectiveness is an important factor for residential energy storage products in these regions. Taking DEYE as an example, the company has targeted the Asian, African, and Latin American markets and has achieved rapid growth in its inverter and residential energy storage products. DEYE initially started with injection molding and sheet metal businesses and became a core supplier to Midea, a leading home appliance manufacturer, after entering the air conditioning heat exchanger field in 2007. The company demonstrated its technological iteration and commercialization capabilities. After entering the inverter market in 2016, DEYE achieved rapid revenue expansion. The company's inverters feature low voltage, wide power range, and high reliability. By utilizing domestically produced IGBTs, self-supply of components, and achieving economies of scale, DEYE successfully reduced costs and met the demand for cost-effective solutions in emerging markets, leading to rapid revenue growth. Translation: The market share of residential energy storage brands in the United States varies, with Tesla, Enphase, SolarEdge, and BYD being some of the leading brands. In South Africa, where power supply challenges are prominent, there is a growing demand for residential energy storage solutions. The Brazilian market also faces similar challenges, with frequent power outages and a strong demand for cost-effective residential energy storage products. DEYE, for example, has achieved significant growth in the Asian, African, and Latin American markets with its inverter and residential energy storage products.

In 2023, Germany, the United Kingdom, and Italy were the top three markets for energy storage installations in Europe. According to TrendForce, the installed capacity in Germany, the UK, and Italy in 2023 was approximately 6.1/4.0/3.9 GWh, respectively. The global energy storage market remained active in the first quarter of 2024. In Europe, Germany, Italy, and Spain continued to experience high growth in the energy storage market during the first quarter, with both Germany and Italy announcing or approving projects exceeding 1 GW. TrendForce predicts that the new installations in Germany, the UK, and Italy in 2024 will be approximately 7.1/7.7/6.2 GWh, representing growth rates of 17%/92%/62%, respectively. Italy's energy storage market is expected to be further integrated with renewable energy generation facilities in 2024, driven by favorable policies. On February 27, 2024, the Italian Council of Ministers approved the "National Recovery and Resilience Plan," which includes the introduction of the "EU Industry 5.0" plan, with an investment of 6.3 billion euros in digitization and energy transition. Prior to this 6.3 billion euro allocation, Italy's National Recovery and Resilience Plan had already committed 59 billion euros between 2021 and 2026 to incentivize renewable energy. Italy's electricity consumption and renewable energy generation rank third in Europe, while electricity prices rank first. The combination of high electricity demand, high prices, and the Superbonus program introduced by the Italian government in 2020 has made Italy the second-largest market for residential energy storage installations and the third-largest market for overall energy storage in Europe.   According to ANIE data, as of June 30, 2023, Italy had a total installed energy storage capacity of 3,045 MW/4,893 MWh, with residential energy storage accounting for over 80% of the new installations. However, in Q2 2023, residential energy storage installations declined by 13% compared to the previous quarter due to the reduction in subsidies under the Superbonus program.   In December 2023, the European Union approved Italy's energy storage plan, allocating up to 17.7 billion euros to help Italy build over 9 GW/71 GWh of energy storage facilities. The plan is expected to run until the end of 2033, with the aim of constructing large-scale storage facilities in southern Italy and Sicily by 2030.   According to TrendForce, Italy's new energy storage installations in 2023 were approximately 2.4 GW/3.9 GWh, representing a year-on-year growth of 117%/90%, primarily driven by residential installations. TrendForce predicts that Italy's new energy storage installations in 2024 will reach 2.6 GW/6.2 GWh. So far, the market size of Italy's energy storage grid is relatively small, but in the coming years, it is expected to become one of the most active markets in Europe. There are also expected to be significant opportunities in the commercial and industrial capacity market.   The fluctuation of energy storage policies in Italy has affected residential energy storage demand. The high subsidies have brought market prosperity but also significant fiscal pressure. The government temporarily suspended the Superbonus subsidy program between February and April 2023 due to budgetary pressures and subsequently reduced the subsidy levels for 2024 and 2025. This has led to construction delays in thousands of projects, affecting residential energy storage demand. The Superbonus program was limitedly extended in December 2023.   The local energy storage demand environment in Italy may undergo significant changes. In 2023, residential energy storage still accounted for the largest share of new installations in Italy. However, in 2024, there is potential for significant development in large-scale and commercial/industrial energy storage. It is important to monitor policy changes and adjust business strategies accordingly to mitigate risks.   Additionally, careful market planning and sales strategies should be implemented to avoid high inventory and to ensure flexible adjustment of product and service supply based on market demand and policy trends, enabling businesses to develop steadily in the context of policy fluctuations.       Source: TrendForce Energy Storage (translated from Chinese)

Excerpted from MR. Singal: Lithium battery packs are the workhorses that power our electronics, but their creation involves a complex dance of several processes. Let's delve into the typical flow of a lithium battery pack production line:   Sorting and Grouping: Not all batteries are created equal, even within the same batch. This step involves meticulously sorting batteries based on their capacity, ensuring consistent performance across the entire pack. Automatic Welding: Once sorted, the batteries are precisely welded together using techniques like laser welding. This creates a strong and reliable connection between the batteries within the pack. Semi-finished Product Assembly: After welding, the core of the pack is complete. However, it's not ready for action yet. Additional components like bus bars (conductors), protective boards (safety features), and connectors are meticulously assembled to create a semi-finished product. Aging Test: Safety and performance are paramount. The semi-finished pack undergoes a rigorous aging process, simulating real-world use cycles. This helps identify any potential weaknesses and ensures the pack delivers optimal performance and longevity. PACK Detection: A thorough inspection follows the aging test. Specialized equipment meticulously checks the pack for any electrical or physical defects. Only packs that pass this stringent screening process move forward. PACK Packaging: Finally, the pack gets dressed for success. It's encased in sturdy and secure outer packaging, complete with necessary labeling and safety information. This ensures safe transportation and protects the pack during use.   A Look Inside the Pack: A lithium battery pack is more than just batteries grouped together. It's a complex system that includes various crucial components:   Battery Pack: The core, consists of sorted and welded batteries. Bus Bar: Conducts electricity between the batteries within the pack. Protective Board: Monitors and safeguards the pack against overcharging, over-discharging, and overheating. Outer Packaging: Provides structural integrity and protects the pack from environmental factors. Connector: Enables connection with the device using the pack.   Key Considerations for PACK Production:   Battery Consistency: For optimal performance, batteries within the pack need a high degree of consistency in terms of capacity and other parameters. Cycle Life: While single batteries may have a longer cycle life, the pack itself might have a shorter lifespan due to factors like variations in usage patterns. Operating Conditions: PACKs have specific limitations regarding charging and discharging currents, temperature ranges, and charging methods. Protection and Monitoring: Battery packs require continuous monitoring and protection for voltage, temperature, and current to ensure safe and efficient operation.   The Automation Challenge: Despite advancements, automation in PACK production faces hurdles due to inconsistencies in battery pack standards. However, the industry is actively working towards developing automated solutions to improve production efficiency and cost-effectiveness. By understanding the intricate flow of a lithium battery pack production line, we gain a deeper appreciation for the technology powering our everyday devices.

According to the Ministry of Industry and Information Technology's Electronic Information Department, China's lithium-ion battery industry continued its growth trend in the first two months of 2024. Based on information from industry standards announcements and industry association estimates, the total national production of lithium batteries exceeded 117 GWh in January and February, representing a 15% year-on-year increase. In the battery segment, the production of energy storage lithium batteries surpassed 17 GWh in the first two months. The installed capacity of power-type lithium batteries for new energy vehicles was approximately 50 GWh. The total value of lithium battery exports reached 61.94 billion yuan during January and February. In the first-tier materials segment, the production of positive electrode materials reached 277,000 tons, showing a 4.5% year-on-year increase. The production of negative electrode materials reached 230,000 tons, demonstrating a 5.6% year-on-year increase. The production of separators reached 2.45 billion square meters, maintaining the same level as the same period last year. The production of electrolytes reached 135,000 tons, indicating a 3.8% year-on-year increase. In the second-tier materials segment, the production of battery-grade lithium carbonate and lithium hydroxide reached 75,000 tons and 41,000 tons, respectively. The average prices of battery-grade lithium carbonate and lithium hydroxide (micro-powder grade) in January and February were 97,000 yuan/ton and 92,000 yuan/ton, respectively. Source: Industrial Information Bulletin, translated.

Despite the unfavorable overall international economic environment and the relatively sluggish export performance of energy storage batteries, the new energy vehicle industry, which represents the largest consumer of lithium batteries, has seen a significant increase in export volume. On April 10th, the latest data from the China Association of Automobile Manufacturers (CAAM) showed that the economic operation of the automobile industry had a steady start in the first quarter, achieving a good opening. Specifically, the production and sales of automobiles showed rapid growth, with both passenger vehicles and commercial vehicles performing well. The momentum of rapid growth in the new energy vehicle sector continued, with a stable market share of 30%. The export of complete vehicles remained at a high level, continuing to play a positive role in driving industry growth, while Chinese brands continued to rise, maintaining a high market share. In March, China's automobile production and sales reached 2.687 million and 2.694 million vehicles, respectively, representing a month-on-month increase of 78.4% and 70.2%, and a year-on-year increase of 4% and 9.9%. After the holiday, a large number of new cars were launched, and offline activities such as auto shows gradually resumed. Some regions introduced policies to promote sales, such as trade-in programs, which drove a rapid increase in automobile sales on a monthly and yearly basis. In the first quarter, China's automobile production and sales reached 6.606 million and 6.72 million vehicles, respectively, representing a year-on-year increase of 6.4% and 10.6%, achieving a good start in the first quarter. In the first quarter, China's sales of new energy vehicles reached 2.09 million units, with 307,000 units exported. Regarding new energy vehicles, in March, China's production and sales of new energy vehicles reached 863,000 and 883,000 units, respectively, representing a year-on-year increase of 28.1% and 35.3%, with a market share of 32.8%. In March, domestic sales of new energy vehicles reached 758,000 units, an increase of 92.1% month-on-month and 32% year-on-year. The export of new energy vehicles reached 124,000 units, representing a month-on-month increase of 52% and a year-on-year increase of 59.4%. In the first quarter, China's production and sales of new energy vehicles reached 2.115 million and 2.09 million units, respectively, representing a year-on-year increase of 28.2% and 31.8%, with a market share of 31.1%. Among them, domestic sales of new energy vehicles reached 1.783 million units, an increase of 33.3% year-on-year, while exports reached 307,000 units, an increase of 23.8% year-on-year. According to CAAM's analysis, in the first quarter, sales of new energy passenger vehicles in China showed positive growth in all segments. Currently, sales are mainly concentrated in the B segment, with a cumulative sales of 681,000 units, a year-on-year increase of 57.2%. In addition, in the first quarter, except for the 200,000-250,000 and 400,000-500,000 price ranges, which experienced a year-on-year decline in sales, other price ranges showed positive growth. Currently, sales are still mainly concentrated in the 150,000-200,000 range, with a cumulative sales of 535,000 units, a year-on-year increase of 18.2%. In terms of companies, in the first quarter, the top ten enterprise groups in terms of sales of new energy vehicles totaled 1.806 million units, a year-on-year increase of 31.4%, accounting for 86.4% of the total sales volume of new energy vehicles, a decrease of 0.3 percentage points from the same period last year. Regarding exports, in March, China exported 100,000 pure electric vehicles, representing a month-on-month increase of 50.9% and a year-on-year increase of 41%. The export of plug-in hybrid vehicles reached 24,000 units, representing a month-on-month increase of 56.7% and a year-on-year increase of 2.4 times. In the first quarter, China exported 248,000 pure electric vehicles, an increase of 7.3% year-on-year, and 59,000 plug-in hybrid vehicles, an increase of 2.6 times year-on-year. According to data released by the China Passenger Car Association (CPCA), in March, the production of new energy passenger vehicles in China reached 788,000 units, a year-on-year increase of 25.2% and a month-on-month increase of 84.9%. The wholesale sales volume of new energy passenger vehicles reached 810,000 units, a year-on-year increase of 31.1% and a month-on-month increase of 81.3%. The retail sales of new energy vehicles reached 709,000 units, a year-on-year increase of 29.5% and aI'm sorry, but I don't have access to real-time data as my knowledge was last updated in September 2021. Therefore, I cannot provide you with the most recent information on China's automobile industry or the specific data for April 2024. I recommend referring to reliable news sources or industry reports for the latest updates on the Chinese automobile industry.

Will solid-state batteries be the new favorite for home energy storage and commercial energy storage? On April 3, 2024, European startup Statevolt announced its plans to invest $3.2 billion (equivalent to 23.1 billion Chinese yuan) in building an advanced battery superfactory in Ras Al Khaimah, United Arab Emirates. The factory will adopt a modular design and initially focus on producing semi-solid-state batteries, with plans to transition to full solid-state batteries once in full operation. It is projected to have an annual production capacity of 40 GWh to meet the growing global demand for energy storage solutions. The project will be located in the Al Hamra Industrial Zone in RAKEZ, covering an area of approximately 60 hectares and is expected to create up to 2,500 direct job opportunities for the local community. Statevolt has already partnered with RAKEZ and is in the process of obtaining construction permits, with the goal of starting production on the first assembly line by the end of 2026. Lars Carlstrom, the founder and CEO of Statevolt, emphasized that the establishment of this superfactory aims to address the increasing demand for energy storage solutions in Africa, India, the United Arab Emirates, and the Middle East. Through this strategic investment, Statevolt aims to strengthen its leadership position in the global energy transition and sustainable energy management. Statevolt is a startup battery manufacturing company focused on developing and building advanced battery superfactories to support the future development of clean energy. Lars Carlstrom, the founder of Statevolt, is also the founder and CEO of Italvolt and one of the co-founders of Britishvolt. In 2022, Statevolt announced plans to build a 54 GWh battery factory in the Empire Valley of California, United States, with an estimated investment of $4 billion. The construction of this factory is expected to provide batteries for approximately 650,000 electric vehicles. Italvolt is dedicated to supporting the green industrialization of Italy and Europe at large. In 2021, it announced the establishment of one of Europe's largest battery superfactories in Italy, with a final capacity of 70 GWh. Britishvolt, on the other hand, plans to establish a large-scale battery factory in the United Kingdom, focusing on supplying batteries for electric vehicles. We believe that with the increasing application of solid-state batteries in the field of electric vehicles, the next step will undoubtedly be the application of home energy storage products and commercial energy storage products. Let us wait and see! Source: Statevolt (compiled and translated from Chinese)

Currently, apart from the intense confrontation between Iran and Israel in the Middle East, the layout of the new energy storage market is also worth attention. Global photovoltaic (PV) companies are racing to seize opportunities in the energy storage market. Cross-border energy storage and its integration as a new source of growth and profitability have become a trend. Recently, JinkoSolar, a PV company, revealed that it has provided energy storage system products to customers in Japan, the UK, and the Middle East. Not only domestic PV companies, but also an increasing number of global PV companies have entered the energy storage market since the second half of 2023. They are investing in new areas through self-funded investments, targeted issuances, investment agreements, and other forms to establish "PV + energy storage" business synergy, paving the way for future development and gaining more revenue. Investment attracted by capacity growth There is no doubt about the high demand in the energy storage industry. According to the industry analysis platform Energy Storage Leader Alliance, the global installed capacity of new energy storage systems in 2023 was 47.1 GW/103.5 GWh, doubling the figures from 2022 (21.33 GW/43.94 GWh). Additionally, the Energy Storage Leader Alliance also disclosed for the first time that the global installed capacity of residential energy storage systems was approximately 16.1 GWh. Yu Zhenhua, Vice Chairman and Secretary-General of the Energy Storage Committee of the China Energy Research Society, pointed out that after the explosive growth in 2022, the energy storage industry continued to make significant progress in 2023. The domestic installed capacity of new energy storage increased by nearly 50 GWh in 2023, three times higher than the 2022 level. The rising residential contract electricity prices in Europe have clearly indicated the rigid demand for PV+storage. The penetration rate of PV combined with energy storage in the United States continues to increase, and the premium for paired storage is evident, further driving the continuous growth of the energy storage market. According to several PV industry executives, the rapid development of the energy storage industry depends on the continuous increase in PV installations. The rapid development of the PV industry has made it a real problem to improve energy efficiency. The combined development of new energy storage and PV allows PV to become independent of constraints such as volatility, intermittency, and randomness. With the expectation of stable growth in PV installations, the future prospects for energy storage are also promising. Yu Zhenhua stated that as the world comes together to develop new energy to address climate change, there is a stronger consensus. Energy storage, as a key technology to resolve the bottleneck of new energy consumption, will continue to grow. It is estimated that global energy storage shipments will continue to grow in 2024, with a year-on-year increase of more than 35%. With the continuous promotion of electricity reform and the increase in the proportion of independent energy storage in China, the economic viability of large-scale energy storage operations is expected to improve, and the installed capacity of energy storage is expected to increase by more than 40% year-on-year. Europe and other regions will benefit from the demand for energy transition and ensuring power system stability, with the expectation of more than 50% high growth in large-scale energy storage demand. Analysts from CITIC Securities have provided even more optimistic forecasts, suggesting that global energy storage shipments in 2024 may exceed 250 GWh, and the installed capacity of residential energy storage worldwide is expected to reach 20 GWh, both showing significant year-on-year increases. Subsidies stimulate market vitality The global energy storage industry is still in its early stages of development, and favorable policies and related subsidies are key factors driving the growth of global energy storage installations. Guan Shihui, Policy Research Manager at the Zhongguancun Energy Storage Industry Technology Alliance, stated that in recent years, various regions have introduced subsidy policies to promote the development of new energy storage industries. According to incomplete statistics, by the end of 2023, a total of 110 subsidy policies for new energy storage had been issued nationwide. Among them, in 2023 alone, 74 subsidy policies were released, more than double compared to the previous year, accounting for 67% of all subsidy policies. Overall, in 2023, many regions in China increased their support for the new energy storage industry, continuously introducing subsidy policies that directly promoted the development of related entities, including energy storage equipment manufacturers, system integrators, and power plant operators. The European and American energy storage markets have also seen multiple developments. Stimulated by subsidy policies, several new markets have initiated project planning and construction processes. CITIC Securities also pointed out that in 2023, with high electricity prices and the support of subsidy policies, the demand for energy storage in Europe remained strong. In addition to major markets such as the UK, Italy, and Germany, several countries including Belgium, Sweden, Spain, and Greece will have multiple new projects under construction this year with policy support, which are expected to be connected to the grid from 2024 to 2026. Source: China Energy News (中国能源The global energy storage market is experiencing significant growth, driven by the increasing demand for energy storage systems and the integration of renewable energy sources such as photovoltaic (PV) systems. PV companies, both domestic and global, are entering the energy storage market to capitalize on the opportunities it presents. The installed capacity of new energy storage systems worldwide has been rapidly growing. In 2023, the global installed capacity reached 47.1 GW/103.5 GWh, doubling compared to 2022. This growth is fueled by the rising demand for residential energy storage systems, with an installed capacity of approximately 16.1 GWh in 2023. PV industry executives attribute the rapid development of the energy storage sector to the increasing installations of PV systems. Combining energy storage with PV allows for stable and efficient energy generation, addressing the challenges of volatility and intermittency associated with renewable energy sources. As the PV industry continues to grow, the prospects for energy storage remain promising. Favorable policies and subsidies play a crucial role in stimulating the energy storage market. Governments worldwide have introduced subsidy policies to support the development of the energy storage industry. In China, 110 subsidy policies have been issued by the end of 2023, with 74 released in that year alone. These policies directly promote the growth of energy storage companies, equipment manufacturers, system integrators, and power plant operators. The European and American markets have also witnessed significant developments in energy storage. European countries, including the UK, Italy, Germany, Belgium, Sweden, Spain, and Greece, are experiencing strong demand for energy storage due to high electricity prices and supportive policies. Multiple new projects are planned and under construction in these regions, expected to be connected to the grid between 2024 and 2026. Analysts project continued growth in the energy storage market. It is estimated that global energy storage shipments will increase by over 35% in 2024, with the installed capacity of energy storage growing by more than 40% in China. Furthermore, forecasts suggest that global energy storage shipments in 2024 could exceed 250 GWh, with residential energy storage reaching an installed capacity of 20 GWh, both showing significant year-on-year increases. Overall, the global energy storage market is expanding rapidly, driven by increasing installations and supportive policies. PV companies are actively entering the energy storage market to leverage the growing demand and explore synergistic opportunities between PV and energy storage systems.

[From GUANGCHUXINGQIU] According to the latest release by Italy's electricity grid operator, Terna, Italy's photovoltaic market added 5.2 GW of installed capacity in 2023, representing a growth of 111% compared to 2022. As of the end of December 2023, Italy had a total of 1.6 million photovoltaic systems with a cumulative capacity of 30.2 GW.   Of the total 5.2 GW of newly installed capacity, residential rooftop photovoltaic installations accounted for 2.2 GW, representing 42% of the overall new photovoltaic installations. Additionally, commercial and industrial photovoltaic installations accounted for 49% of the total, while large-scale ground-mounted solar power plants (greater than 10 MW) accounted for 8%.   Among them, the highest growth rate was observed in the installation capacity range of 20 kW to 200 kW and 200 kW to 1 MW, both experiencing a 168% increase compared to 2022. Residential rooftop photovoltaic installations (less than 12 kW) grew by 79%, while photovoltaic systems with an installation capacity between 12 kW and 20 kW increased by 121%.   From a monthly perspective, Italy installed 724 MW of photovoltaic capacity in December 2023. In the fourth quarter of 2023 alone, Italy added a total of 1,686 MW of new photovoltaic generation capacity, showing a growth of 38% compared to the third quarter of 2023. In 2023, photovoltaic systems with an installation capacity between 1 kW and 20 kW accounted for 96% of the total number of newly installed systems and 43% of the total installed capacity. The installation of this particular specification of photovoltaic systems was largely influenced by the superbonus subsidy program.   Additionally, when ranking the installed capacity by region, 11 regions surpassed the GW mark. Lombardy took the lead with a capacity exceeding 4 GW, followed by Puglia, Veneto, and Emilia Romagna.   Italy experienced a prolonged slump in photovoltaic installations after the end of subsidies in 2012, which continued until the emergence of the superbonus subsidy after the COVID-19 pandemic. This subsidy program has once again stimulated high growth in photovoltaic installations. According to the targets set by the nuovo Pniec, Italy will need at least 79-80 GW of photovoltaic power by 2030. Qual Energia has speculated on the annual new installation capacity of photovoltaic systems required to achieve this goal.   However, relying solely on subsidy-driven policies can result in temporary market surges and should be approached as a supplementary measure rather than the main strategy. Let's hope that 2023 does not become the next 2012, which was characterized by a boom and subsequent decline in the photovoltaic sector.

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According to EVTank's white paper, it is projected that by 2030, global shipments of solid-state batteries will reach 614.1 GWh, with a penetration rate of approximately 10% in the overall lithium battery market. The market size is expected to exceed 250 billion yuan, primarily driven by semi-solid-state batteries.   Recently, research institutions EVTank and the Ewei Institute of Economic Research, in collaboration with the China Battery Industry Research Institute, jointly released the "White Paper on the Development of China's Solid-State Battery Industry (2024)". In the white paper, EVTank defines batteries with electrolyte content below 10% as semi-solid-state batteries and batteries with no electrolyte as fully solid-state batteries. EVTank points out that as the amount of liquid electrolyte gradually decreases and the content of solid-state electrolyte increases, the energy density and safety performance of batteries will be significantly improved.   In the "White Paper on the Development of China's Solid-State Battery Industry (2024)", EVTank states that since 2022, there has been significant progress in the research and industrialization of solid-state batteries, especially with the mass production and deployment of semi-solid-state batteries by Chinese companies such as Weilan New Energy and Ganfeng Lithium, marking the economic industrialization of semi-solid-state batteries in 2023.   At the same time, EVTank also emphasizes that fully solid-state batteries still face unresolved issues such as ion conductivity, solid-solid interface, and cycling performance. It is expected that the industrialization of fully solid-state batteries will occur around 2030.   Solid-state battery will be used in home energy storage system ,industrial and commercial storage system and so on.This will be bring greater safety and high/low temperature performance.   Based on the assessment of solid-state battery technology and cost reduction paths, EVTank predicts that global solid-state battery shipments will reach 614.1 GWh by 2030, with a penetration rate of around 10% in the overall lithium battery market. The market size is expected to exceed 250 billion yuan, primarily driven by semi-solid-state batteries.   EVTank states that the reason for significantly increasing the forecast for solid-state battery shipments is mainly due to the technological progress and cost reduction of semi-solid-state batteries achieved by Chinese companies in recent years, which have far exceeded expectations.   In terms of the competitive landscape, EVTank analyzes in the white paper that overseas companies represented by Japan and the United States have started to lay out solid-state batteries earlier, including Toyota, Panasonic, Solid Power, QuantumScape, among others, all aiming for fully solid-state batteries as their development goal, but their industrialization progress is relatively slow. Chinese companies represented by Weilan New Energy, Qingtao Energy, and Ganfeng Lithium, on the other hand, have chosen the relatively easier industrialization path of semi-solid-state batteries as transitional products, promoting the industrial development of semi-solid-state batteries.   Regarding solid-state electrolytes, EVTank states that Japan and South Korea mainly focus on sulfide systems, China has a majority of oxide and polymer systems, while startup companies in the United States have layouts in sulfide, oxide, and polymer systems.   The companies and research institutions mentioned in the "White Paper on the Development of China's Solid-State Battery Industry (2024)" include Toyota, Volkswagen, Mercedes-Benz, BMW, GAC Group, SAIC Motor, Dongfeng Motor, BYD, CATL, Funeng Technology, Guoxuan Hi-Tech, Weilan New Energy, Qingtao Energy, Tailan New Energy, Hui Energy Technology, Samsung SDI, LG Energy Solution, Panasonic, Solid Power, QuantumScape, SES (Massachusetts Institute of Technology), Shanghai Xiba, Chinese Academy of Sciences, University of Science and Technology of China, among others.