On the evening of July 21, Great Power announced that the company plans to build an annual output of 10GWh energy storage batteries and system integration projects and an annual output of 1GWh semi-solid-state battery projects in Chahar High-tech Development Zone, Ulanqab City. The fixed asset investment of energy storage projects is about 1.8 billion yuan (RMB), and the fixed asset investment of semi-solid-state battery projects is about 500 million yuan (RMB).
The energy storage project is expected to start construction in September 2024 and put into operation in October 2025. The semi-solid-state battery project is scheduled to start construction in May 2025 and start production in July 2026.
According to the announcement, the investment is in line with the company's strategic development plan. It does good tol further optimize the company's production capacity layout, better close to the market, enhance the company's business influence and comprehensive competitiveness, and meet the company's future business development as well as market expansion needs. The project has a positive effect and far-reaching significance for the company's industrial layout and future development.
According to data from SNE Research, Great Power ranks among the top 10 in global energy storage battery shipments. Statistics from China institutions also show that Great Power's industrial and commercial energy storage shipments will rank among the top five in the country in 2023.
In terms of products, Great Power has made a number of technological breakthroughs in cell materials, battery structure, manufacturing process and other aspects. The company has launched large-scale storage, household storage, portable energy storage and other multi-field application products, and completed the global product certification. According to the 2023 annual report, the company has successfully connected a number of large-scale projects to the grid in the field of large-scale energy storage, and its performance has achieved substantial growth.
It is worth mentioning that in June this year, Great Power released the world's original double explosion-proof safety structure large cylindrical battery HOME-II series. This series of products includes 40135 lithium iron phosphate batteries, which can be used in many fields such as outdoor power supply, household storage and HEV light drive.
At present, the company's large cylindrical battery products are in strong demand, the production line is full, and the production will be expanded according to customer needs in the future. Great Power also has a clear development plan in the field of semi-solid-state batteries and solid-state batteries. At present, the relevant products are in the stage of sample testing, which shows that the company continues to promote technological innovation and product upgrades.
In terms of production capacity, as of June 30, 2023, Great Power's annualized production capacity is 4.044 billion Ah, and the production capacity is estimated to be about 12.9GWh based on the average nominal voltage of 3.2V. In addition, Great Power is also actively promoting the construction of production capacity under construction, including the first phase of Quzhou Penghui's 11GWh smart energy storage battery project, which has been ignited and put into operation in June 2023. At the same time, Great Power's Qingdao energy storage battery zero-carbon manufacturing base officially started construction, with a planned total energy storage battery production capacity of 36GWh. The first phase of the production capacity is 12GWh, which is expected to be completed and put into operation by the end of December 2024.