Invest 12 billion yuan in lithium-ion batteries for energy storage

How much yuan will CATL invest in battery manufacturing?

Battery giant Contemporary Amperex Technology Co Ltd (CATL) announced in November it will invest no more than 8 billion yuan ($1.25 billion) and 7 billion yuan in battery manufacturing projects in Fujian and Guizhou provinces, respectively.

Will China invest 6 billion yuan in solid-state batteries?

REUTERS/Tingshu Wang/File Photo Purchase Licensing Rights BEIJING, May 29 (Reuters) - China plans to invest more than 6 billion yuan ($830 million) in a government-led project to develop solid-state batteries with six firms eligible for state funding to work on the next-generation technology, a person with direct knowledge of the matter said.

What percentage of China's energy storage capacity is lithium-ion?

According to the NEA, lithium-ion battery energy storage accounted for 97 per cent of China’s operational energy storage capacity by the end of 2023, with other emerging technologies accounting for the rest.

Why is China investing in lithium mining?

Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University, said the investment frenzy in the lithium mining sector was due to the expansion of production lines of lithium-ion batteries for the booming NEV market driven by China's decarbonization goals, as well as surging prices of raw materials.

Why did lithium companies invest so much?

"Lithium companies' investment frenzy was also spurred by surging prices of raw materials, which was a result of the overall price increase of commodities, and also a result of tight supplies and growing demand from downstream battery and NEV makers," Lin said.

How has China's energy storage sector benefited from new technologies?

China’s energy storage sector nearly quadrupled its capacity from new technologies such as lithium-ion batteries over the past year, after attracting more than 100 billion yuan (US$13.9 billion) in direct investment over the past couple of years.