Great power invested 7 billion yuan to build an annual production of 21GWh energy storage battery project
Various favorable policies and market factors are driving the domestic energy storage industry to meet demand growth again.
On April 4th, Guangzhou Great PowerTechnology Co., Ltd. (hereinafter referred to as “Great power”) announced that the company plans to build energy storage battery projects in Zhejiang and Henan respectively.
QuzhouGreat power Technology Co., Ltd., a wholly-owned subsidiary located in Zhejiang Province, plans to invest approximately 7 billion yuan in the construction of a new 21GWh annual energy storage battery project.
HenanGreat power Supply Co., Ltd., a wholly-owned subsidiary located in Henan Province, plans to invest approximately 300 million yuan in the expansion of a long cycle, high-energy efficient large-scale lithium-ion battery production line and the purchase of automation and intelligent production equipment.
According to the announcement, the total construction time of the two projects is expected to exceed 3 years, and they are planned to start construction by the end of June 2023 and be completed and put into operation by the end of December 2026. The company stated that this investment will further improve the production capacity layout, enhance the influence and comprehensive competitiveness of the energy storage business.
Great power was established in 2001, specializing in the research and development, production, and sales of green high-performance batteries. Since 2011, we have entered the energy storage field and our main customers include China Tower, China Mobile, Sunshine Power, and Trina Solar. Starting from 2020, the layout of household storage began, and in 2021, its global shipment of household storage batteries entered the top three.
According to the performance forecast released by Great Power, the company is expected to achieve a net profit of 600 million yuan to 692 million yuan in 2022, a year-on-year increase of 228.89% to 279.28%. During the reporting period, continuous efforts were made to expand the energy storage market, resulting in a significant increase in revenue from the energy storage battery business compared to the same period last year.
The revenue from the automotive power battery business also showed significant growth compared to the same period last year, while the consumer battery business maintained a stable growth rate. The company plans to continue to enter the international market in the next 3-5 years, with a revenue of over 20 billion yuan.