This is CATL's first direct partnership with an asset management company that operates energy storage projects, and the two will work to expand the partnership to 10 GWh.
Chinese power battery giant CATL has reached a battery supply agreement with a UK company, its latest achievement in expanding in international markets.
CATL recently reached a long-term supply intent agreement with British investment fund Gresham House Energy Storage Fund for nearly 7.5 GWh, according to a press release it issued today.
The two companies will work to expand the partnership to 10 GWh, depending on market demand, to promote the use of energy storage systems in the utility sector, the release said.
This is CATL's first direct partnership with an asset management company that operates energy storage projects, creating a new model of collaboration in the industry, CATL said.
(Image credit: CATL)
Both companies are leaders in their respective fields and will establish a long-term strategic partnership to accelerate the large-scale adoption of battery energy storage technology to fuel the global energy transition, CATL said.
Gresham House Plc is a specialist alternative asset management group with a focus on ESG-centric multi-sector investments.
Its subsidiary, Gresham House Energy Storage Fund, focuses on the renewable energy transition and is the largest fund in the UK investing in battery energy storage systems in the utility sector, according to the release.
This is the latest international partnership CATL has entered into in the energy storage sector.
On September 22, CATL announced that it has entered into a partnership agreement with FlexGen, a US energy storage technology platform and solutions provider, to supply the latter with 10 GWh of energy storage products over a three-year period.
CATL will supply FlexGen with EnerC, a containerized liquid-cooled energy storage product that can withstand a wide range of weather extremes and keep systems running safely and reliably for 20 years, the company said at the time.
CATL's products have been used in a wide range of large and significant energy storage projects around the world, including three projects totaling more than 2.1 GWh at Southern California Edison and more than 500 MWh of commercial energy storage projects in operation and under construction in Texas, according to the company.
CATL is the world's largest power battery manufacturer, and it installed 18.1 GWh in October, with a 37.6 percent market share, according to South Korean market research firm SNE Research.
CATL ranks first in the world in market share of energy storage battery production in 2021 and has delivered more than 100 large-scale energy storage projects around the world, the company previously said.
In the first half of 2022, CATL's energy storage system revenue reached RMB 12.7 billion ($1.77 billion), up 171 percent year-on-year, according to the company's semi-annual report.
At the end of October, CATL showcased its energy storage solutions at All Energy Australia, marking the first appearance of its products at the event.