CATL (HKG: 3750, SHE: 300750) has partnered with Chinese electrical equipment manufacturer Shanghai Sieyuan Electric, marking the battery giant's latest advancement in energy storage operations.
The two companies signed a three-year energy storage cooperation memorandum targeting a 50 GWh collaboration scale, CATL said in an announcement today.
Both parties will leverage their respective strengths to enhance supply chain synergy efficiency and drive high-quality development in the energy storage sector, CATL noted.
Over the next three years, the two companies will achieve upstream-downstream supply chain coordination around energy storage systems and supporting equipment like transmission and distribution gear, according to the statement.
The two companies will also strengthen technical exchanges and project collaborations to accelerate the large-scale application of energy storage systems in new power networks.
Sieyuan, headquartered in Shanghai, is a company engaged in power technology R&D and equipment manufacturing. Its 2024 revenue was RMB 15.5 billion ($2.2 billion), with operations spanning over 100 countries and regions, according to its website.
The company had 9,456 staff in 2024 and invested RMB 1.11 billion in R&D.
Sieyuan and CATL first established their partnership in 2022. This latest move deepens their collaboration and strengthens synergies in the energy storage sector.
CATL is the world's largest EV battery manufacturer, with energy storage also being one of its core businesses.
In the first half of 2025, CATL's energy storage battery systems contributed RMB 28.4 billion in revenue, accounting for 15.87 percent of its total revenue of RMB 178.9 billion, according to its interim report.
EV battery operations generated RMB 131.6 billion in revenue during the same period, representing 73.56 percent of total revenue.
($1 = RMB 7.0066)
