Posted: 23 Feb 2021, 05:19
Pylontech said it would have 4 GWh of battery-powered energy storage system manufacturing facilities within three years, after raising around US $ 300 million through its listing on the Shanghai Stock Exchange.
The Chinese manufacturer of vertically integrated batteries and energy storage systems, headquartered in Shanghai, produces everything from battery cathode materials and lithium-ion cells, to battery management system and integrates components into complete energy storage system (ESS) solutions.
Active in many global markets including the United States, Australia, Europe and of course China, the company said it achieved 1 GWh of cumulative ESS shipped globally by 2018 and 1.5 GWh of systems manufacturing capacity in 2019. and utility customers, with high voltage and low voltage solutions, the company is focusing on lithium iron phosphate (LFP) battery chemistry. The company’s systems are compatible with a range of kits from international equipment suppliers, including solar inverter manufacturers Ingeteam and Schneider Electric. In 2017, its systems were the first from any manufacturer to be certified by the TÜV Rheinland Accreditation Group as meeting a number of standards deeming them suitable for installation and use in Germany, at the time described by a representative of TÜV Rheinland Greater China as “the most rigorous certification standard in the world”.
Pylontech is listed on December 30, 2020 on the Shanghai Stock Exchange Star Market, which caters to science and technology companies. The company said it was the first dedicated energy storage company to feature on it and raised more than CNY 2 billion (US $ 301 million) through it.
“We only took a few days off for the Chinese New Year holiday so that we could continue both cell production and capacity expansion,” said Pylontech CEO Wen Tan.
“It’s very unusual in the Chinese tradition, but we are eager to provide our waiting customers with more resources.”
The company said its expansion schedule was “tight,” but that it hoped to be able to meet global demand, which it said is “booming”, with its dedicated ESS manufacturing lines. In addition to the residential, industrial, and grid-related ESS markets, Pylontech has identified telecommunications base stations as a likely source of growing market demand for battery storage over the next five years.
A few days ago, another vertically integrated battery storage company, Northvolt, announced that it was building a European ESS assembly “ gigafactory ” in Poland with an initial capacity of 5 GWh. Northvolt is a recently founded start-up that is currently building its first large factory to produce ‘sustainable’ battery cells for electric vehicles and stationary ESS use in Sweden.
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