Xiamen Hithium Storage Technology Co., Ltd. (海辰储能) recently successfully completed Series C financing, and the financing amount has not been disclosed. The investor is Jinruihe Investment（金睿和投资）. This financing will be used to promote the collaborative development of the upstream supply chain and further expand the ecosystem in the field of energy storage.
EqualOcean has learned that Hithium is a key project introduced to Xiamen, with a value of billions of dollars. It is also an important project in Fujian Province and the country, and has been recognized as a national-level high-tech enterprise. The company focuses on the research and development, production, and sales of lithium battery core materials, lithium iron phosphate energy storage batteries and systems, and has core technological intellectual property rights. Its mission is to provide safe, efficient, clean, and sustainable green energy solutions worldwide with customers at the center.
Hithium has already started its layout in Europe and the United States, with a focus on the European energy storage market. To better meet the local demand in the European market and improve service efficiency, Hithium has established a subsidiary in Munich, Germany. It actively builds close cooperative relationships with local customers to promote secure energy transition and green, low-carbon development.
In the U.S. market, Hithium recently announced a framework procurement agreement with Powin, a global energy storage system integrator. According to the agreement, Hithium will deliver a total of 1.5 GWh of energy storage battery products in the first batch.
The global energy storage market is experiencing rapid growth due to the driving force of the global decarbonization trend and the rapid increase in wind and solar installations. According to incomplete statistics from the CNESA Global Energy Storage Project Database, as of the end of 2022, China, the United States, and Europe are the three major energy storage markets, accounting for about 80% of the overall market, with Europe and the United States accounting for more than half of the market share. China has a total installed capacity of 59.8 GW for commissioned power storage projects, accounting for 25% of the global market. The annual growth rate of China's power storage market is 38%.
Benefiting from the massive market demand in the fields of power batteries and energy storage, there is a continuous influx of leading players in the energy storage industry. Among the companies expanding overseas, not only are there power battery manufacturers such as CATL（宁德时代）, Gotion High-Tech（国轩高科）, SVOLT Energy（蜂巢能源）, and Eve Power（亿纬动力）, but also many leading companies specializing in energy storage that are accelerating the progress of local production capacity localization.
After this financing, Hithium will continue to expand its global strategic layout, focusing on various scenarios such as power generation, grid-side, and commercial and industrial energy storage. At the same time, the company will continue to focus on the research and development of safe energy storage products. In the fields of core materials, battery design, system integration, intelligent equipment and informatization, material recycling, and frontier material research and development, Hithium will conduct in-depth research and layout intellectual property rights.