CATL signed a strategic cooperation framework agreement with Sungrow Power Supply on September 4.
Chinese battery giant CATL announced its strategic partnership with Sungrow Power Supply ("Sungrow") (Chinese: 阳光电源), the leading solar photovoltaic (PV) inverter provider, in new energy fields, such as energy storage.
CATL has established strategic cooperation with head energy enterprises such as China Energy Investment Corporation (China Energy), State Power Investment Corporation (SPIC), China Huadian Corporation, China Three Gorges Corporation, and China Energy Engineering Group, in energy storage battery development.
Founded in 2017, Sungrow is a prominent high-tech enterprise with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems. Its main products include photovoltaic inverters, wind energy converters, energy storage systems, and electric vehicle motor controllers.
Per the agreement, CATL and Sungrow will maximize their respective advantages and jointly explore the global integrated PV and energy storage market. The two parties will strengthen cooperation in product innovation and application of energy storage systems, in an effort to promote synergy and sustainable development of the new energy industry.
As the world's biggest battery maker, CATL is not only involved in the automotive field, but also in the energy storage battery business from the very beginning.
According to the semi-annual report, the operating income of CATL's energy storage system reached CNY 12.736 billion (USD 1.84 billion) in the first half of the year, up 171.41% year-on-year.