What’s new: Chinese battery-maker Contemporary Amperex Technology Co. Ltd. (CATL) (宁德时代) has launched what it claims is the first mass-produced energy storage system with zero degradation in the first five years of its lifespan.
The Tianheng is embedded in a standard 20-foot shipping container and equipped with long-life lithium iron phosphate cells with an energy density of 430 watt-hours per liter, giving it a total capacity of 6.25 megawatt-hours, the company said in a statement Wednesday.
The new storage system is capable of 15,000 charge cycles, which CATL said can help energy storage power plants increase their return on investment.
The background: CATL’s previous energy storage systems have managed 12,000 charge and recharge cycles, which are an indicator of lifespan. The launch of the Tianheng is a boost for the firm as it looks to expand beyond its dominant electric-vehicle battery business.
In 2023, the company earned revenue of 59.9 billion yuan ($8.3 billion) from selling batteries used for energy storage, accounting for 14.9% of its total turnover last year. Sales of power cells totaled 285.3 billion yuan, making up 71.2% of revenue, according to its earnings report.
In 2023, there were 486 new electrochemical energy storage power stations put into operation in China, according to data from the China Electricity Council.
Contact reporter Ding Yi (yiding@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
