Leading Chinese solar PV manufacturer LONGi has acquired Canada-headquartered system integrator PotisEdge, and plans to launch an ‘Energy Storage One-Stop Solution’ as the company now covers solar, hydrogen and energy storage products.
News of LONGi’s acquisition of PotisEdge first emerged on 13 November, with a public notice on the Shaanxi Provincial Administration for Market Regulation website. It revealed that LONGi Green Energy Technology has agreed to acquire c.62% of PotisEdge via an equity acquisition, capital increase and voting rights, giving it sole control of the firm. Prior to the deal, PotisEdge was 44.79% held by individuals.
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LONGi said its energy storage solution will be deployed first in key markets such as the UK, Germany, Italy, and Spain.
Dennis She, LONGi VP, said in the announcement: “The current development stage of the energy storage industry is very similar to the early days of solar—confidence-driven rapid growth, but also bringing disorderly competition. The future dimension of competition in energy storage has evolved from ‘having the technology’ to ‘value reliability’.”
Speaking to our sister site Energy-Storage.news at an event in London marking the deal, PotisEdge founder and president Minjie Shi said: “LONGi will bring the strong brand name and a big market to PotisEdge, and the combination of the two companies offers big opportunities to the market.”
“We are a technology company that designs and manufactures all the key components with the exception of the battery cells. We’re highly integrated, and that’s allowed us to gain a good reputation and solve market challenges,” Shi said.
