Samsung SDI and PV inverter manufacturer, Sungrow Power Supply are to team on building and operating a lithium-ion battery energy storage plant in China and the supply of energy storage systems in the country.
The JV was said to fit both companies' strategies to offer energy storage solutions for power plants in China.
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Initial investment in the Samsung SDI-Sungrow Energy Storage Battery Co joint venture was said to be around US$20 million, with Sungrow contributing around US$6.4 million in cash to the project. Operations were said to be scheduled to start in 2015.
A second operation, Sungrow-Samsung SDI Energy Storage Power Supply Co would also be established for the sales and distribution side of the JV.
“We will prepare gradually and step up efforts to become one of the leading ESS companies in China, which is expected to grow rapidly in the near future,” said Samsung SDI CEO Park Sang-jin.