Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
SHANGHAI, June 21 (Xinhua) — U.S. automaker Tesla signed a deal with Chinese partners on Friday to build a grid-scale energy storage station in Shanghai using its Megapack battery packs.
The total investment in the project will be 4 billion yuan (about $556 million). The agreement marks Tesla’s entry into China’s rapidly growing energy storage market and paves the way for its facility to be connected to the world’s largest power grid.
According to the agreement signed by Tesla, the Lingang New Area Government of China /Shanghai/ Pilot Free Trade Zone, the People’s Government of Fengxian District of Shanghai and China Kangfu International Leasing Co., Ltd., the gigawatt-hour energy storage station will be built in the Lingang New Area.
It will be Tesla’s first grid-scale energy storage station built in mainland China.
Tesla China’s energy business general manager Dong Kun said that once operational, the station will participate in spot electricity trading, helping to smooth out peak loads in local networks and improve the stability of the power system.
Tesla also plans to expand its partnership with China Kangfu to deliver carbon-free energy solutions globally.
In February of this year, the new Tesla Megafactory in the new Lingang area (Tesla’s second plant in Shanghai after the Gigafactory) began producing Megapack batteries.
Tesla predicts 50 percent year-over-year growth in energy storage capacity in 2025. -0-