Guoke hi-tech energy storage

Who is Guoxuan high-tech?

As a key player among China’s cadre of EV battery makers leading electrification efforts worldwide, Guoxuan High-Tech (Gotion High-Tech) kicked off 2024 with an agreement to cooperate with Chery Automobile in exploring innovation in passenger cars and commercial vehicles, as well as opportunities in the new energy vehicle market.

Who is Hefei Guoxuan Hi-Tech Power Energy Co?

In the agreement announced Jan. 8., Hefei Guoxuan Hi-Tech Power Energy Co, a subsidiary of Guoxuan, will participate in product development while serving as main supplier. The partnership’s scope will encompass battery cell consistency and safety, big data, and even new business areas including electric ships.

How good is Guoxuan Hi-Tech's Performance?

Recently, public new energy battery companies have disclosed their performance metrics. Notably, Guoxuan Hi-Tech's 2022 annual report and first-quarter report reveal impressive growth. The company's revenue for 2022 exceeded 23.052 billion yuan ($3.22 billion), marking a 122.59% year-on-year increase.

Why is energy storage technology needed in China?

In China, RES are experiencing rapid development. However, because of the randomness of RES and the volatility of power output, energy storage technology is needed to chip peak off and fill valley up, promoting RES utilization and economic performance.

Who owns Guoxuan battery?

Company Chairman Zhen Li drew inspiration from his 2005 visit to the University of Science and Technology of China and built a team to pursue battery research. Guoxuan launched its high-capacity lithium iron phosphate (LFP) battery in 2007. In 2021, Volkswagen became the largest shareholder of Gotion High-Tech.

Is energy storage a precondition for large-scale integration and consumption?

So to speak, energy storage is the precondition of large-scale integration and consumption of RES. However, China's energy storage industry is at the exploration stage and far from commercialization. This restricts the development of RES to certain extent. For this reason, this paper will concentrate on China's energy storage industry.