Chinas Sungrow, an inverter producer, has this week launched a joint venture (JV) with Korean firm Samsung to develop storage solutions for Chinas energy sector.
The Sungrow-Samsung SDI Energy Storage Power Supply Co., Ltd boasts an annual capacity 2 GWh of lithium-ion energy storage systems (ESS), power conversion systems and energy management systems, and is the result of a $170 million investment between the two firms.
Two energy storage contracts have already been signed, with details of the two projects with planned capacities of 10 MWh and 8 MWh respectively revealed at the unveiling ceremony held this week in Hefei, China.
Sungrow president Renxian Cao, speaking at the ceremony, said that the storage market is "expected to be a key area where Sungrow is to expand its business based on close cooperation with Samsung."
Sungrows global inverter portfolio amounts to more than 20 GW of installed inverters in the residential, commercial and industrial markets, and the firm will bring its power conversion expertise to the joint venture. Samsung SDI, for its part, will provide its lithium-ion battery banks and energy management systems to projects that the JV is involved in.