The tipping point is near, where the combination of solar PV and battery storage will revolutionize distributed energy generation, be it for the home or business. According to BloombergNEF and the U.S. Business Council for Sustainable Energy, PV panel prices have dropped by 77% and lithium-ion battery prices by 87% in the past decade. So the time is ripe for battery storage to make solar even more compelling by allowing PV electricity to be stored and dispatched in a more predictable manner.
Chinese inverter and battery storage manufacturer FoxESS is focused on this opportunity and aims to make the combination of lithium-ion batteries and solar attractive and compelling for end users around the world. FoxESS is no newcomer to PV and storage: Its founder and CEO Michael Zhu has spearheaded the global expansion of other leading Chinese PV brands. And on the battery side, the company can tap into an extensive battery materials and battery assembly supply chain developed and run by its parent company, Tsingshan Group. A global Fortune 500 company, Tsingshan is the world’s leading stainless steel manufacturer.
The strategic metal nickel forms the common denominator of stainless steel and lithium-ion manufacturing. Most of the world’s nickel output is consumed by the stainless steel industry, but new energy applications, such as electric vehicles and battery storage, are fast becoming key markets for the precious metal. Tsingshan Group has mastered the nickel supply chain and operates the world’s largest nickel mining, refining, and production hub out of Indonesia.
FoxESS is integrating NMC high nickel batteries produced by the Tsingshan subsidiary Ruipu Energy into its energy storage systems (ESS). FoxESS is also manufacturing state-of-the-art inverters to best integrate the ESS component into the smart home of the future – optimizing self-consumption and the interaction between the home energy system and the utility grid. Adding to its suite of smart energy solutions, advanced digitization software is currently being developed by FoxESS to provide for easy and remote energy management.
Australia and Europe are of the first markets where the case for solar+storage is already a winner, whether to reduce grid dependency or boost self-consumption in the face of rising electricity rates. FoxESS is targeting these continents with its residential PV and battery storage solutions, and its experience in these markets will undoubtedly serve the company well as it continues to expand its international network. Given the magnitude of opportunity and the meteoric growth of its parent company Tsingshan, it will surely be a fast-paced expansion across the globe.
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