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Gotion targets US energy storage market as battery shortages hinder deployments","chinas-gotion-targets-us-energy-storage-market-as-battery-shortages-hinder-deployments","article/chinas-gotion-targets-us-energy-storage-market-as-battery-shortages-hinder-deployments",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":663,"featured":51,"reporter":664,"_editable":668,"component":669,"seo_title":553,"categories":670,"visibility":680,"author_company":49,"featured_image":681,"seo_description":663,"author_full_name":49,"author_job_title":49,"formattedDate":686,"formattedArticleDate":687},"966863a3-4b6a-4f08-b617-ed516accdd0f","2022-11-16 00:00",[560,563],{"slug":561,"name":562},"benchmark-week-2022","Benchmark Week 2022",{"slug":564,"name":565},"usa","USA",[567],{"slug":568,"name":569,"content":570},"didi-bostock","Didi Bostock",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Editor - Energy Transition & Economics",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":577,"content":578},"doc",[579,586,591,596,601,606,621,626,631,638,643,648,653,658],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"Chinese battery maker Gotion High-Tech (Guoxuan) said it aims to be a leading provider of energy storage batteries in the US, as it looks for locations for a battery cell plant in the country. ","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":585},"The Volkswagen-backed producer is still evaluating production locations in the US and aims to have a third of the market by the end of the decade, Vikash Venkataramana, vice president of energy storage systems at Gotion, told the Benchmark Week conference in Los Angeles.",{"type":580,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":585},"Chinese battery companies have become major suppliers of batteries to US energy storage projects, which are set to acclerate following the passing of the Inflation Reduction Act in August. ",{"type":580,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":585},"Last month China’s CATL said it would provide batteries for the $1.2 billion Gemini solar and storage project outside of Las Vegas. ",{"type":580,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":585},"Gotion is a leading producer of lithium iron phosphate (LFP) battery cells, which have become the leading chemistry for energy storage projects due to its lower cost and longer cycle life. ",{"type":580,"attrs":607,"content":608},{"textAlign":49},[609,611,619],{"text":610,"type":585},"The company is rapidly expanding ",{"text":612,"type":585,"marks":613},"production outside of China",[614],{"type":615,"attrs":616},"link",{"href":617,"uuid":49,"anchor":49,"target":49,"linktype":618},"https://source.benchmarkminerals.com/article/how-can-the-world-meet-elon-musks-300-twh-battery-capacity-target","url",{"text":620,"type":585},", with plants in Vietnam with VinFast and in Germany. The company aims to have 100 gigawatt-hours of cell production outside of China by 2025, out of a total of 300 GWh.",{"type":580,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":585},"Gotion aims to have 40% of its revenues come from energy storage by the end of the decade, from 15% today, Venkataramanan said. As soon as 2024 it could reach 30%, he said. ",{"type":580,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":585},"Last month Michigan Governor Gretchen Whitmer said Gotion’s could spend $2.36 billion in a battery plant in Big Rapids, but the company has yet to officially confirm the location. ",{"type":632,"attrs":633,"content":635},"heading",{"level":634,"textAlign":49},2,[636],{"text":637,"type":585},"No batteries, no storage",{"type":580,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":585},"Installations of energy storage in the US, which help integrate renewable energy by storing it for short periods of time, have lagged behind China this year, due to lack of battery supplies. ",{"type":580,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":585},"The US and Canadian energy storage markets are only expected to grow to 17 GWh this year, from 13 GWh, according to Rho Motion. Next year, however, that could reach 30 GWh. ",{"type":580,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":585},"China’s installations, in contrast, are expected to triple this year, to 43 GWh, Rho Motion forecasts. ",{"type":580,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":585},"Gotion aims to build a total of 40 GWh of battery production capacity in the US, Venkataramana said. The 10 GWh of initial capacity would be for energy storage batteries, and an additional 10 GWh for EVs. The company has still not decided on the remaining 20 GWh, he said. ",{"type":580,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":585},"Battery demand from energy storage applications is expected to increase by 355% between now and 2030, according Benchmark’s Lithium ion Battery Database. By 2030 79% of battery energy storage demand will be met by LFP batteries.","Chinese battery maker Gotion High-Tech (Guoxuan) said it aims to be a leading provider of energy storage batteries in the US, as it looks for locations for a battery cell plant in the country. The Volkswagen-backed producer is still evaluating production locations in the US and aims to have a third of the market by […]",[665],{"slug":568,"name":569,"content":666},{"job_title":571,"image":667,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"966863a3-4b6a-4f08-b617-ed516accdd0f\", \"id\": \"\"}-->","article",[671,674,677],{"slug":672,"name":673},"batteries","Batteries",{"slug":675,"name":676},"ess","ESS",{"slug":678,"name":679},"new-energy","New Energy","private",{"id":49,"alt":682,"name":682,"focus":682,"title":682,"source":682,"filename":683,"copyright":682,"fieldtype":684,"meta_data":685,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/ea1eff3d08/bm-gotion-picture.jpg","asset",{"alt":682,"title":682,"source":682,"copyright":682},"Nov 16, 2022","16th November 2022",[],[],1789982589785]