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REPT signs 10 GWh Energy Vault energy storage deal as it expands overseas","tsingshan-backed-rept-signs-10-gwh-energy-vault-energy-storage-deal-as-it-expands-overseas","article/tsingshan-backed-rept-signs-10-gwh-energy-vault-energy-storage-deal-as-it-expands-overseas",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":667,"featured":51,"reporter":668,"_editable":672,"component":673,"seo_title":553,"categories":674,"visibility":684,"author_company":49,"featured_image":685,"seo_description":667,"author_full_name":49,"author_job_title":49,"formattedDate":690,"formattedArticleDate":691},"d7b924af-a013-4885-a525-e5cc83a6eeb1","2023-05-26 00:00",[560],{"slug":561,"name":562},"energy-storage","Energy storage",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"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":574,"content":575},"doc",[576,583,588,603,608,613,618,625,630,635,640,645,652,657,662],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Chinese battery maker REPT signed a deal to supply 10 gigawatt hours of lithium ion batteries to the US energy storage company Energy Vault, as the Tsingshan-backed company looks to expand its presence in the energy storage market to take on bigger rivals such as CATL and BYD.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"The development comes as more Chinese battery makers are entering the energy storage space and also turning to overseas markets to gain market share.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591,593,601],{"text":592,"type":582},"REPT, which has filed for an IPO in Hong Kong, say its annual cell production capacity is set to exceed 70 gigawatt hours by the end of this year. That pipeline is expected to grow to 226 GWh by 2030, according to ",{"text":594,"type":582,"marks":595},"Benchmark’s Gigafactory Assessment",[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/","url",{"text":602,"type":582},".",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"“Overseas markets are becoming increasingly important for manufacturers to tap into in order to secure orders to support future production ramp up plans and the ESS market has emerged in recent years as the fastest growing demand market for lithium-ion battery demand,” said Aran Waid, analyst at Benchmark.",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"While the electric vehicles have been the key driver for lithium ion demand globally, the energy storage market has been catching up fast, driven primarily by China.",{"type":577,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":582},"The global energy storage demand is set to grow six fold by 2030 to 345.7 GWh from 61.9 GWh last year, according to the Benchmark Lithium Ion Battery Database. Demand from China is expected to remain dominant even as North America and Europe catch up.",{"type":619,"attrs":620,"content":622},"heading",{"level":621,"textAlign":49},4,[623],{"text":624,"type":582},"REPT’s bet on ESS",{"type":577,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":582},"REPT is expected to begin initial deliveries to Energy Vault in the third quarter of this year. The battery maker plans to deliver smaller 280Ah batteries first followed by the larger capacities to meet the short and long duration energy storage requirements of Energy Vault, which provides utility-scale energy storage solutions.",{"type":577,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":582},"The move will also help REPT, a subsidiary of Chinese steel and nickel major Tsingshan, make a foray overseas with its energy storage unit. REPT’s ESS unit contributed nearly half of the company’s sales in 2022 and was more than that from electric vehicle batteries.",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"The news also follows REPT’s announcement in April for a partnership with Chinese ​​battery energy storage system (BESS) integrator Powin for a smaller 3GWh deal. ",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":582},"“Historically ESS developers have struggled to secure supply as the EV market has taken priority for cell supply, but we are now seeing battery manufacturers recognise ESS market potential. REPT’s deals could be a clear indication of manufacturers intentions to become a known supplier of cells for ESS developers and gain market share in this space,” said Waid.",{"type":619,"attrs":646,"content":647},{"level":621,"textAlign":49},[648,650],{"text":649,"type":582},"Overseas ",{"text":651,"type":582},"energy storage demand",{"type":577,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":582},"Chinese battery companies are the largest suppliers to the global energy storage market. ",{"type":577,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":582},"The world’s largest battery maker CATL and UK’s Gresham House Energy Storage Holdings in December signed  a long-term agreement on the supply of up to 7.5 GWh of battery energy storage systems. Both parties will aim to increase the scope to 10 GWh of BESS for use in grid scale applications.",{"type":577,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":582},"US-based Primergy Solar (Primergy), a developer and operator of utility scale solar and storage, in October agreed for a battery supply from CATL for the $1.2 billion Gemini Solar +Storage Project outside of Las Vegas, Nevada.","Chinese battery maker REPT signed a deal to supply 10 gigawatt hours of lithium ion batteries to the US energy storage company Energy Vault, as the Tsingshan-backed company looks to expand its presence in the energy storage market to take on bigger rivals such as CATL and BYD. The development comes as more Chinese battery […]",[669],{"slug":565,"name":566,"content":670},{"job_title":568,"image":671,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d7b924af-a013-4885-a525-e5cc83a6eeb1\", \"id\": \"\"}-->","article",[675,678,681],{"slug":676,"name":677},"batteries","Batteries",{"slug":679,"name":680},"ess","ESS",{"slug":682,"name":683},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":686,"name":686,"focus":686,"title":686,"source":686,"filename":687,"copyright":686,"fieldtype":688,"meta_data":689,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/9e7f06fe07/bm-rept-battero-inks-supply-agreement-energy-vault.jpg","asset",{"alt":686,"title":686,"source":686,"copyright":686},"May 26, 2023","26th May 2023",[],[],1792773914791]