Highpower International Awarded Energy Storage Project from China Southern Power Grid
Highpower International, Inc. (NASDAQ: HPJ), developer, manufacturer, and marketer of lithium and nickel-metal hydride (Ni-MH) rechargeable batteries, management systems and recycling services announces it has secured a contract to produce a 100KWH energy storage system (ESS) for China Southern Power Grid Co., Ltd. (CSPG). This ESS system is designed to maintain a balance of supply and demand over the south China grid as part of a long-term energy storage project developed by CSPG. While financial terms of the agreement were not disclosed, the contract is expected to be filled, with all batteries and battery management system (BMS) delivered, by the end of May 2015.
GSPG invests, constructs and operates power networks in regions of south China and is one of the largest utility suppliers in the world. This order makes up a critical part of their energy storage station. Power plants take advantage of grid integrated ESS in dealing with fluctuating energy demand. This demand differs over the course of the day, with greater needs during peak hours and lower demand at night. ESS systems such as the one Highpower is producing for CSPG are used for feeding power to the grid at times when consumption that cannot be deferred or delayed exceeds production. In this way, electricity production need not be drastically scaled up and down to meet momentary consumption. Instead, transmission from the combination of generators plus storage facilities is maintained at a more constant level.
George Pan, President and CEO of Highpower, stated, "ESS systems have far reaching applications, not just in integrated grid technologies or stand-alone systems, and there is a real possibility this technology will be entering the residential market. This is a promising market, as policies and incentives are making it more economically feasible to sell battery systems to businesses, utilities, and residences. We intend to leverage our expertise in developing battery technologies to take advantage of the growing energy storage market as a manufacturer, and believe that projects such as our agreement with CSPG represent an exciting new era our Company's development."
About Highpower International, Inc.
Highpower International was founded in 2001 and produces high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based rechargeable batteries used in a wide range of applications such as electric buses, bikes, energy storage systems, power tools, medical equipment, digital and electronic devices, personal care products, and lighting. Highpower's target customers are Fortune 500 companies and top 10 companies in each vertical segment. With advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean technology, not only in the products it makes, but also in the processes of production. The majority of Highpower International's products are distributed to worldwide markets mainly in the United States, Europe, China and Southeast Asia.