China’s CATL shares jump on battery storage partnership with UAE’s Masdar By Investing.com
SHANGHAI, Jan 20 (Reuters) – Shares in Contemporary Amperex Technology Co Ltd (SZ:) (CATL) jumped on Monday after it announced a strategic partnership with Masdar, the United Arab Emirates’ state-owned renewable energy company.
The initiative aims to develop the world’s first large-scale gigascale ‘non-grid’ project, combining solar photovoltaic (PV) power and battery storage to deliver uninterrupted renewable energy, Masdar said in a statement.
Shares of Shenzhen-listed CATL rose 5.2% to 264.57 yuan on Monday.
With a total investment of over $6 billion, the project includes 5.2 GW of solar capacity and 19 GWh of energy storage, making it the largest Battery Storage System (BESS) project in the world.
Masdar, known for its ambitious renewable energy projects, will leverage CATL’s expertise in lithium-ion battery technology to improve the energy storage infrastructure critical to renewable energy integration.
The partnership is expected to focus on the development of large-scale battery storage systems in emerging renewable energy markets, particularly in the Middle East and North Africa.
Masdar, which has already invested in several large solar and wind projects, is expanding its renewables portfolio with a strong focus on integrating storage technologies.
As the adoption of renewable energy sources increases, storage technologies such as those offered by CATL are seen as critical to addressing intermittency and ensuring a reliable supply of electricity. The partnership with Masdar signals a broader trend of global cooperation in order to achieve decarbonization goals.
