【SMM Analysis】Illinois Leads the Energy Transition: Plans to Deploy a 3GW Battery Energy Storage System

【SMM Analysis】Recently, Sungrow and Spearmint Energy announced the signing of a cooperation agreement for a battery energy storage system (BESS) exceeding 1GWh. According to the agreement, Sungrow will provide its advanced PowerTitan 2.0 energy storage solution for Spearmint Energy's energy storage project in Texas, with the deployment phase expected to extend through 2025.

According to SMM statistics, from January to June 2024, the total production of LFP reached 861,530 mt, a significant YoY increase of 60%. Overall, after the traditional market off-season in January and February, LFP production saw a notable recovery in March and April, peaked in May, and began to decline in June due to downstream inventory reduction.

【China's domestic power battery installation volume in February is 18GWh, CATL holds over 55% market share】Recently, the China Automotive Power Battery Industry Innovation Alliance (hereinafter referred to as "Battery Alliance") released the power battery monthly data for February of this year. According to the data, in February, China's power battery installation volume declined both year-over-year and month-over-month. From a corporate perspective, CATL's market share exceeded 55%, with BYD's share close to 18%. Specifically, in February, China's power battery installation volume was 18GWh, a year-over-year decrease of 18.1% and a month-over-month decrease of 44.4%. This is in line with the downward trend in the production and sales of new energy vehicles for the month.

On the morning of March 11, the 200MW/400MWh grid-side energy storage project in Wuyi County, Jinhua City, Zhejiang Province officially started, which is also the largest grid-side independent energy storage project in Zhejiang Province, which is currently the largest grid-side independent energy storage project in Zhejiang Province, which was signed by Wuyi County, Jinhua City and Sunwoda Smart Energy, with a total planned investment of 800 million yuan. According to Shenzhen Sunwoda Smart Energy Co., Ltd. (hereinafter referred to as Sunwoda Smart Energy), on the morning of March 11, the 200MW/400MWh grid-side energy storage project in Wuyi County, Jinhua City, Zhejiang Province officially started, which is also the largest grid-side independent energy storage project in Zhejiang Province. The project was signed by Wuyi County, Jinhua City, Zhejiang Province and Sunwoda Smart Energy, with a planned total investment of 800 million yuan, and the project will be connected to the grid before June 30, 2024 according to the construction target.

On March 12th, lithium carbonate futures surged 4.13% to 119,850 yuan/ton, and spot prices rose to an average of 110,000 yuan/ton, amid market optimism and supply-demand adjustments.

Cobalt and nickel price review and forecast

The European Commission has approved a €350 million (US$380 million) plan to support strategic industrial equipment for Portugal's domestic net-zero economy, including the manufacturing of solar panels in the country, as well as the production of wind turbines, batteries, heat pumps, electrolyzers, and storage equipment. This aid will be provided in the form of direct grants, with an effective period until December 31, 2025. The Commission clarified that after this date, regular state aid rules will continue to apply.

From January 1, 2024, to December 31, 2024, individual consumers who scrap or transfer (excluding change of registration) a non-commercial passenger car registered under their name in Shanghai, and purchase a new pure electric passenger car from an automobile sales institution registered with the Shanghai Market Supervision Administration, for non-commercial use, can apply for a one-time subsidy of 10,000 yuan for the purchase of the car.

On the afternoon of March 4th, the Jinan Municipal Government Information Office held the first session of the themed press conference titled "Vigorously Deepening Project Construction and Promoting High-Quality Development in an All-Round Way", where they introduced relevant information regarding the deepening of project service guarantee to promote green, low-carbon, and high-quality development.

Lithium Salt Price Review & Forecast