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

【SMM Analysis】Saudi Arabia has recently launched a significant energy project, initiating the prequalification process for an 8GWh battery energy storage project. This is the country's first battery energy storage system (BESS) project under the public-private partnership (PPP) model. This initiative is part of Saudi Arabia's energy transition plan, aiming to achieve 48GWh of energy storage capacity by 2030 to support its goal of having 50% renewable energy in its power mix and ultimately reaching net-zero carbon emissions by 2060.

Recently, an SMM survey revealed the following about the iron phosphate market: (1) Due to strong downstream demand, iron phosphate companies have experienced delays in order deliveries, with some orders not being fulfilled on time, leading to prices remaining firm or slightly increasing. Meanwhile, some LFP companies have expanded their capacity, seeking outsourcing and other methods, which have driven up the operating rates of some small and medium-sized LFP companies. (2) During the October negotiation season in the fourth quarter, iron phosphate companies generally hold an optimistic view of the market and maintain a bullish stance; however, LFP companies tend to adopt a wait-and-see approach, expecting the market to remain stable.

【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.

【SMM Analysis】Following the three severe fires at energy storage facilities in New York State in 2023, Governor Kathy Hochul announced an update to the "New York Fire Code" to enhance the safety of energy storage projects. The newly revised regulations specifically target lithium-ion battery energy storage systems, requiring projects with a capacity exceeding 600 kWh to comply with stricter safety standards.

[LFP: Hunan Yuneng's Operational Status]

The White House announced on the 14th that it will impose additional tariffs

After May Day, the price of lithium hexafluorophosphate exhibited significant fluctuations.

NIO and GAC Group signed a strategic cooperation agreement on battery swapping in Guangzhou on May 8.

On May 6th, the lithium carbonate market was stable, with the SMM index at 111,583 yuan/ton (~$15,476.14 USD/ton) and futures falling by 0.75% to 112,400 yuan/ton.

The Gansu Jing Yuan lithium-ion battery recycling project has started.