China energy storage battery maker Rongke raises $145m

Founded in 2008, the company was incubated by the Dalian Chemistry & Physics Research Institute under the Chinese Academy of Science. It has achieved mass production of storage batteries, supplying capacity of 559-megawatt hours, primarily for use on construction projects.

Last year, Rongke provided a battery storage system for phase one of Dalian Hengliu Energy Storage Power Station. This was the first national-level chemical energy storage demonstration project approved by the National Energy Administration.

In addition, with the capacity to store up to 400 MWh, it is said to be the largest battery-based energy storage system globally featuring vanadiam redox batteries. These are rechargeable flow batteries often used in grid energy storage.

Another project that relies on the same battery type - the 5 MWh Liaoning Longyuan Energy Storage Plant - has been in operation for 10 years. It is the longest-duration project globally that uses vanadiam redox batteries.

Rongke will channel the new capital into R&D and production line expansion, according to a statement.

Clean energy features prominently in China's plans for achieving carbon neutrality. However, wind and solar energy output is largely determined by weather conditions, so it is inherently unstable and therefore unstable for direct input into power grids. Energy storage solutions are indispensable in harnessing this capacity.

Other recent investments in this space include a CNY 600m Series A for Weview, which specialises in zinc-iron liquid flow batteries. These are seen as suitable for energy storage because of their high energy density, long life span, and high scalability, as well as the low cost of metallic zinc.

Some investors argue that batteries are not the best option for large-scale wind and solar projects. Tsinghua Holdings Capital (TH Capital), for example, is an advocate of compressed air energy storage. This prompted its investment last year in Zhongchu Guoneng Technology.

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• Topics
• Greater China
• Expansion
• Cleantech
• Technology
• China
• Legend Capital
• energy storage