Shanghai (ZXZC)- CATL and the U.K.-based Gresham House Energy Storage Fund plc recently signed a long-term intent agreement for a supply of 7.5GWh batteries, the Chinese battery giant announced on Dec. 20 via its WeChat account.

Under the agreement, both parties will strive to expand their cooperation scale to 10GWh based on market demands, in a bid to jointly boost the scale applications of energy storage systems in utility businesses.

Photo credit: CATL

The move marks the first-ever direct cooperation CATL formed with an asset management company working on utility-scale operation projects, said CATL. The duo will build a long-term win-win strategic partnership to speed up the large-scale application of the battery energy storage technology and contribute to global energy transition.

Gresham House plc offers a broad range of funds, direct investments and tailored investment opportunities, including co-investment, across a range of alternative investment strategies, and is dedicated to the ESG-focused material investments across multiple industries. Its subsidiary, Gresham House Energy Storage Fund plc, focusing on the transition to renewable energy, is the U.K.’s biggest fund working on the investment in utility-scale operational energy storage systems.