Shanghai (ZXZC)- CATL and State Grid Integrated Energy Service Group Co.,Ltd., a wholly-owned subsidiary of State Grid, founded a joint venture, which focuses on the investment in energy storage programs and their construction and operation.

Dubbed Xingjiang State Grid-CATL Energy Storage Development Co.,Ltd. (State Grid-CATL), the joint venture was established on Jan. 17, 2020, involving a registered capital of RMB30 million, according to the business data platform Tianyancha. It is held as to 40% by the Ningde-based battery titan and 60% by State Grid subsidiary.

The collaboration with the state-owned power is expected to further advance CATL in energy storage deployment. The company is dedicated to forming a green energy network. According to its official self-introduction, its energy storage products can be used in areas like smooth output of renewable energy sources, frequency regulation by power grid, communications base station, industrial & commercial premises, and household utility.

CATL, the supplier which takes the lion's share of China's power battery sales, cooperates with multiple well-known domestic and global automakers, such as SAIC Motor, Dongfeng Motor, Changan Automobile, Geely, NIO, WM Motor, BMW, Volkswagen and General Motors. In early Feb., CATL confirmed its partnership with the high-profile EV manufacturer Tesla, saying it would provide the latter with lithium-ion power batteries from July 1, 2020 to June 30, 2022.

State Grid Integrated Energy Service Group Co.,Ltd., formerly known as State Grid Enenrgy Conservation Service Co.,Ltd., is operating four major business units—integrated development and utilization of clean energy, energy saving service, electric energy alternatives and global energy development.