Guangzhou Development Group (GDC) has founded a new company, Guangzhou Energy Storage Group Co., Ltd., to be registered in Guangzhou’s Nansha District with 2 billion yuan (US$280 million).
The energy storage group’s operations will cover electrochemical storage, the manufacture of batteries and hydrogen energy.
GDG and Guangzhou Industrial Investment and Capital Operation Holding Group Ltd. contributed 34 percent and 36 percent of the registered capital, respectively.
This move is part of Guangdong’s push to shift from cost competition to value competition with an estimated annual revenue of 1 trillion yuan and installed capacity of 4 gigawatts by 2027.
