CATL Unveils 9-MWh Battery System in Australia, Signs Three MoUs

Dow Jones10-28 15:10

Chinese battery maker Contemporary Amperex Technology has launched a new energy storage system and secured three local MoUs in Australia, intensifying its push into overseas markets.

CATL on Wednesday globally launched TENER+, a 9-megawatt-hour energy storage system that can reduce the number of containers needed by 40% and the project footprint by 35%.

The battery maker also signed three Memorandums of Understanding with Hitachi Energy, EPEC Group, and the University of New South Wales.

The expansion comes as Australia emerges as a vital market for grid-scale batteries amid rapid growth in renewable energy accounts for electricity generation.

CATL said it had more than 17 gigawatt-hours of energy storage projects installed in Australia.

The company is pursuing international expansion against a backdrop of investor concerns over sustaining industry-leading profit margins as Chinese automakers increasingly manufacture their own batteries.

CATL posted a 14.5% rise in third-quarter net profit to 21.25 billion yuan, missing market expectations.

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