1211 BYD Company Limited Class H

BYD Energy Storage Signed World’s Largest Grid-scale Battery Storage Projects of 12.5GWh

BYD Energy Storage Signed World’s Largest Grid-scale Battery Storage Projects of 12.5GWh

SHENZHEN, Feb. 17, 2025 (GLOBE NEWSWIRE) -- Recently, BYD Energy Storage and Saudi Electricity Company successfully signed the world's largest grid-scale energy storage projects contracts with a capacity of 12.5GWh at the time. Combined with the previously delivered 2.6GWh project, the total cooperation now has amounted to a massive 15.1GWh of projects.



The Project Kick-off Meeting

This cooperation is a pivotal stride towards advancing Saudi Arabia's renewable energy industry and aligning with the ambitious goals set forth in Saudi Arabia's Vision 2030 initiative. In response to the pressing global climate challenges, SEC has been steadfast in its commitment to reshaping Saudi Arabia's energy landscape and spearheading exploration in renewable energy, driven by the Kingdom’s ambition to achieve its optimal energy mix of 50% of renewables by 2030.

The BESS equipment in the projects will be installed at five sites in the country. BYD Energy Storage will supply new-generation MC Cube-T ESS that adopt its globally pioneering CTS (Cell-to-System) super-integrated technology, with a Vcts (proportion of cell volume to system volume) index exceeding 33%. These installations will integrate into Saudi Arabia's power transmission network, playing a pivotal role in addressing challenges posed by the rising number of renewable energy generation systems, ensuring stable power supply, and meeting peak energy demands.

17 years ago, the first pilot BESS system was delivered from BYD to the market to seek for the potential value of LFP-based battery storage system to be coupled in electricity network system. To date, BYD Energy Storage has delivered over 75GWh of BESS equipment to 350 projects spanning more than 110 countries and regions worldwide. Its diverse product portfolio caters to various application scenarios across generation side, utility side and consumption side, forming a complete industrial chain encompassing research, development, manufacturing, sales, and service. BYD Energy Storage proved itself to be well-equipped to supply an ultra-large-scale project exceeding 15.1GWh.

This landmark project will redefine the value and status of electrochemical energy storage solutions in the global energy landscape. Taking this cooperation as a new starting point, BYD Energy Storage will continue to increase investment in technology research and development and join hands with global partners to usher in a new era of energy transition, leading the energy storage industry towards a clean and sustainable future.

Links:



Media Contact:

Qifen Zhong

A photo accompanying this announcement is available at



EN
17/02/2025

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on BYD Company Limited Class H

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET W...

China’s PV insurance registrations grew 14% yoy but dipped 1.0% mom and 14% wow in the 20th week of 2025, with PEV market share rising to a ytd high of 56.3%. Geely Galaxy’s sales dipped 4.0% wow, but its sales will be driven by the launch of new models such as the Starshine 8 and the flagship SUV M9. XPeng posted upbeat 1Q25 results and aims to turn profitable by 4Q25, driven by a strong product cycle and tech upgrades. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and XPeng.

Bella Lu Yifei ... (+14)
  • Bella Lu Yifei
  • Chong Lee Len
  • Colin Lee
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Jo Yee Ng
  • Johnny Yum Chung Man
  • Kasemsun Koonnara
  • Ken Lee
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Llelleythan Tan Tan
  • Paula Ruth
  • Wei Xiang Ku

Regional Morning Meeting Notes: Friday, May 23, 2025

GREATER CHINA Sector Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and XPeng. Results Lenovo Group (992 HK/BUY/HK$9.57/Target: HK$12.10) 4QFY25: Core business is solid, but bottom line impacted by non-core items. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$56.90/Target: HK$85.60) Expect unchanged 10% order volume growth for 2025;...

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile Weekly: PEV sales edged up wow. Maintain MARKET WEIGH...

China’s PV insurance registrations rose 0.5% yoy, 26.5% mom and 5% wow in the 19th week of 2025, with PEV market share increasing to 50.2%. Geely’s Zeekr, Lynk & Co, and Galaxy saw strong sales growth driven by new model launches, aggressive pricing, tech upgrades, and robust export expansion. We lift Geely’s 2025 net profit forecast by 24%, given its upbeat 1Q25 earnings. Maintain BUY and raise target price to HK$31.00 Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

China Automobile Weekly: PEV sales down wow due to holiday. Maintain M...

China’s PV insurance registrations rose 16% yoy and 26% mom but fell 6% wow in the 18th week of 2025, with PEV market share dropping to 48.0%. The wow drop was mainly due to the Labour Day Holiday. Geely plans to privatise Zeekr for US$2.2b just a year after its NYSE IPO, aiming to streamline operations and boost global EV competitiveness amid rising geopolitical and market pressures. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV.

Bella Lu Yifei ... (+2)
  • Bella Lu Yifei
  • Ken Lee

BYD Company (1211 HK): 1Q25: Earnings double yoy, in line. Maintain BU...

BYD’s 1Q25 net profit came in as expected at Rmb9,155m (+100% yoy/-39% qoq). The buoyant earnings growth was driven by a 60% yoy sales volume growth and a 41% yoy spike in net profit per vehicle. Looking ahead, BYD’s earnings will be driven by new product launches and expansion in overseas markets. We maintain our 2025- 27 net profit forecasts at Rmb55.8b/Rmb65.7b/Rmb75.8b respectively. Maintain BUY. Target price: HK$510.00.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch