BEIJING – A revamp of China’s electricity market is boosting the economics of storing power just as international demand surges, sparking a boom for the Chinese energy storage manufacturers that already dominate globally.
Chinese firms are on track for a 75% jump this year in global shipments of lithium-ion battery cells for energy storage, according to one estimate.
They have exported more than $65 billion worth of storage and electric-vehicle batteries this year, cementing their dominance in a sector vital to backing up wind and solar and keeping power coursing through artificial-intelligence data centers.
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