Wanxiang, NEC to form grid energy storage JV in China
China Wanxiang’s subsidiary Puxing Energy and the Japanese technology firm NEC have agreed to form a joint venture for grid energy storage in China.
Wanxiang will own 51% stake in the JV while the remaining 49% interest will be held by NEC.
The JV, which will undertake grid energy storage opportunities in the Chinese market, is expected to start initial business activities later in 2014.
The JV will initially focus on market development of the best applications for its technology.
China Wanxiang said the JV's formation is a key factor of the recently announced NEC acquisition of A123 Energy Solutions, a provider of grid-scale energy storage systems for various energy applications.
A123 Energy Solutions has recently commissioned two installations of its Grid Storage Solution (GSS) product line in China.
China Wanxiang and Puxing Energy chairman Weiding Lu said Puxing has been actively participating in China and the country's energy storage business is increasing with the deployment of more renewable energies.
"NEC and the former A123 Energy Solutions Group have developed leading technology and successfully executed advanced project solutions in the energy storage field worldwide," Lu added.
"Puxing is firmly committed to building a business and technology foundation to meet the growing demand of the Chinese market in partnership with NEC."