SolaX Power to Invest USD 1.5 Billion in Utility Energy Storage and Smart Energy Systems in Zhejiang

SolaX Power (SHA:688717) has announced plans to invest USD 1.498 billion (EUR 1.351bn) in constructing a research and manufacturing facility in Zhejiang, eastern China, focused on utility energy storage and integrated smart energy systems that combine solar power, storage, heating, and electric vehicle (EV) charging.

The investment is motivated by the increasing demand for efficient energy storage solutions in both commercial and utility sectors, and aligns with SolaX’s objective to develop systems that optimize real-time energy usage, the company stated on Tuesday.

Of the total investment, approximately USD 1.078 billion will be directed toward fixed assets, including research and development (R&D) laboratories, testing centers, and advanced manufacturing lines. These facilities are intended to accelerate the company`s innovation efforts and expedite the market introduction of new technologies.

Founded in 2012, SolaX specializes in photovoltaic (PV) energy storage inverters, energy storage batteries, and grid-connected inverters. As of June, the company held 243 patents, including 49 invention patents, and went public on the Shanghai Stock Exchange STAR Market in January.