Samsung SDI, South Korea's top battery maker, said Sunday it has signed an agreement with China's leading power company, Sungrow, to enter the Chinese energy storage market.
The deal, signed in Hufei, where Sungrow Power Supply Co. is based, allows the two companies to establish a joint venture to develop and invest in the energy storage system (ESS).
Sungrow is the world's second-largest manufacturer of solar power inverters.
The companies said they have not yet selected the site for their manufacturing plants but hope to start construction next year and start production by the latter half.
Samsung SDI said it hopes to boost its competitiveness in the Chinese market by locally producing ESS battery packs and systems, and establish synergy with its electric car cell battery plant in Xian. (Yonhap)