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On September 19, the government of Western Australia announced that it has signed contracts with CATL and Spanish company Power Electronics to provide energy storage battery systems and inverters for two battery projects in Kwinana and Collie. The statement indicates that the total value of these contracts exceeds 1 billion Australian dollars.

CATL will supply 300 sets of EnerC Plus energy storage systems for the Kwinana Battery Project (Phase II) and 650 sets for the Collie Battery Project. Power Electronics will provide 72 sets of PCS (power conversion systems) for the Kwinana Energy Storage Project and 160 sets of PCS for the Collie Battery Project.

It is reported that the Kwinana Battery Project (Phase II) has a capacity of 200MW/800MWh and started construction in June, with an expected completion date at the end of 2024. The Collie Battery Project has a capacity of 500MW/2000MWh and will be the largest battery project in Western Australia. Both projects are expected to be operational by the end of 2025.

Based on publicly available information, as of now, CATL has secured energy storage orders exceeding 95GWh in 2023.

Undoubtedly, energy storage has become the “second engine” for CATL’s revenue growth. In 2022, CATL’s global shipments of energy storage batteries reached approximately 53GWh, with a market share of 43.4%. The revenue from energy storage reached $6.16 billion (US) with a year-on-year increase of 230%.

In the first half of 2023, CATL’s energy storage revenue was approximately $3.84 billion (US) with a year-on-year increase of 120%. And the gross profit margin of revenue was about 21%, with a year-on-year increase of 15%, making energy storage the most profitable product among all of CATL’s products.

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