Chinese companies from foodmakers to tech start-ups are rushing into the country’s energy storage sector, spurred by massive state spending on President Xi Jinping’s plan to achieve energy independence.
The number of Chinese enterprises registered as energy storage companies has more than doubled in the past three years to nearly 109,000, according to data from Chinese companies information provider Aiqicha.
Yijing Wang, founder of Hangzhou-based 2060 Advisory, a cleantech-focused investment advisory firm, said there was a “gold rush”, with a “dramatic” increase in the number of entrepreneurs, state-backed and private-sector investors targeting battery technologies and projects.
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