Samsung SDI, China’s Sungrow plan venture for energy storage systems

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Production halted at Samsung China supplier amid child labour probeSEOUL – South Korea’s Samsung SDI Co Ltd said on Sunday it has signed a preliminary deal with China’s Sungrow Power Supply Co Ltd to form a joint venture to make energy storage systems in China.

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The companies plan to build a production facility by next year, the statement said. Samsung SDI, a maker of electronics components, did not disclose how large the joint investment will be and said the location has not been decided.[eap_ad_2]

Samsung SDI and other electric vehicle battery makers are increasingly betting on energy storage systems to hedge their bets as the market for electric vehicle batteries has lagged expectations. (Reuters)[eap_ad_3]

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