CATL said on Wednesday it has entered into a three-year energy storage cooperation agreement with Shanghai Sieyuan Electric, as the world’s largest battery manufacturer continues to strengthen its presence in the energy storage sector.
Under the memorandum of cooperation, the two companies are targeting a collaboration scale of 50 gigawatt-hours (GWh) over the next three years, CATL said in a statement. The partnership will focus on improving supply chain coordination and promoting high-quality development across the energy storage industry.
CATL said both sides will work together on upstream and downstream supply chain integration involving energy storage systems and supporting equipment such as transmission and distribution technologies. The agreement also includes plans to deepen technical exchanges and jointly advance projects aimed at accelerating the large-scale deployment of energy storage systems within new power networks.
Shanghai-based Sieyuan Electric is engaged in power technology research and development and equipment manufacturing, with operations spanning more than 100 countries and regions. The company reported revenue of RMB 15.5 billion ($2.2 billion) in 2024 and invested RMB 1.11 billion in research and development, according to information published on its website.
The two companies first established a partnership in 2022, and the latest agreement further deepens their cooperation in the energy storage segment, CATL said.
Energy storage is one of CATL’s core businesses alongside electric vehicle batteries. In the first half of 2025, CATL’s energy storage battery systems generated RMB 28.4 billion in revenue, accounting for 15.87% of its total revenue of RMB 178.9 billion, according to its interim report. EV battery operations contributed RMB 131.6 billion, or 73.56% of total revenue, during the same period.
