BYD Secures 3.5 GWh Energy Storage Order for Major Solar Project in Chile

BYD has secured a 3.5 GWh energy storage order, according to a recent announcement from BYD’s energy storage account. The company has signed an agreement with the Spanish firm Grenergy to supply a 3.5 GWh energy storage system for Grenergy’s Atacama Oasis Project Phase VI, located in northern Chile.

The Atacama Oasis Project is one of the largest electrochemical energy storage projects globally, spanning several locations in the northern Chilean regions of Tarapacá, Antofagasta, and Atacama. Following expansion, the project’s total storage capacity will reach 11 GWh, with a total investment of $2.3 billion. Public records indicate that Phases I to III of the project have a capacity of 3 GWh, all supplied by BYD’s energy storage systems. Phases IV to VI are expected to reach a capacity of 8 GWh. In Phase IV, Grenergy has partnered with CATL, which will provide 1.25 GWh of EnerX container battery storage systems.

In this latest collaboration, BYD will supply 624 units of the MC Cube-T BESS for the Elena Solar Plant (which boasts a 446 MW solar capacity and 3.5 GWh storage capacity). This brings the total cooperative output between BYD and Grenergy to 6.5 GWh.

The MC Cube-T BESS is a new generation of BYD’s modular energy storage system launched in April 2024. It features new long-blade batteries specifically designed for energy storage, with a system capacity of 6.432 MWh. Compared to the previous generation, its single cell and single cube energy capacity has increased by up to 11%, while the total system energy has improved by 35.8%. Additionally, the MC Cube-T BESS employs CTS (cell-to-system) super-integration technology, allowing for a direct integration of blade batteries into the energy storage system, significantly enhancing space utilization by 98% and achieving a volume ratio (Vcts) exceeding 33%. This design offers advantages in layout, installation, maintenance, scalability, and transportation.

With the help of this product series, BYD has already secured several large energy storage projects overseas this year. In February, the company signed a 12.5 GWh project with Saudi Electricity Company, which, along with a previously delivered 2.6 GWh project, brings their total collaboration to 15.1 GWh. In March, BYD successfully signed a 1.6 GWh energy storage project with Greenvolt Power, which has already commenced construction and is expected to be completed by the first quarter of 2026. Furthermore, in April, BYD delivered 120 units of the MC Cube-T energy storage system cabinets for shipment from Guangxi.

Additionally, BYD-supported projects such as the Saudi Bisha 2.6 GWh battery storage project and the Contour Global 1.2 GWh solar-storage project in Quillagua, Chile, have also begun operating this year. According to Contour Global, they are constructing a solar energy storage plant named Víctor Jara in the Tarapacá region, which is also supplied by BYD and is expected to be operational in the second half of 2025.

It is worth noting that with the entry of new players, competition in the global energy storage market continues to intensify, especially in the lithium battery storage sector, where the competitive landscape is changing and market concentration is decreasing. According to data from SPIR, global lithium battery cell shipments for energy storage are projected to reach 435.8 GWh in 2024, reflecting an 81% year-on-year growth. However, the concentration ratio (CR5) for global energy storage lithium battery shipments is expected to be 53.5%, down 5% from 2023, while the CR10 is projected at 77.4%, down 3% from 2023.

In terms of specific companies, the top ten global energy storage lithium battery shipments in 2024 include CATL, EVE Energy, Haitian Energy, BYD, Envision AESC, Ruipu Energy, Guoxuan High-tech, Chuang Neng New Energy, China Innovation Aviation, and Penghui Energy, with BYD ranking fourth, surpassed by EVE Energy and others. Since the beginning of 2024, these leading companies have signed multiple large contracts both domestically and internationally, with many transitioning from energy storage cell manufacturers to energy storage system integrators. This indicates that a new round of competition among energy storage battery companies has commenced.

SPIR believes that the competitive landscape of the global energy storage lithium battery market will continue to evolve, influenced by varying delivery cycles, international environments, and trade policies.