EVE Energy plans to list on HKSE
Chinese energy storage product manufacturer EVE Energy has submitted an application for an H-share listing on the Main Board of the Hong Kong Stock Exchange. According to its filing, the company reported revenues of RMB 36.304 billion ($5.06 billion), RMB 48.784 billion ($6.81 billion), and RMB 48.615 billion ($6.78 billion) for fiscal years 2022, 2023, and 2024, respectively. Adjusted net profits for the same periods were RMB 4.297 billion ($599.7 million), RMB 4.977 billion ($694.6 million), and RMB 4.145 billion ($578.5 billion). The company’s energy storage battery shipments grew from 11.9 GWh in 2022 to 26.3 GWh in 2023 and reached 50.4 GWh in 2024.
While the company hasn’t disclosed the exact fundraising amounts yet, it has revealed that it plans to use the proceeds to support the development of its production bases in Hungary and Phase III of its Malaysia plant. The Malaysia project, with a planned annual capacity of 38 GWh, will focus on energy storage batteries and is scheduled to begin construction between 2025 and 2026, with completion expected within approximately 2.5 years. The Hungary plant, already under construction, is designed to supply cylindrical battery cells to a major international automaker, with a planned capacity of 30 GWh and targeted for commissioning in 2027.
According to the filing, EVE Energy ranked 2nd globally in energy storage battery shipments in 2024 with a 17.2% market share and was ranked 1st worldwide in residential storage battery cell shipments.
Leading vertically integrated solar manufacturer Tongwei Co., Ltd. has completed a RMB 4.916 billion ($683.33 million) capital infusion into its majority-owned polysilicon subsidiary Sichuan Yongxiang, bringing in 13 strategic investors. Prior to the transaction, Sichuan Yongxiang was valued at RMB 27 billion ($3.77 billion). Following the infusion, Yongxiang’s registered capital rose from RMB 1.061 billion ($148.1 million) to RMB 1.254 billion ($175 million). Tongwei’s ownership has reduced from 99.9999% to 84.6%, while the company continues to retain control.
Tongwei stated that the new capital will be used primarily to repay bank loans and supplement working capital for Sichuan Yongxiang and its affiliates. The agreement includes clauses that allow Tongwei or a designated third party to repurchase the strategic investors' shares within 5 years, along with clear terms on profit distribution, shareholder rights, and dispute resolution.
Tongwei Solar recently announced that its cumulative module shipments had reached 100 GW as of June 2025 (see China Solar PV News Snippets).
Zhejiang Yihe Power Co., Ltd., the parent company of solar module manufacturer Jiangxi Renjiang Photovoltaic Co., Ltd., has officially commenced construction of a solar module and storage manufacturing base in Wuyi County, Zhejiang Province. The company is investing a total of RMB 1.48 billion ($205.56 million) in the base with an annual production capacity of 1 GW for customized solar PV modules. Integrated systems for solar, storage, and EV charging are also part of the project. Phase I of the facility is expected to be completed within 12 months and will include the construction of a national-level R&D and testing center.
The company states that the facility will integrate BIPV technology, intelligent energy management systems, and green building materials, aiming to be a zero-carbon factory.
China Huadian’s Qinghai branch has secured approval for the Qaidam Desert Golmud East 10 GW Clean Energy Base project in Qinghai Province. The project is currently the largest planned clean energy transmission base in China, in terms of capacity, investment scale, renewable energy proportion, and altitude. It includes an ultra-supercritical coal-fired power unit and represents the first cross-provincial, cross-operational-area clean energy export power base in the country. Once operational, the project is expected to generate approximately 18 TWh of electricity annually.
Recently, China’s National Forestry and Grassland Administration, NDRC, and NEA jointly issued a master plan to add 253 GW of installed solar capacity for desertification control by 2030 (see China Solar PV News Snippets).
According to data released by China's New Energy Consumption Monitoring and Early Warning Center, the national solar power utilization rate stood at 94.2% in May 2025, while wind power utilization reached 93.2%. For the January-May period, cumulative solar and wind power utilization rates were 94% and 93.2%, respectively, compared to 96.7% and 95.9% during the same period in 2024.