TaiyangNews Managing Director Michael Schmela recently conducted an exclusive interview with JinkoSolar General Manager, Energy Storage Business Kevin Liang, at the TaiyangNews and SNEC Energy Storage, Hydrogen and Fuel Cell Leadership Conversations.
The interview (click on photo to watch video) was conducted at the recently concluded 8th (2023) International Energy Storage Technology, Equipment and Application Exhibition in Shanghai, China.
A global leader in the world of solar PV technology, Liang said for Jinko the energy storage business has a new strategic focus that offers new opportunities for growth since it contributes significantly to sustainability of renewable energy.
In 2020, the storage market was worth RMB 100 billion ($14 billion) and it is likely to grow up to RMB 1,000 billion ($141 billion) in 2030, according to Liang. Therefore, Jinko wants to focus on the storage business.
Answering Schmela's query regarding the company's sourcing and manufacturing strategy in the battery energy storage business, Liang shared the company has already put 4 GW capacity into operation. Currently, it is sourcing materials for batteries from other suppliers, but plans to manufacture the same on its own in the future.
For energy storage, the major residential markets today are mostly in Europe, America, Australia, Japan and Latin America. Commercial segment is another key segment, followed by utility-scale which is what brings the most revenue for JinkoSolar, added Liang.
Of its latest battery storage products launched in the summer this year, JinkoSolar unveiled new offerings for all 3 segments that are now being supplied to both Chinese as well as foreign customers.
As for geographical distribution, Jinko's target is to go global for its energy storage business, especially expand in China, the US, Europe and Japan for the utility segment.
The idea is to leverage the global network of the parent company that's present in more than 160 nations to be able to expand globally in storage vertical as well, stated Liang. In Europe, for instance, last year it signed an agreement with a distributor for both its batteries as well as modules.
Liang also spoke about the imbalance between demand and supply situation in the market, especially as the storage industry has expanded faster than the markets. However, he added that the company, being a newcomer to the storage business, does not have to deal with overcapacity as of now. At the same time, it gives the company more choice and bargain power in terms of selecting its vendors for sourcing of materials.