Batteries are the new big industry in the renewable energy transition, rapidly catching up in scale to wind or solar power, even if we consider EV batteries and energy storage as separate. During the recent SNEC exhibition in Shanghai, eight leading Chinese energy storage manufacturers signed deals to supply over 27 GWh of batteries – the equipment alone will be worth about $2 billion, and the projects over $5 billion. More broadly, Chinese energy storage OEMs have received 144 GWh of orders from overseas in the first five months of 2025, which is a year-on-year growth of 436.27%. If this can be sustained, it indicates that China’s battery exports are on track to reach 500 GWh this year, assuming the…