HomeInvestment & Trading ›SolaX Power to Invest USD 149.8 Million in Energy Storage and Smart Energy Facility

SolaX Power to Invest USD 149.8 Million in Energy Storage and Smart Energy Facility

SolaX Power has announced a USD 149.8 million investment to establish a cutting-edge research and manufacturing facility in the Zhejiang Province of China, focusing on utility energy storage and integrated smart energy systems.

October 21, 2024. By Mrinmoy Dey

Energy storage solutions provider SolaX Power has announced a USD 149.8 million investment to establish a cutting-edge research and manufacturing facility in the Zhejiang Province of China. This project will focus on utility energy storage and integrated smart energy systems.

As renewable energy expands, energy storage has become essential for a resilient and sustainable power grid. “SolaX's facility aims to meet rising demand for efficient storage solutions that support both commercial and utility sectors. The ability to store and deploy energy when needed is more crucial than ever with increased reliance on solar and wind power,” noted a statement issued by the company.

“At the core of this investment is SolaX Power's mission: to make energy smarter, greener, more affordable, and user-friendly. This new facility marks a significant milestone in SolaX's efforts to create next-generation energy solutions, setting the stage for a cleaner and more sustainable future,” it said.

It further added that of the USD 149.8 million, USD 107.8 million will go towards fixed assets, including R&D labs, testing centres, and high-tech manufacturing lines. “These facilities will accelerate SolaX's innovation pipeline, bringing new technologies to market faster while improving efficiency and scalability,” it added.

In addition to storage, SolaX's new facility will focus on smart energy systems integrating solar power, storage, heating, and EV charging. “Leveraging AI, IoT, and big data, SolaX aims to create systems that optimise energy usage in real-time, making energy management flexible and user-friendly,” the statement said.

These systems will play a key role in the future of decentralised energy management, empowering users to take control of their energy and reducing reliance on traditional grids.

“As the world moves towards carbon neutrality, SolaX will continue to lead the way in renewable energy and smart energy solutions, empowering consumers and businesses alike to embrace a more sustainable future,” asserted the company.
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