Independent energy storage enters a golden development period; listed companies densely disclose business progress

Securities Daily Reporter Xu Linyan

As the new energy transition accelerates, the construction of new energy storage facilities is moving rapidly. As one of the core sectors, independent energy storage is entering a golden development period. Many listed companies are actively disclosing their business layouts and project progress, with industry enthusiasm continuing to rise.

On March 4, Shenzhen Nanshan Thermal Power Co., Ltd. disclosed on an interactive platform that its 100MW/200MWh independent energy storage station in Nanshan, Zhongshan, officially began commercial operation in June 2025. Currently, the company is continuously building and strengthening its operational and development capabilities for energy storage, with related projects progressing steadily.

Listed Companies Intensify Efforts

A staff member from Hunan Keli Yuan New Energy Co., Ltd. told Securities Daily: “The company will rely on the established large-scale energy storage ecological innovation alliance to continue developing independent energy storage stations, providing advanced energy storage system products. Meanwhile, we will explore an integrated model of ‘production, finance, investment, construction, and operation,’ accelerating scene innovation and technological innovation.”

On March 3, Sichuan Jinshi Technology Co., Ltd. (hereinafter “Jinshi Technology”) announced that the company plans to invest approximately 500 million yuan in Guangdong Province through its subsidiaries to build a 200MW/400MWh electrochemical independent energy storage station project. The project is planned to be constructed in one phase, with a total investment of about 500 million yuan, and is expected to take approximately six months to complete.

Jinshi Technology stated that this proposed independent energy storage station project is a key move for the company to upgrade from a storage equipment supplier to a dual-driven model of “equipment + operation.” The project features a clear business model and significant industry chain synergy effects, which will help the company explore new performance growth points, enhance core competitiveness, and strengthen sustainable development capabilities.

Qingdao Neusoft Carrier Technology Co., Ltd. previously announced that its secondary holding subsidiary, Guangdong Hongqing Run Energy Storage Co., Ltd., plans to invest in the construction of the Foshan Nanhai National New Energy Storage Innovation Center (Nanhai District, Dan Gui Independent Energy Storage Project). The project will build a 200MW/400MWh grid-side independent energy storage station and related auxiliary facilities. The estimated dynamic investment for this project is 453 million yuan, with a planned construction period of six months.

“The clustering of listed companies in independent energy storage is driven by policy support, the urgent needs of the power system, and the gradually clear profit models. Capacity electricity prices, peak-valley arbitrage, and ancillary services make project returns more stable, turning them into new performance growth points,” said Ding Zhenyu, senior investment advisor at Jufeng Investment.

Comprehensive Policy Support

Chu Pan, an expert member of the Energy Storage Application Branch of the China Chemical and Physical Power Industry Association, told Securities Daily: “Starting from early 2026, several provinces have issued capacity electricity price policies, ensuring stable returns for independent energy storage projects. When combined with revenues from spot markets and ancillary services, the internal rate of return (IRR) for many provincial independent energy storage projects approaches 8%, with a trend of further growth. Projects with stable and upward potential are key to attracting investment.”

At the national level, efforts are also underway to empower the industry. In January 2026, the National Development and Reform Commission and the National Energy Administration jointly issued the ‘Notice on Improving the Capacity Electricity Price Mechanism for Power Generation’ (hereinafter ‘the Notice’), which for the first time explicitly established a capacity electricity price mechanism for grid-side independent new energy storage at the national level.

On March 4, China Southern Power Grid Energy Storage Co., Ltd. announced that during a research visit by institutional investors on February 27, it stated that overall, the implementation of the ‘Notice’ will further marketize pumped storage operation. Additionally, the ‘Notice’ proposes a capacity electricity price policy for grid-side independent new energy storage at the national level, which is expected to promote the development of such storage. The ‘Notice’ also makes principled provisions on the pricing policies for pumped storage and grid-side independent new energy storage, with specific implementation details to be clarified by provincial authorities. The company will optimize and improve its strategies for pumped storage and new energy storage development based on the new electricity price policies and the progress of renewable energy development, continuously enhancing its value creation under market conditions.

“Currently, China’s independent energy storage projects are in a stage of rapid growth with a relatively stable trend. These projects serve dual roles as power sources and loads, mainly electrochemical storage projects, with excellent regulation capabilities and fast response characteristics, providing critical support for the new power system,” said Chu Pan.

However, it is important to note that independent energy storage construction still faces certain challenges. Chu Pan pointed out: “For example, integration capabilities vary, system efficiency is not guaranteed, leading to difficulties in maintaining stable project returns. Additionally, insufficient investment in safety measures for storage can threaten long-term stable operation. Moreover, limited battery degradation management results in some storage systems degrading too quickly, affecting long-term project profitability.”

Ding Zhenyu also mentioned that challenges include unstable profitability, grid connection and dispatch issues in some regions, squeezed project returns due to raw material and financing costs, and the need for further improvement of technical standards and business models.