Cospowers and Hagal announce joint venture to accelerate energy transition

Cospowers and Hagal announce joint venture to accelerate energy transition

 

Cospowers Technology, a leading lithium-ion battery manufacturer and one of the top 15 largest in China with 15 Gwh production facilities with another 9 Gwh in 2 years time, and Hagal, an innovative Norwegian company creating smart battery technology, have announced a joint venture to provide efficient and sustainable energy storage solutions for the global market.

 

The joint venture will leverage the strengths of both companies to offer a one-stop, comprehensive energy storage solution that combines Cospowers’ high-quality hardware and Hagal’s next generation Storage Energy Management System (SEMS) and Smart Battery Management System (SBMS). The fully integrated solution will enhance the lifetime and performance of new batteries while giving used batteries a second life, reducing the environmental impact and lowering the cost of energy storage.

 

The joint venture will focus on the energy transition from fossil fuel to green energy, supporting the development of renewable energy sources such as solar and wind power. The joint venture will also target various applications such as utility-scale grid services, microgrids, mobility, and consumer electronics.

 

“We are excited to partner with Hagal, a pioneer in smart battery technology, to create a joint venture that will accelerate the energy transition and contribute to a cleaner tomorrow. Together, we can offer a unique value proposition to our customers and deliver more efficient energy to the world,” said Hui Shan, Founder, Chairman, and President of Cospowers Technology.

 

“By joining forces with Cospowers Technology, a leading lithium battery manufacturer with a global presence and a strong reputation, we scale up our smart battery solutions and reach new markets and segments. We share a common vision of maximizing battery life for a cleaner tomorrow and we look forward to working together to make it a reality,” said Christian F. Ringvold, Executive Chairman of Hagal.

 

The joint venture is expected to be operational by Q3, 2023, subject to regulatory approvals and other customary closing conditions. The joint venture will be headquartered in Amsterdam, Netherlands, with production facilities in Changde and Tianchang, China, and R&D centers in both countries.