SHANGHAI, Jan 20 (Reuters) - Shares of Contemporary Contemporary Amperex Technology Co Ltd (SZ:300750) (CATL) jumped on Monday following the announcement of a strategic partnership with Masdar, the United Arab Emirates’ state-owned renewable energy company.
The initiative aims to develop the world’s first large-scale ’round the clock’ gigascale project, combining solar photovoltaic (PV) power and battery storage to deliver uninterrupted renewable energy, Masdar said in a statement.
Shenzen-listed CATL shares rose 5.2% to 264.57 yuan on Monday.
With a total investment of over $6 billion, the project includes 5.2 GW of solar capacity and 19 GWh of energy storage, making it the largest battery energy storage system (BESS) project in the world.
Masdar, known for its ambitious renewable projects, will leverage CATL’s expertise in lithium-ion battery technology to enhance energy storage infrastructure critical for renewable energy integration.
The partnership is expected to focus on developing large-scale battery storage systems in emerging renewable markets, particularly in the Middle East and North Africa.
Masdar, which has already invested in several large-scale solar and wind projects, is expanding its renewable portfolio with a strong focus on integrating storage technologies.
As renewable energy adoption grows, storage technologies like those provided by CATL are seen as critical to addressing intermittency issues and ensuring reliable power supply. The partnership with Masdar signals a broader trend of global collaboration to meet decarbonization goals.