- EVE Energy signed a cooperation with China Railway Beijing Engineering Group to develop at least 5 GWh of energy storage projects over three years, reflecting pressure to capture growing grid-scale demand.
- EVE reported 44.46 GWh of energy storage battery shipments in H1 2026, revenue RMB 45.691 billion ($6.799 billion), and has produced over 3.7 million large-format cells with 167 GWh contracted projects.
- The deal targets utility-scale rivals and EPCs supplying wind and solar balancing, but execution risks include project timing, construction capacity, supply-chain scaling and margin pressure on large-format volumes.
On Sept. 9, EVE Energy announced that it had signed a strategic cooperation agreement in Beijing with China Railway Beijing Engineering Group Co., Ltd.
Under the agreement, the two sides will cooperate on at least 5 GWh of energy storage projects over the next three years, covering project development, construction and equipment supply.
China Railway Beijing Engineering Group is a wholly owned subsidiary of China Railway Group.
Its operations span railways, highways, municipal infrastructure, building construction, power, photovoltaics and EPC projects. It has capabilities in engineering construction and project management.
EVE Energy, meanwhile, primarily supplies energy storage cells and system integration products.
This puts the partnership closer to a conventional upstream-downstream arrangement between an engineering contractor and an energy storage equipment supplier.
On the product side, EVE Energy has been steadily expanding mass production of large-format energy storage cells in recent years.
Its 628 Ah Mr.Big energy storage cell has already entered large-scale deliveries.
The Mr.Giant 5 MWh energy storage system built around the cell has been operating at a demonstration station for more than 20 months, with measured system efficiency exceeding 95.5%.
For EVE Energy, the 5 GWh agreement comes as its energy storage business enters a period of rapid growth.
According to the company’s 2026 interim report, energy storage battery shipments reached 44.46 GWh in the first half, up 55% YoY.
For the first time, shipments exceeded its power battery volume of 35.76 GWh, making energy storage the company’s largest shipment category in the first half.
Financially, EVE Energy reported revenue of RMB 45.691 billion ($6.799 billion) in the first half, up 62.20% YoY.
Its net profit attributable to shareholders of the listed company reached RMB 3.301 billion ($491.2 million), up 105.66%.
The company has so far produced more than 3.7 million large-format energy storage cells, with cumulative contracted projects worldwide exceeding 167 GWh.
Industry demand is expanding at the same time. SNE Research data showed that global energy storage system shipments reached 461.3 GWh in the first half of 2026, up 71% YoY.
As wind and solar capacity continues to expand, power systems face growing demand for peak-load shifting, frequency regulation and energy storage deployment.
Energy storage has consequently become a new growth market being targeted by battery manufacturers.
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