Major Chinese electronics manufacturer and conglomerate Skyworth Group has established a subsidiary for the development of energy storage solutions. According to Chinese information website Tianyancha, the new subsidiary is named Shenzhen Skyworth Energy Storage Technology and has a registered capital of RMB 50 million. The legal representative of the subsidiary is He Xuan. The scope of Skyworth Energy Storage covers energy storage technology services, energy saving and related management services, generation technology services, and battery manufacturing. The establishment of the subsidiary represents a huge cross-sector expansion activity that Skyworth Group has taken following its foray into the automotive industry with the creation of Skyworth Auto in April 2021.
According to the information provided by relevant shareholders, the new entity will be jointly held by Shenzhen Skyworth Digital Technology, Chuzhou Skyworth PV, and Shenzhen Huiming Chuangxin Energy Storage Partners. Skyworth Digital and Skyworth PV are wholly-owned subsidiaries of Skyworth Group.
Skyworth Digital has recently revealed the formation of a subsidiary that will explore opportunities in the rapidly growing market for new energy technologies. Currently, the US and many European countries are aggressively promoting the deployment of assets related to renewable generation and energy storage. Hence, Skyworth sees a huge potential overseas market for battery-based energy storage products.
In the same announcement that introduced the energy storage subsidiary, Skyworth Digital also stated that its overseas business operations cover the five major regions of the world and have made significant investments to create a far-reaching network of sales channels and after-sales service locations. In particular, the company now has a strong presence in Europe after years of cultivating this regional market and building up its brand name there. Looking ahead, Skyworth Digital plans to increase investments in not only North America but also Mexico, India, and a few African countries. By leveraging its international and local resources as well as its supply chain, the company will be in an advantageous position in capturing business opportunities in the market for new energy technologies.
At the shareholder meeting held on April 11, Zhang Enli, the chairperson and general manager of Skyworth Digital, outlined the company’s latest strategy. Skyworth Digital intends to capitalize on the emerging energy storage industry to cultivate a second driver of growth. To achieve this, Skyworth Energy Storage will collaborate with companies in the PV industry to carry out long-term development in two key market segments: home and mobile energy storage solutions. This approach is expected to unlock many new opportunities in the future.
This article is a translation of a Chinese article posted by TrendForce. It contains information that is either sourced from other news outlets or accessible in the public domain. Some Chinese names are transcribed into English using Hanyu Pinyin.