According to EnergyTrend，on October 22, Deye Co., Ltd. issued an announcement stating that its wholly-owned subsidiary, Deye Energy Storage, won the bid for the Cixi Binhai II 202603 land parcel with its own funds of RMB 103.587 million.
The announcement shows that as early as April 1, 2025, Deye Co., Ltd. passed the "Proposal on the Wholly-owned Subsidiary Signing a Project Investment Agreement", approving Deye Energy Storage to enter into an Investment Agreement with the Administrative Committee of Cixi Binhai Economic Development Zone.
Pursuant to the agreement, Deye Energy Storage will invest in constructing a production project for a 16 GWh annual-capacity commercial and industrial (C&I) energy storage production line within the Cixi Binhai Economic Development Zone. The 16 GWh C&I energy storage production line project is planned to be implemented in two phases: Phase I with 7 GWh and Phase II with 9 GWh.
On June 23, 2026, Deye Energy Storage signed the Phase II Investment Agreement with the Administrative Committee of Cixi Binhai Economic Development Zone, corresponding to the 9 GWh annual-capacity C&I energy storage production line project.
Deye Energy Storage stated that after acquiring the land use rights through this bidding, it will carry out work related to the C&I energy storage production line project on the plot to meet the project’s land demand. This move aligns with Deye’s long-term development plan and will not exert a material impact on the company’s financial position or operating performance. It does not harm the interests of the company or all shareholders.
In terms of financial results, on October 14, Deye Co., Ltd. released its positive performance forecast for the first three quarters of 2026. It projects net profit of between RMB 4.22 billion and RMB 4.32 billion, representing a year-on-year increase of 79.81% to 84.07%.
Public information indicates that the energy storage business has become Deye’s core growth driver. The vast majority of Deye Energy Storage’s revenue comes from overseas markets, dominated by Europe. Meanwhile, the company continues to advance product certification and channel deployment in emerging markets including Japan, the Middle East and Southeast Asia.
In terms of capacity layout, Deye adopts a dual-track strategy: expanding domestic C&I energy storage capacity while advancing localized manufacturing overseas.
Domestically, the Cixi project will deliver 16 GWh of C&I energy storage capacity. Its Malaysian overseas base focuses on the manufacturing of inverters and energy storage systems to secure supply chain stability.
Source：EnergyTrend