China’s leading energy storage manufacturer and developer, Narada Power Source Co. Ltd., with a 30% growth in 2017, the total revenue in 2017 was 8.637Billion yuan(US$1.376 billion) The net profit stood at 381 million yuan, up 16% compared with that of 2016.
Narada’s battery business contributed 5.174 billion yuan, among those the growth rate of stationary power, energy storage power & systems, and motive power & systems was 10.38%, 9.59%, and 33.27% respectively.
Narada first started out as a battery manufacturer and retailer and now has made significant inroads in providing systems solutions and operation services for power generation, storage and recycling, forming an industrial chain. Narada have acquired 49% equity in Huabo Technology, a leading player in China’s battery recycling industry. It is expected that the capacity of Huabo Technology in lead battery recycling will exceed one million tons in the future.
According to the annual report, the energy storage project build by Narada in Wuxi Singapore Industrial Park with a capacity of 160MWh, was the first example of electrochemical energy storage system providing electric power ancillary services in China, was put into operation and participated in the power demand side response service for Jiangsu province in February 2018.
Narada’s leap from the industrial and commercial customer side to renewable energy generation was marked when Narada successfully put Qinghai Huaneng Integrated Photovoltaic Energy Storage Station into operation.
Narada not only invested in powertrain system projects to enhance the integration capacity of new energy vehicles, but have also tapped into the oversea motive battery market with sealed deals in the Netherlands, UK and Thailand. The revenue of a motive battery for electric bicycles have increased 57.94% annually.
The annual report also shows solid development in Narada’s R&D sector. By the end of 2017, it held 104 valid patents, including 45 for inventions, 41 for utility models and 18 for exterior designs. The revenue from R&D accounted for 3.03% of the total.