1、 EQUITIES CAPITAL GOODS APAC NEW ENERGY Takeaways from the World Energy Storage Conference 2025 18 SEPTEMBER 2025 Sector Research Report Production time:09:19*(London time)Research Analysts&Publishing EntitiesResearch Analysts&Publishing Entities We attended the World Energy Storage Conference 2025

2、in Ningde The conference was held on September 17-18 in Ningde(located in Chinas Fujian province),which is both the birthplace and headquarters of CATL.The conference brought together energy storage related companies,industry experts,research institutes and government representatives.Takeaways:More

3、positive ESS demand outlook by tech innovations and renewables Our key takeaways from the conference include:1)Demand:Most of the speakers expressed their more positive demand outlook for ESS(Energy Storage System)in the coming decade,expecting a global demand CAGR of 25%over 2025-35 averagely,drive

4、n by continuous technological advancements(which could further bring down costs and make ESS more suitable on power grids)as well as robust demand growth in renewable energy,particularly solar.2)Technologies:Although several alternative energy storage methods were introduced during the conference,su

5、ch as Vanadium Redox Batteries and Sodium-ion Batteries,both having seen commercial application in some of the ESS projects,we believe LFP-based lithium battery still has major advantages over these two methods in terms of energy density and unit cost.Mass commercial production of solid-state batter

6、ies is still expected to be two to three years away.3)ESS economics:Participants generally agreed ESS is making more sense economically not only due to the cost reduction,but also because of the widening spread of electricity prices between peak loads and valley loads.For example,the peak load elect