Chow Tai Fook Partners with Liansheng New Energy to Launch the First Battery Energy Storage System Project

Chow Tai Fook Enterprises (00659) announced that it has partnered with Lian Sheng New Energy, a global provider of new energy solutions, to jointly develop a brand-new energy storage power station (BESS) project in Europe and seize the opportunities in the European energy storage market. Chow Tai Fook Enterprises will hold 75% of the equity interest in the first BESS project, while Lian Sheng New Energy will hold the remaining 25%.

The first BESS project under the cooperation is located in Finland. It aims to address the growing imbalance in Europe between electricity generation from increasingly intensified renewable energy and daily work and household electricity usage, as well as the rising requirements for grid stability by national power grids. The project’s total installed energy storage capacity is 30 megawatts / 65.2 megawatt-hours. It is expected to complete construction and be put into operation in the fourth quarter of this year. This cooperation will not only accelerate the project’s implementation, but also lay a solid foundation for further deepening the partnership in the future. It fully reflects Chow Tai Fook Enterprises’ strategic direction of integrating ESG principles into its core business and actively participating in the global trend toward the transition to renewable energy.

Zheng Zhiming, Executive Director of Chow Tai Fook Enterprises and Co-Chief Executive Officer of the Group, said that this cooperation is not only an investment project, but also an important step the Group is taking toward new-generation infrastructure for the AI era. With Europe’s renewable energy output surging and the grid capacity of various countries continuing to be upgraded, the Group believes that the timing for BESS investment is already mature. The first energy storage project in Finland not only has solid potential for returns, but also aligns with its long-term ESG commitments.