Ev Battery Leader CATL Joins Tesla, BYD To Tap Solar’s Boom

"We are building a pilot test line," CATL responded to questions, without providing timelines or capacity estimates. The announcements come as the world prepares to install a record number of solar panels this year, fueled by China's relentless deployment of clean energy. According to the International Energy Agency, global investment in technology will exceed spending on oil production for the first time this year.

Electric vehicle-to-battery manufacturer BYD began manufacturing solar wafers, cells, and modules in 2008 and has since expanded capacity both domestically and internationally. According to the company, BYD can produce approximately 5 gigatonnes of panels per year.

When compared to the same period last year, Tesla increased solar deployments by 40% in the first quarter. While the global solar market is expanding rapidly – installations are expected to increase by more than a third to 344 gigatonnes this year, according to BloombergNEF – supply is expanding even faster. Overcapacity and increased competition may cause a wave of failures across the industry, according to Li Zhenguo, president of Longi Green Energy Technology Co, on Wednesday.

Battery manufacturers are also interested in the sector because home and industrial systems are increasingly being combined with energy storage. BloombergNEF predicts that between 2023 and 2030, approximately 19 gigatonnes of residential solar systems in the United States will include a battery.