LAS VEGAS, Sept. 13, 2023 /PRNewswire/ -- On September 12, CLOU Electronics, a subsidiary of Midea Industrial Tech. business segment, made a stunning appearance at the trade shows of RE+ (Solar Power International& Energy Storage International ) which was organized by SEPA (Smart Electric Power Alliance) and SEIA (Solar Energy Industries Association) in the United States. At the site of RE+ trade shows, CLOU Electronics unveiled the US Company of CLOU ESS(CLOU Energy Storage Systems). CLOU ESS, subsidiary of Media Group and one of the strongest players in global energy storage market, established its US company, aiming to strengthen its business in North American market and further consolidate its industry position globally. This also marks an important milestone in the global layout of Midea Group's energy storage business. Fu Yongjun, Vice President of Midea Group, President of Midea Industrial Technology, and Chairman of CLOU, along with Zhou Han, President of CLOU, jointly unveiled the US Company of CLOU ESS.
'Midea Group has strong confidence in green energy sector. We will leverage our expertise in energy storage to deep dive in the green energy market. The establishment of the US Company of CLOU ESS will enable CLOU to further penetrate the global market, including North America. Furthermore, with leading energy storage products and solutions, the company aims to bring customers greater values, and to enhance safety, reliability, stability, energy efficiency, and cost efficiency of the energy storage industry.'
The new energy market has experienced a burst of growth. The implementation of the 'ITC New Deal' in the US Inflation Reduction Act in August 2022 resulted in the abolishment of the previous mandatory allocation of photovoltaics and energy storage. This led to the extension of the tax credit for 10 years and a rise in its proportion ranging between 30% and 70%. The policy-driven economic leap in energy storage promoted by it, has brought a dramatic surge in the number of filings for electrochemical energy storage in the United States. According to Soochow Securities, as of April 2023, the registered capacity of electrochemical energy storage in the United States reached 30.2GW, an increase of 89% year on year. The United States is also the largest market with the second highest growth rate.
CLOU has been focusing on energy storage system integration since its establishment in 1996. It offers comprehensive portfolio, ranging from PCS, DC/DC, BMS, EMS, to O&MS, along with system integration capabilities that cover all application scenarios of energy storage.
CLOU has successfully established presences in the US market with significant projects, including a size of 24MW/63MWh Indiana's first large-scale lithium-ion energy storage project, and a size of 99MWh Texas' largest energy storage power station project in the North American market, in addition to a size of 485MWh the largest grid-side energy storage project in South America.
According to the statistics provided by Orennia, an international consulting organization, all of the top six projects in the United States with the highest operating profit of independent energy storage in 2021 came from CLOU. Mao Xiaojun, President of the US company of CLOU ESS said, 'The purpose of the establishment of a US company is to enhance our capability of local R&D , local service with a localized team and channels - therefore enabling zero distance service to customers.'
In 2023, Midea Group officially assumed control of CLOU. By joining the Midea Industrial Tech. CLOU was enabled with Midea's technology, shared customer base, as well as global channels and R&D resources.
