SolaX Power has announced plans to invest USD 1.498 billion (EUR 1.351 billion) in a new research and manufacturing facility in Zhejiang, China.
The facility will focus on utility energy storage and smart energy systems that integrate solar power, storage, heating, and electric vehicle (EV) charging.
This investment responds to the increasing demand for efficient storage solutions in both commercial and utility sectors. SolaX aims to create systems that optimize energy usage in real-time, as noted in a statement released Tuesday.
Of the total investment, approximately USD 1.078 billion will be directed toward fixed assets, including research and development (R&D) laboratories, testing centers, and high-tech manufacturing lines.
These facilities will enhance the company's innovation capabilities and accelerate the introduction of new technologies to the market.
Founded in 2012, SolaX specializes in photovoltaic (PV) energy storage inverters, energy storage batteries, and grid-connected inverters. As of June, the company holds 243 patents, including 49 invention patents. SolaX went public on the Shanghai Stock Exchange STAR Market in January.
