The energy storage industry has undergone many policy and industrial cycle baptisms and has entered a new round of brutal elimination.
In 2022, it was reported that 380,000 related enterprises, and another 5960,000. The production capacity has increased significantly, but the utilization rate has dropped to less than 50%, and the war has intensified, and the power cell has reached nearly 50%. Corporate executives have warned of overcapacity,**80% of companies may collapse. Skepticism within the industry has exacerbated the turmoil, and the academician pointed out that energy storage has a limited role in the new power system, subverting the previous consensus.
The energy storage industry is facing a life-and-death game, and entrepreneurs have warned of fierce competition.
The article will list the representative energy storage companies that have failed in the past decade, with the intention of helping readers understand the history of the industry. This turmoil is constantly repeated, and each round of the industry cycle is accompanied by the collapse or restructuring of well-known enterprises, bringing uncertainty to the development of the new energy industry.
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Mengshi Technology has lost money for 6 and a half consecutive yearsloss
Founded in 2001, after more than 30 years of battery manufacturing experience, Mengshi Technology was the world's second largest motorcycle battery manufacturer. After going public in 2012, the market capitalization skyrocketed to 1278 billion yuan. In 2015, it put forward the "2351 Strategy" and invested in the construction of a large-scale lithium battery factory in Fujian, planning to become a major supplier in the field of new energy vehicles and energy storage.
However, Mengshi Technology failed to cope with the industrial reshuffle in the process of expansion, and continued to lose money and fell into insolvency. In 2017, revenue reached an all-time high, but its diversification strategy failed to be profitable. Net profit has been negative for six consecutive years, with a cumulative loss of 670.1 billion yuan. The company has fallen into insolvency three times, with total assets of 400.9 billion yuan, with total liabilities of 516.1 billion yuan.
In the end, the company was decided to terminate its listing by the Shenzhen ** Stock Exchange in June 2022 and became a "dishonest judgment debtor", and was delisted on June 27 of the same year. There are currently 10 final cases, of which 5$2.3 billion unfulfilled. This former capital giant has come to an end.
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Qianjiang New Energy, ten years of transformation is empty
In 2011, Qianjiang Motorcycle determined the lithium battery project as one of the transformation directions, and in 2014, Zhejiang Qianjiang New Energy Technology Co., Ltd. was established to set foot in the field of power and energy storage batteries. At that time, China's new energy vehicle industry was booming, and Qianjiang Motorcycle rapidly expanded its energy storage business with the help of huge subsidies, including demonstration projects and capacity construction, and planned to become a lithium battery manufacturer.
However, changes in the industry cycle have led to difficulties in placing orders and getting into legal battles with customers. In 2018, Qianjiang Motorcycle Subsidiary sued Shuchi Bus and other enterprises for payment of nearly 200 million yuan in arrears of contract money, and was countersued against late delivery and providing products that did not comply with the contract. The new energy company failed to move forward with the project on time, and decided to stop and terminate the contract and refund the subsidy.
In 2018, due to the change of electric vehicle industry policy, the order decreased, and the lithium battery business suffered a setback and the development stagnated. By 2022, Qianjiang Motorcycle has completely withdrawn from the lithium battery business. The whole process shows that under the impact of rapid industrial expansion and policy changes, enterprises are facing risks and challenges brought about by market fluctuations.
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Waterma, dying from new technologies and policy changes
Founded in 2002, Waters is one of the early companies that successfully developed lithium iron phosphate new energy vehicle power batteries and energy storage systems. It reached its peak in 2016-2017 and was shortlisted in the top 500 global new energy enterprises. After being acquired by Jianrui Woneng in 2016, it focused on new energy vehicle power batteries and signed billions of yuan of energy storage battery sales contracts. The company is positioned as a leader in the field of energy storage, but it has encountered challenges under changes such as overcapacity, new technological changes and subsidy policy adjustments.
In 2018, ** imposed restrictions on subsidies for new energy commercial vehicles, which extended the subsidy period and affected the company's cash flow. The new subsidy policy implemented by the Ministry of Finance has led to the fact that vehicles with a range of less than 150 kilometers are no longer eligible for subsidies. Due to the low energy density of its products, orders have dropped sharply.
As of November 2019, Waters was still operating, but had a debt of 19.7 billion yuan and a debt of 5.4 billion yuan. In January 2022, the Shenzhen Intermediate People's Court ruled that Waters Battery was bankrupt and was included in the list of dishonest judgment defaulters, with an unfulfilled ratio of 995%。This marks the bankruptcy of the former lithium battery giant.