EVE Energy, the third-largest energy storage battery manufacturer, seems to "Snatch orders" silently from the industry's TOP1.

A leading portable energy storage brand told New Energy Industry Home that "nowadays, EVE Energy's energy storage cells are basically out of stock, and many peers visit but fail to get the goods." This company started to develop the North American household energy storage market last year and finally chose EVE Energy.

InfoLink data shows that in the first three quarters of 2023, the total shipments of TOP 5 energy storage cell manufacturers were CATL, BYD, EVE Energy, REPT Battero Energy, and Hithium Energy Storage.

CATL shipped more than 45 GWh, and BYD more than 11 GWh, while the other three had similar shipments of about 8 GWh. Among them, EVE Energy is the fastest-growing manufacturer among power battery manufacturers.

According to Gao Gong Industry Data, in 2022, EVE Energy's share of energy storage batteries reached 53%-55%. At that time, other battery manufacturers were still at a level of 10%-20%.

In just half a year, in the first half of 2023, EVE Energy's share of energy storage batteries continued to 48%-51%, while other manufacturers only started to increase production rapidly after realizing it.

According to Guotai Junan's statistics, currently, EVE Energy's energy storage capacity planning is about 218.5 GWh, second only to CATL's 342 GWh. However, there will inevitably be a mismatch between capacity building and market demand.

New Energy Industry Home has found that EVE Energy has snatched large orders from "CATL" and has become a supplier of the world's fourth-largest energy storage integrator, Wartsila Wartsila, and Shenzhen Energy Storage Leader.

It should be noted that Shenzhen Energy Storage Leader has been in the energy storage downstream map of CATL for a long time, and its wholly-owned subsidiary holds 3% of Wartsila Wartsila. In 2021, Wartsila Wartsila was the third-largest supplier of Shenzhen Energy Storage Leader, with a procurement amount of more than 70 million. In the first half of 2022, it jumped to the first largest supplier, with a procurement amount of 238 million, accounting for 14.73%.

However, even CATL can't keep up with the skyrocketing demand for energy storage.

The 2023 March query letter of Shenzhen Energy Storage Leader shows: In order to better develop the energy storage market and ensure the supply of products, the company has reached a cooperation with EVE Energy and signed a related battery procurement contract. From January to June 2023, Shenzhen Energy Storage Leader mainly purchased cells from EVE Energy's subsidiary, EVE Power, with a procurement amount of 133 million. This means that EVE Energy, which had never appeared before, will become one of the top five suppliers of Shenzhen Energy Storage Leader.

The household energy storage segment has also been EVE Energy's advantage. As early as 2016, EVE Energy supplied cells to another household energy storage leader, Volta Energy Storage, and started to increase its holdings successively. Up to now, it still holds 9.71% of the shares.

Another example is the Finnish power solution enterprise Wartsila Wartsila Group.

Wartsila is the fourth-largest energy storage integrator in the world. S&P Global data shows that as of July 2023, Wartsila's global installed energy storage project volume ranks fourth in the world, right after Sunshine Power, Fluence, and Tesla.

In September 2023, Wartsila, which had been using CATL batteries, began to switch to EVE Energy and applied 306Ah batteries in new products, which is exactly EVE Energy's key product in 2023.

Although Wartsila said at the end of October that it would sell its energy storage business, an overseas analyst said this was for the consideration of improving the group's profit margin.

"Its energy storage business has only recently reached breakeven and its long-term EBIT margin is about 5%. The group's target is 12%. The rapid growth of the energy storage business may become the main business, and it may be better to finance separately."

Under down cycle of the energy storage industry, although it has always been regarded as a second-tier manufacturer, EVE Energy, which has more available capacity, has reaped the benefits of the price war of the industry.