‘The battery market is far from saturated’

Eckhart Gouras: What’s your view on the intense price competition in the energy storage market right now?

Dai Deming: First off, I think the energy transition is an inevitable trend of our times as we work toward carbon peaking and carbon neutrality. Sure, the competition is fierce, but I believe that’s actually driving progress and innovation. A market without competition isn’t a healthy one. It’s through this survival-of-the-fittest dynamic that the industry evolves. Have you noticed how energy storage products keep getting cheaper and better? Today, customers can buy higher-quality energy solutions for less money, that’s what competition brings. And the battery market is far from saturated. If we look back 10 years from now, we’ll probably realize that we were just at the beginning. By then, the energy landscape will be cleaner, cheaper, and more accessible, and storage will be a key part of that shift. Competition drives innovation, and innovation drives industry growth. At Cornex, we’re increasing the energy density of our battery cells, extending their cycle life, and improving safety. These qualities are at the heart of what energy value really means. That’s what we’re striving for.

Can you tell us more about Cornex’s R&D efforts in lithium ion battery technology?

Cornex hasn’t been around for that long, but we’ve been studying this industry for years. Since our founding, we’ve been committed to a long-term, future-focused strategy and have never hesitated to invest in R&D. Over the past few years, we’ve filed nearly 5,000 patent applications globally and developed more than 60 new products, from our first-generation to our current fifth-generation battery lines. We’ve also passed over 100 different certifications worldwide. Thanks to our strong R&D capabilities, we’ve been able to expand our presence across global markets.

What’s your plan when it comes to production capacity?

In China’s energy sector, if you’re not leading the market, you’re at risk of being eliminated. Just look at how many companies and products from five or ten years ago are no longer around. At Cornex, we leverage our integrated industrial chain, R&D strength, and manufacturing expertise to innovate and scale globally. Our capacity has already exceeded 100 GWh, and by next year – 2026 – we’re expecting to double that to over 200 GWh. After that, we plan to add about 100 GWh of new capacity each year. We have strong confidence in this industry and the demand ahead. But to gain a competitive edge and survive, scale is essential. We believe that 80% of the players in this space will eventually be phased out. Our first goal is to be part of the surviving 20%. Then we aim to be the top 20% of that group. That mindset guides how we plan both our R&D and production roadmap.

Do you think prices will keep falling in the future?

Honestly, prices are already extremely low. I don’t see much room for them to go any lower, they’re more likely to rise. Right now, most companies across the entire supply chain are operating at a loss. That’s simply not sustainable. You can lose money for a day, maybe two, but you can’t do it forever. From upstream mining and refining to downstream manufacturing, most of the sector is underwater. Something’s clearly wrong here, and the shakeout is coming to an end. The industry can’t keep running at a loss like this.