Weekly Energy News | Three Departments Deploy Hydrogen Energy Comprehensive Application Pilot; Report Says Tesla Plans to Procure Chinese Photovoltaic Equipment

This week (March 16–20), the Ministry of Industry and Information Technology and two other departments jointly issued a notice on conducting pilot projects for comprehensive hydrogen energy applications; rumors about Tesla “buying up” Chinese photovoltaic equipment have resurfaced, with market sources suggesting Tesla’s team plans to purchase large-scale Chinese PV equipment.

1. Policy News

Three Departments Deploy Pilot Projects for Comprehensive Hydrogen Energy Applications

According to the Ministry of Industry and Information Technology’s official website, on March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued a notice on conducting pilot projects for comprehensive hydrogen energy applications. The notice states that the three departments will select city clusters with strong industrial foundations, rich application scenarios, robust hydrogen resource guarantees, and complete industrial chains through a “competitive bidding” approach to lead the pilot, exploring scientific, orderly, and proactive paths for commercial hydrogen energy applications, improving industry development policies, and promoting integrated development of the entire hydrogen energy industry chain including production, storage, transportation, and utilization.

The notice clarifies that by 2030, hydrogen energy in urban clusters will achieve large-scale application across multiple fields, with the terminal hydrogen price dropping below 25 yuan/kg, aiming for around 15 yuan/kg in some advantageous regions; the national fuel cell vehicle fleet will double compared to 2025, reaching 100,000 units. Through expanded application scale, breakthroughs in hydrogen energy technology, processes, and equipment will be driven, leading to iterative upgrades of fuel cells, electrolyzers, storage and transportation devices, and materials, making hydrogen energy a new economic growth point and supporting a comprehensive green transformation of economic and social development.

National Energy Administration: Electricity Consumption in January–February Increased by 6.1% Year-over-Year

On March 17, the National Energy Administration released data showing that from January to February, total social electricity consumption reached 1,654.6 billion kWh, up 6.1% year-over-year. Breakdown by industry shows: primary industry used 22.3 billion kWh, up 7.4%; secondary industry used 1,027.9 billion kWh, up 6.3%, with industrial electricity use up 6.4% and high-tech and equipment manufacturing industries up 10.6%. Tertiary industry used 323.1 billion kWh, up 8.3%, with charging and swapping services and internet data services increasing by 55.1% and 46.2%, respectively. Urban and rural residents’ electricity use was 281.3 billion kWh, up 2.7%.

2. Company News

Subsidiary Named in 315 Gala, Multifold Responds

On March 16, Multifold (002407.SZ) issued an announcement regarding media reports. The announcement states that on March 15, Multifold noted a report by CCTV’s “3.15” program, which investigated companies like ShufuXiang and Zengqiao Food for using hydrogen peroxide to bleach and swell chicken feet, involving Yifeng Electronics’ hydrogen peroxide sales. After verification, the company confirmed that Yifeng Electronics has no business cooperation, brand authorization, or product production relationship with the mentioned companies. Yifeng Electronics is a controlled subsidiary of Multifold, with projected 2025 revenue of 31.15 million yuan and a net loss of 3.3872 million yuan, accounting for a small proportion of the company’s consolidated revenue and profit (less than 1%), with 2025 data unaudited.

Southern Power Grid Energy Storage Plans to Invest 7.379 Billion Yuan in Guangdong Xinfeng Pumped Storage Power Station

On March 16, Southern Power Grid Energy Storage (600995.SH) announced plans to invest approximately 7.379 billion yuan to build the Guangdong Xinfeng pumped storage station, with a planned installed capacity of 1.2 GW and total investment of about 7.379 billion yuan, with 20% equity and 80% bank loans.

The company states that this project aligns with its strategic layout and planning goals, helping to expand core business and enhance competitiveness. The investment will not significantly impact this year’s revenue or profits and will not harm the interests of the company or its shareholders, especially minority shareholders.

Lano Technology Terminates $25 Million Battery-Grade Lithium Carbonate Equipment Sales Contract

On March 16, Lano Technology (300487.SZ) announced the termination of a daily operation contract related to salt lake lithium extraction. The notice states that the company and HANACOLLA S.A. agreed to terminate the “3,000-ton battery-grade lithium carbonate extraction equipment sales contract” due to changes in overall project planning. The contract value was $25 million.

Both parties agreed that from the date of the termination agreement, the contract is terminated; within three working days of signing, HANACOLLA will pay the company $1.5 million, and HANACOLLA waives the right to demand a refund of the $2.5 million prepayment. The company states that this termination will not have a significant impact on current operations or financial status, nor will it harm the interests of the company or shareholders.

Haili Wind Power Signs 1.085 Billion Yuan Wind Turbine Foundation and Ducting Sales Contract

On March 17, Haili Wind Power (301155.SZ) announced that it recently signed a sales contract with a customer to supply wind turbine foundations, ducting, and related components, with a total contract value (including tax) of 1.085 billion yuan.

The company states that over the past twelve months, it has signed multiple sales contracts with the same customer for a deep-sea project in China, totaling 1.692 billion yuan (including tax). The contracts mainly involve manufacturing steel pipe piles for wind turbines, constructing offshore converter stations (including pile foundations), and building foundation ducting and accessories.

Longi Green Energy Completes Acquisition of Suzhou Jingkong

On March 17, Longi Green Energy (601012.SH) announced that it has completed the acquisition of Suzhou Jingkong Energy. Jingkong has focused on technological innovation and product R&D, creating differentiated competitive advantages, with self-developed power management and energy storage systems. Post-acquisition, Longi will strengthen integration and leverage synergies to provide comprehensive green energy solutions.

The acquisition traces back to November 13, 2025, when the Shaanxi Market Supervision Administration announced a simplified case of business operator concentration, indicating Longi’s plan to acquire approximately 61.9998% of voting rights in Jingkong, becoming its controlling shareholder. Founded in 2015, the company has been dedicated to R&D in power supply systems, smart energy storage, and hydrogen fuel cell systems, with a current global capacity of 31 GWh and over 12 GWh grid-connected.

Tongwei Signs 1 GW Module Agreement with Poland’s Largest Distributor

On the evening of March 17, Tongwei Co., Ltd. (600438.SH) announced that it recently signed a 1 GW module cooperation agreement with Poland’s largest PV distributor, KENO. Representatives from Tongwei’s European and American sales teams and KENO’s CEO Paweł Grzegorczyk signed the agreement.

Tongwei states that this cooperation will deepen its presence in Europe, accelerating the promotion of high-efficiency modules in Eastern Europe and supporting local energy transition. The partnership began in 2020, with semi-cut cell module cooperation starting in 2024, upgraded to a comprehensive strategic partnership in 2025, covering product supply, market expansion, and channel collaboration.

Haibo Sisheng: Storage Assets Expected to Reach 35–40 GWh by End of 2026

On March 18, Haibo Sisheng announced that it plans to gradually transform from a storage equipment manufacturer to a “storage system manufacturing + service” integrated energy service provider. By the end of the first quarter of 2026, its operated storage assets are expected to exceed 10 GWh, reaching 35–40 GWh by the end of 2026.

Atlas: CSIQ Reports $1.2 Billion Net Revenue in Q4 2025, Down 20% Year-over-Year

On March 19, Atlas (CSIQ) announced that its parent company, CSIQ, reported a Q4 2025 component shipment volume of 4.3 GW, down 16% quarter-over-quarter and 47% year-over-year. Net revenue for Q4 was $1.2 billion, down 18% quarter-over-quarter and 20% year-over-year, mainly due to decreased sales of solar modules and energy storage systems. Gross profit in Q4 was $124 million, compared to $256 million in Q3 and $217 million in Q4 2024. Under US GAAP, net loss attributable to Atlas in Q4 was $86 million.

Tesla Plans to Purchase Chinese PV Equipment? Company Responds: Confirmed

According to Beike Finance, on March 20, market rumors circulated that Tesla’s team plans to purchase large-scale Chinese PV equipment involving several listed companies. On the morning of March 20, a PV company confirmed the rumor, revealing that the contract scale is in gigawatts.