REPT “is unquestionably giving full respect to the world’s second largest power storage market,” Chairman Hui Cao stated throughout an interview. Though a selected goal hasn’t but been set, the intention is for the US to “contribute greater than 10%” to REPT’s income.
The US energy-storage market represents a doubtlessly huge alternative for REPT, which at present counts China, Europe and Southeast Asia as its greatest income drivers, Cao stated. “We imagine the longer term is vibrant” within the US, he added.
To make sure, REPT can be going up towards heavyweight opponents together with a unit of Elon Musk’s Tesla Inc. The Hong Kong-listed firm additionally faces heightened geopolitical dangers, with some US lawmakers working to blacklist sure Chinese language companies and the Biden administration shifting to extend tariffs on batteries, photo voltaic cells and different merchandise from China.
To mitigate any potential dangers, Cao stated REPT is partnering with American corporations that deal with “delicate” big-data points within the energy-storage enterprise. The corporate hasn’t to this point been challenged by the authorities, he famous.
Cao downplayed any potential impression from the upcoming US presidential election in November. He stated he has no desire for both Republican nominee Donald Trump or his Democratic opponent Vice President Kamala Harris.
“On the finish of the day, American shoppers need the merchandise with the perfect worth for cash,” he stated. “That’s the actual demand. Tariffs might carry some further prices to the producers, however the clients within the US can be hit more durable.”
REPT started as a provider of batteries to energy-storage tasks and has since expanded to promoting to carmakers equivalent to Stellantis NV and Li Auto Inc. It ranked because the world’s quantity three in phrases power storage cell cargo within the first half of 2024, in response to knowledge from InfoLink Consulting.
At house, REPT’s opponents embrace prime battery makers Up to date Amperex Expertise Co. and Gotion Excessive-Tech Co. The corporate was the sixth greatest lithium iron phosphate battery producer by EV battery installations, the China Automotive Battery Innovation Alliance rating confirmed.
(By Jacob Gu)