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 whispers suggesting Tesla’s team plans to purchase large-scale Chinese PV equipment.

1. Policy Highlights

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 “list and compete” approach to lead the pilot, exploring commercial pathways for hydrogen energy, improving industry 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 in city 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 a new economic growth point and supporting a comprehensive green transformation of economic and social development.

National Energy Administration: Electricity Consumption Grew 6.1% Year-on-Year in January–February

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, a year-on-year increase of 6.1%. 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, swapping, 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. Corporate Developments

Subsidiary Named in 315 Gala, Multifold Responds

On March 16, Multifold (002407.SZ) issued a clarification regarding media reports. The announcement states that on March 15, Multifold noted that CCTV’s “3.15” program investigated and reported that companies like Shufu Xiang and Zengqiao Food used hydrogen peroxide for bleaching and swelling chicken feet, involving Yifeng Electronics’ hydrogen peroxide sales. After verification, Multifold confirmed that Yifeng Electronics has no business cooperation, brand authorization, or production relationship with the reported companies, and its production and sales activities are unrelated to the company and its subsidiaries. Multifold states that Yifeng Electronics is a controlled subsidiary, with projected 2025 revenue of 31.15 million yuan and a net loss of 3.3872 million yuan, representing a small proportion of the company’s consolidated revenue and profit (unreviewed for 2025).

Southern Power Grid Energy Storage Plans to Invest 7.379 Billion Yuan in Guangdong Xin Feng 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 Xin Feng pumped storage station, with a planned installed capacity of 1.2 GW and total investment including project capital and bank loans. The project will have 20% equity and 80% bank financing. The company states that this project aligns with its strategic layout and planning goals, helping 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 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 for lithium extraction from salt lakes. The contract with HANACOLLA S.A. for the sale of a 3,000-ton battery-grade lithium carbonate extraction device was terminated due to changes in overall project planning, with mutual agreement. The contract value was $25 million. The parties agreed that from the date of the termination agreement, the contract is void; HANACOLLA will pay the company $1.5 million within three working days, 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 client 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 12 months, it has signed multiple contracts with the same client for a deep-sea wind project, totaling 1.692 billion yuan (including tax). The contracts mainly involve manufacturing steel pipe piles for wind turbines, constructing offshore converter stations, and building foundation ducting and components.

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 specializes in technological innovation and product R&D, creating competitive advantages through 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 was initiated on November 13, 2025, when the Shaanxi Market Supervision Bureau announced a simplified case of business concentration, with Longi set to acquire approximately 61.9998% of Jingkong’s voting rights, becoming its controlling shareholder. Founded in 2015, Longi has been focused on R&D in power supply, smart energy storage, and hydrogen fuel cell systems, with a 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 attended the signing. The partnership aims to deepen Tongwei’s presence in Europe, accelerate the deployment of high-efficiency modules in Eastern Europe, and support local energy transition. The cooperation began in 2020, with half-cut module collaboration starting in 2024, upgraded to a strategic partnership in 2025 covering supply, market expansion, and channel cooperation.

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

On March 18, Haibo Sisheng (no stock code provided) announced that it plans to transition from a storage equipment manufacturer to a comprehensive energy service provider offering “storage system manufacturing + services.” By the end of the first quarter of 2026, the company’s operated storage assets are expected to exceed 10 GWh, reaching 35–40 GWh by the end of 2026.

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

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

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

According to Beike Finance, on March 20, market rumors circulated that Tesla 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.