Weekly Energy News | Three departments deploy hydrogen energy comprehensive application pilot; reports say Tesla plans to purchase Chinese photovoltaic equipment

This week (March 16–March 20), three ministries and agencies, including the Ministry of Industry and Information Technology, jointly issued a notice on carrying out pilot projects for integrated hydrogen energy applications; reports that Tesla is “sweeping up” China’s solar PV also have follow-ups—there are market rumors that Tesla’s team plans to procure large-scale China-made solar PV equipment.

I. Policy Headlines

Three ministries deploy to launch pilot projects for integrated hydrogen energy applications

According to the MIIT 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 carrying out pilot projects for integrated hydrogen energy applications. The notice proposes that the three departments, through a “recruiting talent by posting tasks” approach, will select city clusters with strong industrial foundations, rich application scenarios, strong hydrogen energy resource assurance capabilities, and a complete industrial chain to launch integrated hydrogen energy application pilot projects first. The pilots will scientifically, orderly, and actively explore commercialized integrated hydrogen energy application pathways, improve the policy environment for industrial development, and promote integrated and interconnected development across the entire hydrogen industry chain of “production, storage, transportation, and utilization.”

The notice clarifies that by 2030, city clusters’ hydrogen energy will achieve large-scale application across diversified fields; the average terminal price of hydrogen will be reduced to below 25 yuan per kilogram, and efforts will be made to bring it down to around 15 yuan per kilogram in certain advantaged regions. The national stock of fuel cell vehicles will more than double compared with 2025, aiming to reach 100,000 vehicles. By expanding application scale, it will drive breakthroughs in hydrogen energy application technologies, processes, and equipment innovation, enabling iterative upgrades of fuel cells, electrolyzers, storage and transport equipment, and materials, among others. It will help hydrogen energy become a new driver of economic growth and support the achievement of a comprehensive green transition in economic and social development.

National Energy Administration: Total electricity consumption for all sectors grew 6.1% year over year in January–February this year

On March 17, the National Energy Administration released data on total electricity consumption for all sectors for January–February and other figures. In January–February, total electricity consumption for all sectors accumulated to 1,654.6 billion kWh, up 6.1% year over year. From electricity consumption by industry, electricity used by the primary industry was 22.3 billion kWh, up 7.4%. Electricity used by the secondary industry was 1,027.9 billion kWh, up 6.3%, including: electricity used by the industrial sector up 6.4% year over year, and electricity used by high-tech and equipment manufacturing up 10.6% year over year. Electricity used by the tertiary industry was 323.1 billion kWh, up 8.3%, including: electricity consumption growth rates for charge-and-swap service industry and internet data service industry reaching 55.1% and 46.2%, respectively. Electricity consumption for urban and rural residents’ living use was 281.3 billion kWh, up 2.7%.

II. Company Developments

A subsidiary was named in the 315 Gala; Multi-Fiber responds

On March 16, Multi-Fiber (002407.SZ) disclosed an announcement explaining related matters to media reports. The announcement stated that on March 15, Multi-Fiber learned from a report by the Central Television “3·15” program that, after reporters’ investigation, Shufuxiang and Zengqiao Food, among others, used hydrogen peroxide to bleach and rehydrate chicken claws during production, involving the hydrogen peroxide sales business of Yifeng Electronics. After the company’s verification, Yifeng Electronics had not established any form of business cooperation, brand authorization, or product production relationship with Shufuxiang, Zengqiao Food, or others mentioned in the media report. The company’s and its controlling subsidiaries’ production and sales activities have no association with Yifeng Electronics. Multi-Fiber said that Yifeng Electronics is a company’s controlling subsidiary. In 2025, its operating revenue was 31.152 million yuan, and its net profit was -3.3872 million yuan, accounting for a relatively low proportion of the company’s consolidated revenue and net profit, with the revenue share at less than 1% (2025 data is unaudited).

China Southern Power Grid Energy Storage plans to invest 7.379 billion yuan to build Guangdong Xinfeng pumped-storage power station

On March 16, China Southern Power Grid Energy Storage (600995.SH) disclosed an announcement stating that the company plans to invest in and build the Guangdong Xinfeng pumped-storage power station. The project’s planned installed capacity is 1.2 million kW, with a dynamic total investment of approximately 7.379 billion yuan. Of this, project capital is 20% and bank loans are 80%.

China Southern Power Grid Energy Storage said that investing in and building the Guangdong Xinfeng pumped-storage project aligns with the company’s strategic layout and planning objectives. It will be conducive to further expanding the company’s main business, enhancing the company’s core competitiveness. The investment will not have a material impact on the company’s revenue or profit for the current year, and there is no situation that would harm the interests of the company or all shareholders, especially minority shareholders.

Blue Sail Tech terminates a $25 million sales contract for battery-grade lithium carbonate leaching equipment

On March 16, Blue Sail Tech (300487.SZ) disclosed an announcement on terminating a daily operation contract related to lithium extraction at salt lake. The announcement shows that the 《3,000-ton battery-grade lithium carbonate lithium extraction equipment sales contract》（hereinafter referred to as the “Sales Contract”）signed between the company and HANACOLLA S.A. is to be terminated because the overall project planning changed. The two parties reached a friendly agreement to terminate it. The contract amount is $25 million.

The announcement shows that the parties agreed that, from the date of signing the “Termination Agreement,” the “Sales Contract” will be terminated. Within three working days from the date of signing the “Termination Agreement,” HANACOLLA will pay the company $1.5 million. HANACOLLA will waive the request for the company to refund the $2.5 million advance payment already paid. Blue Sail Tech said that the signing of this “Termination Agreement” will not have a material impact on the company’s operating performance and financial condition for the current period, and there is no situation that would harm the interests of the company or all shareholders.

Haili Wind Power: Signs a 1.085 billion yuan sales contract for wind turbine foundation jacket piles

On March 17, Haili Wind Power (301155.SZ) announced that the company recently signed a sales contract with a customer. It plans to sell the wind turbine foundation jacket piles and related components and provide related supporting services. The total contract amount (including tax) is 1.085 billion yuan.

Haili Wind Power said that as of the date of disclosure of the announcement, within the past continuous 12 months, the company has signed multiple sales contracts with the same customer for the same domestic deep-sea wind farm series project, with the cumulative contract amount (including tax) reaching 1.692 billion yuan (including this signed contract). The fulfillment content of the related contracts mainly includes: providing processing and fabrication of steel pipe pile foundations for wind turbine generator sets; construction of the lower foundation (including pile foundations) for offshore converter stations; construction of the wind turbine foundation jacket piles and related components, and so on.

LONGi Green Energy: Completed the acquisition of Suzhou Jingkong

The investor relations activity record announcement disclosed by LONGi Green Energy (601012.SH) on March 17 shows that the company has already completed the acquisition of Suzhou Jingkong Energy Co., Ltd. (hereinafter referred to as “Suzhou Jingkong”). Suzhou Jingkong has always adhered to technological innovation and product R&D, building differentiated competitive advantages. It has independently developed products such as power management systems and energy storage systems. After the acquisition is completed, the company will strengthen business integration, give full play to synergy effects, and provide customers with comprehensive green energy solutions.

This acquisition traces back to November 13, 2025. At that time, the Shaanxi Provincial Market Supervision Administration released a public notice on a simplified case involving operator concentration. LONGi Green Energy planned to obtain about 61.9998% of the voting rights of Suzhou Jingkong and become its controlling shareholder. According to official website information, the company was established in 2015 and has continuously deepened R&D and innovation across three major business areas: power supply systems, smart energy storage systems, and hydrogen fuel cell systems. To date, the company has 31GWh of its own production capacity globally, and its global grid-connected volume exceeds 12GWh.

Tongwei Co., Ltd. signs a 1GW module agreement with Poland’s largest distributor

On the evening of March 17, Tongwei Co., Ltd. (600438.SH) posted a message on its official Weibo account stating that recently, Tongwei and Poland’s largest PV distributor, KENO, formally signed a 1GW module cooperation agreement. The signing ceremony was attended by Ji Weihua, head of module marketing for Tongwei’s PV business division covering Eastern Europe and the Americas, and KENO’s CEO Paweł Grzegorczyk, representing both parties.

Tongwei Co., Ltd. said that this cooperation will further deepen Tongwei’s layout in the European market, accelerate the rollout of high-efficiency modules in Eastern Europe, and provide solid product support for local energy transformation. It is understood that the cooperation between the two parties began in 2020; in 2024, they launched a partnership for half-cell module products; and in 2025, they upgraded to a comprehensive strategic partnership, covering areas such as product supply, market expansion, and channel coordination.

Hiboss Energy Storage: By end of 2026, energy storage assets are expected to reach 35GWh to 40GWh

On March 18, Hiboss Energy Storage disclosed an investor relations activity record table announcement showing that the company plans to gradually transform from an energy storage equipment manufacturer into an “energy storage system manufacturing + services” comprehensive energy services provider. By the end of the first quarter of 2026, the company’s energy storage assets under operation are expected to exceed 10GWh, and by the end of 2026, are expected to reach 35GWh to 40GWh.

Trina Solar: CSIQ’s net revenue in Q4 2025 is $1.2 billion, down 20% year over year

On March 19, Trina Solar announced that the component shipment volume whose revenue was recognized in Q4 2025 by the controlling shareholder CSIQ was 4.3GW, down 16% quarter over quarter and down 47% year over year. Net revenue in Q4 2025 was $1.2 billion, down 18% quarter over quarter and down 20% year over year, mainly due to reduced sales of solar modules and battery energy storage systems. Gross profit in Q4 2025 was $124 million; it was $256 million in Q3 2025 and $217 million in Q4 2024. Under U.S. Generally Accepted Accounting Principles (GAAP), Trina Solar’s net loss attributable to it in Q4 2025 was $86 million.

Is Tesla planning to purchase China’s solar PV equipment? Company response: Yes, this is true

According to Shell Finance, on March 20, a market rumor stated that Tesla’s team plans to procure large-scale China-made solar PV equipment, involving several listed companies. On the morning of March 20, a PV company confirmed the above information and revealed that the contract scale is on the gigawatt level.