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 continued, with market reports 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 “bidding” process 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 urban clusters will be widely applied 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 scaled application, breakthroughs in hydrogen energy technology, processes, and equipment will be achieved, including 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-over-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 6.1% increase year-over-year. Breakdown by industry: primary industry used 22.3 billion kWh (+7.4%), secondary industry used 1,027.9 billion kWh (+6.3%), including industrial electricity (+6.4%) and high-tech and equipment manufacturing (+10.6%). Tertiary industry used 323.1 billion kWh (+8.3%), with charging and swapping services and internet data services growing by 55.1% and 46.2%, respectively. Urban and rural residents’ electricity use was 281.3 billion kWh (+2.7%).

2. Corporate Developments

Subsidiary Named in 3.15 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 Shu Fu Xiang, Zeng Qiao Food, and others for using hydrogen peroxide in bleaching and soaking chicken feet, involving Yifeng Electronics’ hydrogen peroxide sales. After verification, Yifeng Electronics has no business cooperation, brand authorization, or production relationship with the mentioned companies. Multifold emphasizes that Yifeng Electronics is a controlled subsidiary, with 2025 revenue of 31.15 million yuan and a net loss of 3.39 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 7.379 Billion Yuan Investment in Guangdong Xinfeng Pumped Storage

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 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 Sales Contract

On March 16, Lano Technology (300487.SZ) announced the termination of a lithium salt sales contract. The contract with HANACOLLA S.A. for 3,000 tons of battery-grade lithium carbonate was terminated due to changes in overall project planning, with mutual agreement. The contract value was $25 million.

Both parties agreed that from the date of the termination agreement, the contract is void; within three working days, HANACOLLA paid the company $1.5 million, and waived the right to demand a refund of the $2.5 million prepayment. Lano states that this termination will not have a significant impact on current operations or financials and does not harm the company’s or shareholders’ interests.

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 to supply wind turbine foundations, ducting, and related components, with a total contract value (including tax) of 1.085 billion yuan.

The company notes that over the past twelve months, it has signed multiple contracts with the same client for a deep-sea wind project in China, totaling 1.692 billion yuan (including this contract). 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 focuses on technological innovation and product R&D, developing 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, revealing 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, smart energy storage, and hydrogen fuel cell systems. It currently has 31 GWh of self-owned capacity globally and over 12 GWh connected to the grid.

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. Tongwei’s European and American sales manager Ji Weihua and KENO CEO Paweł Grzegorczyk signed on behalf of both sides.

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 transformation. The partnership began in 2020, with semi-cut cell product cooperation starting in 2024, upgraded to a comprehensive strategic partnership in 2025, covering 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 (no stock code provided) announced that it plans to transition from a storage equipment manufacturer to an integrated energy service provider offering “storage system manufacturing + services.” 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.

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

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

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

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