Liangjiang New Area in Southwest China's Chongqing municipality released a specialized policy to support the development of new energy storage in terms of peak shaving, exemplary applications, and increase of functional profits.

As an important technology supporting new power systems, new power storage systems carry great significance in ensuring the stable operation of the power grid, providing solutions for new energy consumption, and achieving carbon goals. The policy focuses on enabling industry scaling-up and industry cluster gathering, aiming to promote high-quality development of the new energy storage industry in the new area.

To boost industry, the policy encourages applications through financial support. For eligible projects related to user-side energy storage, light energy storage, and integration of battery charging-swapping-storage, project-based subsidies of up to 5 million yuan ($738,000) will be provided, while equipment-based subsidies and tailored support solutions are also available.

As for peak shaving, subsidies will be granted to user-side energy storage projects based on the actual reduction of peak loads. Apart from improved financial services, climate investment and finance funds as well as other financial tools are encouraged to support energy storage projects.

In terms of industry cluster gathering, the new area encourages new energy storage projects to increase investment and grants financial support of up to 30 million yuan for newly introduced key projects. For newly introduced innovative projects, annual R&D financial support will be provided.

The policy is expected to help the new area become a gathering ground and center for the development of the energy storage industry, according to an official in relevant.

The new area has accommodated signature projects such as the lithium project of Ganfeng Lithium, Chongqing Institute of New Energy Storage Material and Equipment, and the national hydrogen power quality supervision and inspection center.