Cornex chairman Dai Deming discusses battery prices and R&D prospects in an exclusive interview with PV -Magazine. He says that the effective production capacity of the company in the first quarter of 2025 was more than 110 GWh, second in the lithium-ion battery industry.
Eckhart Gouras: What is your opinion about the intense price competition in the market for energy storage at the moment?
Dai Deming: Firstly, I think that the energy transition is an inevitable trend of our time when we work on carbon peak and carbon neutrality. Of course, the competition is fierce, but I believe that that actually stimulates progress and innovation. A market without competition is not healthy. It is because of this survival of the fact that the industry is evolving. Have you noticed how energy storage products get cheaper and better? Nowadays, customers can buy higher quality energy solutions for less money, that is what competition entails. And the battery market is far from saturated. If we look back in 10 years, we will probably realize that we were just at the beginning. By that time, the energy landscape will be cleaner, cheaper and more accessible and storage will be an important part of that shift. Competition stimulates innovation and innovation stimulates the growth of industry. At Cornex we increase the energy density of our battery cells, which extends their lifelong and improves safety. These qualities are the core of what energy value really means. That is what we strive for.
Can you tell us more about the R&D efforts of Cornex in lithium battery technology?
Cornex has not been around for so long, but we have been studying this industry for years. Since our foundation we have been committed to a long -term, future -oriented strategy and we have never hesitated to invest in O&O. In recent years we have submitted nearly 5,000 patent applications worldwide and developed more than 60 new products, from our first generation to our current battery lines of the fifth generation. We have also passed more than 100 different certifications worldwide. Thanks to our strong R&D options, we have been able to expand our presence on the world markets.
What is your plan when it comes to production capacity?
In the Chinese energy sector, if you do not lead the market, you run the risk of being eliminated. Just look at how many companies and products from five or ten years ago are no longer. At Cornex we use our integrated industrial chain, R&D strength and production expertise to innovate and scale worldwide. Our capacity has already exceeded 100 GWh and by next year – 2016 – we expect to double that to more than 200 GWh. After that we plan to add around 100 GWH new capacity every year. We have a strong confidence in this industry and the question that arises. But to get a competitive advantage and to survive, scale is essential. We believe that 80% of the players in this space will eventually be phased out. Our first goal is to be part of the survivor 20%. Then we want to be the top 20% of that group. That mentality guides how we plan both our R&D and the production route map.
Do you think prices will continue to fall in the future?
To be honest, the prices are already extremely low. I don’t see much room for them to lower, they will get up earlier. At the moment, most companies in the entire supply chain work with a loss. That is simply not sustainable. You can lose a day of money, maybe two, but you can’t do it forever. From electricity mining and refining to electricity production, the majority of the sector is under water. There is clearly something wrong here and the shakeout is coming to an end. The industry cannot continue to run with loss like this.
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