In the photovoltaic industry chain, the battery link is the core driving force for the progress of photovoltaic technology and also the driving force for promoting continuous cost reduction and efficiency improvement in the industry. Looking at the development over the past decade, whether it is the catch-up in the p-type era or the flourishing of TOPCon, HJT, and XBC in the n-type era, the technological iteration process of photovoltaic cells is also the development history of battery enterprises.

　　The Golden Age of Taiwanese Enterprises

　　Before 2015, Taiwan's solar cell companies were unparalleled, with Yujing, Maodi, and New Solar maintaining their top ten global positions.

　　According to relevant statistics, Taiwan's solar cell production accounted for 14% of the world's total in 2010. At that time, there were as many as 54 solar cell companies in Taiwan, with a solar cell production of 3.4GW. In 2013, Taiwan's solar cell shipments reached a new high of 8.3GW, with shipments from Maodi, New Solar, and Yujing all exceeding 1GW.

　　Until the turning point in 2014, when the United States imposed anti-dumping duties on Chinese made photovoltaic modules, the tax rates for Yujing and Maodi in Taiwan were 27.59%, 44.18% (later revised to 20.86%), and the remaining companies were 35.89%. The United States' anti-dumping actions caused heavy damage to Taiwan's battery companies.

　　On the other hand, the iteration of battery technology by Taiwanese companies is also slow. At that time, mainland regions such as JA Solar and Atlas were the first to adopt PERC technology, resulting in a significant improvement in the efficiency of single crystal battery modules. Due to lower orders and higher renovation costs, most Taiwanese battery companies have suspended mass production of PERC batteries and opted to produce P-type polysilicon batteries using existing equipment.

　　Under various setbacks, the top ten solar energy manufacturers in Taiwan suffered losses of nearly NT $5.7 billion in the first half of 2015. As a result, many battery companies chose to merge and seek a way out. At the end of June, Maodi merged with Lianjing, and in July, Yujing Energy reached a strategic cooperation and subscription agreement with Tongwei. Tongwei Group invested NT $850 million to invest in Yujing Energy. In November of the same year, Yingwenda purchased 48.47% equity of Yingmaoda.

　　After years of sluggish revenue, in 2017, Taiwan's three major solar companies, Yujing, New Solar Energy (NSP), and Solartech, merged to form United Renewable Energy. After the merger, their battery production capacity was 4.5GW, making them the largest battery manufacturer in Taiwan. In the 2018 PVinfolink Battery Enterprise Ranking, United Renewable Energy surpassed Maodi and entered the top four globally (excluding integrated enterprises).

　　In 2019, following the closure of factories by Maodi and Sino US Silicon Crystal, Yitong Solar announced the cessation of solar cell production, marking the official withdrawal of Taiwanese battery companies from the top ten globally. In July 2020, United Renewable Energy (URE) announced the sale of its Jhunan Kebei battery manufacturing plant in order to merge production capacity. Amidst the ups and downs, Taiwanese battery companies have gone from the golden age to desolation.

　　The rise of new leaders

　　Over the past decade, Taiwan's solar cell companies have gone from glory to decline. On the other side of the strait, mainland enterprises are accumulating strength and catching up with the new technological transformation of single crystal PERC. Among them, the rise of the two leading companies, Tongwei and Aixu, is commendable.

　　In 2013, Tongwei Hao invested 870 million yuan to acquire Hefei Saiwei and restart Saiwei's battery production line. In 2015, Tongwei took the lead in expanding new production capacity in Chengdu and switched its technology route to single crystal batteries. By 2017, Tongwei Battery's production capacity had increased to 5.4GW, ranking first among specialized battery enterprises.

　　In the following years, Tongwei will increase its investment in PECR batteries. By the end of 2019, Tongwei's battery production capacity will reach 20GW, including 17GW of high-efficiency single crystal batteries. Tongwei, which has taken down the country, further consolidated its leading position and quickly responded to new demands such as large-sized products. In the first half of 2023 financial report, Tongwei has formed a production capacity of 90GW of solar cells.

　　Aixu's battery journey began in 2009, and from 2010 to 2011, Aixu's first and second phase battery production lines were completed and put into operation. This stage is the "developmental stage" of Aixu. As a professional battery manufacturer, Aixu opens up the market with high-quality products and gradually obtains orders from top component enterprises. In 2015, Aixu began mass production of single crystal batteries.

　　In 2017, Aixu completed its restructuring and successfully moved its tubular PERC technology from the laboratory to the production workshop, making Aixu the first enterprise in the industry to mass produce PERC batteries using tubular PERC.

　　It was also in this year that Aixu debuted on the top 4 list of global specialized battery supplier shipments, marking the beginning of its journey as a battery leader.

　　According to Infolink's annual rankings, excluding integrated enterprises

　　Except for Tongwei and Aixu, the competition in the last three places on the global TOP 5 list is particularly fierce. Runyang, Zhongyu, and Zhanyu entered the TOP 5 list in 2019, followed by three companies chasing each other. Lu'an Solar replaced Zhanyu and entered the top five in 2020 and 2021. In 2022, Zhanyu Photovoltaic, renamed as Jietai Technology, once again entered the top 5 globally.

　　In terms of industrial layout, enterprises also have differences. Since 2021, the structural imbalance between supply and demand in the industrial chain has caused varying degrees of damage to photovoltaic enterprises. After careful consideration, most enterprises have chosen an integrated industrial layout.

　　Tongwei and Aixu have extended their component manufacturing industry chain downwards, especially since entering the component field, Tongwei has quickly entered the top 10 global component shipments. According to the plan, its component production capacity will reach 80GW by the end of 2023.

　　Runyang Corporation chooses to extend upstream and downstream and invest in the construction of polycrystalline silicon and component production lines.

　　Zhongrun Solar's photovoltaic cell business has accounted for over 90% of the total in the past four years, and is in an absolute core position, with component business accounting for less than 10%.

　　Jietai Photovoltaic still focuses on the research and development, production, and sales of high-efficiency solar cells.

　　Since 2022, under the wave of n-type technology iteration, leading battery companies have chosen different technological paths. At the same time, more emerging companies are also entering the battery race, intending to overtake on curves.

　　Tongwei has layout in both TOPCon and HJT routes, and it is expected that its TNC battery production capacity based on TOPCon technology will reach 66GW in the first half of 2024.

　　Aixu Corporation chose ABC technology and was the first to achieve mass production. On December 20th, Aixu released a new Star series product based on ground application scenarios, achieving centralized, industrial, commercial, and household coverage of ABC technology.

　　Jietai Technology is betting on TOPCon technology. It is understood that in the first half of 2023, its n-type battery shipment was 6.56GW, ranking first. By the end of 2023, its n-type production capacity will reach 44GW.

　　Zhongrun Solar has also chosen TOPCon technology, and data shows that as of the end of June this year, Zhongrun Solar has a production capacity of 45.04GW of battery cells, which is expected to exceed 50GW by the end of 2023.

　　Relatively speaking, the integrated layout of Runyang Group will have a cost advantage if the project proceeds smoothly.

　　It can be foreseen that the top camp in the battery industry will face fierce competition in the future. In the context of the differentiation of integration and specialization patterns, more and more new professional battery forces are emerging. Among them, there are both photovoltaic veterans sitting in the market and shareholders with strong financial strength entering, and their strength cannot be underestimated.

　　Under the leadership of photovoltaic veteran Xie Yi, Heguang Tongcheng initially planned a battery production capacity of 32GW. Currently, the first phase of 16GW has been put into operation, and the second phase has started construction. The first phase of the Zhengqi Solar 20GW high-efficiency battery project, owned by Lenovo Holdings, has been put into operation.

　　According to incomplete statistics, as of now, battery newcomers have put into production with a production capacity of over 60GW. By 2024, production capacity will further expand, and a new reshuffle is inevitable in the crowded track!