#China #Energy Storage #Xiamen #IPO #Hithium

Hithium's Remarkable Growth and Upcoming IPO

In recent years, Xiamen Hithium Energy Storage Technology Co., Ltd. has rapidly increased its presence in the energy storage sector, prompting discussions about its potential IPO in Hong Kong. Initially, Hithium submitted its IPO application in March 2025; however, the six-month window for this application has lapsed, leading to a reevaluation of its plans for capital raising. Industry insiders suggest that Hithium is likely to resume the IPO process by the end of this year, driven by its substantial international expansion and the increasing demand for energy storage solutions.

Hithium operates in a thriving market, capitalizing on the accelerating interest and investment in energy storage technologies resulting from favorable government policies and a global shift towards renewable energy sources. Demand for battery systems continues to surge due to the rising establishment of solar and wind energy projects, which require efficient storage solutions for managing energy supply and demand dynamics. According to third-party market analysis, the global energy storage market is projected to surpass 1,000 GWh annually by 2030, marking a notable opportunity for companies like Hithium.

Founded in 2019, Hithium has positioned itself as a significant player in the energy storage arena, claiming approximately 11% of the global market share. Over the past few years, the company has demonstrated impressive growth, with average annual shipping figures jumping by 167% between 2022 and 2024. By 2025, Hithium achieved a remarkable shipment total of 35.1 GWh.

As of the first half of 2025, Hithium has gained traction not just in the domestic market but also internationally, successfully securing numerous contracts across Europe, the United States, and the Middle East. Competitors in the energy storage space, like Sigenergy, have also faced similar IPO challenges, highlighting the competitive and evolving nature of the industry.

To compound its growth strategy, Hithium has made significant investments in expanding its manufacturing capabilities. The company operates two fully-capable production bases in Xiamen and Chongqing and has ventured into building a new plant in Heze, Shandong province. In a strategic move aimed at mitigating supply chain risks stemming from U.S.-China trade tensions, Hithium has initiated the establishment of a manufacturing facility in Texas, marking a milestone as the first Chinese energy storage enterprise to set shop in the U.S.

Financially, Hithium reported a 26% increase in revenue last year, reaching 12.9 billion yuan (roughly 1.81 billion USD), up from 10.2 billion yuan in 2023. Notably, the revenue derived from energy storage systems more than doubled, contributing significantly to the overall income. This dramatic surge in demand translated into energy storage systems accounting for 36.2% of the total revenue, a sharp increase from 19.3% in the previous year.

Through deft maneuvering in international markets, Hithium's overseas sales expanded from 1% of total revenue in 2023 to an impressive 28.6% by last year. A key achievement in strengthening this international footprint came with the signing of a notable supply contract worth approximately 2.6 billion yuan with Saudi Electricity Co. in August.

In summary, Hithium is on a promising trajectory, showcasing its capability to innovate and adapt within the rapidly changing landscape of the energy storage industry. Not only does the upcoming IPO reflect its ambitions, but Hithium's sustained growth and profitability, with an adjusted profit of 318 million yuan reported last year, illustrate the company's commitment to being at the forefront of sustainable energy solutions.