On November 8, 2024, in Chongqing City (China), within the framework of the Vietnam - China Business Forum, T&T Group signed and exchanged memorandums of understanding on cooperation with leading enterprises in the energy sector of China including: Cospowers Co., Ltd., Goldwind International Holdings Co., Ltd.

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Ms. Nguyen Thi Thanh Binh - Deputy General Director of T&T Group, Chairwoman of the Board of Directors of T&T Energy (third from right) represented the signing of the memorandum of understanding with representatives of Cospowers (second from right) and Goldwind (far right). Photo: VNA

Cooperation to build a storage battery factory in Vietnam

Accordingly, T&T Energy (a member of T&T Group) and Cospowers signed a strategic cooperation agreement, with the important goal of researching and evaluating opportunities and potential for business development, building factories to produce energy storage products (for renewable energy and independent energy storage projects) and static energy storage systems for telecommunications.

According to the signed agreement, T&T Energy is responsible for finding a suitable location for the project and related legal procedures. Meanwhile, Cospowers will be in charge of technology, operations, markets and customers for the projects.

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T&T Group and Cospowers cooperate with the important goal of investing in building an energy storage battery factory in Vietnam. Photo: T&T Group

To concretize this cooperation, the two sides will immediately conduct research on cooperation opportunities in investing in the construction of an energy storage battery factory in Vietnam. In particular, phase 1 of the project has a capacity of about 2 GWh/year, with a total estimated investment of about 193 billion VND. Phase 2 of the project will be implemented 2-3 years after phase 1, increasing the total capacity of the project to about 10 GWh/year.

In addition to the Cospowers cooperation, T&T Group and Goldwind - the world's leading developer and manufacturer of wind energy technology, have also committed to cooperate in research, development, construction and operation of factories producing battery storage systems for wind power projects in Vietnam.

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Some of Cospowers' energy storage projects have come into operation. Photo: Cospowers

In the context that Vietnam and other countries in the world have been strongly developing renewable energy sources, investing in battery storage systems is necessary; both contributing significantly to ensuring energy security and sustainable development of the country, and promoting the opening of a "new door" for the export market of storage batteries to potential rich countries. In the long term, with access and technology transfer, Vietnam will be able to produce products that meet the needs of the region and the world, be competitive in the international market, gradually becoming one of the leading countries in the field of green - clean energy innovation and participating in the global supply chain.

According to Ms. Nguyen Thi Thanh Binh - Deputy General Director of T&T Group, Chairwoman of the Board of Directors of T&T Energy, the cooperation with typical enterprises such as Cospowers and Goldwind to research and develop battery storage systems is not only a big step forward in the field of renewable energy, but also demonstrates T&T Group's strong commitment to a green and sustainable future.

“With prestige, determination and understanding of the domestic market, combined with the experience, capacity and advanced technology of foreign partners, T&T Group will realize the goal of bringing breakthrough energy solutions and promoting socio-economic development,” emphasized Ms. Nguyen Thi Thanh Binh.

Development of energy support industry

Also according to the cooperation agreement between T&T Group and Goldwind, Goldwind will share information and experience to support T&T Group in developing an energy support industrial park project in Vietnam, aiming to supply equipment for the Vietnamese market and export to potential international markets.

Once the project is approved, Goldwind will invest in a part of the project to develop wind power equipment manufacturing plants. In addition, the two sides will jointly propose and promote mechanisms and policies to encourage investment in renewable energy supporting industrial zones. The strategic cooperation relationship between the two enterprises was also affirmed when T&T Group and Goldwind agreed to establish a cooperation mechanism to provide strategic equipment for a number of the group's wind power projects.

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T&T Group has been cooperating and forming joint ventures with many major partners in the world, continuing to affirm its brand and reputation as a leading energy investor and developer in Vietnam. Photo: T&T Group

The cooperation with Goldwind promises to bring many long-term benefits to both T&T Group and Vietnam's energy industry, contributing to promoting the development of the domestic auxiliary energy industry with a key role in building a sustainable energy ecosystem. In particular, the formed renewable energy auxiliary industrial park will create a stable supply source, helping to reduce costs for investors based on the localization of each item and equipment of the projects, aiming for Vietnam to be able to master technology, reducing dependence on foreign countries. This will also be the driving force to create many new job opportunities, promoting the development of related industries.

In fact, in addition to cooperating with leading enterprises in the energy sector of China, T&T Group has also been cooperating and forming joint ventures with many large and prestigious partners in the world to develop green and clean energy. T&T Group constantly affirms its brand and reputation as a leading energy investor and developer in Vietnam, contributing to the national goal of climate change as well as realizing the Government's commitment to the goal of net zero emissions by 2050.

Currently, T&T Group has put into operation 10 solar and wind power plants with a total installed capacity and connection to the national grid of nearly 1,000 MW. In addition, the group is also in a joint venture with KOGAS, KOSPO, HANWHA (Korea) to implement the Hai Lang LNG gas power project Phase 1 with a capacity of 1,500 MW, investment capital of about 2.5 billion USD; cooperating with SK Group (Korea) to produce green hydrogen, recover carbon emissions and invest in a gas complex in Quang Tri; cooperating with Erex Group (Japan) to research and invest in biomass power plant projects; cooperating with Marubeni Group (Japan) in the field of offshore wind power in Vietnam...

According to the group representative, T&T Group aims to have the total power generation capacity of renewable energy and low-carbon emission power plants reach about 12-15 GW by 2035, accounting for about 10% of the total installed capacity of Vietnam's power system.

Phuong Dung