April 12 (Renewables Now) - Chinese energy storage systems manufacturer and developer Narada Power Source Co Ltd on Wednesday said its total revenue reached CNY 8.64 billion (USD 1.37bn/EUR 1.12bn) in 2107 after rising 30% on 2016.
Net profit gained 16% year-on-year to CNY 381 million.
The company'’s battery business generated CNY 5.17 billion of revenue. Stationary power grew 10.38% to CNY 2.96 billion, energy storage power & systems was up 9.59% to CNY 186 million, while motive power & systems expanded 33.27% to CNY 2.03 billion.
Revenue at the resource recycling business grew 22.55% to CNY 3.38 billion as Narada Power recycled 210,000 tonnes of lead.
The company has built a 160-MWh energy storage project in Wuxi Singapore Industrial Park, said to be the largest commercial energy storage facility currently. It was brought outline in February, participating in the power demand-side response service for Jiangsu province.
(CNY 1 = USD 0.159/EUR 0.129)