Pedro Sánchez discusses Hithium's investment plans and commitment to the green agenda with the company's president

The President of the Government of Spain, Pedro Sánchez, met with Jeff Wu, president and founder of Hithium Energy Storage Technology, who informed him that the Chinese company is considering a short-term investment to develop energy storage systems in Navarre.

Moncloa Palace, Madrid

The President of the Government of Spain, Pedro Sánchez, and the Minister for Industry and Tourism, Jordi Hereu, along with other attendees at the meeting of the Chinese and Spanish delegation (Pool Moncloa/Fernando Calvo)

The meeting was also attended by the Minister for Industry and Tourism, Jordi Hereu, the President of the Autonomous Community of Navarre, María Chivite, the Director of the Office of Economic and G20 Affairs, Manuel de la Rocha, and the Regional Minister of Industry of the Government of Navarre, Mikel Irujo.

During the meeting, the president of the Chinese manufacturer specialising in batteries and stationary energy storage systems (BESS) conveyed the company's interest in Spain. Pedro Sánchez welcomed the prospect of this investment in Navarre, within the context of the strong trade and economic relations between China and Spain, as evidenced during the President of the Government of Spain's visit to the region last April. He also explained the green agenda that Spain is implementing and highlighted the importance of public-private collaboration and partnerships with Spanish universities and research centres.

The project planned by the Chinese company aligns with the government's strong commitment in recent years to the energy transition and strengthening the energy storage value chain ecosystem, as well as to transforming Spain into a European clean energy hub, thanks to its solar and wind resources, grid infrastructure, and growing industrial ecosystem. In fact, Spain has made a significant investment in renewables in recent years, which has led to the generation of most of its electricity from renewable sources and has resulted in energy prices approximately 20% lower than the European average.

Today's meeting is part of the talks that the Government of Spain, the regional government of Navarre and the company have been holding for months. The objectives of the latest Integrated National Energy and Climate Plan seek to expand storage capacity by 2030 to integrate higher levels of renewable generation into the electricity system, contemplating the deployment of some 22 gigawatts (GW) of storage capacity in this period.

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