SolaX Power (SHA:688717) plans to invest USD 1.498 billion (EUR 1.351bn) to build a research and manufacturing facility in the eastern Chinese province of Zhejiang which will be dedicated to utility energy storage and smart energy systems integrating solar power, storage, heating and electric vehicle (EV) charging.

The investment is driven by growing demand for efficient storage solutions that support both commercial and utility sectors and will also support SolaX’ goal of creating systems that optimise energy usage in real-time, the company noted in a statement published Tuesday.

Out of the total investment, some USD 1.078 billion will be allocated to fixed assets, including research and development (R&D) labs, testing centres and high-tech manufacturing lines. These facilities are aimed at advancing the company’s innovation pipeline and bringing new technologies to market faster.

Set up in 2012, SolaX offers photovoltaic (PV) energy storage inverters, energy storage batteries and grid-connected inverters. The company had 243 patents, including 49 invention patents as of June. It went public on the Shanghai Stock Exchange STAR Market in January.