China’s Electrostate Is Poised to Win From War in the Middle East
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A cluster of Chinese firms is poised to win big from the energy crisis set off by the war in the Middle East, building on booming investment in artificial intelligence.
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These companies are now spending to expand beyond China. In February, Sungrow announced plans to invest 230 million euros (about $270 million) for its first European plant, in Poland, to produce energy storage equipment. In March, Hithium, which has also applied to go public in Hong Kong, signed a letter of intent to build a €400 million battery plant in northern Spain.
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