An application for a main board listing has been submitted to the Hong Kong Stock Exchange by Shenzhen Bimergen Energy Corporation, a provider of utility-grade distributed Battery Energy Storage System (BESS) solutions. Guotai Junan International is acting as the sole sponsor for the listing.

Bimergen Energy Corporation is focused on advancing energy storage technology, specializing in the research, development, manufacturing, and sales of integrated AC/DC distributed energy storage systems. The company serves a global client base with solutions designed to be adaptable to a wide range of scenarios and to provide services throughout the entire BESS lifecycle. Its BESS solutions have been widely deployed in distribution network grids, commercial and industrial sectors, and microgrids. The company has established a strong market presence and gained industry recognition in developed overseas markets, particularly in Europe.

In recent years, the company has continuously upgraded its product portfolio in the distributed utility-grade BESS segment. It has obtained internationally recognized safety certifications and test reports, including UL9540, UL9540A, and LSFT (CTS-800, Large-Scale Fire Test). The company has also secured medium- and high-voltage grid connection certifications in 16 European countries, including Finland, Sweden, Denmark, Czech Republic, Italy, Spain, the UK, and Germany. Furthermore, since 2023, the company has obtained a Verifiability of Compliance (VoC) and bankability certification from DNV. These certifications, independent test reports, and compliance verifications are critical elements that enhance the company's bankability profile, providing greater confidence to investors, lenders, and project stakeholders during the financial assessment and due diligence processes for BESS projects.

The company's product portfolio consists of three main series, supported by proprietary Battery Management System (BMS), Power Conversion System (PCS), and Energy Management System (EMS) subsystems. The BMS employs active balancing technology to ensure battery consistency and significantly reduce operational and maintenance costs. The PCS integrates diverse grid code models from different countries and regions, combined with a proprietary EMT simulation and modeling platform, providing strong grid adaptability and substantially shortening grid connection times. The EMS offers power trading support and grid analysis.

The three product series are PowerCombo, FlexCombo, and FlexCube. Each series features an integrated AC/DC design and offers scalable capacity to adapt to different deployment scenarios, depending on grid connection voltage levels, site conditions, logistics and transportation requirements, as well as local environmental and fire safety regulations.

Market Position

According to data from Frost & Sullivan, the top ten suppliers collectively held an 82.7% market share by shipment volume in the 2025 European distributed utility-grade BESS solutions market, indicating a relatively concentrated market. In the European distributed utility-grade BESS market, the company's market share was approximately 5.5%, ranking it fifth among Chinese solution providers and eighth among all solution providers. In the Nordic distributed utility-grade BESS market, the top five suppliers held a combined market share of 81.5%, while the company's market share was about 22.3%, ranking first among Chinese solution providers and second among all solution providers.

Financial Performance Summary

Revenue for the 2023, 2024, and 2025 fiscal years was approximately RMB 451 million, RMB 494 million, and RMB 703 million, respectively.

Net profit for the same periods was RMB 12.331 million, RMB 33.17 million, and RMB 53.812 million, respectively.

Gross profit margin increased from 22.9% in 2023 to 26.7% in 2024, primarily due to a decrease in battery cell prices, and remained relatively stable at 25.7% in 2025.

Industry Overview

The upstream segment of the energy storage system industry chain primarily includes manufacturers of core components such as storage battery cells, PCS, and BMS, as well as software suppliers like EMS. The midstream segment is dominated by BESS solution providers, responsible for system design, integration, installation, and commissioning. The downstream segment primarily consists of BESS operation and maintenance service providers across different scenarios, handling system operations, maintenance, and energy management. Core applications include centralized utility-grade BESS, distributed utility-grade BESS, and small-scale commercial, industrial, and residential BESS.

From 2021 to 2025, global BESS shipments grew from 26.9 GWh to 419.7 GWh, representing a compound annual growth rate (CAGR) of 98.7% during the period. Global BESS shipments are projected to further increase to 1,545.4 GWh by 2030, with a CAGR of approximately 29.8% from 2025 to 2030.

Regionally, China, as the largest market, saw BESS shipments grow from 5.3 GWh in 2021 to 252.5 GWh in 2025, with a CAGR of 162.7% during that period. The European BESS market is expected to experience the fastest growth, driven by centralized and distributed utility-grade BESS. European BESS shipments are projected to grow from 36.5 GWh in 2025 to 176.9 GWh in 2030, with a CAGR of 37.1%.

By application, centralized utility-grade BESS remains the largest segment, primarily used for grid-side peak shaving/frequency regulation and large-scale integration of new energy sources. Distributed utility-grade BESS maintains a high growth trajectory. The large-scale integration of a high proportion of distributed renewable energy has exacerbated local grid congestion and volatility, creating an urgent need for BESS deployment to replace costly traditional grid expansion and enable a shift to active management. This has driven explosive growth in this segment, particularly in Europe. Distributed utility-grade BESS shipments are expected to grow from approximately 56.1 GWh in 2025 to about 257.5 GWh in 2030, with a CAGR of 35.6%.

Small-scale commercial, industrial, and residential BESS, serving as crucial tools for user-side energy management and self-sufficiency, are primarily concentrated in markets like Europe, Asia-Pacific, and Africa.

The European BESS market is exhibiting rapid growth, with its scale increasing from 4.4 GWh in 2021 to 36.5 GWh in 2025, and is projected to reach 176.9 GWh by 2030, representing a CAGR of 37.1% from 2025 to 2030. Within this market, distributed utility-grade BESS is seeing its business models mature and project economics continuously improve, driven by increased electricity price volatility, widening peak-to-valley price differentials, and growing corporate demand for energy cost control and power reliability. Distribution System Operators (DSOs) are adopting BESS as a core tool to provide local grid flexibility, alleviate expansion pressure, and defer costly traditional grid upgrade investments. Furthermore, factors such as continuously expanding peak-to-valley price differentials and stringent carbon emission assessments in Europe are driving medium-to-large commercial and industrial users to accelerate energy storage deployment for economic arbitrage and energy self-sufficiency. Consequently, the share of distributed utility-grade BESS in the overall European BESS market is projected to increase from approximately 22.2% in 2025 to 30.2% in 2030.

The Nordic region's power system is predominantly based on clean energy, with cold winters leading to pronounced seasonal fluctuations in power load. Simultaneously, Nordic countries are accelerating their transition to a high proportion of renewable energy. Particularly influenced by renewable energy integration and the phase-out of some traditional baseload power sources, the volatility and voltage/frequency regulation pressures on their power systems are becoming increasingly prominent. Against this backdrop, the lithium battery energy storage market in the Nordic region is projected to grow from 2.0 GWh in 2025 to 10.0 GWh in 2030, with a CAGR of 38.0%.

Board Composition and Shareholding Structure

The board of directors consists of nine members, including three executive directors, two non-executive directors, and four independent non-executive directors.

According to a concert party agreement, Dr. Men, Dr. Wu, and Mr. Xu must consult and attempt to reach a consensus before exercising proposal or voting rights at board or shareholder meetings. If a consensus cannot be reached, Dr. Wu and Mr. Xu must follow Dr. Men's opinion. Mr. Qian and Bimergen Energy Investment must exercise relevant director and/or shareholder rights (as applicable) based on the internal decisions formed by Dr. Men, Dr. Wu, and Mr. Xu. Therefore, under the Securities and Futures Ordinance, Dr. Men, Dr. Wu, and Mr. Xu are deemed to have interests in the shares held by their respective concert parties. As of the latest practicable date, Dr. Men is the general partner of Bimergen Energy Investment. Consequently, under the Securities and Futures Ordinance, Dr. Men is deemed to have an interest in the shares held by Bimergen Energy Investment.

Professional Team

Sole Sponsor: Guotai Junan Capital Limited

Company's Legal Counsel: For Hong Kong law: Allen & Overy; For Chinese law: Zhong Lun Law Firm

Sole Sponsor's Legal Counsel: For Hong Kong law: Deacons; For Chinese law: Jingtian & Gongcheng

Auditor and Reporting Accountant: Ernst & Young

Independent Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch