(Yicai) Oct. 13 -- Chinese supplier of energy storage batteries Narada Power Source secured a long-term order for lithium battery systems from a UK energy storage project company.

Narada will provide the client with 178 megawatt-hours of lithium battery systems for energy storage for three years, the Zhejiang province-based company announced yesterday, citing a deal the two parties inked.

The name of the client was not included in the announcement. However, Narada said that the client’s parent company mainly invests in and manages renewable energy projects and is listed on the London Stock Exchange.

The robust demand in the global energy storage market gives Narada new opportunities to develop its business rapidly, the firm added, noting that the order will positively affect its energy storage business expansion and operating results.

The client will pay 20 percent of the total order value in advance and the rest in phases based on the progress of delivery and equipment commissioning and acceptance, Narada pointed out.

Narada is one of China’s major suppliers of lithium battery energy storage systems. It has in-depth cooperation with large overseas firms, such as Italy’s Enel Group and France’s EDF Group. Its annual capacity of lithium battery cells and energy storage systems reached 7 gigawatt-hours at the end of last year, according to its latest annual report.

So far this year, Narada has won several bids for energy storage projects and signed supply deals worth over 7 gigawatt-hours this year.

Narada’s shares [SHE: 300068] were trading down 2.9 percent at CNY14.32 (USD1.96) as of 2.00 p.m. today. The broader Shenzhen Component Index fell 1.3 percent.

Editor: Futura Costaglione