Chinese government statistics show 8.4 GWh of energy storage batteries in the period from January to May, up 50.1% year-on-year. The figures are very volatile with 4 GWh exported in May alone, up 664%, but it’s clearly a much swifter increase than the 2.9% gain in export scale observed in the same five-month period for power battery exports. We expect that Chinese battery energy storage export growth will power through at between 50% and 100% for 2024 and 2025, possibly 2026 as well, because that’s what we expect on the demand side in Europe and the US, where most of these products are destined. This is a sector that’s still in the phase of ‘growing from 0 to 1’ –…