EDITION 1/2022

Niclas Weimar & Dricus de Rooij

Welcome to this Edition 1 - 2022 version of the SINOVOLTAICS
Energy Storage Manufacturer Ranking Report.
The Altman-Z Scores in this report have been calculated from
March 2019 until December 2021, and provide detailed insight
how the financial strength of energy storage manufacturers
has evolved over the past 3 years.

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What’s the value Altman-Z Scores are calculated to understand which energy storage
of Altman-Z manufacturers are financially stable, and which players are at risk
of going bankrupt.
Scores?
For any stakeholder involved in solar projects, the financial stability
of the manufacturer is of crucial importance.

Employing energy storage from financially stable manufacturers

provides for a better hedge against the potential risks of collapsing
return of investment (ROI) of any PV project.

Why is financial In this new emerging energy storage market, its grand variety of
stability existing and research-in-progress technologies, purchasers face a
grand and difficult choice of manufacturers, many of which only
important? recently ventured into this market. In such a new market with average
warranties that vary widely between 2 - 10 years, the financial stability
of an energy storage manufacturer is crucial as it is geared to the
validity and enforceability of the warranty policies on its products.
Most people realize that today’s energy storage manufacturers will
probably not be around in 5 years. However for the short to medium
term, you want to be sure that warranties are in place.

In many years to come, lots of solar PV & energy storage projects will
likely face this tough question: whom to contact with performance
complaints and replacement requests regarding a malfunctioning
battery after 2, 5 or 10 years?”
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 In this report we present you the Altman Z-Scores of 60+ energy
storage manufacturers. This report can be used to see how one
manufacturer matches up to the other, and can be an important
indicator when selecting your energy storage manufacturer.

The Altman Z-Scores show you which energy storage

manufacturers are financially strong, and which manufacturers
are in the risk zone of going bankrupt within the coming 2
years.

2019 - 2021: On the following pages you find the full table showing the
rating of Altman Z-Scores of the major, publicly listed Asian, European
energy storage and American manufacturers.
manufacturers The scores have been calculated by team Sinovoltaics with the
worldwide use of publicly available financial data.

4
 MANUFACTURERS RANKING TREND MAR19 JUN19 SEP19 DEC19 MAR20 JUL20 OCT20 DEC20 MAR21 JUN21 SEP21 DEC21 LISTING

TESLA 1  1,64 1,46 1,58 2,32 2,77 4,56 9,53 13,93 13,46 14,44 16,83 22,71 NAS:TSLA

GANFENG LITHIUM 2  5,34 4,09 4,15 5,71 5,39 6,21 10,42 9,83 12,67 16,12 12,28 HKSE: 1772

EVE ENERGY 3  2,95 4,1 3,86 4,57 5,14 6,67 11,24 8,33 11,24 8,73 8,86 SZSE: 300014

MUSTANG BATTERY 4  14,08 8,42 8,56 SHSE: 605378

KUNG LONG BATTERIES 5  9,64 7,4 7,51 8,74 9,06 6,28 7,64 8,23 8,77 5,32 7,52 TPE:1537

LIVENT 6  8,35 4,79 4,08 3,38 2,29 2,47 4,99 4,47 5,16 7,27 7,31 NYSE: LTHM

CATL 7  3,48 2,86 2,9 3,65 4,02 5,1 6,94 7,13 7,5 8,04 6,21 5,74 SZSE: 300750

DMEGC 8  5,6 5,37 4,29 4,69 5,87 5,22 5,24 5,03 5,71 4,76 4,68 5,2 SZSE:002056

SACRED SUN 9  4,11 3,49 3,37 3,28 3,48 3,6 3,73 3,92 3,94 4,99 5,64 4,86 SZSE:002580

SANYO 10  4,65 5,21 5,06 5,34 6,46 5,04 4,85 4,49 4,51 4,69 5,03 4,82 TSE:3176

VARTA 11  6,04 8,3 12,4 15,09 7,74 6,09 6,12 6,29 6,6 7,67 5 4,75 XTER:VAR1

YUASA BATTERY 12  5,16 5,07 4,77 4,85 4,42 5,32 4,51 5,16 5,13 5,18 4,72 BKK:YUASA

CAMEL GROUP 13  3,46 3,16 2,72 2,83 2,53 2,75 3,14 3,5 3,59 4,02 4,65 SHSE:601311

DESAY BATTERY 14  4,29 4,16 3,57 3,94 4,39 4,45 4,43 5,51 5,48 4,77 4,33 SZSE: 000049

HITACHI CHEMICAL 15 3,31 3,41 3,69 4,12 4,01 4,19 4,32 4,32 4,32 4,32 4,32 4,32 TSE:4217

ALBEMARLE 16  2,68 2,35 2,27 2,39 1,84 1,9 2,05 2,55 2,61 3,73 4,76 4,18 NYSE:ALB

SAMSUNG SDI 17  2,39 2,53 2,48 2,55 2,71 3,21 3,32 4,13 4,43 4,51 4,47 3,99 XKRX:006400

SEBANG GLOBAL BATTERY 18  3,92 3,98 3,86 3,84 3,57 2,9 2,93 3,56 4,17 4,37 3,97 3,88 XKRX:004490

SIMPLO TECHNOLOGY 19  3,9 3,31 3,38 3,63 3,49 4,31 3,38 3,44 3,49 3,73 3,38 3,7 ROCO:6121

GREAT POWER 20  2,68 2,12 2,17 2,68 2,45 2,57 2,5 1,92 2,33 2,47 3,59 SZSE: 300438

ZHONGTIAN TECHNOLOGY 21  3,25 3 2,98 2,92 3,15 2,95 3,02 3,02 2,81 2,96 2,72 3,5 SHSE: 600522

EATON 22  2,79 2,79 2,7 2,95 2,69 2,66 2,88 2,92 3,16 2,94 2,78 3,48 NYSE: ETN

BYD 23  1,46 1,53 1,5 1,51 1,58 1,71 2,49 3,28 3,1 4,16 3,78 3,44 HKSE:01211
TIANNENG POWER
24  2,79 2,81 2,79 3,17 3,36 3,58 3,55 3,47 3,28 3,27 HKSE:00819
INTERNATIONAL

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 MANUFACTURERS RANKING TREND MAR19 JUN19 SEP19 DEC19 MAR20 JUL20 OCT20 DEC20 MAR21 JUN21 SEP21 DEC21 LISTING

ENERSYS 25  3,03 3,09 2,97 3,15 2,74 2,91 3,1 3,19 3,26 3,37 3,18 3,21 NYSE: ENS

GUOXUAN HIGH-TECH
26  1,83 1,36 1,32 1,39 1,58 1,65 1,67 2,19 2,27 2,55 2,79 3,11 SZSE:002074
POWER ENERGY

EAST GROUP 27  1,9 1,67 1,61 1,62 1,76 1,84 2,65 2,5 2,18 2,52 2,94 3,01 SZSE:300376

CENTER POWER 28  4,41 3,55 3,18 4,28 3,79 3,46 3,32 2,62 2,77 2,83 2,99 SZSE: 002733

BASF 29  2,41 2,41 2,39 2,46 2,22 2,17 2,1 2,08 2,43 2,39 2,58 2,75 XTER:BAS

SUNWODA 30  2,47 2,24 2,26 2,33 1,99 2,31 2,47 2,08 2,55 2,78 2,74 SZSE:300207

LG CHEM 31  3,05 2,85 2,72 2,70 2,5 2,79 3,1 3,39 3,17 3,16 3,19 2,72 XKRX:051910

JIAWEI 32  -0,03 -0,09 -0,28 -0,25 -0,61 -0,63 0,45 1,13 0,21 2 1,39 2,64 SZSE:300317

CORUN NEW ENERGY 33  2,3 2,12 1,48 1,35 1,18 1,48 1,95 1,53 2,05 2,79 2,61 SHSE: 600478

GREENSMITH ENERGY
34  2,57 2,98 2,7 2,07 2,3 1,78 2,14 2,3 2,33 2,51 2,36 2,59 OHEL:WRT1V
(WÄRTSILÄ)
TOSHIBA 35 2,23 1,9 1,9 1,95 1,83 1,96 2,01 2,03 2,21 2,36 2,36 2,36 TSE:6502

JOHNSON CONTROLS 36  1,81 2,35 2,23 1,82 1,53 1,52 1,58 1,67 1,92 2,1 2,21 2,36 NYSE: JCI

GS YUASA 37  2,43 2,39 2,32 2,46 2,09 2,24 2,24 2,55 2,51 2,46 2,33 2,29 TSE:6674

AMPEREX TECHNOLOGY
38  2,3 2,2 2,5 2,58 2,34 2,43 2,52 2,64 2,48 2,25 2,17 2,26 TSE: 6762
(TDK)

CSSC 39  2,62 2,71 2,61 2,29 2,29 2,17 2,21 2,09 2,11 2,27 2,16 SHSE:600482

PANASONIC 40  2,31 2,05 2,04 2,12 2,04 2,1 2,08 2,09 2,15 2,19 2,34 2,06 TSE:6752

CHAOWEI POWER 41  2,15 2,09 2,06 2,05 2,04 HKSE: 0951

SAFT BATTERIES (SAFT

42 1,99 1,99 1,99 1,99 1,99 1,99 XPAR:SAFT
GROUPE SA)

MAXELL 43  2,43 2,38 2,4 2,20 2,01 2,04 1,69 1,71 1,77 1,71 1,81 1,87 TSE:6810

FIAMM (HITACHI) 44  2,08 2,08 2,09 2,14 1,72 1,78 1,74 1,57 1,79 1,94 1,97 1,81 TSE:6501

NEC 45  1,76 1,77 1,8 1,85 1,78 1,92 2,08 2,03 1,91 1,83 1,88 1,81 TSE:6701

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 MANUFACTURERS RANKING TREND MAR19 JUN19 SEP19 DEC19 MAR20 JUL20 OCT20 DEC20 MAR21 JUN21 SEP21 DEC21 LISTING

SK INNOVATION 46  2,77 2,72 2,76 2,59 2,17 1,92 1,66 1,64 1,58 1,58 1,73 1,8 XKRX:096770

NARADA 47  2,15 1,69 1,77 1,72 1,8 1,78 2,06 2,05 1,84 1,64 1,73 1,71 SZSE: 300068

CHANGHONG 48  1,63 1,5 1,55 1,55 1,5 1,48 1,49 1,61 1,62 1,62 1,65 SHSE: 600839

SONNEN (ROYAL DUTCH

49  2,6 2,5 2,41 2,46 1,95 1,88 1,52 1,44 1,27 1,35 1,65 1,64 NYSE:RDS.A
SHELL)

FESE 50  1,74 1,67 1,73 1,72 1,57 1,59 1,23 1,26 1,35 1,5 1,58 SHSE: 600869

MERCEDES BENZ ENERGY 51  1,17 1,05 1,04 1,07 0,99 1 0,98 1,01 1,13 1,19 1,34 1,48 XTER:DAI

CBAK ENERGY 52  -1,93 -2,05 -2,1 -2,23 -2,47 -2,74 -1,56 0,19 0,25 2,1 1,23 1,39 NAS:CBAT

LEOCH BATTERY 53  1,54 1,54 1,53 1,39 1,38 1,17 1,24 1,35 1,35 1,36 HKSE: 00842

NISSAN 54  1,47 1,44 1,42 1,39 1,28 1,28 0,99 0,98 0,99 0,98 1,3 1,36 TSE:7201

MITSUBISHI 55  1,57 1,53 1,5 1,51 1,15 1,15 1 1,09 1,17 1,15 1,33 1,34 TSE:7011

ENERGIZER HOLDINGS 56  1,14 1,12 1,12 1,32 1,21 1,33 1,27 1,06 1,33 1,27 1,22 1,27 NYSE:ENR

AVIC 57 1,04 1,02 0,99 1,15 1,21 1,33 1,36 1,16 1,17 1,17 HKSE:02357

HYUNDAI ELECTRIC 58  1,02 0,59 0,53 0,70 0,66 0,35 0,53 0,55 0,87 0,94 1,06 1 XKRX:267260

COSLIGHT 59 0,95 0,95 0,95 HKSE:01043

SHOTO 60  1,35 1,2 1,12 0,12 0,06 -0,15 0,12 0,34 0,29 0,32 0,5 SZSE: 002586

DYNAVOLT RENEWABLE 61  0,07 -2,09 -2,1 -2,08 -2,1 -0,32 -0,46 -0,53 -0,54 -2,23 -2,71 -2,94 SZSE:002684

* The trend column in the table reflects a comparison of the current quarter score to the previous one.

7
Graph overview

Graph #1 - The latest energy storage manufacturers ranking, recorded December 2021

Graph #2 - Energy storage manufacturers that are currently in the Safe Zone

Graph #3 - Energy storage manufacturers that are currently in the Grey Zone

Graph #4 - Energy storage manufacturers that are currently in the Distress Zone

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 0
10
20

5
15
25

-5
Tesla
Ganfeng Lithium
Eve Energy
Mustang Battery
Kung Long Batteries
Livent
CATL
DMEGC
Sacred Sun
Sanyo
Varta
Yuasa Battery
Camel Group
Desay Battery
Hitachi Chemical
Albemarle
Samsung SDI
Sebang Global Battery
Simplo Technology
Great Power
Zhongtian Technology
Eaton
BYD
Tianneng Power International
EnerSys
Guoxuan High-tech Power Energy
East Group
Center Power
Safe zone

Basf
Sunwoda
LG Chem
Jiawei
Corun New Energy
Greensmith Energy (Wärtsilä)
Toshiba
Johnson Controls
GS Yuasa
Amperex Technology (TDK)
CSSC
Panasonic
Grey zone

Chaowei Power
Saft Batteries (Saft Groupe SA)
Maxell
Fiamm (Hitachi)
NEC
Sinovoltaics energy storage manufacturer ranking - Edition #1 - 2022

SK Innovation
Narada
Changhong
Sonnen (Royal Dutch Shell)
FESE
Mercedes Benz Energy
CBAK Energy
Leoch Battery
Nissan
Distress zone

Mitsubishi
Graph #1 - Full ranking overview of energy storage manufacturers

Energizer Holdings
AVIC
Hyundai Electric
Coslight
Shoto
Dynavolt Renewable
9
Graph #2 - Energy storage manufacturers – Safe Zone
Sinovoltaics energy storage manufacturer ranking - Edition #1 - 2022 - Safe Zone

25 Tesla
Ganfeng Lithium
Eve Energy
Mustang Battery
Kung Long Batteries
20 Livent
CATL
DMEGC
Sacred Sun
Sanyo
15 Varta
Yuasa Battery
Camel Group
Desay Battery
Hitachi Chemical
Albemarle
10
Samsung SDI
Sebang Global Battery
Simplo Technology
Great Power
Zhongtian Technology
5 Eaton
BYD
Tianneng Power International
EnerSys
Guoxuan High-tech Power Energy
0 East Group
Center Power
Basf
Sunwoda
LG Chem
-5 Jiawei
Mar19 Jun19 Sep19 Dec 19 Mar 20 Jun 20 Oct 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 Corun New Energy

10
Graph #3 - Energy storage manufacturers – Grey Zone
Sinovoltaics energy storage manufacturer ranking - Edition #1 - 2022 - Grey Zone

4
Greensmith Energy (Wärtsilä)
Toshiba
Johnson Controls
3 GS Yuasa
Amperex Technology (TDK)
CSSC

2 Panasonic
Chaowei Power
Saft Batteries
Maxell
1
Fiamm (Hitachi)
NEC
SK Innovation
0
Narada
Changhong
Sonnen (Royal Dutch Shell)
-1 FESE
Mercedes Benz Energy
CBAK Energy

-2 Leoch Battery
Nissan
Mitsubishi
Energizer Holdings
-3
Mar19 Jun19 Sep19 Dec 19 Mar 20 Jun 20 Oct 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21 AVIC

11
Graph #4 - Energy storage manufacturers – Distress Zone
Sinovoltaics energy storage manufacturer ranking - Edition #1 - 2022 - Distress Zone

1,5

0,5

Hyundai Electric
0
Coslight

-0,5 Shoto

Dynavolt Renewable
-1

-1,5

-2

-2,5

-3
Mar19 Jun19 Sep19 Dec 19 Mar 20 Jun 20 Oct 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21

12
How is the The Sinovoltaics Energy Storage Manufacturer Ranking
Sinovoltaics
Score is based on the Altman Z-Score
Ranking Score
calculated? Altman Z-Score = 1.2A + 1.4B + 3.3C + 0.6D + 1.0E

The original formula is broken down as following:

Working Capital/Total Assets: measures liquid assets in relation to the size

A of the company.

Retained Earnings/Total Assets: measures profitability that reflects the

B company’s age and earning power

Earnings Before Interest & Tax/Total Assets: measures operating efficiency

C apart from tax and leveraging factors. It recognizes operative earnings as
being important to long-term viability.

Market Value of Equity/Total Liabilities: adds market dimension that can

D show up security price fluctuation as a possible red flag

E Sales/Total Assets: a standard measure for total asset turnover

13
How are the The scores are categorized into 3 zones called the Safe Zone, Grey Zone
and Distress Zone:
Altman Z-Scores
interpreted?
Z > 2.6 Safe Zone

1.1 < Z < 2.6 Grey Zone

Z < 1.1 Distress Zone

How to interpret With a large number of companies in the ‘Grey

Zone’, how to interpret these scores when
companies in selecting a manufacturer?
1.55 on Q4 2019
the ‘GREY ZONE’?
1.49 on Q4 2020
While ideally a manufacturer is in the ‘Green
Zone’, some companies have been consistently 1.62 on Q3 2021
in the Grey Zone for years.
1.65 on Q4 2021
Take for instance Changhong. Here a number
of Altman Z-Scores over the years:

14
Currently stands at 1.65 (December ‘21)

These numbers show that Changhong has been stable for years. Add the
fact that Changhong AZ score has seen a gradual improvement since
2019 and they may just as well be one of the most solid companies on
the list.

You could argue the same for known players such as Johnson Controls
and Toshiba. As you can see each of these companies show a rather
stable score since 2019:

Johnson Controls Toshiba

2.36 (Q4 2021) 2.36 (Q4 2021)

2.1 (Q2 2021) 2.36 (Q2 2021)

1.67 (Q4 2020) 2.03 (Q4 2020)

1.82 (Q4 2019) 1.95 (Q4 2019)

1.81 (Q1 2019) 2.23 (Q1 2019)

15
SINOVOLTAICS ENERGY STORAGE MANUFACTURER RANKING

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