The collaboration will focus on grid-connected energy storage, micro-grid applications, solar energy and marine applications.

The combination of ABB’s products and technology for grid storage, electric vehicle charging and marine systems as well as BYD’s knowledge in battery technology will address the global energy storage requirements.

ABB said the alliance will speed up the introduction of new electric vehicle charging solutions and the fast ramp up of renewables combined with energy storage in off-grid and on-grid solutions.

ABB chief executive officer Ulrich Spiesshofer said: "We are pleased to build on our achieved joint success and broaden our excellent cooperation with BYD. This next step will bring closer together two leading companies with highly complementary expertise and market access for electric energy storage.

"With this next step in our successful partnership, we live our promise: ‘Power and productivity for a better world’ in utilities, industries and transport & infrastructure."

Earlier in 2014, ABB launched its EV fast chargers in China, delivering DC fast chargers for the new Denza electric car developed by BYD’s joint venture with Daimler.

Image: ABB and BYD will jointly develop new energy storage solutions. Photo: Courtesy of ABB.