TAIPEI (Taiwan News) — Formosa Smart Energy President Liu Hui-chi (劉慧啓) said the company’s revenue is expected to exceed NT$10 billion (US$333 million) this year, with orders fully booked through 2030.

The company, part of Formosa Plastics Group, continues to see growth in its energy storage and EV lithium battery businesses. Last year, it posted revenue of more than NT$2.5 billion and turned profitable, per Economic Daily News.

Liu said the global push for renewable energy and lower carbon emissions gives the energy storage sector strong growth potential. He added that the company’s lithium battery cell plant at Changhua Coastal Industrial Park began mass production of large battery modules last year, significantly boosting revenue.

To meet rising demand, Liu said the company plans to build an additional plant near the Changhua facility, with production scheduled to begin in 2028. Both plants will have production lines with 80% automation, including automated guided vehicles to assist with material handling.

Formosa Smart Energy completed 13 energy storage installations in Taiwan last year, with total capacity exceeding 460 megawatt-hours. Under a subsidy program launched by the Ministry of Economic Affairs to encourage companies to install locally made energy storage systems on-site, Liu said eight companies have sought to partner with Formosa Smart Energy.

The company’s backup power system, which uses lithium iron phosphate cells, is designed for AI infrastructure. Liu said that as demand for AI data centers grows, the need for backup power will rise. He added that the system is expected to obtain US certification in the third quarter and be installed in the country’s AI data centers.

In addition to expanding its presence in the US, the company has shipped products to Vietnam and Malaysia. It also plans to enter the Philippines and Poland this year.

Last year, the company shipped battery modules for 200 electric buses and is set to receive orders for 100 more in the first half of this year, Liu said. The company also plans to expand the use of its battery modules across various EV models.

In October, Formosa Smart Energy teamed up with China Motor to equip its electric logistics vehicles with the company’s battery systems. The partnership aims to support the government’s policy of fully introducing electric logistics vehicles and buses by 2030.