Seetel New Energy will hold a pre-IPO performance presentation for its listing on the Innovation Board tomorrow and is scheduled to begin trading at the end of June. Chairman Lin Sheng-Tse stated that the global demand for energy storage is just starting and the Company's total shipments this year are expected to exceed the 1GWh mark. Along with the two large-scale E-dReg projects in Kaohsiung set to be completed in the first half of 2026, this is expected to drive steady revenue growth going forward.
Lin Sheng-Tse stated that in the first quarter of 2025, Seetel New Energy recorded revenue of NT$247 million, gross profit of NT$156 million, gross margin approaching 63% and net income after tax of NT$74.68 million, with earnings per share (EPS) reaching NT$1.36. This reflects strong business momentum, driven by its four core businesses: battery manufacturing, intelligent EMS, EPC engineering and O&M services, all of which contributed to high value-added performance.
He emphasized that Seetel’s affiliated battery manufacturer, Aurosi Precision, leverages localized production and the advantage of MIT (Made in Taiwan) manufacturing. This not only strengthens supply capabilities for large-scale domestic projects in Taiwan but also actively expands into overseas markets, playing a key role in export growth. The Company has already started establishing a presence in the Canadian market, which focuses on the high-growth potential of battery energy storage applications.
According to a report by Grand View Research, Canada’s battery energy storage system market is projected to grow from US$335 million in 2023 to US$2.053 billion by 2030, with a compound annual growth rate (CAGR) as high as 29.6%. This indicates that the local market is in a phase of accelerated expansion, which provides a clear opportunity window for suppliers with delivery capacity and system integration capabilities.
Seetel’s General Manager Chen Po-Hsun explained that energy storage projects in Canada typically adopt an integrated EPC plus O&M contracting model, which aligns well with Seetel’s in-house EMS platform, battery modules and cloud-based O&M capabilities. This integration facilitates the establishment of long-term partnerships and strengthens localized operations, further enhancing the effectiveness of full-project exports.
Regarding the Japanese market, Chen stated that Seetel will begin with a 1.99MW/8MWh project, and participate in the EPRX, JEPX and capacity market trading platforms through an Aggregator (AC) mechanism. The goal is to seize favorable opportunities under the new demand-supply adjustment mechanisms. The Company will also establish a subsidiary under the GK corporate structure, which will serve as a platform for local operations and project development to enable flexible integration into the Japanese electricity market.
Chen further stated that Seetel’s total shipments for 2025 are expected to exceed 1GWh, marking its official entry into the gigawatt-hour tier among Taiwanese energy storage system providers. The Company now possesses fully integrated capabilities from manufacturing and design to operations, which allow for comprehensive project delivery. It aims to transform “MIT manufacturing” into a global competitive edge in the energy sector.
Chen shared that Seetel’s self-developed EMS energy management platform, “GridLink OS” has already accumulated signed contracts totaling 535MW. For EPC turnkey projects, Seetel has secured 225MW in signed capacity, while O&M contracts have surpassed 625MWh, many of which are long-term agreements covering 10 to 15 years.
In the future, Chen stated that Seetel will enter a phase of rapid growth in 2025. With battery production lines ramping up, and commercial and industrial energy storage system demand expanding in parallel, the Company is targeting cumulative shipments of 2GWh by 2026. Combined with the continuously expanding EMS platform and O&M service volume, and the two large-scale E-dReg projects in Kaohsiung slated for completion in the first half of 2026, this is expected to drive steady revenue growth.
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