China Battery Storage Maker Sees Profit Boost from Iran Upheaval

A top Chinese battery storage manufacturer said it expects a sharp rise in first-quarter profit as overseas demand surges, a sign the country’s clean tech exporters stand to benefit from energy disruptions caused by the war in Iran.

Ningbo Deye Technology Co., which also produces inverters, said in a filing late on Thursday that its net profit for the first quarter is expected to reach between 1.1 billion and 1.2 billion yuan ($176 million), representing a year-on-year increase of 56% to 70%. Company shares jumped by the daily limit of 10% in Shanghai after market opened on Friday.