On May 10, BYD signed a framework agreement with the China Electricity Council to jointly develop research projects, establish industry standards, and develop service networks for battery storage systems. The ceremony was attended by BYD chairman Wang Chuangfu, as stated in a press release by the industry group on May 14. The China Electricity Council includes executive members such as China’s State Grid, Southern Power Grid, and other state-owned power utilities. According to data compiled by South Korea-based SNE Research, BYD has emerged as the world’s second-largest battery maker, capturing over 16% of the global market in the first three months of this year. In March, the company secured a RMB 498 million ($71.6 million) contract from state-controlled Yuneng Holdings to construct battery storage facilities in Henan, a central province in China. [China Electricity Council, in Chinese]