Recently, senior leaders from SUMEC and customers from Burkina Faso visited Lithium Valley for a field study and technology exchange on our company's products. As a pioneer in the energy storage industry, we always focus on technological innovation and product upgrades to meet the needs of our customers.
During the visit, we introduced our product line, production process, and quality management system to the guests. With our advanced R&D team and technology capabilities, we provided high-performance home and commercial energy storage system products to our customers.
At the same time, we also provided detailed explanations on the production process, installation, and maintenance of our products to enhance customers' understanding of our technology advantages and R&D achievements.
We would like to thank SUMEC and the guests from Burkina Faso for visiting our company. As partners, we are committed to building long-term and stable cooperative relationships. In past cooperation, we have worked closely together to explore innovative solutions and continuously optimize products and services. We believe that in future cooperation, we can continue to uphold the spirit of mutual respect, trustworthiness, and open cooperation, and promote mutual growth and development in the field of energy storage.
Under the background of global energy transformation, new energy sources with environmental protection, sustainability, and decentralization advantages are receiving more and more attention and support from governments and society. However, the instability and intermittency of new energy sources limit their large-scale application in the grid. As energy storage technology becomes more mature, it will become an important support for the future trend of new energy.
The 2022 Russo-Ukrainian War led to a large-scale outbreak in the household energy storage market in Europe. That year, 187 user-side energy storage projects (according to GGII energy storage project database) updated their progress information, with a total scale of 3.9GWh. Among them, 99 newly registered projects emerged, and commercial energy storage also began to emerge.
Due to the impact of multiple factors such as policy support, market demand, technological development, and improved profit plans, commercial energy storage is likely to experience a big outbreak in 2023. The advantages of commercial energy storage are obvious. It is closer to the distributed photovoltaic power source and the load center, which can significantly improve the acceptance rate of clean energy and reduce transmission losses. Both policies and markets attach great importance to it.
After years of cultivation in the energy storage industry, Lithium Valley has built a highly comprehensive talent team, playing an important role in the company's R&D and marketing fields. Our company has rich project experience in home and commercial energy storage, and is ahead of the industry average in areas such as after-sales maintenance, customer service, and installation. At the same time, Lithium Valley has a rich product range, whether low-voltage or high-voltage products, or integrated design, we always stay at the forefront of the industry trend and empower home and commercial customers.
