Led by China State Grid Corporation (SGCC), 31 major Chinese energy actors have joined the ‘new power system technology innovation alliance’. These include energy groups such China Three Gorges, SPIC, Goldwind, or BYD, and universities such as Tsinghua or Shanghai Jiaotong University. The main aim of this alliance will be to promote eight major power technology innovation demonstration projects in sectors including new energy active support, energy storage, green hydrogen, electricity and carbon markets, and demand side response. The participants expect that these projects will bring in business opportunities including R&D investment with a total value exceeding CNY 100 billion (USD 15.25 billion). As of today, four cooperation projects have already been signed.