Chengyang district of Qingdao recently signed with Great Power, an industry-leading ESS battery manufacturer in China, an investment agreement with a total investment amount of about RMB13bln and on building in Chengyang district an energy storage industry park with an annual output of 36GWh. The project, known as the first RMB10bln-level project on energy storage industry introduced by Qingdao, is expected to help upper- and downstream industrial chains extend and boost industrial agglomeration and development.

Reportedly, the project will be built in three phases. The first phase is an ESS battery project with an annual output of 12GWh, scheduled to be commenced prior to the end of this September and completed by December 2024.

Great Energy is a new and high-tech listed company specializing in R&D, manufacturing and sales of ESS batteries, whose products are mainly applied in electronic consumables, power battery systems for NEVs and energy storage. In 2022, Great Power raked in RMB9.07bln in revenues, and ranked fifth in the global shipments of ESS batteries and second in the global shipments of household ESS batteries.  (Zhou Wei)