SMM learned that on May 18, Beijing Chenxu Electric Power Co., Ltd., Henan Lithium Power Co., Ltd., and the People's Government of Nanzhang County signed a 20 billion yuan project for a power and energy storage battery production base. The first phase of the project will involve an investment of 4 billion yuan and will mainly focus on the construction of three lithium-ion battery PACK production lines and one vanadium liquid flow battery stack production line. Once the first phase of the project is completed and put into operation, it is expected to achieve total sales revenue of 3.2 billion yuan and total tax revenue of 89.6 million yuan within six years.