2 Billion Yuan Power and Energy Storage Battery Production Base Project Settled in Nanzhang, Hubei

According to SMM, on May 18, Beijing Chenxu Electric Power Co., Ltd., Henan Lidong Power Co., Ltd., and the People's Government of Nanzhang County signed a 2 billion yuan EV battery and energy storage battery production base project. The first phase of the project involves an investment of 400 million yuan, primarily to construct three Li-ion battery PACK production lines and one all-vanadium flow battery stack production line. Once the first phase is fully completed and put into operation, it is expected to achieve a total sales revenue of 3.2 billion yuan and total tax revenue of 89.6 million yuan within six years.