On May 18, 2024, Elong Power announced that its wholly-owned subsidiary signed a storage system supply contract with a total value of nearly RMB 500 million. The contract is to provide Shandong Province with a 600MWh shared lithium battery energy storage system project, which is expected to be delivered before the end of 2024.
Elong Power has been committed to the research and development of high-power power batteries since 2014, and has accumulated rich technical experience and a broad customer base in the field of lithium battery applications. The charging rate of its fast-charging battery products has been increased from the initial 1-2C to 6C. The latest generation of high-power battery products can be charged to 80% in 9 minutes, which is at the industry-leading level. In 2023, Elong Power will enter the energy storage market with mature and leading BMS, EMS and PCS technologies, and will focus on high-safety, large-capacity and long-life semi-solid-state battery energy storage systems as its main research and development and production direction. The signing of this order is the first large order Elong Power has won since entering the large-scale storage market. It is the market’s affirmation of Elong Power’s lithium battery energy storage system, which will surely bring a demonstration effect to the company’s further market expansion.
China and North America are the two largest energy storage markets in the world. The market share of electrochemical energy storage represented by lithium-ion batteries has rapidly increased from less than 1% in 2017 to about 20% in 2022, becoming the most widely used and promising energy storage technology. According to a report by Frost & Sullivan, in the future, with the policy support of governments around the world and the development of energy storage technology, the global installed capacity of new electrochemical energy storage is expected to increase from 69GWh in 2022 to 652GWh in 2027, with a compound annual growth rate of 56.7%. Therefore, the global new electrochemical energy storage market is expected to grow from US$14.2 billion in 2022 to US$130.4 billion in 2027.
Ms. Liu Xiaodan, CEO of Elong Power, said: “We have made a good start in 2024. The company’s other new orders are under negotiation and will be signed in the next two months. I believe that this year’s performance will exceed previous expectations.”
