Chengyang District Government and Great Power Energy &Technology Co Ltd, a leading energy storage battery enterprise, inked a 13 billion Yuan investment agreement to establish an energy storage industrial park in Chengyang District and it will produce 36GWh energy storage battery every year.

The project will be constructed in three phases, the Phase I project will build a 12GWh energy storage battery project by December 2024. The project is the first 10 billion energy storage industrial project introduced into Qingdao, which will effectively extend the upstream and downstream industrial chain, expand the application scenario and promote industrial cluster development.

Great Power Energy &Technology is a hi-tech listed enterprise integrating energy battery research, manufacturing and sale. Its products are mainly used in consumer electronics, new energy vehicle battery system and energy storage. With its annual business revenue of 9.07 billion Yuan in 2022, Great Power Energy &Technology ranks in the top 5 of 2022 in term of global market energy storage battery shipment and top 2 in the global household energy storage battery shipment.

Chengyang District is deeply integrated into the city's industrial layout, aiming at gaps, dislocation development, breakthrough leadership, and seizing the opportunity period for the development of the energy storage industry. The introduction of this leading energy storage enterprise in the district is the implementation of peak carbon emissions and carbon neutrality national strategy and a measure to boost the development of energy storage industry in Qingdao. In the next stage, Chengyang District will plan and construct the energy storage industrial park against high standards, focus on battery system manufacturing and try to introduce enterprises in energy storage converter, energy management system, precision temperature control system and battery system to promote clusters development of energy storage industry.