Rudong county in Nantong, Jiangsu province signed agreements for a total of 74 projects in the first quarter, with a combined investment of 34.6 billion yuan ($4.78 billion).

The total investment in these projects saw a year-on-year increase of 123 percent, with an average investment of 460 million yuan. Among them, 55 projects, or 74 percent of the total, were related to science and innovation.

On April 11, the groundbreaking ceremony for Cospower's electrochemical energy storage project was held in the Yangkou Port Economic Development Zone. The project is being funded and built by Cospower Technology Co Ltd with a total investment of 4.5 billion yuan. It is expected to generate taxable sales of 6 billion yuan and contribute 210 million yuan in taxes after it enters full production.

"Rudong boasts unique wind and solar resources, providing a strong natural foundation for the development of new energy industries. We are confident we can thrive in Rudong and drive the growth of energy storage-related industries," said Liu Hepeng, vice-president of Cospower.

In the second quarter, Rudong plans to start construction on 26 major industrial projects with investments exceeding 100 million yuan each. These projects cover fields such as new energy, new equipment, and new materials. Seven are already well underway, and the remaining projects are set to commence construction by the end of June this year.

A signing ceremony for a number of projects is held in Rudong. [Photo/Nantong Daily]