Two major projects broke ground on April 8 in the Hailing district of the prefecture-level city of Taizhou, which is situated in East China's Jiangsu province.
The projects are the Guoqian Zhigu Industrial Park, with an investment of 1 billion yuan ($138.14 million) and the 5 gigawatt-hours Smart Energy Storage Lithium Battery System Integration Project run by Cospowers Technology Company Limited – a leading scientific and technological group based in East China's Shandong Province.
The Guoqian Zhigu Industrial Park is aiming to be a comprehensive hub for research, production, sales and technology incubations. It will focus on manufacturing high-end equipment components for new energy vehicles, energy-saving equipment and rail transit gear.
The Cospowers project, meanwhile, will be implemented in two phases to create a smart integrated energy storage lithium battery system integration plant.
On completion, it's projected to produce 5GWh of battery cells and 5GWh of PACK annually, generating an additional annual revenue of 4 billion yuan for the parent company.
According to the latest numbers, during the first quarter Hailing district secured contracts for 15 projects, totaling over 500 million yuan in investment.
Major projects, like a photovoltaic component junction box project and the smart home appliance industrial park project, are speeding up construction in the district and are expected to be completed this year.