Weiteng Electric: Planned to invest 300 million yuan to build an annual production of 2GWh energy storage integrated manufacturing project

On June 2nd, Global Network Technology Comprehensive Report reported that Weiteng Electric announced that the company plans to sign an investment cooperation agreement with the Industrial and Information Bureau of Jiuquan City. It plans to establish a wholly-owned subsidiary, Gansu Teng Energy Technology Co

On June 2nd, Global Network Technology Comprehensive Report reported that Weiteng Electric announced that the company plans to sign an investment cooperation agreement with the Industrial and Information Bureau of Jiuquan City. It plans to establish a wholly-owned subsidiary, Gansu Teng Energy Technology Co., Ltd., through its wholly-owned subsidiary, Jiangsu Weiteng Energy Technology Co., Ltd., to carry out the "annual production of 2GWh energy storage integrated manufacturing project" in Jiuquan City. The total investment of the project is expected to be about 300 million yuan, and the construction period of the project is one year.

The announcement shows that Weiteng Electric fully grasps the development opportunities of new energy industries such as energy storage, and takes "full product line layout and full industry chain construction" as the development direction of energy storage system business. Based on downstream market demand, it continuously improves production capacity and enhances the company's market competitiveness. This outward investment is in line with the overall strategic development direction of the company in the future. The advantages of cooperation between the two parties are highly complementary and highly compatible, which is conducive to building an energy storage equipment manufacturing industry cluster and achieving a win-win situation between the government and enterprises.

Meanwhile, the announcement stated that the funding source for this investment is the company's own funds. The current financial situation of the company is good, and it is expected that it will not have any adverse impact on the normal production and operation of the company, and there will be no situation that will harm the interests of the company and shareholders. This project is still in the planned implementation stage and will not have a significant impact on the company's financial condition and operating results in the short term.

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