eLong Power Holding Limited has secured a contract to provide a 600-megawatt hour (MWh) lithium battery energy storage system (BESS) in Shandong province, China, marking a significant milestone in its expansion into the energy storage market.
According to a press statement released on Monday, the supply contract is valued at CNY 480 million (USD 66.1 million / EUR 61.5 million) and stipulates delivery by the end of October.
“We're pleased to announce this important contract as part of our strategic entry into the large-scale energy storage sector,” said Xiaodan Liu, CEO of eLong Power Holding.
Founded in 2014, eLong Power has primarily focused on high-power battery technologies for commercial and specialty vehicles. The agreement represents its first major binding sales contract in the burgeoning energy storage market, following its recent expansion into energy storage systems.
“We've had a strong start in 2024 with several new orders underway and expected to be finalized in the coming months,” Liu added.
In addition to its operational milestones, eLong Power is advancing a merger with special purpose acquisition company (SPAC) TMT Acquisition Corp. The merger, announced in December, will transition eLong Power to a Nasdaq-listed entity at a valuation of USD 450 million (EUR 419.2 million).
