Energy storage firm eLong Power gets 600-MWh order in China

Battery technology provider eLong Power Holding Limited has been selected to supply a 600-MWh lithium battery energy storage system (BESS) in the Chinese province of Shandong.

The supply contract is valued at CNY 480 million (USD 66.1m/EUR 61.5m). The BESS is expected to be delivered by the end of October, a press statement said.

Elong Power has been providing high power battery technologies for commercial and speciality vehicles since 2014. Last year, it expanded its business into energy storage systems and the deal announced on Monday marks its first significant binding sales contract in the large-scale energy storage market to date.

“We’ve had a terrific start in 2024. We have several new orders currently in progress and expected to be signed in the coming two months,” CEO Xiaodan Liu noted in the statement.

Elong Power is currently in the midst of merging with special purpose acquisition company (SPAC) TMT Acquisition Corp (NASDAQ:TMTCU), or TMTC, in an all-stock deal that will introduce it as a Nasdaq-listed entity. The tie-up, agreed upon in December, will be carried out at a valuation of USD 450 million (EUR 419.2m) for the Chinese firm.

(CNY 10 = USD 1.376/EUR 1.283)

(USD 1 = EUR 0.931)

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