TD Holdings, Jintongyuan team up for BESS project in Asia

Chinese commodities trading service provider TD Holdings Inc (NASDAQ:GLG) said it is teaming up with Shenzhen Jintongyuan Energy Storage Technology Co Ltd to develop a battery energy storage system (BESS) project in southeast Asia in a push to strengthen its presence in the renewable energy market.

The companies have entered into a strategic cooperation agreement to set up a joint venture named Baiyu Energy Storage Technology Co Ltd in China in which TD Holdings will be the majority owner with a 51% shareholding.

Under the agreement, TD Holdings will be responsible for the marketing and sales of the project, while Jintongyuan will be in charge of the research and development (R&D) and the energy storage battery production. Once completed, the project is expected to reach an "annual capacity gain" of CNY 3 billion (USD 411m/EUR 381m), TD Holdings noted in a statement on Monday.

“By focusing on the development and deployment of advanced energy storage batteries, we aim to bolster our profitability and establish a technology-driven ecosystem in the renewable energy sector,” TD Holdings’ CEO Renmei Ouyang said.

(CNY 1 = USD 0.137/EUR 0.127)

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