An employee works at a factory of FoxESS, a new energy company in Wenzhou, Zhejiang province. [Photo/IC]
Three new energy-related projects were initiated on March 1 in Wenzhou, East China's Zhejiang province, injecting fresh momentum into the city's new energy sector.
Two of the projects are funded by ReptBattero Energy Co, a subsidiary of Tsingshan Holding Group established in 2017. The projects involve the production of various kinds of lithium-ion batteries and are expected to lift the company's gross output to 50 gigawatt hours.
ReptBattero currently owns two battery factories in Wenzhou that have a combined capacity of 26 GWh and generated over 13 billion yuan ($1.88 billion) in output in 2022. The company held the second largest share of shipments for electricity storage lithium-ion batteries in China last year.
The other project, which is backed by 10 billion yuan in investments, is sponsored by FoxESS, which entered Wenzhou in 2019. The project focuses on the research and development, production, and sales of inverters and lithium-ion battery packs. It is expected to expand the company's capacity to 60 GWh.
Zhu Jingcheng, general manager of FoxESS, said the company values Wenzhou's advantageous location, convenient transportation, and favorable business environment. Due to the support and help provided by local governments, FoxESS is now more confident about developing its business in the city, added Zhu.
New energy is a strategic emerging industry in Wenzhou. About 40 projects related to the sector with 220 billion yuan in investment were launched in the city last year.
