The foundation stone laying ceremony for the Shanghai Electric and Guoxuan High-tech Energy Storage System (Nantong) Base project was held in Nantong, East China’s Jiangsu province on Dec 26.

The project covers an area of 442 mu (294,666 square meters), and its total construction area reaches 280,000 sq m. Total investment is expected to exceed 5 billion yuan ($726.47 million).

The project is divided into two phases. The first phase has invested more than 2 billion yuan, and is expected to put into production in the fourth quarter of 2019.

The foundation stone laying ceremony for the Shanghai Electric and Guoxuan High-tech Energy Storage System (Nantong) Base project is held in Nantong, East China’s Jiangsu province on Dec 26, 2018. [Photo/Ntjoy]

It will become the most advanced and the largest lithium-ion battery energy storage system industrial base in the Shanghai and Nantong region.

Qiang Qiang, party secretary of the Nantong Economic and Technological Development Area, said at the ceremony that the project will provide strong support for the industrial transformation and upgrading of the development area.

Shanghai Electric is a diversified, high-end equipment manufacturing listed group, while Guoxuan High-tech is a prominent new energy listed enterprise. Both of them have strong R&D capacity and resource advantages.