Jiangsu Linyang Energy Co Ltd signs an agreement with the Nantong Economic and Technological Development Area in East China's Jiangsu province  on Dec 2. [Photo provided to NETDA]

Jiangsu Linyang Energy Co Ltd on Dec 2 signed an agreement to build a 10-billion-yuan ($1.44 billion) TOPCon battery manufacturing facility in the Nantong Economic and Technological Development Area (NETDA) in East China's Jiangsu province. 

The project is expected to generate an annual output value of 10 billion yuan and 400 million yuan worth of taxes, according to authorities.  

Established in 1995 in Nantong's Qidong city, Linyang is a national high-tech enterprise listed on the main board of the Shanghai Stock Exchange. The company's business covers three fields: intelligence, energy storage, and new energy.

Bao Delin, the director of the administrative committee of NETDA, said that the establishment of the facility will significantly speed up innovation in the area. 

He added that authorities will provide better services and streamline approval procedures so that the construction of the project can begin as soon as possible.