Cospower Technology and Seraphim Energy signed agreements to kick-start their projects in the Rudong Yangkou Port Economic Development Zone, Nantong on Sept 27.

Both investors are recognized leaders with over a decade of experience in the new energy industry. Cospower Technology boasts the world's highest market share in the field of communication energy storage lithium-ion batteries. Its new project has an investment exceeding 4 billion yuan ($550.04 million) and focuses on establishing a state-of-the-art automated electrochemical energy storage and battery production facility with a capacity of 6 gigawatt hours annually.

Seraphim Energy is primarily engaged in the research and manufacturing of photovoltaic components. Its project involves an investment of over 6 billion yuan to construct a facility with an annual production capacity of 15 GW fully compatible photovoltaic components.

Speaking at the event, Wu Xinming, Party secretary of Nantong, expressed his hopes that both companies would accelerate the construction and commissioning of their projects, thereby contributing to Nantong's new energy industry. He also guaranteed the continuous provision of the highest-quality services and support for the companies.

The investments by the two companies are expected to drive innovation and growth in the new energy sector as well as reinforce Nantong's role as a key player in China's green energy landscape.