The groundbreaking ceremony for Cospowers' electrochemical energy storage project was held in the Yangkou Port Economic Development Zone on April 11.

The project is funded by Cospowers Technology, a leading enterprise in the lithium battery industry. The project has received a total of 4.5 billion yuan ($621.76 million) in investment and will cover an area of 20 hectares. It will have an annual production capacity of 12 GWh of batteries, with estimated annual sales revenue of around 6 billion yuan.

As a crucial component of the new energy industry in Yangkou Port, the project will help optimize the industrial structure, extend the industrial chain, expand industrial scale, and promote the development of industrial clusters throughout Rudong county.