Haimen district's Sanxing town formalized an investment agreement with Jiangsu Rongchu Technology on March 9, marking the initiation of the Rongchu Nantong Energy Storage Factory project with a total investment of 500 million yuan ($72.67 million). 

Jiangsu Rongchu focuses on the new energy sector, specializing in the research and development, sales, and technical services of energy storage, power batteries, and marine power battery systems. 

The first phase of the project plans to deploy two automated production lines for battery module packaging, complemented by an energy storage system integration line. This phase is projected to yield an annual production capacity of 10 gigawatt-hours of energy storage system products. 

Upon reaching full operational capacity, the facility is expected to generate an annual output value of 3 billion yuan, catalyzing the further development of the new energy industry cluster in Haimen.