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Suzhou Hugang Technology Co, a leading electrical services provider, signed a cooperation agreement on a production plant project with Rugao Economic and Technological Development Zone in Rugao, Nantong, East China's Jiangsu province on June 18.

With a total of 1 billion yuan ($154.51 million) in investment, the production plant will manufacture smart equipment that manages the conversion of photovoltaic energy. It is expected to generate 1.2 billion yuan in annual sales after its completion, with the figure estimated to exceed 4 billion yuan at full capacity.

The development zone will set up a special work group to provide services during the whole process of the project so that it can be finished and put into operation as soon as possible, said Hao Xiaodong, Party official of the zone.

Established in 2010, Suzhou Hugang Technology Co is listed on China's National Equities Exchange and Quotations (NEEQ), which is also known as the "new third board". It is a smart manufacturing company in the power industry and provides comprehensive maintenance services.