checkAd

     109  0 Kommentare TMT Acquisition Corp Merger Partner, eLong Power Holding Limited, Received RMB480 Million (Approximately US$66 Million) Purchase Order for 600MWh Lithium Battery Energy Storage System

    Business Combination anticipated to close in the second half of 2024; battery storage delivery expected by October 31, 2024

    NEW YORK, N.Y. and Ganzhou, China, June 24, 2024 (GLOBE NEWSWIRE) -- The merger partner of TMT Acquisition Corp (“TMTC”) (NASDAQ: TMTCU), a publicly traded special purpose acquisition company (SPAC), eLong Power Holding Limited (“eLong Power”), a provider of high power battery technologies for commercial and specialty vehicles and energy storage systems, announced that its wholly-owned subsidiary has signed a supply contract for energy storage systems valued at RMB480 million (approximately US$66 million). The execution of this supply contract follows a strategic partnership agreement signed last year with a major general contractor in the Chinese energy construction industry. The contract is for a 600MWh lithium battery storage system to be installed for a municipal project in Shandong province, China, with delivery expected by October 31, 2024. The contract contains provisions for an advance payment of 30% of the total contract price 3 months prior to shipment, an additional 60% within 7 business days after product delivery and installation with the 10% balance subject to product quality assurances for a year thereafter. Additionally, the contract contains penalties for late delivery by eLong Power and late payments by the buyer, as well as protections for eLong Power in the case of unilateral termination by the buyer.

    eLong Power has been dedicated to the development of high-power batteries since 2014, accumulating extensive technical experience and establishing a broad customer base in the lithium battery application field. The charging rate of the fast-charging batteries has been elevated from an initial 1-2C to 6C. The Company’s latest generation of high-power batteries can reach an 80% charge within 9 minutes. In 2023, eLong Power entered the energy storage market with its advanced BMS, EMS, and PCS technologies and platforms with a focus on developing and manufacturing high-safety, high-capacity, and long-life semi-solid-state batteries. This order is eLong Power’s first significant binding sales contract in the large-scale energy storage market to date. It showcases confidence from significant customers in eLong Power’s lithium battery energy storage systems and is expected to have a positive impact on the company’s future market expansion.

    Seite 1 von 5




    globenewswire
    0 Follower
    Autor folgen

    Verfasst von globenewswire
    TMT Acquisition Corp Merger Partner, eLong Power Holding Limited, Received RMB480 Million (Approximately US$66 Million) Purchase Order for 600MWh Lithium Battery Energy Storage System Business Combination anticipated to close in the second half of 2024; battery storage delivery expected by October 31, 2024 NEW YORK, N.Y. and Ganzhou, China, June 24, 2024 (GLOBE NEWSWIRE) - The merger partner of TMT Acquisition Corp (“TMTC”) …