On May 23rd, Great Power announced the energy storage project, Storage No.1, with a total investment of 13 billion RMB and an annual output of 36 GWh of energy storage batteries. The project will be located in Qingdao City, China, and is a strategic cooperation project between Great Power and the Qingdao government. It is an important layout of the company in the energy storage industry.

The project will be constructed in three phases. Phase I will have an annual output capacity of 12 GWh of energy storage batteries, followed by phase II and phase III with the same production capacity. Phase I is planned to start construction before October this year, and is expected to be completed and put into operation by the end of December 2024.