On June 9, 2022, Paineng Technology announced that the company intends to issue stocks to specific objects to raise a total of no more than 5 billion yuan, which will be used for Paineng Technology’s 10GWh lithium battery R&D and manufacturing base project after deducting relevant issuance expenses. Science and technology headquarters and industrialization base projects and supplementary working capital. Among them, the 10GWh lithium battery R&D and manufacturing base project of Paineng Technology plans to invest in the construction of an annual output of 10GWh battery cells and system assembly production lines and related supporting facilities in Feixi County, Hefei City, Anhui Province. The total investment of this project is 5 billion yuan, and 3 billion yuan of raised funds are planned to be invested. All the raised funds will be used for capital expenditures such as project construction costs.

The above-mentioned project is planned to be constructed in two phases, with each phase building a 5GWh battery cell and system assembly line and related supporting facilities. The first phase of the project is scheduled to start construction in December 2022 and is expected to be completed and put into operation in February 2024; the second phase of the project is scheduled to start construction in February 2024 and is expected to be completed and put into operation in April 2025. It is worth mentioning that, in addition to expanding the production capacity of soft-packed cells, the fundraising project of Paineng Technology will focus on the construction of large-capacity square aluminum shell cell production lines.

According to Paineng Technology, the large-capacity square aluminum shell cell is developed for the application and development of power energy storage systems on the generation, transmission and distribution sides. It simplifies the assembly process of energy storage system products to a certain extent, improves the space utilization and group efficiency of products in the height, depth and length directions, and the storage energy of a single vertical cabinet is higher than 6MWh. The Paineng Technology Headquarters and Industrialization Base Project plans to build the Paineng Technology Headquarters and Industrialization Base in Pudong New Area, Shanghai, with a planned total investment of 739 million yuan, mainly including construction engineering fees, equipment purchase fees, and land purchase fees. In addition, Paine Technology intends to use part of the funds raised by the issuance of stocks to specific objects to supplement working capital, with an amount of 1.261 billion yuan, in order to enhance the company's financial strength and support the company's business development.

Paineng Technology stated that the implementation of this fundraising and investment project closely focuses on the company's main business, meets market demand orientation, and conforms to the company's development strategy. It is an upgrade and expansion of the company's main business and an important measure for the company to improve its industrial layout. Through the implementation of this fundraising project, the company will further enhance its market competitiveness, expand its production and operation scale, and improve its profitability. As an energy storage battery system provider, Paine Technology focuses on the research and development, production and sales of lithium iron phosphate cells, modules and energy storage battery systems. At present, Paine Technology has battery cell and battery system production bases in Yangzhou; battery system production bases in Kunshan and Huangshi.

In recent years, the sales revenue of Paineng Technology has shown a rapid growth trend. Among them, the sales revenue of the core product energy storage battery system from 2019 to 2021 was 745 million yuan, 1.044 billion yuan and 1.988 billion yuan respectively, with a compound growth rate of 63.40% in the past three years. In order to meet the increasing demand for customer orders, through continuous technological transformation and new production lines, the production capacity of Pine Energy's soft-packed cells has increased from 0.5GWh at the end of 2019 to 3.0GWh at the end of 2021. The capacity utilization of soft-packed cells in 2019-2021 The rate of production reached 99.64%, 87.59% and 91.45% respectively. In recent years, the newly added production capacity has been rapidly digested, and the capacity utilization rate has been saturated for a long time. Keywords: engineering construction, engineering news

Paineng Technology said that it is necessary for the company to further improve its manufacturing level and expand production capacity, add new production lines and equipment, and improve the delivery capacity of cells and energy storage battery systems to meet the growing market demand.Editor/XingWentao