On January 29, 2023, Funeng Technology, a power battery company, signed an investment cooperation agreement with the Management Committee of Guangzhou Economic and Technological Development Zone for a power battery production base with an annual output of 30GWh. Funeng Technology plans to build a power battery production base with an annual output of 30GWh. The product types include lithium iron phosphate power batteries and ternary material power batteries.

The project covers an area of about 360,000 square meters, with a total investment of about 10 billion yuan. It is expected to be officially put into operation in 2025, and the output value is expected to reach 20 billion yuan after it goes into production. It is one of the largest new energy auto parts landing projects in Guangzhou in recent years.

The Guangzhou production base of Funeng Technology is planned to be built in Sino-Singapore Guangzhou Knowledge City. Guangzhou Economic Development Zone will obtain 500-600 mu of land in this area through bidding, auction and listing for the construction of the project, and coordinate financial institutions to provide loan support for the project company etc.

For this signing, Funeng Technology believes that it will help the company consolidate its leading advantages in research and development, enhance product supply capabilities and service guarantee capabilities, and meet the needs of major customers nearby. At the same time, the South China region where Guangzhou is located is densely populated with car companies, and end users have strong demand for new energy vehicles, which will help the company develop new customers and further increase market share.

The "14th Five-Year Plan" of Guangzhou City regards intelligent and new energy vehicles as one of the three emerging pillar industries to be built with all efforts. The goal is that by 2025, the city's automobile production capacity will exceed 5 million, and the output value of the automobile manufacturing industry above the designated size will strive to reach 1 trillion. Yuan; The production capacity of new energy vehicles exceeds 2 million units, ranking among the top three cities in the country, and the penetration rate of new energy vehicles exceeds 50%. Editor / Zhao E