RELEASE: Xinhua Silk Road: Sheng Hong Holding Group launches new power projects in Zhangjiagang, east China

(Information sent by the signatory company).

RELEASE: Xinhua Silk Road: Sheng Hong Holding Group launches new power projects in Zhangjiagang, east China

(Information sent by the signatory company)

BEIJING, Feb. 2, 2023 /PRNewswire/ -- Sheng Hong Holding Group, a leading high-tech company in Suzhou, has signed a contract to resolve its full-investment new energy research institute and giga-battery factory projects of about 30.6 billion yuan in the city of Zhangjiagang in east China's Jiangsu province.

The projects will be completed in phases and are expected to generate annual revenue of more than 56 billion yuan upon completion. Among them, the first phase of the 24 GWh project and the new energy battery research institute project involving a total investment of 14 billion yuan are expected to be completed and put into operation within three years, and it is expected May its annual revenue reach 24 billion yuan.

Han Wei, head of the Zhangjiagang Party, said the city is committed to creating a win-win business environment for large projects and high-quality enterprises and providing strong guarantee for project implementation.

As one of the Fortune Global 500 companies growing in Suzhou, Sheng Hong Holding Group has developed into an international high-tech industrial group integrating the entire industrial chain of petrochemical refining, new energy, new materials and high-end textiles.

Miao Hangen, chairman of Sheng Hong Holding Group, said the projects launched by the group are expected to inject impetus into the economic development of the city of Zhangjiagang.

In addition, Zhangjiagang witnessed the signing of 100 major projects involving a total investment of 59.72 billion yuan at a major project promotion event held on January 29, 2023, including 22 foreign-funded projects worth 10,180 million yuan.

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