Shenghong to invest $4.5 bn in energy storage battery gigafactory

Dollar in Green Business

China’s Shenghong Holdings Group signed a contract on Tuesday to invest 30.6 billion yuan ($4.5 billion) in an energy storage battery gigafactory and a new energy battery research facility in the eastern city of Zhangjiagang.

The Suzhou city government announced the pact on its official social media account. The project is expected to generate 56 billion yuan in annual revenue.