TD Holdings, Inc., a commodities trading service provider in China, today announced that it has entered into a strategic cooperation agreement with Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. (“Jintongyuan”), a leading tech enterprise specializing in the R&D and production of high-performance energy storage batteries in China, to develop a storage battery project(the “Project”) in southeast Asia. The Project represents the Company’s ambition of stepping into the renewable energy storage battery market of southeast Asia.
Pursuant to the strategic framework, both parties agree to establish a joint venture (the “JV”) named Baiyu Energy Storage Technology Co. Ltd. in China. The Company and Jintongyuan will hold a 51% and a 49% equity interest of the JV, respectively. The Company agrees to take in charge of marketing and sales of the Project and Jintongyuan agrees to take in charge of R&D and energy storage battery production of the Project. Once completed, the anticipated annual capacity gain of the Project is expected to reach RMB 3.0 billion (approx. US$412 million), which will significantly boost the Company’s gain and performance in the foreseeable future.
In this strategic partnership, Southeast Asia is in the spotlight, thanks to its sizable population, booming economy, and business-friendly policies. Jintongyuan, already a frontrunner in battery innovation, plans to power industries from electric cars and transportation to healthcare, smart homes, and smart lighting.
Ms. Renmei Ouyang, CEO of TD Holdings, Inc., shared her enthusiasm, and stated, “Our strategic partnership with Jintongyuan is designed to strengthen our foothold in the global renewable energy market. By focusing on the development and deployment of advanced energy storage batteries, we aim to bolster our profitability and establish a technology-driven ecosystem in the renewable energy sector. This approach ensures that our customers benefit from competitive, high-quality energy storage solutions.”