Zhitong Finance App News, Jiangsu Xinneng (603693.SH) announced that according to strategic planning and business development needs, the company funded the establishment of a wholly-owned subsidiary, Jiangsu Xinneng Yanhai Energy Storage Technology Co., Ltd. (“Salt Storage Technology”), and used it as the implementing entity to develop and build the Yancheng energy storage project. The company invested 70 million yuan with its own capital, accounting for 100% of the registered capital.

According to reports, the Yancheng energy storage project was located in Southeast Industrial Park, Yandong Town, Tinghu District, Yancheng City, Jiangsu Province. It is the first independent energy storage power plant project invested by the company. According to the feasibility study report, the project uses a non-stepped liquid-cooled lithium iron phosphate energy storage technology route with a planned capacity of 100 mW/200 MWh. After completion, the project will use the characteristics of rapid response of electrochemical energy storage and good peak shifting performance to participate in grid peak shifting operation, and play a role in relieving peak shifting pressure on the power grid. The total investment of the project is about 349 million yuan (capital other than registered capital, to be settled by Yanchu Technology through financing from banks or other financial institutions), and the financial internal rate of return on capital is 8.14%. The financial evaluation results show that the project is viable. (The above data are researchable estimates, and actual differences may occur).