eLong Power Holding Limited has signed a significant supply contract worth RMB480 million (approximately $66 million) for a lithium battery energy storage system. This contract is presumed under their strategic partnership with a major construction contractor and marks their first major venture in the large-scale energy storage market. The contract mandates delivery by October 31, 2024, including financial milestones and penalties. eLong Power’s technological advancements, including high-power and fast-charging lithium-ion batteries, have positioned it well within the rapidly growing electrochemical energy storage market. This market is predicted to grow at a Compound Annual Growth Rate (CAGR) of 56.7% up to 2027. TMTC announced its merger with eLong Power, targeting completion in the second half of 2024, which will facilitate eLong Power’s expansion into the U.S. equity markets.

Energy Storage, Special Purpose Acquisition Companies (SPAC), Electrochemical Energy Storage, Commercial Electric Vehicles,China, United States