Recently, Jiangsu New Energy Development Co., Ltd. (hereinafter "Jiangsu New Energy") announced its plans to invest in establishing a wholly-owned subsidiary, Jiangsu New Energy Yanhai Energy Storage Technology Co., Ltd. (hereinafter "Energy Storage Technology") which will act as the implementation entity for the development and construction of the Guoxin Yancheng 100MW/200MWh energy storage power station project.

Located in the Southeast Industrial Park of Yandong Town, Tinghu District, Yancheng City, Jiangsu Province, the project is Jiangsu New Energy’s first independent energy storage power station project, with a total investment of approximately RMB349 million. The project will adopt a non-walk-in liquid-cooled lithium iron phosphate energy storage technology, with a planned capacity of 100MW/200MWh. Upon completion, because of its rapid response and good peak shaving performance, electrochemical energy storage will be used for the peak-shaving operation of the power grid and play an important role in alleviating the peak pressure of the power grid.