Wolong Electric to Build Baotou Damao Banner Storage Grid for 2.03 Billion Yuan; Shares Jump 4%

MT Newswires Live

2024/12/26

Wolong Electric Group (SHA:600580) plans to invest 2.03 billion yuan in the construction of the Baotou Damao Banner new energy storage grid, according to a Shanghai Stock Exchange filing on Wednesday.

The Chinese motor and generator manufacturer will invest in the project through its subsidiary, Shunfeng New Energy (Damao Banner).

The storage grid will have an installed capacity of 500 megawatts, with 50 units to be installed.

The storage grid will be constructed within 12 months and will be operated for 20 years.

Wolong's shares jumped over 4% in recent trade.

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