eLong Power, a prominent provider of high-power battery technologies, has secured a substantial $11 million purchase order for an energy storage system. This announcement comes as the company prepares to merge with TMT Acquisition, a special purpose acquisition company, in the second half of 2024.
The energy storage system will be tailored for intelligent charging robots in Beijing, China, with assembly and delivery expected to be completed by the end of 2024. This order marks the second major contract for eLong Power in Q2 2024, following a RMB480 million agreement for projects in Shandong province earlier this year. Known for its expertise in high-power lithium-ion and solid-state battery technologies, eLong Power has rapidly expanded into the energy storage market since 2023.
Ms. Xiaodan Liu, CEO of eLong Power, expressed enthusiasm about the new order, highlighting its significance in validating the company's capabilities and market demand. She emphasized eLong Power's commitment to continuous innovation and growth in delivering robust, high-capacity, and adaptable energy storage solutions.
DJ Guo, Chairman and CEO of TMTC, commented on the strategic importance of this development, affirming eLong Power's strong market position and growth trajectory. The pending merger between TMTC and eLong Power is expected to enhance the latter's access to US public equity markets, facilitating further expansion and exploration of new opportunities.
The business combination, approved by both companies' boards of directors, aims to leverage TMTC's resources to accelerate eLong Power's growth initiatives. It aligns with eLong Power's strategic goals of advancing industrialization and commercialization in the energy storage sector, supported by its subsidiary Huizhou Yipeng Energy Technology Co., Ltd.
