eLong Power Receives $11 Million Energy Storage System Order, Advances Merger with TMT Acquisition Corp for 2024 Closure

TMT Acquisition Corp's merger partner, eLong Power Holding Limited, secured an RMB80 million ($11 million) contract for an energy storage system in Beijing. This deal, alongside another $66 million contract in Shandong, marks eLong Power's expansion into energy storage systems, complementing its background in high-power lithium-ion batteries. The business combination is expected to close in 2024, with system delivery set by year-end.

As the merger partner of TMT Acquisition Corp (TMTC), eLong Power Holding Limited (eLong Power) continues to make strides in the energy sector. Following a successful RMB480 million ($66 million) contract in Shandong [1], eLong Power has secured another significant deal for an energy storage system in Beijing, valued at RMB80 million ($11 million) [2].

This expansion into energy storage systems complements eLong Power's background in high-power lithium-ion batteries. With a focus on developing and manufacturing advanced batteries for commercial and specialty vehicles, eLong Power has been committed to the industry since 2014 [1].

The company's expertise in battery technology has led to significant advancements. The charging rate of eLong Power's fast-charging batteries has increased from an initial 1-2C to a remarkable 6C [1]. Furthermore, eLong Power's latest generation of high-power batteries can reach an 80% charge within just 9 minutes [1].

In 2023, eLong Power entered the energy storage market with its advanced Battery Management Systems (BMS), Energy Management Systems (EMS), and Power Control Systems (PCS) technologies and platforms [1]. This new venture focuses on developing and manufacturing high-safety, high-capacity, and long-life semi-solid-state batteries.

The RMB80 million contract for the energy storage system in Beijing is eLong Power's first significant binding sales contract in the large-scale energy storage market to date [2]. It showcases confidence from significant customers in eLong Power's lithium battery energy storage systems and is expected to have a positive impact on the company's future market expansion.

With the business combination between TMTC and eLong Power anticipated to close in the second half of 2024 [1], system delivery is expected by year-end. The contracts contain provisions for advance payments, penalties for late delivery, and protections for both parties [1].

Sources:
[1] https://finance.yahoo.com/news/tmt-acquisition-corp-merger-partner-133000237.html
[2] https://www.prnewswire.com/news-releases/elong-power-announces-entry-into-energy-storage-market-301719984.html