Recently, Dongying Cospowers Technology Co., LTD., the parent company of Cospowers Group, successfully completed the round D financing of hundreds of millions of Yuan, and many old shareholders, including Shenzhen Capital, Kunpeng Yichuang, China Everbright, Xingxiang Capital, and Harvest Investment, continue to increase their holdings. This round of financing is mainly used for the construction and R&D of fully automated LFP lithium energy storage battery production line of Changde Cospowers New Energy Technology Co., LTD., a subsidiary of Cospowers Group.

       Cospowres is the leading scientific and technological enterprise in the lithium ion battery industry. As the global intelligent lithium battery overall solution provider, our team has been deeply engaged in the field of energy storage battery for more than 30 years, and provides the high quality energy storage batteries and services for the customers around the globe. Cospowers Group continues to carry out technological innovation, break through the boundary of battery performance and application, and provide customers with intelligent energy storage system solutions. The main battery technology is energy storage lithium ion battery with lithium iron phosphate electrochemical system. Lithium iron phosphate battery has the advantages of low cost, good safety and long cycle life. At present, about 90% of the battery technologies used in electrochemical energy storage battery applications is for lithium iron phosphate batteries, in which the lithium iron phosphate batteries are dominated by the prismatic aluminum shell lamination process.

        The "3060 Dual Carbon" target released by China in 2020 opens a new chapter in the energy storage market. The "dual carbon" policy will drive China's power generation raw material pattern from fossil energy to new energy. By 2060, new energy is expected to account for 80% of the total China’s electricity generation. At the same time, in order to solve the “unstable” problem caused by new energy generation side to connect with Grid in large scale, the Distribution and Energy Storage Policy on the power generation side will also bring new breakthrough for the energy storage end.

         Since 2020, various national ministries and commissions have issued a series of policies and guidelines to support the application of electrochemical energy storage battery technology. In July, 2021, the National Development and Reform Commission issued the notice to further improve the time-of-use electricity price mechanism. In March, 2022, National Development and Reform Commission, National Energy Administration issued the Implementation Plan for The Development of New Energy Storage during the 14th Five-year Plan Period, and the recent June, the National Development and Reform Commission, and the National Energy Administration issued the "Notice on Further Promoting the Participation of New energy storage in the Power market and dispatching Application", to make an unprecedented all-round support to energy storage business segment from the national long-term development strategy and market price mechanism and other aspects.

          According to the statistics of professional institutions, in 2021, the global total shipment of energy storage lithium ion batteries was 66.3GWh, with a year-on-year growth of 132.4%., which is predicted to reach 913.7GWh by 2030, and the market size can reach trillion Yuan.  According to relevant market research agencies, the global electric energy storage will enter a demand explosion period around 2025. Currently, the large scale energy storage techniques that can meet the safety, low cost, long duration, flexible deployment are not too much. With so many years of techniques and product development experiences, Cospowers group can response to the market demands quickly to launch series of products with long cycle life, super high power, that can be also adaptable with super high or low temperature area, etc.

        This round of financing is not only the fully expectation of the broad prospect in the market of energy storage, but also the old shareholders’ high recognition of the Coswpoers Grouop’s  management team, complete industry chain layout, and high level of R&D team, etc.

         Chairman of Cospowers Group, Shanhui said, “ The company will use this round financing on the construction and R&D of total automated LFP battery production lines most advanced in the current market, continuously expand the production of electric energy storage battery cells self-developed by Cospowers, and construct the research of the future new type of battery technology. Thanks for the trusts and supports from old shareholders who participated in this round D financing. We believe that the lithium battery will change human lives in the forms of more intelligent, high efficient, cleaner, and more affordable in the future, and boost the realization of the green development concept that green mountains are the gold mountains and silver mountains.”