The ground breaking ceremony of the energy storage battery base of Quzhou Great Power Energy & Technology Co Ltd is held in Quzhou on Oct 17. [Photo/qz828.com]

The energy storage battery base of Quzhou Great Power Energy & Technology Co Ltd started construction in Quzhou on Oct 17, adding new vitality to the city's lithium battery material industry.

The energy storage battery base, with a total investment of 6 billion yuan ($827 million), is expected to achieve an annual output of 20 gigawatt-hours.

The capacity of the first phase is expected to reach 10 GWh. After the completion of both phases, it is expected to provide more than 2,500 jobs and generate annual sales revenue of more than 15 billion yuan.

Quzhou Great Power Energy & Technology Co Ltd is affiliated to Guangzhou Great Power Energy & Technology Co Ltd, a leader in domestic professional battery production.

Guangzhou Great Power Energy & Technology Co Ltd is one of the oldest domestic enterprises engaged in the research and development, production and sale of batteries.

In 2021, the company's operating revenue reached about 5.7 billion yuan and it ranked second in global shipments of energy storage batteries. In the first half of 2022, its operating revenue was 4.1 billion yuan and it ranked second in global shipments of household and portable energy storage batteries.