Energy storage project and factory cooperation

The energy storage Megafactory is the first of its kind built by Tesla outside the US and the company's second plant in Shanghai. Mass production at the factory commenced just eight months after construction began, serving as a new example of "Tesla speed" in China, Tesla said in a press release sent to the Global Times on Tuesday.

To beef up international cooperation in the new-type energy storage sector, China will work to incorporate collaboration in the field into international cooperation mechanisms and frameworks such as the Belt and Road Initiative and BRICS and promote mutually beneficial cooperation on industrial and supply chains.

BEIJING, Feb. 17 -- Chinese authorities unveiled several measures on Monday to promote the new-type energy storage manufacturing sector, as part of efforts to accelerate the development of emerging industries and the country's modern industrial system.

According to an action plan jointly issued by the Ministry of Industry and Information Technology and seven other government organs, the new-type energy storage manufacturing industry refers to the sector that produces energy storage, information processing, safety control, and other products related to new energy storage methods.

According to Chen Haisheng, chairman of the China Energy Storage Alliance, the targeted output of new-type energy storage, such as electrochemical energy storage and hydrogen storage, will top over 3 trillion yuan by the end of 2025.

Covering about 200,000 square meters, the new energy storage project involved a total investment of 1.45 billion yuan ($200 million). Up to 10,000 Megapack storage units are scheduled to be produced there annually.