EVE Energy and GEM Sign 120.4MWh Energy Storage Project

Yiwei Lithium Energy Co., Ltd. and GEM New Materials Co., Ltd. signed a cooperation agreement on August 14. The two parties will jointly build an industrial and commercial energy storage project located in GEM Jingmen New Energy Circular Economy Low-carbon Park. The project will use lithium iron phosphate batteries produced by Yiwei Lithium Energy Jingmen Factory, with an installed capacity of 60.2MW/120.4MWh, and is scheduled to start operation in the second half of 2024. Once completed, this will be the largest industrial and commercial energy storage project in Hubei Province. Liu Jincheng, chairman of Yiwei Lithium Energy, said that the project will reduce electricity costs by storing electricity when electricity demand is low and releasing it during peak periods. It is expected to save more than 10 million yuan in peak and valley electricity charges for the GEM plant in the first year.