(Yicai Global) April 6 -- Great Power Energy, a leading Chinese suppler of energy storage batteries, said it will invest CNY7.3 billion (USD1.1 billion) to increase production capacity.

Great Power Energy will spend CNY7 billion to build a new energy storage battery production plant with an annual capacity of 21 gigawatt-hours in Quzhou, Zhejiang province, and CNY300 million (USD43.6 million) to add an energy-efficient energy storage lithium-ion battery production line at its existing facility in Zhumadian, Henan province, it said on April 4.

Construction work on the Quzhou plant will start by the end of June and it be ready by the end of December 2026, Guangzhou-based Great Power Energy added, noting that the building period for the expansion project at Zhumadian is expected to take no more than 12 months.

Great Power Energy was one of the first companies in China to enter the energy storage battery business. Its products are used in power plants, power grids, and by other industrial and commercial clients. Moreover, the firm’s products include communication base station backup power supply and household and portable energy storage equipment.

Great Power Energy’s energy storage battery shipments rank among the top three in China, according to its website.

Shares of Great Power Energy [SHE: 300438]rose 0.9 percent to finish at CNY55.04 (USD8) today. Chinese mainland stock exchanges were closed yesterday for the Qingming Festival.

Editor: Futura Costaglione