According to Reuters article published on January 31, 2023, China's Shenghong Holdings Group signed a contract on Tuesday to invest 30.6 billion yuan ($4.5 billion) in an energy storage battery gigafactory and a new energy battery research facility in the eastern city of Zhangjiagang.
The Suzhou city government announced the pact on its official social media account, adding that the completed project was expected to generate 56 billion yuan in annual revenue.
($1=6.7536 Chinese yuan renminbi)
