Promoting the green and low-carbon transformation of economic and social development is a key aspect of achieving high-quality growth and the fundamental strategy for addressing China's resource and environmental challenges. In active response to the Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Comprehensive Green Transformation of Economic and Social Development, and to accelerate the pace of comprehensive green transformation, on August 14, 2024, a grand signing ceremony was held for the 60.2MW/120.4MWh energy storage project between Jingmen GEM Co., Ltd. (hereinafter referred to as "GEM"), a subsidiary of GEM Co., Ltd., and Hubei EVE Digital Energy Technology Co., Ltd. (hereinafter referred to as "EVE"), a subsidiary of EVE Energy Co., Ltd.. The event was attended and witnessed by Hu Yabo, Secretary of the Jingmen Municipal Party Committee; Chen Jiawei, Deputy Secretary of the Municipal Party Committee and Mayor; Liu Kexiong, Member of the Standing Committee and Secretary-General of the Municipal Party Committee; Zhou Junjie, Deputy Mayor; Dr. Liu Jincheng, Chairman of EVE; and Prof. Xu Kaihua, Board Chairman of GEM.

This energy storage project is an important initiative by GEM to actively respond to the national call for green transformation and high-quality development. It also signifies that EVE has officially embarked on expanding into energy storage battery application fields. Once completed, the project will become the largest commercial and industrial energy storage project in Hubei Province.

Chairman Xu Kaihua used the key terms "riding the wave," "building the chain," and "working together" to draw the promising vision of collaborating with EVE to build the energy storage project, with the support of the Jingmen Municipal Party Committee and Government. First is "riding the wave." Chairman Xu Kaihua stated that the collaboration between GEM and EVE on the energy storage project is a proactive response to the Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Comprehensive Green Transformation of Economic and Social Development. This partnership is a vivid demonstration of embracing the green wave, serving as a model for enterprises to take initiative in reducing costs through inherent motivation and leading the green development. Second is "building the chain." The energy storage market in Jingmen holds vast potential, and the collaboration between GEM and EVE on the energy storage project is a proactive response to the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China. By adopting innovative reforms and starting from within the company, this project aims to establish a model for building the energy storage industry chain. It will contribute to the efforts in writing a new chapter in the practice of Chinese modernization in Jingmen, Hubei. Third is "working together." In the face of intense global competition in the new energy industry, GEM, under the strong industrial leadership of the Jingmen Municipal Party Committee and Municipal Government, will join forces with leading companies like EVE in Jingmen to weather the storm and expand international markets. This collaboration aims to strengthen global core competitiveness, infuse the partnership between EVE and GEM with powerful energy, drive Jingmen’s green transformation, and propel the world forward with renewed strength!

In his speech, Chairman Liu Jincheng expressed that Jingmen is a fertile ground for new energy development. EVE's partnership with GEM is driven by a deep love for this land, a passion for the development of their hometown, and a strong commitment to green energy transformation. The energy storage project will help enhance grid efficiency and reduce electricity costs, making it an effective leverage point for energy saving and consumption reduction. EVE will continue to inject vitality into the region's sustainable economic development through relentless efforts and continuous innovation.

Mayor Chen Jiawei, on behalf of the Jingmen Municipal Party Committee and the city government, extended his congratulations to GEM and EVE on their energy storage project. He noted that GEM and EVE are the two most powerful 10-billion-yuan enterprises in the field of new energy in Jingmen. They are outstanding representatives of Jingmen enterprises and global industry leaders. The strong partnership between these two companies is of significant importance for promoting the high-quality development of the Jingmen new energy industry cluster and industry chain, as well as for driving the city and industry towards concentrated and high-quality growth. As the largest commercial and industrial energy storage project in Hubei Province, this project is set to play a leading role and become a benchmark in the commercial and industrial energy storage sector both in Hubei and nationwide. The Jingmen Municipal Party Committee and city government will provide unwavering support and meticulous services to safeguard the development of enterprises, ensuring the project is completed, operational, and effective as soon as possible. This will further empower GEM to build a world-class enterprise and support EVE in achieving its goal of becoming a hundred-billion-yuan company.

GEM is a world-leading waste recycling industrial group, a core supplier in the global new energy sector, and a leading enterprise in China's circular economy. EVE is a top global lithium battery company, with its energy storage cell shipments ranking second globally. The 60 GWh super factory currently under construction is the largest, most cost-efficient, energy-optimized, and digitally advanced energy storage battery factory in the world. In recent years, GEM and EVE have joined forces to collaborate extensively on the entire lifecycle value chain of new energy power batteries. Building on this foundation, their partnership on the energy storage project represents a deepened "marriage" of the two companies.

The project is located in the GEM (Jingmen) New Energy Materials Circular Economy Low-Carbon Industrial Park and will use lithium iron phosphate batteries produced at EVE’s Jingmen factory. With an installed capacity of 60.2 MW/120.4 MWh, the project is scheduled to be officially operational in the second half of 2024. The project will provide functions such as power peak shaving and valley filling, demand side engergy response and management. It aims to effectively address the high electricity costs for commercial and industrial users in Jingmen by storing electricity during off-peak periods and releasing it during peak times, thereby reducing electricity costs and enhancing cost-efficiency for companies. It is expected that the energy storage station will generate over 10 million yuan in electricity revenue in its first year.

At the event, Wang Qiang, Vice General Manager of GEM, and Liu Yiqing, Vice President of Wuhan EVE Energy Storage Co., Ltd. and General Manager of Hubei EVE Digital Energy Technology Co., Ltd., respectively signed the energy storage project agreement on behalf of GEM and EVE.

Zhou Hongyan, President of Hubei EVE Power Co., Ltd., Zheng Lin, General Manager and Party Secretary of State Grid Jingmen Power Supply Company, and Lu Xijin, Chairman of the Supervisory Board of GEM, attended the signing ceremony.

GEM and EVE signed a cooperation agreement on energy storage project

Professor Xu Kaihua, Board Chairman of GEM, delivered a speech

Dr. Liu Jincheng, Chairman of EVE, delivered a speech

Mayor Chen Jiawei delivered a speech

Signing ceremony for the 60.2MW/120.4MWh energy storage project between GEM and EVE