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Largest manufacturing plant in Wenzhou city launched

ALMS|Updated: April 26, 2021

Wenzhou municipal government officials and top executives of the Wenzhou-headquartered industrial conglomerate Tsingshan Holding Group attended a signing ceremony at the Wenzhou Great Hall of the People on April 23 to launch the construction of the Ruipu new energy industrial base in the city's Longwan district.

The new plant, which has an investment over 30 billion yuan ($4.63 billion), is expected to generate around 100 billion yuan in annual revenue by 2027, which means that it will become the city's largest factory measured by output.

It will adopt state-of-art technologies to mass produce high-end lithium-ion batteries for both power and energy storage purposes, which offers promising market prospects, as well as a big boost to the local economy.

The investor, Tsingshan Holding Group, is the first Wenzhou-based company that has entered the Fortune Global 500 list. Tsingshan Holding Group has increased its investment in Wenzhou in response to the government's policy incentives in recent years.

Highly valued by local authorities, the investment project will proceed with dedicated services regularly provided by officials at both the district government and the municipal government level.

The chairman of Tsingshan Holding Group Xiang Guangda told local reporters that the new project has outweighed all the other investments he had made during his 32-year business career in terms of strategic significance. "We will try our best to proceed with the project and live up to the expectations of Wenzhou locals," Xiang added.

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The Longwan district government and Ruipu Energy Co sign a cooperation agreement to construct the Ruipu new energy industrial base in the district on April 23. [Photo/]

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