China's Shenghong Holdings to invest $4.5 billion in energy battery factory, research unit

BEIJING – 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)