SolaX Power, a global energy storage solutions provider, has announced an investment of $1.5bn to develop a research and manufacturing facility in Zhejiang Province, China.
This investment is set to bolster the production of utility energy storage and integrated smart energy systems.
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Out of the overall investment, roughly $1.078bn will be directed towards fixed assets, which include research and development laboratories, testing facilities, and advanced manufacturing lines.
These resources are intended to boost the company’s innovation efforts and accelerate the introduction of new technologies to the market.
“This expansion signifies more than just increased production – it represents SolaX’s dedication to pushing technological boundaries and delivering industry-leading products,” the company said in its statement.
SolaX’s expansion is set to strengthen its role in energy storage, improving grid stability and supporting energy independence, both of which are important for global decarbonisation efforts.
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By GlobalDataThe investment also extends to the development of smart energy systems that integrate solar power, storage, heating, and electric vehicle (EV) charging.
By harnessing AI, Internet of Things, and big data, the company aims to create systems that can optimise energy consumption in real-time, offering flexible and user-friendly energy management solutions.
Central to SolaX Power’s $1.5bn investment is its goal to create smarter, greener, more affordable, and user-friendly energy solutions.
The launch of this new facility marks a major milestone in SolaX’s efforts to provide next-generation energy solutions, paving the way for a cleaner and more sustainable future.
