On April 22, Inner Mongolia's capital city Hohhot and Beijing Energy Holding Co signed a framework agreement for a new long-duration energy storage equipment manufacturing project that will be located in Hohhot.

The total investment for this signed project is 7 billion yuan ($966 million). Beijing Energy Holding Co will invest in constructing a new long-duration energy storage power station in Hohhot and introduce supporting long-duration vanadium liquid flow energy storage battery equipment manufacturing projects.

This initiative aims to promote the scale and industrialization of new energy storage, accelerate the construction of a new power system in the capital city, and contribute to Inner Mongolia's development as a national important energy and strategic resource base.

Before the signing, both parties held discussions and expressed their commitment to advancing the project's early commencement, production, and effectiveness. They also pledged to expand cooperation in information technology, intelligent heating, cultural tourism, and healthcare, all of which will usher in a new chapter of high-quality development for local enterprises.