The push to attract new investment to the new energy sector in Rudong county – administered by Nantong in East China's Jiangsu province – recently got a boost.

A project on gravitational energy storage and related equipment manufacturing was recently signed up to settle in the Coastal Economic Development project in Rudong. It will receive total investment of 1 billion yuan ($157 million) from Rudong Jinying New Energy Technology Development Co Ltd.

Ostensibly, the first application of gravitational energy storage technology in China, on completion it is expected to play a leading role in the field of energy storage and also further promote the development of Rudong's new energy sector.

Yan Shengjun, chairman of China Tianying Inc, or CNTY – parent company of Rudong Jinying New Energy Technology Development Co Ltd – thanked the county's government for its help and support at the signing ceremony.

Yan said that CNTY regarded long-term investment in Rudong as an important strategy and it would make full use of its considerable resources to help the region grow into a national model for green energy.

Chen Huiyu, Party secretary of Rudong, noted at the signing ceremony that in recent years the county has focused on constructing a green energy industrial system which integrates resource development, equipment manufacturing and comprehensive utilization.

He added that CNTY's inclusion in the pioneering gravitational energy storage project would give renewed impetus to Rudong's green development at a higher level.