China’s Xiamen Hithium Energy Storage Technology to invest in Hai Duong

Tran Duc Thang, a Central Committee Member of the Party and Secretary of the Hai Duong Party Committee, held a meeting and working session during the week of May 22 with the leadership of Xiamen Hithium Energy Storage Technology.

According to Bloomberg, Xiamen Hithium Energy Storage Technology Co., Ltd., established in 2019, manufactures and distributes energy equipment. The business produces square batteries, cylindrical batteries, energy storage cabinets, battery modules, battery clusters, containerised energy storage systems, and other products. Xiamen Hithium Energy Storage Technology also operates import and export businesses.

The company's headquarters are located in Haicang, China, with additional offices and manufacturing facilities in the United States, Germany, India, Australia, and Singapore.

The company has emerged as the leader in China's energy storage market in terms of the number of projects and has achieved a remarkable growth rate, with an astounding increase in orders of over 4,000 per cent in 2022. Its net revenue soared to approximately $520 million in the same year, and it is projected to reach about $2.2 billion in 2023.

During the meeting, director of investment and development Will Shangguang and his delegation explored the potential advantages of Hai Duong, focusing on its geographical location, transportation infrastructure, industrial zones, and skilled workforce.

Thang underscored the province's pressing need to attract investments in high-tech, innovative, and supporting industries. He also reaffirmed the province's unwavering commitment to welcoming both domestic and foreign investors, particularly those from China.

“In this regard, the local government has pledged to provide the best possible conditions for businesses to invest and operate while adhering to all relevant regulations throughout the entire process, including financial obligations, labour policies, and other legal requirements,” he said.

This meeting signifies the province's proactive stance towards attracting high-tech and innovative investments, thereby underscoring its commitment to fostering a conducive business environment and nurturing economic growth in Hai Duong.

MyStorage, the first professional mini storage company in Ho Chi Minh City, is looking to expand its offerings amidst rising competition.

Hai Duong People’s Committee has committed to removing the barriers for foreign-invested enterprises to create a more open and favourable investment environment that will entice investors to expand their operations.