HONG KONG, March 29, 2017 /PRNewswire/ -- Success Dragon International Holdings Limited ("Success Dragon", HKEx stock code: 1182) is pleased to announce a number of major business developments this month, including an approximately HKD 155 million investment in Silicon Valley-based Primus Power Corporation, which develops world leading energy storage technology, and the appointments of Mr. Jiang Dan as Executive Director and Chief Executive Officer and Dr. Jia Limin as Independent Non-executive Director.
Mr. Jiang Dan has extensive experience in investment and M&A from his previous roles in the Chinese Government and at various commercial organizations. Dr. Jia Limin was previously the lead consultant for the "National Key Research Project - Advanced Rail Transit Special Project", a key project under China's 13th Five-Year Plan. Their appointments have not only strengthened the Company's management team, but have broadened its network throughout China. With the necessary talent and technology resources, Success Dragon is well positioned to enter the energy storage market in China.
China's emerging energy storage industry is still very much in its infancy, but has been increasingly prioritized by the Chinese government and the support provided from the state has been strengthening constantly. As a sign of its commitment, in 2016, China placed the promotion and application of energy storage at the heart of its 13th Five-Year Plan for electric power, renewable energy and energy development, which also clearly advocated the application and marketing of large capacity energy storage technology and distributed energy storage technology. In addition, various other major government initiatives, including "The Innovation in the Energy Technology Revolution (2016-2030) Action Plan", "Guidelines for the National Strategy of Innovation-Driven Development" and the "Made in China 2025 -- Action Plan for Energy Equipment", have also put energy storage high on the agenda.
In March, the National Energy Board published its "Guidance on the Promotion of Energy Storage Technology and Industry Development (Consultation Paper)" to promote the construction of energy storage power plants and facilitate the integration of different power sources and energy storage facilities. According to the Consultation Paper, China is testing various energy storage technologies applied in different contexts as part of a number of pilot projects. The pilot projects will create a set of key energy storage technologies and core equipment that meet international standards, and will explore viable commercial models as well as nurturing a group of competitive market players enabling energy storage to enter mainstream market in China. In addition, it also plans to promote the widespread use of energy storage projects and facilitate the development of a more comprehensive energy storage industry system during the 14th Five-Year Plan period, in a bid to make energy storage a new driver for economic growth. By bringing key energy storage technologies and core equipment in line with international standards, the National Energy Board aims to assist the scalable development of the energy storage industry and demonstrate the role of energy storage to play in promoting an energy revolution and the Internet of Energy in China.
Ms. Li Xuehua, Chairman of Success Dragon, said, "With the introduction of several notable energy storage initiatives in China, Success Dragon is fully confident that now is the right time to enter the Chinese energy storage market. With our investment in U.S.-based Primus Power, we hope to support the introduction of Primus Power's newly launched EnergyPod®2 flow batteries and energy storage systems into the Chinese market and increase their market penetration. EnergyPod®2 is a scalable electrical energy storage system which consists of a modular battery system combining unique zinc bromide chemistry with patented innovations to deliver optimum performance and multi-decade lifespan at a low cost. We are confident that Primus Power's flow batteries and energy storage systems will become one of the most competitive products in China's energy storage market."
Ms. Li Xuehua, continued, "We are pleased that Success Dragon's new management team is now in place, including our new Chief Executive Officer, Mr. Jiang Dan, who previously worked for the Chinese government and has an abundance of experience both in overseas investment banking firms and financial institutions, as well as our new Independent Non-executive Director, Dr. Jia Limin, who has strong technical expertise and an engineering background. We believe their appointments will provide Success Dragon with a valuable network and strategic advice for our future business development. With Mr. Jiang and Dr. Jia on board, the Company will be able to seize the opportunities that will arise from China's renewable energy and energy storage market, giving Success Dragon pioneer advantage to emerge as a key player within the industry."
About Success Dragon International Holdings Limited
Success Dragon International Holdings Limited ("Success Dragon", HKEx stock code: 1182) is a provider of information technology and outsourced business process management services for an array of companies across different sectors. Success Dragon currently operates in Macau and Vietnam, and is actively exploring opportunities to expand into the renewable energy business in China. Success Dragon also operates its traditional long-standing Kingbox packaging business, serving a number of top brands in Hong Kong, Europe, USA and Asian countries.