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In the news release, "SolaX Power Announces 1.498 Billion USD Investment in Energy Storage and Smart Energy Facility", issued on (Oct. 2nd, 2024) by SolaX Power over PR Newswire, we are advised by the company that the published investment amount needs to be revised. Complete, corrected release follows:
HANGZHOU, China, Oct. 2, 2024 /PRNewswire/ -- SolaX Power, a global leader in energy storage solutions, has unveiled a 149.8 million USD investment to establish a cutting-edge research and manufacturing facility in Zhejiang Province. This project will focus on utility energy storage and integrated smart energy systems, reinforcing SolaX's commitment to advancing the global transition to cleaner energy.
As renewable energy expands, energy storage has become essential for a resilient and sustainable power grid. SolaX's facility aims to meet rising demand for efficient storage solutions that support both commercial and utility sectors. The ability to store and deploy energy when needed is more crucial than ever with increased reliance on solar and wind power.
By expanding its production capacity, SolaX is positioning itself as a leader in energy storage innovation. Its solutions will enhance grid stability and energy independence, key components in achieving global decarbonisation goals.
Of the 149.8 million USD investment, 107.8 million USD will go towards fixed assets, including R&D labs, testing centres, and high-tech manufacturing lines. These facilities will accelerate SolaX's innovation pipeline, bringing new technologies to market faster while improving efficiency and scalability.
This expansion signifies more than just increased production—it represents SolaX's dedication to pushing technological boundaries and delivering industry-leading products.
In addition to storage, SolaX's new facility will focus on smart energy systems integrating solar power, storage, heating, and EV charging. Leveraging AI, IoT, and big data, SolaX aims to create systems that optimize energy usage in real-time, making energy management flexible and user-friendly.
These systems will play a key role in the future of decentralized energy management, empowering users to take control of their energy and reducing reliance on traditional grids.
Empowering a Greener, Smarter Future
At the core of this investment is SolaX Power's mission: to make energy smarter, greener, more affordable, and user-friendly. This new facility marks a significant milestone in SolaX's efforts to create next-generation energy solutions, setting the stage for a cleaner and more sustainable future. As the world moves towards carbon neutrality, SolaX will continue to lead the way in renewable energy and smart energy solutions, empowering consumers and businesses alike to embrace a more sustainable future.
