Jiangsu Gaoke Petrochemical invests heavily in energy storage

Jiangsu Gaoke Petrochemical (SZSE:002778) announced a significant strategic move into the energy storage sector, approved at the 18th meeting of its ninth board of directors. The company will increase the capital of its wholly-owned subsidiary, Jiangsu ZhongSheng Haoteng Energy Technology, by CNY 30 million. Subsequently, Haoteng Energy will inject CNY 30 million of that capital into its own wholly-owned subsidiary, Wuxi PuRui Energy Technology. Finally, Wuxi PuRui Energy Technology will inject CNY 30 million into its wholly-owned subsidiary, Xingjian PuRui (Yixing) Energy Technology, to be the operating entity for the "Yixing XinJian Town 60MW/120MWh Energy Storage Station Project." The project has a total estimated investment of CNY 134.68 million, with the capital injections used as initial funds and the balance to be financed through bank loans.