On February 26, 2024, Shandong Province held the 2024 Spring Field Promotion Meeting for Major Provincial High-Quality Development Projects, where Leawat Power's 25GWh Large Cylindrical Energy Storage Battery Project officially commenced as a major provincial project.

With a total investment of RMB 10 billion, Leawat Power's project primarily involves the construction of office buildings, R&D buildings, cell workshops, formation workshops, and module PACK workshops. The project will establish fully automated energy storage battery production lines, focusing on the production of "46mm series" large cylindrical batteries.

The project is divided into four construction phases. Upon reaching full production capacity, it will generate annual sales revenue of RMB 15 billion, and taxes and profits of RMB 2 billion, and create 3,000 jobs. This represents a significant strategic initiative for the Huangbohai New Area in Yantai to capture opportunities in the emerging energy storage sector, accelerate the development of new productive forces, and establish a high-standard new energy storage industrial park.