On January 12, 2024, the government of Shandong Province issued the Notice on Releasing the List of Major Provincial Projects for 2024. Leawat Power's 25GWh Large Cylindrical Energy Storage Battery Project was included in the List of Major Provincial Projects for 2024.

Leawat Power's 25GWh Large Cylindrical Energy Storage Battery Project focuses on the new energy battery industry. Upon project completion, the Company will gradually develop a production capacity of 25GWh per year for large cylindrical lithium iron phosphate battery cells, featuring world-leading R&D and manufacturing technology capabilities for large cylindrical batteries, and possessing more than 1,000 proprietary technology patents. In addition, we will introduce leading domestic upstream and downstream enterprises specializing in key components such as diaphragms, copper foil and aluminum shells to achieve the production ecosystem that integrates the largest scale, the shortest supply chain radius, and optimal cost for cells in Yantai, driving breakthrough development of Yantai's energy storage battery industry.