On September 24, 2020, Sunwoda Electronic Co., Ltd. (hereinafter referred to as "Sunwoda") held the second meeting of the fifth board of directors, reviewed and passed the "Proposal on Outward Investment of Holding Subsidiaries" and agreed with Sunwoda Zhejiang Xindong Energy Technology Co., Ltd. (hereinafter referred to as “Zhejiang Xindong”) and Zhejiang Lanxi Economic Development Zone Management Committee (hereinafter referred to as “Lanxi Economic Development Committee”) invested in the construction of Zhejiang Xindong within the jurisdiction of Lanxi Economic Development Committee for the production base project of Zhejiang Xindong Energy Technology Co., Ltd. (hereinafter referred to as "Xindong Energy Project" or "Project"), the two parties intend to sign the "Project Investment Agreement" with a total planned investment of approximately 2 billion yuan.
The content of the agreement is that this project is the production base of Zhejiang Xindong Energy Technology Co., LTD., the main products of which are intelligent travel battery, small power battery, small energy storage battery and corresponding battery system, etc. The total planned investment of the project is 2 billion yuan, of which 300 million yuan will be invested in the first phase, which will invest in the construction of about 50,000 batteries per day production lines and related supporting facilities; the second phase is planned to invest 1.7 billion yuan and the project will increase About 200,000 batteries per day production line and related supporting facilities; After the project is completed, the annual sales volume can reach 3.5 billion yuan.
Zhejiang Xindong's outward investment is in line with the strategic needs of Sunwoda, which is conducive to improving the comprehensive competitive strength of Sunwoda and plays an important role in the future development of Sunwoda.
