Another Lithium Battery Company Successfully Listed In The United States

News shows that on November 22, Eilong Energy(Elong Power) and the United States special purpose Acquisition company (SPAC) TMT Acquisition Corp completed the merger transaction and was officially listed on the Nasdaq (" De-SPAC merger listing "), the stock code is "ELPW".

Equity dialysis shows that the operating entity of Yilong energy is Yipeng Energy. Established in 2018, Ganzhou Yipeng Energy is the fourth-level subsidiary of listed entity Yilong Energy. Its parent company is Huizhou Yipeng Energy, established in 2014 (together with Ganzhou Yipeng Energy, "Yipeng Energy"). Huizhou Yipeng Energy's parent company is Yilong Energy (Ganzhou) Co., LTD., which was established in 2023.

As early as December 1, 2023, Yi Peng Energy signed a merger agreement with TMTC to list on the NASDAQ in the United States through the backdoor SPAC.

Before the merger, it was valued at $450 million. In June 2024, Yilong Energy completed its filing with the China Securities Regulatory Commission.

Data show that Yilong Energy was founded in 2014, headquartered in Ganzhou, Jiangxi Province, has two production plants in Ganzhou, Jiangxi and Zibo, Shandong province, of which the Ganzhou plant has a total construction area of about 92,000 square meters, with 2 high-power fast charging power battery production lines and 2 PACK production lines. Provide high power fast charge battery products and services for commercial vehicles, construction machinery, mining machinery, etc. With a total construction area of about 15,000 square meters, Zibo Factory has 2 energy storage battery system production lines, providing products and services for large-scale energy storage and industrial and commercial energy storage.

In terms of performance, in 2022 and 2023, Eilong Energy had a net loss of $9.8 million and $7.4 million, respectively.

In terms of production capacity, official data show that Yilong Energy has two production plants in Ganzhou, Jiangxi Province and Zibo, Shandong Province, of which the Ganzhou plant has a total construction area of about 92,000 square meters, with 2 high-power fast-charging power battery production lines and 2 PACK production lines, providing high-power fast-charging power battery products and services for commercial vehicles, construction machinery, mining machinery, etc. With a total construction area of about 15,000 square meters, Zibo Factory has 2 energy storage battery system production lines, providing products and services for large-scale energy storage and industrial and commercial energy storage.

In addition, Eilong Energy is also actively preparing for a Southeast Asian base and a North American marketing center.

Eilong Energy has also secured several large orders this year. On May 18, a wholly-owned subsidiary signed a supply contract for an energy storage system with a total amount of nearly 500 million yuan to provide a 600MWh shared lithium battery energy storage system project for Shandong Province, which is expected to be delivered by the end of 2024. This is also the first large order obtained by Yilong Energy since entering the large storage market.

On June 12, the wholly-owned subsidiary signed a supply contract for the energy storage system with a total amount of about 80 million yuan to design and produce lithium iron phosphate battery packs for Beijing Mobile unmanned intelligent charging vehicles, which are expected to be delivered by the end of 2024.