Shanghai Power Energy Storage Subsidiary Receives 400 Million RMB A Round of Financing

12, the strategic conference and A-round financing signing ceremony of Shanghai Electric Energy Storage Technology Co., Ltd. (Hereinafter referred to as "Shanghai Electric Energy Storage Technology") was successfully held in Shanghai. Jin Xiaolong, member of the Party Committee and vice president of Shanghai Electric, and Zhou Zhiyan, chief financial officer and secretary of the board of directors, attended the event. At the

signing ceremony, Shanghai Electric Energy Storage Technology signed strategic cooperation agreements with Liangshan Prefecture of Sichuan, Chaohu Economic Development Zone of Anhui and Taobei District of Baicheng City of Jilin to deepen the layout of Shanghai Electric Energy Storage Industry. Subsequently, Shanghai Electric Energy Storage Technology signed strategic cooperation agreements with Jiangsu Huadian, China-Guangzhou Nuclear Sichuan and Kaifeng Times to form upstream and downstream synergies in the industrial chain.

In addition, Shanghai Electric Energy Storage Technology has signed capital increase agreements with Huaqiang Capital, Angang Capital, Guojun Venture Capital, Haiyue Capital Management, Cornerstone Capital, Gaoke Xinjun and Shanghai Electric. The A-round capital increase was led by Huaqiang Capital, Guojun Venture Capital and Cornerstone Capital, followed by Anshan Iron and Steel Capital, Haiyue Capital Management and Gaoke Xinjun, which jointly completed the capital injection of 400 million yuan. Shanghai Electric, the controlling shareholder, injected capital synchronously with key intangible assets such as intellectual property rights. Through capital empowerment, we should constantly improve corporate governance mechanism, strengthen talent support, enhance R & D and innovation capabilities, and promote the upgrading of industrial structure. After the

completion of this round of financing, Shanghai Electric Energy Storage Technology will focus on promoting the research and development of new systems, promoting the layout of the industrial chain and the construction of 100 MW projects, deepening industrial cooperation, accelerating industrial upgrading, and effectively realizing capital empowerment.

Shanghai Electric Energy Storage Technology, as a scientific and technological energy storage platform company invested by Shanghai Electric, is an important participant in the strategic layout of Shanghai Electric's "4 + 2 + X" new track, focusing on the independent research and development, manufacture and sales of key materials, stacks and system integration of liquid flow batteries. It is committed to providing customers with safe, economical and environmentally friendly energy storage equipment and life cycle solutions.

After more than ten years of technology precipitation and more than three years of industrialization process, Shanghai Electric Energy Storage Technology has come to the fore in the field of long-term energy storage, and its self-developed and produced kW and MW level liquid flow battery energy storage products can be widely used in new energy generation grid-connected, grid-side energy storage, distributed smart micro-grid and other fields. It has successfully developed 5kW/25kW/32kW series stacks and successfully delivered more than 50 flow battery energy storage projects.