Elong Power Signs Strategic Cooperation Agreement with Consumer Protection Agency of the Republic of Indonesia

Elong Power Holding Limited, a company engaged in both high-power battery and energy storage system sectors, has entered into a strategic cooperation agreement with the Consumer Protection Agency of the Republic of Indonesia (BPKN).

The agreement aims to address electricity access issues in Indonesia and promote the development of the country’s new energy industry. The agreement marks the intent of the parties to cooperate on power systems, but it does not constitute a binding commitment for the purchase of products or services.

As part of the agreement, BPKN will coordinate with relevant national agencies to invest about $1 billion in the construction of integrated solar-plus-storage off-grid power systems for residents of Indonesia's islands and rural areas, with Elong Power to provide comprehensive solutions. BPKN will also formulate policies to support the large-scale application of lithium battery energy storage systems for green energy consumption, as well as the green electrification of Indonesia's mining industry and the electrification of mining equipment, with Elong Power to provide technical support and product solutions.

Elong Power will also assist BPKN in attracting advanced Chinese new energy companies to invest in Indonesia to fasten the industrialization of Indonesia's new energy sector. While the collaboration is projected to catalyze the growth of Indonesia's new energy sector, there is no assurance that the strategic cooperation will result in binding purchase orders for Elong Power.