The opening ceremony of Beijing Honghui Energy Development Co Ltd's (HHE) production base was held in Zhongshan's Dachong Town on August 29.

Early this year, Zhongshan Venture Capital, a company under Zhongshan Investment Holdings, completed its first round of investment in HHE. According to the agreement, HHE will construct a power electronics production base for flywheel energy storage equipment in Dachong.

HHE is a leading enterprise in China's flywheel energy storage industry. It brings together cutting-edge top technical talent from the fields of aerospace, power electronics, automatic control and energy to develop high-power maglev flywheel energy storage technology with complete independent intellectual property rights.

Located in Dachong, Guangdong Ruilai Huakong Technology is a wholly-owned subsidiary of HHE. It focuses on the development, production, and sales of high-power power electronic conversion equipment, magnetic bearing control equipment, energy management, control and auxiliary equipment for energy storage systems, and etc.

"The base will engage in the integrated business of product development, production, testing and marketing, aiming to achieve an output value of 100 million yuan within this year," said Li Shusheng, executive director of Ruilai Huakong and CTO and research institute director of HHE.