The signing ceremony for the phase 2 project strategic cooperation between Zhongshan's Dachong and Beijing Honghui Energy (HHE) was held on October 30.

HHE will invest 600 million yuan to build a flywheel energy storage and power electronics manufacturing base in Dachong. The project will serve as the South China headquarters of HHE, with an estimated annual output value of 1 billion yuan.

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.

In February of this year, HHE's phase 1 project had opened in Dachong, and the company established a wholly-owned subsidiary called Ruilai Huakong Technology, which focuses on the R&D, production and sales of high-power power electronic conversion equipment for flywheel energy storage.

The phase 1 project has started operation and is currently tapping into the South China market.