Shanghai (ZXZC)- On June 25th, Paragonage, a Chinese supplier of sodium ion battery solutions, signed an agreement to settle its sodium ion battery R&D headquarters and manufacturing project in Xishan Economic and Technological Development Zone, Wuxi City, Jiangsu Province, according to a post on the company's WeChat account.

Photo credit: Paragonage

With a total investment of 2.62 billion yuan and a planned land area of 200 mu (around 133,333 square meters), the project will establish a sodium-ion battery R&D center, a flexible sodium-ion battery pilot production line with an annual capacity of 0.1GWh, and a 5 GWh mass production line. After the project is completed and put into operation, it is expected to achieve an annual output value of over 3 billion yuan and generate annual tax revenue of more than 250 million yuan.

Meanwhile, Paragonage also formed industrial development cooperation with Wuxi Public Utilities Industrial Group Co., Ltd. and Xishan Economic and Technological Development Zone, aiming to seize the "high ground" of sodium-ion battery industry development and accumulate new driving forces for consolidating and developing an electric vehicle industry cluster in Xishan.

Photo credit: Paragonage

Established in 2022 and based in Shenzhen city, Paragonage is a high-tech enterprise focusing on the R&D, production, and sales of sodium-ion battery cells and modules. The company has already developed a rich product matrix, designing and developing a series of products for different application directions, which can be applied in such fields as small power, energy storage, and backup power.

During an interview, Hu Mingxiang, the Chairman of Paragonage, stated that the company will continue to explore in the field of battery cells and solutions. In terms of battery cells, the company initially focused on the field of electric two-wheelers, aiming to reduce costs and increase efficiency by developing lower-cost sodium-ion batteries. It will also delve into the characteristics of rate performance and low-temperature performance, and make efforts in the backup power scenario. In the later stage, leveraging the cost advantages of sodium-ion batteries and abundant resources, it will gradually expand into the field of energy storage.