(Yicai) July 22 -- Shares of Great Power Energy rose after the leading Chinese supplier of energy storage batteries said it plans to build two lithium battery factories, including one for advanced semi-solid state lithium batteries.

After surging by as much as 6.7 percent in the morning trading session, shares of Great Power Energy [SHE: 300438] jumped 3 percent to CNY19.30 (USD2.65) apiece as of 1.20 p.m. in Shenzhen today.

Great Power Energy plans to construct a 10 gigawatt-hours energy storage cell and system integration plant in China's northern Ulanqab and a 1 GWh semi-solid-state battery factory, the Guangzhou-based company announced late yesterday.

The fixed asset investment for the energy storage project is around CNY1.8 billion (USD247 million) and that for the semi-solid state battery project is about CNY500 million (USD68.74 million), Great Power Energy noted. The former is scheduled to start construction this year and go live in October next year, while the latter is planned to begin building next May and become operational in July 2026, it added.

Semi-solid-state batteries are a new type of product characterized by a lower proportion of liquid electrolytes. Due to their high energy density, excellent stability, and superior safety, they are mainly used in drones and new energy vehicles.‌‌‌‌

Great Power Energy was one of the first Chinese companies to enter the energy storage battery business. Its products are mainly used in power plants, power grids, and by other industrial clients, such as carmakers.

Great Power Energy ranks among the top three firms in China by energy storage battery shipments, according to its website.

Editor: Martin Kadiev