Gold bars to be exempt from tariffs, White House clarifies
BEIJING - Elong Power Holding Limited (NASDAQ:ELPW), a company with a market capitalization of $121.61 million, has entered into a strategic cooperation agreement with Indonesia’s Consumer Protection Agency (BPKN) to address electricity access issues and promote new energy development in the country, according to a press release statement. The company’s stock has shown remarkable momentum, surging over 122% in the past week.According to InvestingPro data, ELPW has demonstrated significant price volatility, with 8 additional key insights available to subscribers.
Under the non-binding agreement, BPKN plans to coordinate with relevant national agencies to invest no less than $1 billion in building integrated solar-plus-storage off-grid power systems for residents of Indonesia’s islands and rural areas. Elong Power would provide comprehensive solutions for these projects.
The agreement also outlines that BPKN will formulate policies supporting large-scale application of lithium battery energy storage systems for green energy consumption and the electrification of Indonesia’s mining industry. Elong Power would provide technical support and product solutions.
Additionally, the Nasdaq-listed company will assist BPKN in attracting Chinese new energy companies to invest in Indonesia to accelerate the industrialization of the country’s new energy sector.
Elong Power, led by Chairwoman and CEO Xiaodan Liu, specializes in high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity batteries for energy storage systems.
The company noted that the strategic cooperation represents a milestone in its global expansion strategy but cautioned that there is no assurance the agreement will result in binding purchase orders. With an overall Financial Health score rated as FAIR by InvestingPro, investors should carefully monitor the company’s execution of this strategic initiative.
Elong Power’s product portfolio includes lithium manganese oxide and lithium iron phosphate batteries designed for high-power applications and energy storage in various scenarios. While the stock has seen a 59.91% price return over the past six months, InvestingPro subscribers can access detailed financial analysis and additional metrics to make informed investment decisions.
In other recent news, Elong Power Holding Ltd announced a strategic cooperation agreement with Indonesia’s Consumer Protection Agency. The agreement involves a substantial investment of no less than $1 billion to develop integrated solar-plus-storage off-grid power systems in Indonesia’s islands and rural areas. Elong Power will provide comprehensive solutions, including technical support and product solutions for these projects. This initiative also aims to support the large-scale application of lithium battery energy storage systems and the electrification of Indonesia’s mining industry. Elong Power’s role includes assisting in attracting advanced Chinese new energy companies to invest in Indonesia, potentially boosting the country’s new energy sector. While this agreement is a significant milestone in Elong Power’s global expansion, the company noted it does not constitute a binding commitment for the purchase of products or services. There is no assurance that the strategic cooperation will lead to binding purchase orders.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.