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Investing.com -- Elong Power Holding Ltd (NASDAQ:ELPW) stock surged 8% after the company announced a strategic cooperation agreement with Indonesia’s Consumer Protection Agency to address electricity access issues in the Southeast Asian nation.
The agreement outlines plans for the Indonesian agency to coordinate with national authorities 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, which operates in the high-power battery and energy storage system sectors, would provide comprehensive solutions for these projects.
Under the terms of the agreement, the Indonesian agency (BPKN) will also develop 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 will provide technical support and product solutions for these initiatives.
Additionally, the company will assist BPKN in attracting advanced Chinese new energy companies to invest in Indonesia, potentially accelerating the industrialization of the country’s new energy sector.
The company noted that while the agreement represents a significant milestone in its global expansion strategy, it does not constitute a binding commitment for the purchase of products or services. Elong Power cautioned that there can be no assurance the strategic cooperation will result in binding purchase orders.
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