A ceremony marking the entry into production of GCL's 20GWh energy storage system project is held in Zhangjiagang. [Photo/WeChat account: zhangjiagangfabu365]

The 20-gigawatt-hour energy storage system project of Golden Concord Holdings Ltd (GCL) started operating in the Zhangjiagang Economic and Technological Development Zone on Aug 28.

The project focuses on the research, development, and manufacturing of premium energy storage products designed to cater to diverse applications. It is expected to generate output value of 15 billion yuan ($2.06 billion) by 2024.

In his address, Zhu Gongshan, chairman of GCL, expressed hope that the project will inject new vitality into Zhangjiagang's new energy industry and help the city become a new global hub for energy storage.

Han Wei, Party secretary of Zhangjiagang, extended his anticipation for GCL's sustained confidence in and commitment to Zhangjiagang, as well as the group's more promising projects and significant investments. Han also offered assurances that the city government would continue to create a first-class business environment to support the growth of enterprises.