A key project promotional event was held in Tai'an, Shandong province on March 29, and 10 projects involved in the new energy industrial chain inked agreements.

The projects cover electrochemical energy storage, salt cavern energy storage, lithium cathode materials, as well as photovoltaic power generation and equipment manufacturing, which feature high levels science and technology, good prospects for development, and positive economic and social benefits.

Among the 10 projects, two received a combined total investment of $136 million from foreign investors, and the other eight projects received a combined total investment of 21.78 billion yuan ($3.16 billion).

One of the projects, a compressed air energy storage project, which PowerChina Renewable Energy Co invested in, is expected to bring in 600 million yuan in annual sales after the project reaches its target output to help boost Tai'an's development to become a city with 10 million kilowatts of energy storage.