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Jinlongyu Group announced plans to invest CNY1.2 billion (USD170 million) to build a solid-state battery factory in Shenzhen's Dapeng New District with an annual capacity of 2 GWh. Construction will take about two years.

The company previously secured an order for 100,000 battery units from a drone manufacturer. Jinlongyu has been expanding into solid-state batteries since 2021 and made another CNY1.2 billion investment for a materials production base in Huizhou in April 2022. The firm showcased its solid-state battery products at the China International Battery Fair, applicable for drones, electric vehicles, and energy storage systems.