Elong Power Holding Limited (NASDAQ: ELPW) said a three-year China energy-storage equipment agreement carries a minimum procurement value of RMB2 billion, with its first purchase contract planned for January 2027.
The company said Thursday, Nov. 5, that its wholly owned Elong Power (Beijing) Co., Ltd. signed the arrangement with a domestic grid-side energy-storage developer. Elong did not name the developer. The agreement took effect upon signing and may be renewed if both parties agree in writing before it expires.
The first equipment purchase is expected to be worth at least RMB300 million (about $45 million), with signing scheduled for January 2027, Elong said. Management expects the initial orders to generate equipment sales revenue, though the purchase contract remains a future step.
Elong Beijing will supply complete energy-storage equipment, while the developer will invest in, build and operate the storage stations. The announcement does not specify project locations, capacity, delivery schedules or payment terms, or how the parties will divide other project costs or margins.
The agreement follows a change in Elong’s business. The company sold its battery-manufacturing subsidiary in March 2026 and said it is focusing mainly on energy-storage system integration under an asset-light model. In unaudited results for the six months ended June 30, 2026, Elong reported $2.9 million in revenue, gross profit of $8,994 and a $2.1 million loss from continuing operations. Net income was $20.5 million, including a $22.6 million gain on disposal of subsidiaries.
A separate equipment contract has also faced delays. Elong’s interim filing said its RMB480 million agreement, including tax, with Nengjian Henan Urban Construction Engineering Co. was entered into May 18, 2024, and took effect May 30, 2024. Delivery, initially expected in 2025, was delayed while the customer awaited government approvals. As of June 30, 2026, Elong expected deliveries to begin in May 2027.
The next scheduled step under the new agreement is signing the first purchase contract in January 2027.
