On June 5, SMS Electric announced that it signed a 'Strategic Cooperation Framework Agreement' with Power China East China Survey, Design and Research Institute Co., Ltd. on June 2, 2023, which aims to strengthen cooperation between the two sides in the fields of new energy and energy storage, promote the development of various businesses of the two sides, and achieve equality and mutual benefit, resource sharing, complementary advantages and win-win development.

The two sides agreed to open all-round cooperation in the field of energy storage, regard each other as priority strategic partners, improve the convenience of cooperation between the two sides, and give full play to each other's advantages in brand, capital, resources, technology, products and other aspects. In terms of energy storage project acquisition, we will actively explore innovative cooperative development models that are in line with the industrial development and interests of both sides. For the projects jointly developed by the two parties, the two parties as the sole partners, complementary resources, joint development of the market. Taking advantage of the advantages of East China Institute in the field of engineering general contracting, both parties will be preferred partners for energy storage EPC general contracting projects and energy storage equipment. Using the advantages and technical precipitation of SMS Electric team and Shenzhen SMS Energy storage team in new power system research, energy measurement, energy management system, heat exchange, battery management, etc., to jointly acquire the project.

SMS Electric said that the two sides reached a strategic cooperation intention is based on the respective advantages and development needs of both sides to meet the company's strategic development needs, but also will further accelerate the company's layout in the energy storage industry.