TMT Acquisition Corp Merger Partner, eLong Power Holding Limited, Received RMB480 Million (Approximately US$66 Million) Purchase Order for 600MWh Lithium Battery Energy Storage System

Company Overview - eLong Power Holding Limited specializes in high-power lithium-ion batteries for electric vehicles and energy storage systems, with a focus on research, development, manufacturing, and sales [10][11] - The company has developed a comprehensive product and technology system, including battery cells, modules, and battery management systems, aimed at high-power applications and long-cycle energy storage [11][19] Business Combination - TMT Acquisition Corp (TMTC) and eLong Power have entered into a definitive business combination agreement, expected to close in the second half of 2024, which will allow eLong Power to become a publicly traded company [4][5] - The merger is anticipated to provide eLong Power with access to U.S. public equity markets, facilitating business expansion and growth opportunities [5] Recent Developments - eLong Power has signed a supply contract for energy storage systems valued at RMB480 million (approximately US$66 million), marking a significant milestone in its large-scale energy storage market entry [1][19] - The contract involves a 600MWh lithium battery storage system for a municipal project in Shandong province, with delivery expected by October 31, 2024 [1] Market Trends - The electrochemical energy storage market, primarily driven by lithium-ion batteries, has seen its market share grow from less than 1% in 2017 to approximately 20% in 2022, with a projected compound annual growth rate (CAGR) of 56.7% from 2022 to 2027 [2] - The global commercial electric vehicle (EV) market is expected to grow from US$11.3 billion in 2023 to approximately US$54.3 billion in 2030, representing a CAGR of 29.9% [2] Leadership Comments - eLong Power's CEO, Xiaodan Liu, expressed optimism about the company's growth trajectory in 2024, highlighting several new orders expected to be signed soon [3] - TMTC's Chairman and CEO, DJ Guo, emphasized the significance of the purchase order secured by eLong Power as a validation of the merger's potential to deliver long-term shareholder value [3]