Narada signed a Purchase Contract with Shanghai Electric Power Design Institute Materials Co. Ltd. for the supply of lithium battery energy storage systems for the company's project in Australia, with a contract value of approximately RMB335 million (including tax).

The project is located in Perth, the capital of Western Australia, Australia. Western Australia has a thriving mining and metals industry, so demand for electricity is growing rapidly, with some shortfalls over the next two years. In addition, Western Australia will have an increased demand for energy storage over the next few years as the country works to drive an energy transition to cleaner and renewable energy sources.

Upon completion of the project, Narada's energy storage system will help local peak shaving and frequency modulation, and ensure the stable operation of the local power grid.

Narada long dedicates to new electric energy storage. It has realized the large-scale application in various scenarios relating to the mains network, grid and users, like integration of power supply, grid, load and energy storage, integration of wind power, solar power (hydro-power and thermal power) and energy storage, separate energy storage for sharing, complementary multiple energy sources, etc.

With the explosion of the global energy storage market, Narada's energy storage business has seen rapid growth. Since, Narada has won and signed energy storage projects totaling approximately 7.3GWh.