Hongli Group to explore opportunities in clean energy and energy storage sectors

Hongli Group (HLP) announced its strategic decision to explore opportunities in the clean energy and energy storage sectors. The Company plans to leverage its existing manufacturing expertise, product customization capabilities and industry know-how, with an initial focus on developing products and components that may be used in solid-state battery and other energy storage applications. The Company believes that its experience in designing and manufacturing customized steel profile products may provide a foundation for developing products and solutions for customers in clean energy and energy storage applications. According to the International Energy Agency, global renewable power capacity is projected to increase by almost 4,600 GW between 2025 and 2030. This growth has been supported by a shift in economics. According to Our World in Data, solar photovoltaic costs have fallen by 90% in the last decade, and onshore wind by 70%.