TMT Acquisition merger partner eLong Power receives RMB480M purchase order

The merger partner of TMT Acquisition Corp, eLong Power Holding, announced that its wholly-owned subsidiary has signed a supply contract for energy storage systems valued at RMB480M, approximately $66M. The execution of this supply contract follows a strategic partnership agreement signed last year with a major general contractor in the Chinese energy construction industry. The contract is for a 600MWh lithium battery storage system to be installed for a municipal project in Shandong province, China, with delivery expected by October 31, 2024. The contract contains provisions for an advance payment of 30% of the total contract price 3 months prior to shipment, an additional 60% within 7 business days after product delivery and installation with the 10% balance subject to product quality assurances for a year thereafter. Additionally, the contract contains penalties for late delivery by eLong Power and late payments by the buyer, as well as protections for eLong Power in the case of unilateral termination by the buyer.