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Formosa Smart Energy Tech Corporation announced today (9) that it will spend NT$300 million to invest in Truewin Technology, a major manufacturer of lithium battery energy storage systems in Taiwan, and will hold about 9.07% of the shares. Truewin Technology has provided energy storage solutions for a long time, and its main customers are semiconductor manufacturers and other high-tech industries. In the future, it will deepen cooperation with Formosa Smart Energy Tech Corporation and introduce domestically produced lithium iron phosphate cells produced by Formosa Smart Energy Tech Corporation. This strategic investment It will help the two parties to jointly expand the market and become a key thrust for the localization of Taiwan's battery industry.

Wang Ruiyu, chairman of Formosa Smart Energy Tech Corporation, said that the global trend of carbon neutrality is accelerating the development of renewable energy, but green power such as solar energy and wind energy is intermittently affected by the environment. Demand has also grown substantially in response to energy storage business opportunities. Formosa Plastics has accumulated more than 15 years of experience in lithium batteries. It has expanded from the positive electrode materials, copper foil, and electrolyte manufacturing upstream of the battery industry to terminal battery modules and energy storage applications. Recently, it has been committed to promoting localized battery manufacturing to ensure the source is stable and guarantees national security. Through this shareholding in Truewin Technology, we hope to leverage each other's technological and market advantages to jointly build a reliable and safe intelligent energy storage system.

Li Yanfei, chairman of Truewin Technology, pointed out that in recent years, the large-scale energy storage demand of large industrial power consumers has emerged significantly, and various major technology companies are also in urgent need of installing uninterruptible power supply systems to maintain industrial competitiveness, including new energy storage systems, or the original use of the lead-acid batteries are replaced by environmentally friendly and energy-saving lithium-iron batteries, which promotes the increase in the installed capacity of lithium batteries year after year.

With its rich experience in uninterruptible power supply and energy storage systems, Truewin Technology has become an important supplier of the semiconductor industry. In the future, it will introduce Formosa Smart Energy Tech Corporation cells and various energy storage systems to jointly provide customers with better products. In addition to enriching its working capital, Formosa Smart Energy Tech Corporation’s investment in Truewin Technology will also help Truewin Technology further expand its market share and accelerate technology research and development.

Liu Huiqi, general manager of Formosa Smart Energy Tech Corporation, said that in line with the "2030 Passenger Vehicle Electrification Promotion Plan" of the Ministry of Communications, domestically produced batteries are very popular. Among them, lithium iron phosphate batteries have the advantages of high discharge rate, high cycle life, and low production cost. It does not generate strong oxygen substances even at high temperatures, and is highly safe.

Formosa Smart Energy Tech Corporation has invested tens of billions of yuan in the Changbin Industrial Zone to build the largest lithium iron phosphate battery cell factory in Taiwan. The first phase will be set up with 2.1GWh, which will be completed and put into production in the third quarter of 2024. At present, it has cooperated with various electric companies in Taiwan. The bus and energy storage cases will discuss cooperation. This strategic investment is more conducive to jointly promoting the localization of the battery industry with Truewin Technology, and will continue to deepen the partnership in the future.

Formosa Smart Energy Tech Corporation adheres to the four development goals of "energy saving, energy storage, new energy, and recycling", and strives to build a green industrial chain, allowing the coexistence of new and old energy sources, practicing economic development, protecting the environment, and creating a sustainable future.

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