Haiying Group of China State Shipbuilding Co and the Shanghai Institute of Space Power-Sources signed an agreement to build a new institute focusing on new energy in Wuxi National Hi-tech District on Aug 1.

The Shanghai Institute of Space Power-Sources will utilize its shipbuilding research prowess to help Haiying bolster its position in the new energy industry.

The two sides will further research and develop marine?energy systems and multi-energy complementary new energy networks based on various new energy solutions to high-performance lithium-ion batteries.

The institute will also help to upgrade production and marketing through the use of market resources, technical resources and engineering manufacturing capabilities of both sides.