Nasdaq-listed crypto mining company Ebang International announced that its subsidiary has won an industrial land parcel in Xinghe County, Ulanqab City, Inner Mongolia Autonomous Region. The company plans to use the site to build a production base for high-efficiency amorphous and nanocrystalline new materials.
According to the announcement, the project will rely on Inner Mongolia’s wind power and photovoltaic resources, as well as its clean energy policy advantages. Ebang International said the base will focus on research, development and manufacturing of amorphous and nanocrystalline new materials, rather than serving as a cryptocurrency mining facility.
The planned production base will concentrate on manufacturing materials with high magnetic induction and ultra-low loss. Ebang International said the product performance meets the latest transformer energy-efficiency standards of the U.S. Department of Energy. The company added that the products can be widely used in photovoltaic systems, energy storage, new energy power conversion equipment and intelligent data centers.