On November 22, Elong Power successfully completed a merger transaction with the U.S. special purpose acquisition company (SPAC) TMT Acquisition Corp and officially listed on Nasdaq through a De-SPAC merger, trading under the ticker symbol "ELPW".

Ownership analysis reveals that Elong Power operates through its entity EPeng Power. EPeng Power in Ganzhou was established in 2018 and is a fourth-tier subsidiary under Elong Power, the listed entity. Its parent company, Huizhou EPeng Power (also part of EPeng Power), was founded in 2014. Elong Power (Ganzhou) Co., Ltd., established in 2023, serves as the parent company of Huizhou EPeng Power.

The journey to Nasdaq began on December 1, 2023, when EPeng Power signed a merger agreement with TMTC, aiming to go public in the U.S. through a SPAC. Before the merger, the company was valued at $450 million. In June 2024, Elong Power completed its filing with the China Securities Regulatory Commission (CSRC), paving the way for its listing.

Founded in 2014 and headquartered in Ganzhou, Jiangxi, Elong Power operates two manufacturing facilities in China, including a factory in Ganzhou with a total building area of approximately 92,000 square meters. This facility has two high-power fast-charging battery production lines and two PACK production lines, providing high-power fast-charging battery products and services for commercial vehicles, construction machinery, and mining equipment. In addition, its Zibo factory, with a total building area of approximately 15,000 square meters, houses two energy storage battery system production lines, focusing on large-scale energy storage and commercial and industrial energy storage solutions.

Elong Power reported net losses of $9.8 million in 2022 and $7.4 million in 2023.