A California “new energy” company formed in 2023 has drawn the attention of the House Armed Services Committee after a social media post inadvertently linked them to a Chinese military-owned entity on the U.S. government’s sanctions list.
Stored Power Technology, Inc., based in Riverside County, sells (and claims to manufacture) residential and commercial solar energy storage batteries out of their facility, and even managed to get California Treasurer Fiona Ma to attend a presentation by the company’s CEO, Lei “Tony” Cheng in October 2024. The company was formed in California in August 2023, but their online presence didn’t start until July 2024.
But it was an October LinkedIn post that caught the attention of Rep. Abe Hamadeh (R-AZ), a member of the HSAC. In that post, SPT announced they’d “been awarded a Bankability Technical Assessment report by DNV, a globally recognized leader in certification and risk management.” The post included screenshots from selected pages of the bankability report, which lists the company name as Fengfan Co., Ltd., not Stored Power Technology.
As noted by the Department of Treasury’s Office of Foreign Assets Control, Fengfan Co., Ltd., is the former name of China Shipbuilding Industry Group Power Company Limited, an entity that’s part of the China State Shipbuilding Corporation – entities which are all on the NS-CMIC sanctions list as components of the Chinese Military-Industrial Complex under both Executive Order 13959 and Executive Order 14032. American investors are prohibited from purchasing or investing in securities of companies on the NS-CMIC list. So, if SPT is really a front for Fengfan/CSSC, its owners are in violation of a number of federal laws.
On February 6 Hamadeh wrote to Cheng, expressing concern about the purported link between SPT and CSSC and making numerous informational requests.
Today, Congressman Hamadeh wrote a letter to the Chairman and CEO of Stored Power Tech Technology Systems INC regarding disturbing allegations regarding their relationship with the China State Shipbuilding Corporation, a state-controlled entity for the People’s Republic of China.… pic.twitter.com/PU8zQgY4DT
— Office of Congressman Abe Hamadeh (@RepAbeHamadeh) February 6, 2025
The letter begins:
I am compelled to demand urgent and transparent answers concerning allegations that Stored Power Technology Systems Inc. (SPT) acts as a proxy for the China State Shipbuilding Corporation (CSSC), a state-controlled entity of the People’s Republic of China. If these allegations are confirmed, this relationship would blatantly violate U.S. law, potentially leading to criminal charges, civil penalties, and forced divestiture.
It has come to my attention, based on sources that are publicly available, that SPT may be a U.S. cover name, proxy and/or a related party for Fengfan Co. Ltd., which is a subsidiary of China State Shipbuilding.
Hamadeh requested that Cheng/SPT provide detailed ownership information, information on funding sources, contracts and agreements, proof that the company is completely independent from CSSC, information about any technology transfer from SPT to CSSC, and how the company is in compliance with relevant U.S. laws within 30 days. If that information isn’t forthcoming, Hamadeh warned Cheng that he would initiate hearings on the matter and possibly refer the matter to federal agencies “for potential civil and criminal actions.”
Currently, the only available information about corporate ownership is an introductory business filing with the California Secretary of State that lists Cheng as the agent and the sector as “wholesales,” which is clearly incorrect since the company website sells direct to consumers.
B2013-0204 by Jennifer Van Laar
A full Statement of Information was due August 31, 2024, but hasn’t been filed. Yet, SPT wasn’t afraid to boast that the California State Treasurer, Fiona Ma, attended an exhibition of the company’s product in October 2024.
A concurrent story on ETTN News said that the exhibition was at the “Eastern Americas Real Estate Expo,” but RedState was unable to find a listing for such an event anywhere online.
The website and the LinkedIn page both reference UL certification, but a search of the UL database for SPT or Fengfan products returned no results.
Nothing about this company adds up, so let’s hope Hamadeh can get to the bottom of it.
Read the portions of the DNV bankability report SPT posted to its LinkedIn below.
Fengfan DNV Bankability Report Watermarked by Jennifer Van Laar on Scribd
