- Becoming the First Company to Achieve Mass Production
and Commercialization of Large Cylindrical Sodium Batteries
DALIAN,
China, June 28, 2023 /PRNewswire/ -- CBAK
Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the
"Company"), a leading lithium-ion battery manufacturer and electric
energy solution provider in China, today announced that it has
entered into strategic agreements with HiNa Battery, a unicorn and
leading player in the sodium electricity industry, and Hello Tech,
the parent company of Jackery, a premier global portable power
supplier, respectively.
In accordance with the strategic
agreement between CBAK Energy and HiNa Battery, a dedicated segment
of CBAK Energy's sodium-ion battery production line will be
allocated for HiNa Battery's use. In return, HiNa Battery will
consistently provide CBAK Energy with top-tier cathode materials
that exhibit unparalleled stability within the sodium electricity
industry. Similarly, under the strategic agreement with Hello Tech,
Hello Tech commits to enhancing its collaborative support for CBAK
Energy.
The strategic agreements were announced during CBAK Energy's
first Corporate Open Day in Nanjing, China. Among the 170 attendees were
Shujun Li, General Manager of HiNa
Battery, Wanghua Yuan, representative of Hello Tech, sell-side
analysts from large international investment banks, Chinese private
equity investors, existing and potential clients, other experts of
the new energy industry, and representatives from financial media.
Mr. Shujun Li took the stage at the
event to speak about CBAK Energy's status as an industry pioneer,
its prowess in the production of cylinder batteries, and the extent
of the cooperation between the two companies. Mr. Wanghua Yuan
spoke highly of the Company's position in the field of large
cylinder batteries, reiterating the importance of its collaboration
with CBAK Energy.
In addition, during the Corporate Open Day, CBAK Energy also
announced that it is the first company in the world to achieve mass
production of large cylindrical sodium batteries and a full-scale
commercialization along the entire value chain from upstream to
downstream. After testing the Company's sodium batteries'
performance at low temperatures, the results showed that such
batteries maintain 85% capacity at -40 degrees Celsius, while their
fast charge and fast discharge performance is far ahead of the
Company's competitors' stated parameters. Furthermore, analytical
models have shown that at a lithium carbonate pricing of around
RMB200,000 per ton, the Company's
sodium batteries have a cost advantage of 24-30% over lithium
batteries. Given that the current prices of lithium carbonate
typically range from RMB300,000 to
RMB350,000 per ton, the Company
expects its sodium batteries will actually bring even greater cost
savings to customers. All investors and sell-side analysts were on
a project tour to visit CBAK Energy's Phase I and II projects in
Nanjing after the product launch
event.
Yunfei Li, Chairman and Chief
Executive Officer of CBAK Energy, commented, "We are delighted to
partner with HiNa Battery in the supply of high-quality cathode
materials, as well as with Hello Tech. Moreover, we are proud to be
pioneers in the mass production and commercialization of large
cylindrical sodium batteries. With China's capital markets paying special
attention to the development of the sodium electricity market,
investors have invested more than RMB40
billion in the industry from 2021 to April 2023. In light of this backdrop, we are
optimistic in our ability to draw capital and foster the growth of
a venture dedicated to sodium electricity".
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading
high-tech enterprise in China engaged in the development,
manufacturing, and sales of new energy high power lithium batteries
and raw materials for use in manufacturing high power lithium
batteries. The applications of the Company's products and solutions
include electric vehicles, light electric vehicles, electric tools,
energy storage, uninterruptible power supply (UPS), and other
high-power applications. In January 2006, CBAK Energy became
the first lithium battery manufacturer in China listed on
the Nasdaq Stock Market. CBAK Energy has multiple operating
subsidiaries in Dalian, Nanjing and Shaoxing, as
well as a large-scale R&D and production base
in Dalian.
For more information, please visit ir.cbak.com.cn.
Safe Harbor Statement
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties. All statements other
than statements of historical facts contained in this press
release, including statements regarding our future results of
operations and financial position, strategy and plans, and our
expectations for future operations, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. We have attempted to identify forward-looking statements
by terminology including "anticipates," "believes," "can,"
"continue," "could," "estimates," "expects," "intends," "may,"
"plans," "potential," "predicts," "should," or "will" or the
negative of these terms or other comparable terminology. Our actual
results may differ materially or perhaps significantly from those
discussed herein, or implied by, these forward-looking
statements.
The forward-looking statements included in this press release
are made as of the date of this press release and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, other than as required by applicable
law.
For further inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
Phone: 86-18675423231
Email: ir@cbak.com.cn
Piacente Financial Communications
Ms. Hui Fan
Tel: +86-10-6508-0677
Email: CBAK@thepiacentegroup.com
In the United
States:
Piacente Financial Communications
Ms. Brandi Piacente
Tel: +1-212-481-2050
Email: CBAK@thepiacentegroup.com
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SOURCE CBAK Energy Technology, Inc.