DALIAN,
China, July 10, 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 its subsidiary, Nanjing CBAK New Energy Technology
Co., Ltd. ("Nanjing CBAK"), has entered into a strategic agreement
with Guangzhou Echom Science & Technology Co., Ltd. (Shenzhen
Stock Exchange: 002420, "Echom"), a well-known industrial design
group in China.
According to the terms of the collaboration, Echom will purchase
approximately RMB 180 million worth
of CBAK Energy's cylindrical lithium-ion batteries over the next
three years, primarily the 32140 and 26700 series. As part of the
arrangement, Echom is obligated to prioritize CBAK Energy's
batteries in its self-developed new energy storage products and
ensure that over 50% of its relevant products utilize CBAK Energy's
batteries. In exchange, Nanjing CBAK will guarantee a consistent
and uninterrupted supply of the specified battery products for the
duration of the agreement.
Echom, a well-known industrial design group listed on the
Shenzhen Stock Exchange, boasts five major R&D and
manufacturing centers located across China. In 2020, Echom expanded its operations
into the new energy industry, and it is currently in the process of
gradually completing significant manufacturing centers for new
energy products by 2023. Among its diverse range of offerings,
Echom produces a variety of products, including portable power
supply units.
Yunfei Li, Chairman and Chief
Executive Officer of CBAK Energy, said, "We are excited to form a
partnership with Echom, demonstrating the market's recognition of
our high power lithium-ion batteries and the value and quality we
deliver. Looking ahead, leveraging our innovative technology and
solid production capability, we remain dedicated to improving our
batteries' performance while accelerating broader product adoption,
providing our partners with more value-added products, and further
fortifying our leading industry position."
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.