Kandi Technologies Signs Purchase Contract With Tianneng Power International Limited
December 15 2014 - 12:25PM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), today announced that Zhejiang Kandi Vehicles Co.,
Ltd. ("Kandi Vehicles"), the Company's wholly-owned subsidiary in
China, signed a purchase contract with Zhejiang Tianneng Energy
Technology Co, Ltd ("Tianneng Energy Technology"), a wholly-owned
subsidiary of Tianneng Power International Limited (0819.HK),
China's leading manufacturer of batteries, for a one-year supply of
TNL-ITR18650-2200P lithium batteries providing a total of
approximately185 million watt hours from Tianneng Energy Technology
starting in January 2015. Kandi Vehicle's purchase amount is
committed to be no less than RMB 260 million or approximately USD
42.6 million in 2015.
In respect to the accelerated progress and success in Kandi's
innovative business model of the car-share program, Kandi's
existing battery suppliers can no longer meet the demand. Tianneng
Energy Technology's lithium battery is a great addition and will
help the electric vehicles achieve a better performance. This
battery model TNL-ITR18650-2200P is a newer invention and well
proven offering better power density and safety improvement.
About Zhejiang Tianneng Energy Technology Co.,
Ltd.
Zhejiang Tianneng Energy Technology Co. Ltd is a high-new
technology company located in Zhejiang province of China, which is
wholly funded by Tianneng Power International Limited (Hong Kong
Stock Code: 0819). The overall investment of the company is RMB330
million which covers an area of 200,000 sqm and have 1000
staff.
The company specializes in R&D, manufacturing, marketing of
Ni-MH and Li-ion rechargeable cell/battery pack which widely used
in power tools, R/C toys, cordless phone, transceiver, shaver,
MP3/MP4, mine lamps, e-bike, EV, etc. Under strictly following the
ISO9001: 2000 quality management system, its products have reliable
quality of high power discharge, low internal resistance, safe and
stable, etc., which have passed UL, CE, RoHS. The "Tianneng" brand
is one of the China's 500 most valuable brands famous in China and
around the world. Within a few years, the company has become OEM
supplier of many domestic and overseas renowned firms and won their
authorization. 80% of its products are exported to around the
world.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in
Jinhua, Zhejiang Province, is engaged in the research and
development, manufacturing and sales of various vehicle products.
Kandi has established itself as the one of the world's largest
manufacturers of pure EV products, Go-Kart vehicles, three-wheel
motorcycles and utility vehicles (UTVs), among others. More
information can be viewed at its corporate website is
http://www.kandivehicle.com. Kandi routinely posts important
information on its website.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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