DALIAN, China, Jan. 11, 2021 /PRNewswire/ -- CBAK Energy
Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy", or the "Company",),
a leading lithium-ion battery manufacturer and electric energy
solution provider, today announced that it has signed a three-year
strategic agreement (the "Agreement") with Anhui Jianghuai Motors
Group Co., Ltd (SSE: 600418) ("JAC Motors") for joint product
development.
JAC Motors is a Chinese state-owned automobile and commercial
vehicle manufacturer. Founded in 1964, JAC Motors is among the top
four domestic Chinese vehicle brands, has an R&D team of 5,000
people, and is focused on producing energy-saving, environmentally
friendly, safe, smart, Web-enabled, and comfortable vehicles. As a
pioneer in China's alternative
energy vehicle industry, JAC Motors currently provides an expansive
electric vehicle product line encompassing SUVs, sedans, and other
passenger vehicles. It owns a world-class battery cooling
technology and is the sole producer of such technology in
China. By the end of 2019, JAC
Motors has exported over
640,000 vehicles to the international market.
The strategic agreement that CBAK Energy has reached with JAC
Motors will combine the former's extensive experience
in the research, development, and manufacturing of battery cells
with the latter's technology capabilities and electric vehicle
industry leadership. By leveraging their shared expertise in
product development and applications of both automotive power
batteries and battery pack technologies, the two companies plan to
jointly develop cylindrical lithium-ion batteries and battery
packs, including the 46800 model.
Pursuant to the Agreement, the Company will provide customized
implementation solutions for power batteries and battery packs
based on the latest technical requirements of JAC Motors.
Additionally, the two companies will also establish a joint
research and development team to design, test, and enhance the
adaptability of their new products in electric vehicles. In
addition, JAC Motors has committed to prioritizing the
implementation of those batteries and battery pack systems jointly
developed by the two companies for its future productions of
electric vehicles.
The partnership will leverage the Company's battery technology
leadership and JAC Motors' world-class automotive R&D
capabilities to accelerate the growth of both parties. More
broadly, by working together, the two companies plan to advance the
technology of automotive power batteries and actively explore the
implementation of a partnership model that is both effective and
capable of advancing their businesses going forward.
About CBAK Energy
CBAK Energy Technology, Inc. is a leading high-tech enterprise
engaged in the development, manufacturing, and sales of new energy
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 and Nanjing, as well as a large-scale R&D and
production base in Dalian.
For more information, please visit www.cbak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which
are subject to change. The forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All "forward-looking statements"
relating to the business of CBAK Energy Technology, Inc. and its
subsidiary companies, which can be identified by the use of
forward-looking terminology such as "believes", "expects" or
similar expressions, involve known and unknown risks and
uncertainties which could cause actual results to differ
materially. These factors include but are not limited to: the
ability of the Company to meet its contract or agreement
obligations; the uncertain market for the Company's lithium battery
cells; business, macroeconomic, technological, regulatory, or other
factors affecting the profitability of battery cells designed for
energy storage; and risks related to CBAK Energy's business and
risks related to operating in China. Please refer to CBAK Energy's Annual
Report on Form 10-K for the fiscal year ended December 31, 2019, as well as other SEC reports
that have been filed since the date of such annual report, for
specific details on risk factors. Given these risks and
uncertainties, you are cautioned not to place undue reliance on
forward-looking statements. CBAK Energy's actual results could
differ materially from those contained in the forward-looking
statements. CBAK Energy undertakes no obligation to revise or
update its forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release unless
expressly requested by applicable law.
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SOURCE CBAK Energy Technology, Inc.