DALIAN, China, June 29, 2020 /PRNewswire/ -- CBAK Energy
Technology, Inc. ("CBAK Energy", NASDAQ: CBAT), a world's leading
lithium-ion battery manufacturer and electric energy solution
provider, announced that its wholly owned subsidiary, China BAK
Asia Holdings Limited (the Company) entered into a framework
investment agreement with Jiangsu Gaochun Economic Development Zone
Development Group Company ("Gaochun EDZ"), pursuant to which the
Company intend to develop certain lithium battery projects that aim
to have a production capacity of 8Gwh. Meanwhile, Gaochun EDZ
agreed to provide various support to, including but not limited to
subsidies, preferential financing support and tax incentives, to
facilitate the development and operation of the projects.
"CBAK Energy has developed a large number of high-quality
customers around the world, especially in China, Europe
and the United States. This
project will help to expand a broader market and development space
for CBAK Energy," said CBAK Energy
CEO Mr. Yunfei Li. "With this investment, CBAK Energy's
battery business will significantly contribute to not only the
local economy but the development of the Chinese new energy
industry chain."
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a global leading
high-tech enterprise engaged in the R&D, manufacture, and sales
of high power lithium batteries. The application of its products
and solutions covers such areas as electric vehicles, light
electric vehicles, electric tools, transportation and energy
storage. As the first lithium battery company in China to get listed in the U.S. in
January 2005, CBAK Energy possesses
China's first production base
specially engaged in power battery, and has its wholly-owned
subsidiary, Dalian CBAK Energy Technology Co., Ltd, Dalian CBAK
Power Battery Co., Ltd, and 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. 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.
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SOURCE CBAK Energy Technology, Inc.