DALIAN, China, Nov. 27, 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, Dalian CBAK
Energy Technology Co., LTD ("Dalian CBAK", or the "Company") signed
Supply Framework Agreement with Zhejiang Kandi Vehicles Co., Ltd.
("Kandi Vehicles"), a wholly owned subsidiary of Kandi Technology
Group (NASDAQ: KNDI) in Hangzhou,
Zhejiang province. They will
promote the development of pure electric vehicle together. The two
parties will play their respective advantage, complement each other
with their respective resources. A long-term strategic cooperation
partnership would be built for the development, supply and
recycling of power batteries.
According to the Supply Framework Agreement, Kandi Vehicles is
planning to purchase 800 million RMB
(approximately 120 million USD) worth
of battery pack system and customized battery manufacturing service
in 2021. The power batteries of Dalian CBAK has advantages below:
high efficiency power output, good high-temperature performance,
long cycle life and fast charging speed. With the help of those
qualities, CBAK Energy can help Kandi Vehicles' electrical vehicles
to further upgrade. The two parties will build a green and
beautiful future travelling together.
As a world leading lithium ion power battery provider. CBAK
Energy focuses on the development, manufacturing and sales of new
energy vehicle power battery system solution and energy storage
system. CBAK Energy provides the best solutions for global new
energy application. Our products cover model 26650 and model 32140
cylindrical Lithium iron phosphate batteries, ternary batteries and
lithium manganate batteries. The 32140 cylindrical cell has
successfully adopted the tab-less design, which greatly reduced the
cell's impedance and effectively solved the heat dissipation
problem for large size lithium ion batteries. Compared to tesla's
4680 model, which they only applied tab-less design on anode,
CBAK's 32140 battery is tab-less on both cathode and anode, which
significantly optimized cell's performance.
Meanwhile, by enhancing the manufacturing procedure, the
difficulty in electrolyte soaking and loss of space in the
battery's case caused by tab-less design has been solved. The
application of our product is very competitive in the market which
includes passenger vehicle and energy storage etc.
There is no doubt that CBAK Energy and Kandi Group will extend
the in-depth and long-term cooperation, which would facilitate the
vehicle industry to become greener and smarter. Win-win result and
development would be brought for both parties.
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 NASDAQ 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, Nanjing CBAK New Energy Technology Co., Ltd. and a
large-scale R&D and production base in Dalian.
For more information, please visit www.cbak.com.cn.
About Kandi Technology Group
Kandi Technology Group is one of the leading electric vehicle
supply chain companies in China.
Kandi has been listed on the U.S. Nasdaq stock exchange since 2007.
Kandi's headquarters are located in the beautiful lakeside city of
Jinhua in the province of Zhejiang. Kandi operates four business lines:
the development and sale of pure electric automobiles; electric
vehicle parts such as battery packs, motors, etc.; intelligent
battery swapping systems; and all-terrain vehicles. Kandi is
recognized in China as a national
hightech enterprise. It is a member of China's top 500 machinery companies, as well
as the SinoUS clean automobile alliance. Kandi is organized through
a number of whollyowned subsidiaries, and also owns 22% of
Fengsheng Automobile Technology Group, a cooperative venture with
Geely Automotive Group, one of the largest private automobile
manufacturers in China.
For more information, please visit ir.kandigroup.com
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
SOURCE CBAK Energy Technology, Inc.