DALIAN, China, Jan. 25, 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 its wholly-owned
subsidiary, Dalian CBAK Energy Technology Co., LTD ("Dalian CBAK"),
recently signed a one-year strategic cooperation framework
agreement (the "Agreement") with Chengdu Raja New Energy Automotive
Technology Co., Ltd. ("Raja"). As part of the Agreement, the two
parties plan to jointly develop a battery swapping project
for the food delivery and logistics industries as well as an
uninterruptible power supply ("UPS") project for traffic lights.
Both parties will utilize their respective competitive advantages
in their establishment of a long-term strategic cooperative
relationship.
Raja is the first Chinese producer of light electric trucks
commonly used in the logistics and distribution industry. In 2018,
Raja added to its product line electric vehicles used in the trash
collection industry. Today, Raja has operations in seven Chinese
cities, sold over 5,000 electric trucks, and established over 3,500
electric charging stations.
According to the Agreement, Dalian CBAK will serve as an
important supplier to Raja and provide the latter with high-quality
lithium-ion batteries. In the first year of the project, the demand
for battery cells is expected to reach 1 million. The main purpose
of the battery swapping project is to provide battery swapping
services to groups of low-speed electric vehicle drivers throughout
the delivery and logistics industries. As the internet continues to
drive economic development, delivery services are increasingly
becoming an indispensable part of life. The battery swapping
cabinet is designed to solve the problems of heavy batteries,
inconvenient charging systems, and complex battery replacement
processes for those riders using lead-acid batteries, as well as to
reduce the related charging safety risks through the utilization of
an integrated cloud management and monitoring system. Separately,
the UPS Project for traffic lights provides solutions for those
situations during which traffic lights fail for a brief period of
time, are nonfunctional due to broken cables, or are not bright
enough due to long-distance power supply transmissions, which often
result in traffic lights with a low or inconsistent supply of
electric power.
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.