DALIAN, China, Feb. 3, 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 provided additional details for its plans
previously disclosed in its 8-K filing to expand its production
capacity in Nanjing and
Dalian in anticipation of
increasing client orders.
For its Nanjing manufacturing
plants, the Company plans to attain a total capacity of 8 GWh per
year to produce lithium batteries for the light electric vehicle
("LEV"), electric vehicle, and energy storage industries. The
Company expects to achieve such capacity expansion through two
phases of construction: Phase I is to be completed by the end of
2022 to reach an annual production capacity of 2 GWh. Phase II is
to be completed by the end of 2023 to reach the remaining 6 GWh of
the planned annual production capacity expansion.
As of February 3, 2021, the
Company is on track with its Phase I construction and also
designing its Phase II construction. As part of its Phase I
construction, the Company plans to invest RMB70 million to develop a production line with
annual capacity of 0.7 GWh for its new model 32140 batteries, which
is expected to be put in operation in the second half of 2021 to
produce 50,000 model 32140 batteries per day. The Company may
adjust its capacity expansion timeline to stay in sync with market
conditions and client demands.
In addition to its capacity expansion in Nanjing, the Company also expects to invest
RMB50 million in its manufacturing
plants in Dalian to add one more
production line with an annual capacity of 0.4 GWh to produce
additional 100,000 model 26650 batteries per day. At the same time,
the Company continues to renovate its existing facilities, upgrade
its equipment, add new equipment, improve its product
functionality, and enhance the raw materials and components used
for production.
Mr. Yunfei Li, Chief Executive
Officer of CBAK Energy, commented, "As the market demand for
cylindrical lithium iron phosphate batteries rises rapidly to keep
up with the development of light electric vehicles, electric
vehicles, and energy storage, we are experiencing an influx of
client orders. In anticipation of continuously rising market
demand, we are investing aggressively in our production capacity
expansion and existing facilities renovation. Looking ahead, we
remain committed to optimizing our resource allocation,
capitalizing on new market opportunities, and generating lasting
value for our shareholders."
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.