DALIAN, China, Feb. 5,
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, Nanjing CBAK New Energy
Technology Co., Ltd. ("Nanjing CBAK"), has signed an approximately $1.4
million product framework agreement (the "Agreement")
to supply battery systems for 10.5m
electric buses to Sichuan Guohong Automobile Co., Ltd. ("Sichuan
Guohong").
Founded in 2003, Sichuan Guohong is an automobile manufacturing
company that provides research and development, manufacturing, and
sales of traditional and electric buses, as well as new energy
vehicles for transportation in logistics. Pursuant to the
Agreement, Nanjing CBAK will supply 30 sets of battery systems in
twelve (12) months. Details regarding the
unit price, delivery time frame, billing period and final
transaction amount will be fulfilled by, and subject to, following
orders from Sichuan Guohong.
Mr. Yunfei Li, Chief Executive
Officer of CBAK Energy, commented, "We are very pleased to witness
the growing demand in battery system of electric vehicles and rapid
development of the electric vehicle market in China. We look forward to working with Sichuan
Guohong to fulfill current and future orders under the framework
agreement. We also expect to develop a long-term relationship as we
jointly committed to promote the sustainable development of our
society and the overall economy."
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.