DALIAN, China, March 15, 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 it has signed a memorandum
of cooperation (the "Cooperation") with a leading European hydrogen
energy group with 100 years of operation history (the "Hydrogen
Energy Company") to promote the development of hydrogen fuel
cells.
As part of the Cooperation, both parties will be able to
capitalize on each other's competitive advantages in technological
innovation and industrial resources as well as exchange ideas on
industry development. At the same time, both parties will be able
to actively explore more opportunities to collaborate on
high-quality projects going forward, including but not limited to
such areas as hydrogen fuel cell production, hydrogen fuel cell
stack, hydrogen transportation, hydrogen storage, hydrogen
refueling stations, and more. The signing of the Cooperation
reflects the mutual belief between both parties that it is a
win-win arrangement which will help to advance the broader
technological and industrial development of society over the long
run.
Compared to diesel fuel, the advantages of hydrogen fuel cells
include low noise, zero emissions, and high energy conversion
rates. Such advantages help to improve the energy structure, reduce
pollution, decrease the greenhouse effect, and contribute to the
sustainable development of society. In recent years, as the Chinese
government has placed a greater emphasis on the development of
hydrogen fuel cells for the automobile industry, hydrogen fuel
cells have become an increasingly important part of the Chinese
government's strategy to transform
automobile power systems and upgrade new energy vehicles. According
to an analysis by the China Hydrogen Energy and Fuel Cell Industry
Alliance, hydrogen energy will become an increasingly important
component of China's overall
energy system. As such, by 2050, it is expected that the demand for
hydrogen will reach 60 million tons, the number of hydrogen
refueling stations will be more than 10,000, and the number of fuel
cell vehicles produced annually will reach 5 million. According to
research on China's hydrogen fuel
cell industry by the Intelligence Research Group, the hydrogen fuel
cell industry is still at the early stage of commercial operations.
In addition, over the next ten years, as unit costs continue to
fall, the industry is expected to grow by more than one hundred
times its current size. By 2030, the size of the market for fuel
cell vehicles is expected to reach RMB500
billion, while the size of the market for automotive fuel
cells is expected to reach RMB120
billion.
Mr. Yunfei Li, Chief Executive
Officer of CBAK Energy, commented, "As a result of the great
importance placed upon the transition to more sustainable forms of
energy and carbon neutrality by the Chinese government, there is
currently an unprecedented number of development opportunities in
the market for hydrogen fuel cells. By working together closely,
the Hydrogen Energy Company and CBAK Energy will enhance their
industry leadership positions as well as attain new achievements in
terms of providing basic research, tackling core technologies, and
aggregating industrial resources. We are confident that this
Cooperation will become a benchmark case study on hydrogen fuel
cell cooperation in China, further
promoting the low-carbon revolution in energy usage, transformation
and upgrade of China's energy
structure, and sustainable development of the country's larger
economy."
About the Hydrogen Energy Company
The Hydrogen Energy Company is viewed as a global leader in
gases, healthcare, electronics, engineering and construction, and
industry. With presence in 80 countries, the Hydrogen Energy
Company has over 60,000 employees. Oxygen, nitrogen and hydrogen
have been at the core of the company's activities since its
creation in 1902. The Hydrogen Energy Company's ambition is to be a
leader in its industry, deliver long term performance and
contribute to sustainability. The Hydrogen Energy Company's revenue
reached 20.3 billion euros in
2017.
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.
Contacts
CBAK Energy Technology, Inc.
Investor Relations Department
Tel: 86-411-39185985
Email: ir@cbak.com.cn
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SOURCE CBAK Energy Technology, Inc.