DALIAN, China, July 26, 2021 /PRNewswire/ -- CBAK Energy
Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the "Company"),
a leading lithium-ion battery manufacturer and electric energy
solution provider in China, today
announced that its wholly-owned subsidiary Dalian CBAK Power
Battery Co., Ltd. ("CBAK Power") has entered into a framework
agreement to acquire a majority stake in Zhejiang Meidu Hitrans
Lithium Battery Technology Co. ("Hitrans"), a leading lithium-ion
battery material supplier in China.
CBAK Power will acquire 81.56% of the equity interests of
Hitrans currently held by Zhejiang Meidu Graphene Technology Co.
and Hitrans's management shareholders for an aggregate
consideration of approximately RMB158.74
million (approximately $24.50
million). The transaction is subject to certain closing
conditions, and CBAK Power aims to complete the acquisition in the
third quarter of 2021.
Hitrans was established in December
2015 to engage in the research and development, production,
as well as sales of ternary precursors and anode materials.
Additionally, Hitrans was one of the key suppliers of the Company
in fiscal 2020. Through the acquisition, the Company expects to
further strengthen its supply chain and competitiveness in the
high-power lithium battery market.
About CBAK Energy
CBAK Energy Technology, Inc. is a leading high-tech enterprise
in China 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 most recent Annual Report on Form 10-K, 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.