DALIAN,
China, Sept. 28, 2023 /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, Nanjing CBAK New
Energy Technology Co., Ltd ("Nanjing CBAK"), has reached an
agreement with Shenzhen BAK Battery Co., Ltd. ("BAK Battery") to
acquire, from BAK Battery, a 5% stake in Shenzhen BAK Power Battery
Co., Ltd. ("BAK Power"), an unrelated, well-respected power battery
R&D and manufacturing company.
Under the terms of the agreement, Nanjing CBAK will acquire a 5%
stake in BAK Power for RMB260 million
(or approximately $35.57 million),
based on a mutually agreed-upon fair market valuation of
RMB5.2 billion (or approximately
$710 million). As one of China's leading companies in the development
of model 46800 batteries, BAK Power has agreed to supply its
battery products to CBAK Energy, creating synergy with models 46115
and 46157 batteries developed by CBAK Energy and reinforcing
product supply while establishing non-compete agreements for
certain key customers.
Founded in 2001, BAK Power, as one of the foremost lithium
battery manufacturers in China, is
dedicated to developing a global new energy business. Leveraging
its core technology of self-developed lithium batteries, BAK Power
focuses on promoting efficient power supply for electric vehicles
and providing stable energy storage system products. BAK Power is
recognized for its research and development of power batteries and
advancing cylindrical lithium battery technology. BAK Power has
consistently remained at the forefront of the industry due to its
forward-looking approach and continuous innovation.
Existing main shareholders of BAK Power include renowned Chinese
financial institutions, including: China Cinda Asset Management
Co., Ltd., one of China's largest
asset management companies; Shenzhen Capital Group Co., Ltd., a
top-tier Chinese private equity firm; and CMS Capital Co., Ltd.,
one of the largest broker-owned investment firms in China.
Yunfei Li, Chairman and Chief
Executive Officer of CBAK Energy, stated, "We're thrilled to be
bringing CBAK Energy and BAK Power together. This strategic
acquisition of a minority interest in BAK Power will enable us to
leverage our collective expertise and resources to drive innovation
and deliver advanced products to our customers, enhancing our
leading position in the power battery industry and further
strengthening our capability in cylindrical lithium battery
production and electric energy solutions."
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading
high-tech enterprise in China
engaged in the development, manufacturing, and sales of new energy
high power lithium batteries and raw materials for use in
manufacturing 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, Nanjing and Shaoxing, as well as a large-scale
R&D and production base in Dalian.
For more information, please visit ir.cbak.com.cn.
Safe Harbor Statement
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties. All statements other
than statements of historical facts contained in this press
release, including statements regarding the Company's future
results of operations and financial position, strategy, plans, and
expectations for future operations, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. The Company has attempted to identify forward-looking
statements by terminology including "anticipates," "believes,"
"can," "continue," "could," "estimates," "expects," "intends,"
"may," "plans," "potential," "predicts," "should," or "will" or the
negative of these terms or other comparable terminology. Actual
results of the Company may differ materially or perhaps
significantly from those discussed herein, or implied by, these
forward-looking statements.
The forward-looking statements included in this press release
are made as of the date of this press release and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, other than as required by applicable
law.
For further inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Phone: 86-18675423231
Email: ir@cbak.com.cn
Piacente Financial Communications
Ms. Hui Fan
Tel: +86-10-6508-0677
Email: CBAK@thepiacentegroup.com
In the United
States:
Piacente Financial Communications
Ms. Brandi Piacente
Tel: +1-212-481-2050
Email: CBAK@thepiacentegroup.com
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SOURCE CBAK Energy Technology, Inc.