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 entered into a strategic framework agreement with Jiangsu JPK New Energy Co., Ltd. ("JPK"), a subsidiary of Jiangsu Jemmell New Energy Automobile Co., Ltd. ("Jemmell") to develop and supply large cylindrical batteries used on Jemmell's A00-grade mini passenger vehicles.
According to the framework agreement, Nanjing CBAK and JPK will closely cooperate to develop a competitive EV power battery system. Specifically, Nanjing CBAK will be responsible for providing batteries with an EV-used battery solution that allows its products to be applicable under several scenarios. Jimmell's A00-grade mini passenger vehicles are reportedly among the Top 10 best sellers in China's mini passenger vehicle market. This agreement is thus expected to generate tens of millions of revenues (in RMB) to the Company, subject to the actual number of batteries supplied.
Mr. Yunfei Li, Chief Executive Officer of CBAK Energy commented, "The cooperation with JPK and Jemmell is a proof that our large cylindrical batteries are getting tractions in the EV/LEV market. We are very pleased to enter into this framework agreement, and expect the synergy will benefit both of us in this fast-growing market."
Jimmel is a Jiangsu-based electric vehicle manufacturer with business covering R&D, manufacture and sale of electric vehicles. Jimmel is an affiliate with JP Group, one of China's biggest light electric vehicle manufacturers.
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.
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CBAK Energy Technology, Inc.
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Mr. Thierry Jiewei Li