CBAK Gains On European Order| MENAFN.COM

Sunday, 22 May 2022 07:15 GMT

CBAK Gains On European Order


(MENAFN- Baystreet.ca) CBAK Gains on European Order

CBAK Energy Technology, Inc. (NASDAQ: CBAT), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that the Company has received an order from a leading European provider of heating, cooling and renewable energy systems (the 'Customer'), for a supply of lithium-ion batteries worth EUR 28.2 million ($29.3 million).

Pursuant to the order, CBAK Energy will ship approximately 13.9 million units of batteries to the Customer. This will bring the total order value CBAK Energy has received from the Customer in 2022 to approximately EUR 31.2 million, for which the Company will deliver the products this year and next.

The Customer has a global presence with annual sales of billions of Euros. CBAK Energy has been collaborating with the Customer since 2020. In 2022, CBAK Energy is expected to deliver 9.9 million units of batteries to the Customer for estimated EUR 17.1 million.

CEO Yunfei Li commented, 'We are very pleased to increase our supplies to this valued Customer and partner. We will continue to expand the global market for our reliable high power lithium batteries, which are well suited to a variety of applications.'

CBAK Energy 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.

CBAT shares gained 18 cents, or 18.7%, to $1.14

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