CBAK Energy Devlopes Cylindrical Batteries for Jemmell
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has signed a strategic framework agreement with Jiangsu JPK New Energy Co., Ltd. to develop large cylindrical batteries for Jemmell's A00-grade mini passenger vehicles, a popular model in China's market. This collaboration is expected to generate substantial revenue, potentially tens of millions of RMB, depending on the battery supply. CEO Yunfei Li highlighted the agreement as a significant step in enhancing CBAK's presence in the fast-growing EV market. The company is recognized for its advanced lithium battery technology and has been publicly traded since 2006.
- Strategic agreement with Jiangsu JPK to develop cylindrical batteries, expanding market presence.
- Potential revenue generation of tens of millions RMB based on battery supply.
- Partnership aligns with the growth of electric vehicles in China.
- None.
DALIAN, China, June 21, 2022 /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 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."
About Jemmell
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.
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 our future results of operations and financial position, strategy and plans, and our 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. We have 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. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.
Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, the effects of the global Covid-19 pandemic, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China's legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain market for the Company's lithium battery cells and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of battery cells designed for energy storage that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed 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 investor and media inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
Phone: 86-18675423231
Email: ir@cbak.com.cn
Related Links
https://ir.cbak.com.cn/
View original content:https://www.prnewswire.com/news-releases/cbak-energy-devlopes-cylindrical-batteries-for-jemmell-301571768.html
SOURCE CBAK Energy Technology, Inc.
FAQ
What recent agreement did CBAK Energy (CBAT) announce?
How much revenue is expected from the agreement between CBAK Energy and JPK?
What is the significance of Jemmell's A00-grade mini passenger vehicles for CBAK Energy?
When was CBAK Energy (CBAT) listed on NASDAQ?
Who is the CEO of CBAK Energy?
