CBAK Energy Obtains $28 Million Battery Order from European Customer

Rhea-AI Summary

CBAK Energy Technology, Inc. (NASDAQ: CBAT) has secured a new order from a European provider of renewable energy systems valued at EUR 28.4 million ($27.8 million). This order increases the total value from this Customer in 2022 to approximately EUR 59.6 million. CBAK expects to deliver about EUR 17.1 million worth of batteries in 2022, with the remainder in 2023. The Company has been supplying batteries to the Customer since 2020, showcasing a strong ongoing relationship and commitment to quality.

Positive

• Received a new order worth EUR 28.4 million from a European customer.
• Total order value from this customer in 2022 reaches EUR 59.6 million.
• Expecting to deliver EUR 17.1 million of batteries in 2022, bolstering revenue.

Negative

• None.

DALIAN, China, Sept. 22, 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 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 28.4 million ($27.8 million). On May 13, 2022, CBAK Energy announced that it had received an order worth EUR 28.2 million ($29.3 million) from the same Customer.

This new order will bring the total order value that CBAK Energy has received from the Customer in 2022 to approximately EUR 59.6 million, among which the Company expects to deliver an approximlately EUR 17.1 million of batteries to the Customer in 2022 and the rest in 2023.

The Customer has a global presence with annual sales of billions of Euros. CBAK Energy has been supplying batteries to the Customer since 2020.

Mr. Yunfei Li, Chief Executive Officer of CBAK Energy commented, "Our contact with this Customer started in 2018. After several rounds of due diligence on our supply chain and tests on our product quality, we are very pleased to see this Customer has ordered a significant amount increasing number of batteries from us. As always, we will make efforts to maintain and enhance our product quality and to expand the global 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" 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

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SOURCE CBAK Energy Technology, Inc.

FAQ

What is the value of the new order received by CBAK Energy from a European customer?

The new order is valued at EUR 28.4 million ($27.8 million).

How much total order value has CBAK Energy received from this customer in 2022?

CBAK Energy has received a total order value of approximately EUR 59.6 million from this customer in 2022.

When does CBAK Energy expect to deliver the majority of the batteries from the new order?

CBAK Energy expects to deliver approximately EUR 17.1 million of batteries in 2022, with the remainder to be delivered in 2023.

Since when has CBAK Energy been supplying batteries to the customer?

CBAK Energy has been supplying batteries to this customer since 2020.