CBAK Energy to Co-Develop Na-ion Cells with Chinese Battery Manufacturer
CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced a partnership with a leading Chinese battery manufacturer to co-develop sodium-ion battery cells. This collaboration aims to promote the mass production of cylindrical sodium-ion batteries, seen as a promising alternative to lithium-ion technology, particularly for electric vehicles. CBAK anticipates producing samples in the second half of 2022, emphasizing its commitment to innovation and competitiveness in the energy market.
- Joint development of sodium-ion battery cells with a leading battery manufacturer enhances CBAK's market position.
- Sodium-ion technology is identified as a promising alternative for large-scale applications, potentially leading to new revenue streams.
- Anticipation of sample production in the second half of 2022 underscores proactive R&D efforts.
- Risks associated with regulations in China could impact operations and marketability of products.
DALIAN, China, July 26, 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 entered into an agreement with another Chinese high-tech battery maker who is one of the top players leading in the research and development of Na-ion battery to co-develop sodium-ion battery cells.
The sodium-ion battery chemistry is considered to be one of the most promising "beyond-lithium" energy storage technologies, particularly for large-scale electric vehicle and stationary applications. The two companies aim to leverage their respective cutting-edge R&D and production capabilities to jointly promote the mass production of cylindrical sodium-ion battery products. CBAK Energy will provide technical services with respect to battery cell production and testing under this partnership. CBAK Energy anticipates to produce samples in the second half of Year 2022.
Mr. Yunfei Li, Chief Executive Officer of CBAK Energy commented, "The cooperation is part of our continuous commitment to exploring new technologies and product innovation. Sodium-ion battery is drawing significant attention from the battery industry. We believe that this partnership will strengthen our competitiveness and further empower us to widen product offerings as we strive to become a major battery supplier for top light electric vehicle & electric vehicle producers."
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 and raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include light electric vehicles, 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 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 for three consecutive years, 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 our products and solutions 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.
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