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CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a prominent high-tech enterprise specializing in the development, manufacturing, and sales of high-power lithium and sodium batteries. Headquartered in Dalian, China, CBAK Energy was founded in 1999 and was formerly known as China BAK Battery, Inc. before adopting its current name in January 2017.
With a diverse product portfolio, CBAK Energy's batteries are integral to a range of applications including electric vehicles (EVs) such as electric cars and buses, light electric vehicles like bicycles and sightseeing cars, as well as electric tools, energy storage systems, uninterruptible power supplies (UPS), and other high-power applications. The company's market extends beyond mainland China to the United States, Europe, Taiwan, Israel, and various other international territories.
CBAK Energy operates through two primary segments: the CBAK segment, focusing on the manufacture, commercialization, and distribution of standard and customized lithium-ion rechargeable batteries, and the Hitrans segment, which develops and manufactures NCM precursor and cathode materials. The majority of its revenue is generated from its operations in mainland China, although it also has significant business in Europe, the United States, Korea, and other regions.
Recent achievements highlight CBAK Energy's robust growth and strategic partnerships. Notable collaborations include agreements with the Shangqiu Urban-Rural Integration Demonstration Zone to boost production capacity and significant orders from global leaders like Anker Innovations, underscoring the company's strong market position. Additionally, the acquisition of a 5% stake in Shenzhen BAK Power Battery Co., Ltd. further enhances CBAK Energy’s technological and market capabilities.
Financially, the company has shown resilience and growth amidst market volatility. For the first quarter of 2024, CBAK Energy reported net revenues of $58.8 million, a 38.7% increase from the same period in 2023, driven primarily by its battery business. Gross margin also saw a significant leap to 31.9%, reflecting improved operating efficiency and cost management.
Looking ahead, CBAK Energy continues to innovate, as evidenced by the recent technological advancements in its model 32140 large cylindrical lithium-ion battery, which now boasts faster charging and improved durability. This innovation is expected to drive substantial sales growth, particularly in key markets such as India and China.
CBAK Energy remains committed to sustainable growth and technological leadership in the global battery industry, continually enhancing its product offerings and expanding its market presence.
For more information, please visit ir.cbak.com.cn.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) issued a correction to a previous press release on July 26, 2021, regarding its acquisition of a majority stake in Zhejiang Meidu Hitrans. The correction clarifies that Hitrans deals in cathode materials, not anode materials as previously stated. This adjustment does not affect other disclosures made in the initial announcement.
CBAK Energy specializes in high-power lithium batteries for diverse applications, including electric vehicles and energy storage.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) will release its unaudited financial results for Q2 and the first half of 2021 on August 16, 2021, before U.S. market opens. A conference call will be held at 8:00 AM ET on the same day, providing an opportunity for stakeholders to discuss results and insights. Interested participants should register in advance to join the call. CBAK Energy, a leading lithium-ion battery manufacturer, continues to operate in a competitive market, focusing on high-power applications in electric vehicles and energy storage.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has announced a framework agreement to acquire an 81.56% stake in Zhejiang Meidu Hitrans Lithium Battery Technology Co. for approximately RMB158.74 million ($24.50 million). This acquisition is expected to enhance CBAK's supply chain and competitiveness in the high-power lithium battery market. Hitrans, established in 2015, has been a key supplier, focusing on ternary precursors and anode materials. The transaction is anticipated to close in Q3 2021, subject to certain conditions.
CBAK Energy Technology (NASDAQ: CBAT) announced a robust financial performance for the year ended December 31, 2020, showcasing a 69.3% increase in total net revenues, reaching US$37.6 million compared to US$22.2 million in 2019. Gross profit rose to US$2.7 million, with a gross margin improvement to 7.2%.
Despite these gains, the company reported a net loss of US$7.8 million, down from US$10.9 million in 2019. Recent initiatives include trial production of a new 26650 lithium battery and plans to expand production capacity in Nanjing and Dalian.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has signed a memorandum of cooperation with a leading European hydrogen energy group to advance hydrogen fuel cell technology. This partnership aims to leverage each other’s strengths in innovation and resources to explore high-quality projects in hydrogen fuel cell production, storage, and refueling. With the Chinese government emphasizing hydrogen fuel cell development, the market is projected to grow significantly, with expected demand reaching 60 million tons by 2050. CBAK Energy's CEO expressed confidence in this collaboration promoting low-carbon energy transitions.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has commenced trial production of its self-developed Special 26650 Battery, specifically designed for ultra-low temperature applications. This battery can operate at temperatures as low as -50 degrees Celsius and has shown satisfactory performance in initial tests, with a production yield nearing mass production levels. The company aims to achieve mass delivery by the second half of 2021. CEO Yunfei Li emphasized the potential for expansion in the aviation and aerospace markets due to the battery's unique features.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced the closing of a $70 million registered direct stock placement at $7.83 per share. The offering, which concluded on February 10, 2021, involved issuing 8,939,976 shares to institutional investors, alongside Series A-1 and A-2 Warrants with exercise prices of $7.67 and $7.83, respectively. The funds will be used to accelerate the business plan, pay down debts, and cover working capital needs.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced a registered direct placement of approximately $70 million of common stock at $7.83 per share. The placement includes Series A-1 and A-2 Warrants to purchase additional shares at $7.67 and $7.83, respectively. Proceeds will be used to accelerate business plans, repay debts, and fund working capital. The offering is expected to close around February 10, 2021. FT Global Capital, Inc. is the exclusive placement agent. This announcement highlights the company's financial strategies and upcoming capital structure changes.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has signed a $1.4 million framework agreement with Sichuan Guohong Automobile Co., Ltd. to supply battery systems for 10.5 million electric buses. Nanjing CBAK, a wholly owned subsidiary, will deliver 30 battery systems within a year. CEO Yunfei Li highlighted the increasing demand for electric vehicle batteries in China. The agreement is part of CBAK's strategy to strengthen its position in the growing electric vehicle market and establish a long-term partnership with Sichuan Guohong.
CBAK Energy Technology, Inc. (NASDAQ: CBAT) has announced plans to expand its production capacity in Nanjing and Dalian due to rising client orders. The company aims to achieve an annual capacity of 8 GWh by the end of 2023, with Phase I targeting 2 GWh and Phase II 6 GWh. An investment of RMB70 million is allocated for developing a new production line for model 32140 batteries, expected to operate in H2 2021. Additionally, RMB50 million is planned for a new production line in Dalian to produce model 26650 batteries. CEO Yunfei Li emphasized the commitment to meet increasing market demand.
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