DALIAN, China, Nov. 19, 2021 /PRNewswire/ -- CBAK Energy
Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy", or the "Company"),
a leading lithium-ion battery manufacturer and electric energy
solution provider, today announced that the Company had begun
operations at its lithium battery manufacturing plant in the city
of Nanjing in China's Jiangsu province.
The plant is equipped with an initial
annual capacity of 0.7 GWh for the Company's new 32140 battery
model that target the light electric vehicle ("LEV") and electric
vehicle sectors. These batteries are being gradually delivered to
customers as the plant's output is progressively expanding to full
production capacity. Additionally, CBAK Energy is on track to
complete the first construction phase for its Nanjing facility (the "Project") by the end of
2022 when the total capacity of the first phase is expected to be
expanded to 2 GWh per year. Meanwhile, the Company raised the
planned capacity for the second phase of the Project to 18 GWh per
year from the original 6 GWh per year to meet growing customer
demands. CBAK Energy plans to commence construction of the second
phase by the end of this year.
CBAK has also started operating a new
production line at its Dalian
facility to make an annual 0.4 GWh of its new 26700 battery model,
an upgrade from its original 26650 battery model, for the LEV and
energy storage sectors. Output from this new production line was
ramped up in earlier November, and production in Dalian facility will last until the second
quarter of 2022 to fulfill the number of orders already received.
However, due to the COVID-19 pandemic containment measures recently
adopted in Dalian by the local
government, operations of this new production line, along with
CBAK's existing production lines in the city, have been suspended
and may continue to be suspended for additional time. The Company
is closely monitoring the situation and will resume production once
the local containment measures ease.
Mr. Yunfei Li, Chief Executive
Officer of CBAK Energy, commented, "We are very delighted about our
progress in expansion. The new capacity of these batteries enables
us to capitalize on emerging opportunities in a broader market and
development space. Along with the development of electric vehicles,
we will continue to enhance our production and supply capabilities
to address the robust demands for cylindrical lithium
batteries."
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ:
CBAT) 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 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 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, which
are subject to change. The forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All "forward-looking statements"
relating to the business of CBAK Energy Technology, Inc. and its
subsidiary companies, which can be identified by the use of
forward-looking terminology such as "believes", "expects" or
similar expressions, involve known and unknown risks and
uncertainties which could cause actual results to differ
materially. These factors include but are not limited to: the
ability of the Company to meet its contract or agreement
obligations; the uncertain market for the Company's lithium battery
cells; business, macroeconomic, technological, regulatory, or other
factors affecting the profitability of battery cells designed for
energy storage; and risks related to CBAK Energy's business and
risks related to operating in China. Please refer to CBAK
Energy's most recent Annual Report on Form 10-K, as well as other
SEC reports that have been filed since the date of such annual
report, for specific details on risk factors. Given these risks and
uncertainties, you are cautioned not to place undue reliance on
forward-looking statements. CBAK Energy's actual results could
differ materially from those contained in the forward-looking
statements. CBAK Energy undertakes no obligation to revise or
update its forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release unless
expressly requested by applicable law.
For investor and media inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei
Li
Phone: 86-411-39185985
Email: ir@cbak.com.cn
The Blueshirt Group
Ms. Feifei Shen
Phone: +86 13466566136
Email: feifei@blueshirtgroup.com
The Blueshirt Group
Ms. Suwen Feng
Phone: +86 13917110134
Email: suwen@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Ms. Julia Qian
Phone: +1 973-619-3227
Email: Julia@blueshirtgroup.com
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SOURCE CBAK Energy Technology, Inc.