CBAK Energy Announces Collaboration with Ather Energy, one of India's top five electric two-wheeler manufacturers

Rhea-AI Summary

CBAK Energy Technology (NASDAQ: CBAT) has announced that its subsidiary, Nanjing CBAK New Energy Technology, has secured purchase orders for Model 32140 cylindrical lithium-ion battery cells from Ather Energy, one of India's top five electric two-wheeler manufacturers. Ather Energy, which operates India's largest fast-charging network for electric two-wheelers, will integrate these battery cells into their vehicles, with expectations for a long-term partnership.

The Model 32140 batteries are specifically designed for electric two-wheeler, three-wheeler, and light electric vehicle (LEV) markets. This partnership marks CBAK Energy's strategic entry into India's growing LEV market. The company's existing client portfolio includes significant orders from major companies like Viessmann Group (EUR116.5 Million), PowerOak (BlueTTI brand), Hello Tech (Jackery's parent company), and Anker Innovations (USD 30-35 Million).

Positive

• Secured new purchase orders from a major Indian electric vehicle manufacturer
• Entry into India's rapidly expanding EV market
• Strategic positioning in the growing light electric vehicle sector
• Potential for long-term partnership and consistent order flow

Negative

• Order value and specific quantities not disclosed
• Timeline for delivery and implementation not specified

News Market Reaction

+5.63%

1 alert

+5.63% News Effect

On the day this news was published, CBAT gained 5.63%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

DALIAN, China, Jan. 6, 2025 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy" or the "Company"), a leading manufacturer of lithium-ion and sodium-ion batteries, as well as electric energy solutions in China, today announces that its wholly-owned subsidiary, Nanjing CBAK New Energy Technology Co., Ltd., has secured purchase orders for its Model 32140 cylindrical lithium-ion battery cells from Ather Energy, one of India's top five electric two-wheeler manufacturers and operator of the country's largest fast-charging network for electric two-wheeler.

The Company's Model 32140 cylindrical lithium-ion battery cells are highly competitive in the electric two-wheeler, three-wheeler, and light electric vehicle (LEV) markets. As one of India's largest producers of electric two-wheeler, Ather Energy's decision to place orders for CBAK Energy's advanced battery technology underscores the growing demand for high-performance battery solutions in India's rapidly expanding EV market. Ather Energy will begin integrating CBAK Energy's Model 32140 battery cells into its electric two-wheeler, with expectations for a long-term partnership and consistent order flow.

Zhiguang Hu, Chief Executive Officer of CBAK Energy, commented, "We are excited to announce this strategic partnership with Ather Energy, which signals our successful entry into the rapidly growing LEV market in India. We are confident that our Model 32140 battery cells, perfectly suited for India's electric two-wheeler market, will help drive future growth. As India's LEV sector continues to expand, we expect to secure increasing orders and market share, positioning CBAK Energy as a key player in the region's EV revolution."

CBAK Energy's clients with disclosed names include but not limited to:

CBAK Received Order From Viessmann Group for EUR116.5 Million of Lithium-Ion Batteries for 2024-CBAK Energy

CBAK Energy Announces Battery Orders from PowerOak, Parent Company of Top-Rated Portable Power Brand BlueTTI-CBAK Energy

CBAK Partners with Hello Tech, the parent company of Jackery, a premier global portable power supplier, to Advance Sodium-ion Battery R&D-CBAK Energy

CBAK Energy Technology, Inc. Announces Significant Orders from Anker Innovations, totaling around USD 30 Million to 35 Million-CBAK Energy

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 and raw materials for use in manufacturing 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, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian.

For more information, please visit ir.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.

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 further inquiries, please contact:

In China:

CBAK Energy Technology, Inc.
Investor Relations Department
Email: ir@cbak.com.cn 

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SOURCE CBAK Energy Technology, Inc.

FAQ

What is the significance of CBAK Energy's partnership with Ather Energy?

The partnership marks CBAK Energy's entry into India's growing EV market and positions them to supply Model 32140 battery cells to one of India's top five electric two-wheeler manufacturers.

What type of batteries will CBAT supply to Ather Energy?

CBAK Energy will supply Model 32140 cylindrical lithium-ion battery cells, which are designed for electric two-wheeler, three-wheeler, and light electric vehicle markets.

How will the Ather Energy partnership impact CBAT's market presence in India?

The partnership is expected to increase CBAK Energy's market share in India's LEV sector and establish them as a key player in the region's EV revolution.

What other major clients does CBAT currently serve?

CBAT's major clients include Viessmann Group (EUR116.5M order), PowerOak (BlueTTI brand), Hello Tech (Jackery's parent company), and Anker Innovations (USD 30-35M order).