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

Rhea-AI Summary

CBAK Energy Technology (NASDAQ: CBAT) has secured significant orders from Anker Innovations through its subsidiary Nanjing CBAK, valued between USD 30-35 million for 2024. The orders primarily consist of Model 32140 large LFP cylindrical batteries for portable power supply products sold in the U.S. market. Since 2022, Anker Innovations has been among CBAK's Top 5 customers. The company expects to maintain or exceed these order values in the coming year. Both companies are discussing potential future collaborations, including expanding capacity in overseas markets. CBAK has become Anker's largest supplier of LFP battery cells, with manufacturing facilities operating at full capacity.

Positive

• Secured orders worth USD 30-35 million for 2024
• Established position as Anker's largest LFP battery cell supplier
• Manufacturing facilities operating at full capacity
• Potential for overseas market expansion
• Consistent orders from Top 5 customer since 2022

Negative

• None.

News Market Reaction – CBAT

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On the day this news was published, CBAT gained 17.26%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

DALIAN, China, Dec. 27, 2024 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy" or the "Company"), a leading manufacturer of lithium-ion and sodium-ion batteries and electric energy solutions in China, today announced that its wholly-owned subsidiary, Nanjing CBAK New Energy Technology Co., Ltd. ("Nanjing CBAK"), has secured substantial orders from Anker Innovations Technology Co., Ltd. (Shenzhen Stock Exchange: 300866, "Anker Innovations"), one of the Chinese global intelligent hardware brand enterprises with the largest revenue scale. The Company has received orders in 2024 with a total value approximately between RMB 200 million and RMB 250 million, or around USD 30 million to USD 35 million.

Since 2022, Anker Innovations has consistently placed orders for battery cells, becoming CBAK Energy's Top 5 customer. The majority of these orders consist of Model 32140 large LFP cylindrical batteries, which are integral to Anker Innovations' portable power supply products, particularly those sold in the U.S. Looking ahead, the Company anticipates maintaining or exceeding the value of these significant orders we received in 2024 over the next year. Additionally, CBAK Energy and Anker Innovations are engaged in ongoing discussions about potential future collaborations, including but not limited to expanding capacity in overseas markets.

Zhiguang Hu, Chief Executive Officer of CBAK Energy, commented, "We are excited to have been added to Anker Innovations' qualified supplier list and to become their largest suppliers of LFP battery cells. This marks an important milestone in our partnership, and we look forward to further strengthening our relationship. With the growing demand for our products, we are fully committed to meeting these needs, and our manufacturing facilities are operating at full capacity. This reinforces our dedication to product quality and reliability, which we believe has earned us the trust of leading companies like Anker Innovations."

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 value of CBAK Energy's (CBAT) recent orders from Anker Innovations for 2024?

CBAK Energy secured orders valued between USD 30-35 million (RMB 200-250 million) from Anker Innovations for 2024.

What type of batteries is CBAT supplying to Anker Innovations?

CBAT is supplying Model 32140 large LFP cylindrical batteries, primarily used in Anker's portable power supply products for the U.S. market.

When did Anker Innovations become a top customer for CBAT?

Anker Innovations has been consistently placing orders since 2022 and is now among CBAK Energy's Top 5 customers.

What are CBAT's future expectations for orders from Anker Innovations?

CBAK Energy anticipates maintaining or exceeding the 2024 order values in the coming year and is discussing potential future collaborations, including overseas capacity expansion.