Business
CBAK Partners with Hello Tech, the parent company of Jackery, a premier global portable power supplier, to Advance Sodium-ion Battery R&D
Secured RMB25 million in funding from Hello Tech for Sodium-ion Battery R&D Program Hello Tech, as CBAK Energy's first client for sodium-ion batteries with
About this update from Cbak Energy Technology, Inc.
[{"type":"text","content":"Secured RMB25 million in funding from Hello Tech for Sodium-ion Battery R&D Program\nHello Tech, as CBAK Energy's first client for sodium-ion batteries with orders potentially worth several hundred million RMB, bolsters the Company's position as a pioneer in the commercialization of sodium-ion batteries\nDALIAN, China, June 1, 2023 /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 it has entered into a strategic agreement to advance its sodium-ion battery R&D program (\"the Agreement\") with Shenzhen Hello Tech Energy Co., Ltd. (\"Hello Tech\") (Shenzhen Stock Exchange: 301327), the parent company of Jackery, a global leading portable power supplier. This collaboration solidifies CBAK Energy's trajectory toward becoming the world's first enterprise capable of producing large cylindrical sodium-ion batteries on a massive scale.\nUnder the terms of the Agreement, Hello Tech will invest RMB25 million into CBAK Energy for the research and development of sodium-ion batteries, 30% of which the Company has already received. In addition, Hello Tech will become CBAK Energy's first client for its sodium-ion batteries, with orders potentially worth several hundred million RMB once CBAK Energy's sodium-ion battery is ready for mass production, which is expected to fortify the Company's position as a pioneer in the commercialization of sodium-ion batteries.\nYunfei Li, Chairman and Chief Executive Officer of CBAK Energy, commented, \"We are delighted to form a long-term strategic partnership with Hello Tech, a prestigious global player in the portable energy supply industry. We look forward to bringing our proven expertise in battery development and production to this unique cooperation, which will play a pivotal role in our ambitious sodium-ion battery strategy. Our extensive technology assets, innovation capabilities and industrial know-how combined with Hello Tech's complementary resources will provide an impressive framework to support cutting-edge sodium-ion battery technology development, granting us a considerable first-mover advantage in this fast-growing market.\"\nAbout CBAK Energy\nCBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engag...