China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a global manufacturer of lithium-based battery cells, announced that the Company received a new contract to supply its high-power lithium-ion batteries to a major Korean electric motor manufacturer.
Under the contract, China BAK will deliver 300 high-power lithium-ion battery units to the Korean manufacturer by April 2012 to power its electric motors. The customer previously tested and provided feedback on a sample set of China BAK's lithium-ion high power batteries.
"We are pleased to expand the end market for our high-power lithium-ion batteries to electric motors. Our supply contract with a major Korean manufacturer marks our entry in the attractive electric motors market," commented Mr. Xiangqian Li, CEO of China BAK. "We are pleased with customer feedback on our high-power lithium-ion batteries and expect to receive additional orders in the third fiscal quarter of 2012. We will continue our attention toward engaging with the EV industry and expect to make additional progress in this direction," added Mr. Li.
