CBAK Energy Technology, Inc. ("CBAK Energy",NASDAQ: CBAT), a world's leading lithium-ion battery manufacturer and electric energy solution provider, announced that its wholly owned subsidiary, China BAK Asia Holdings Limited (the Company) entered into a framework investment agreement with Jiangsu Gaochun Economic Development Zone Development Group Company ("Gaochun EDZ"), pursuant to which the Company intend to develop certain lithium battery projects that aim to have a production capacity of 8Gwh.
Meanwhile, Gaochun EDZ agreed to provide various support to, including but not limited to subsidies, preferential financing support and tax incentives, to facilitate the development and operation of the projects.
"CBAK Energy has developed a large number of high-quality customers around the world, especially in China, Europe and the United States. This project will help to expand a broader market and development space for CBAK Energy," said CBAK Energy CEO Mr. Yunfei Li. "With this investment, CBAK Energy's battery business will significantly contribute to not only the local economy but the development of the Chinese new energy industry chain."
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a global leading high-tech enterprise engaged in the R&D, manufacture, and sales of high power lithium batteries.