DALIAN, China, Aug. 19, 2022 /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 its wholly owned subsidiary, Nanjing CBAK New Energy Technology Co., Ltd. ("Nanjing CBAK"), has entered into a strategic partnership agreement with Welson Power, a China-based new energy company with a global network in over 20 countries.
According to the agreement, Nanjing CBAK will supply its Model 32140 batteries to Welson Power which will sell the products to overseas market, mainly India, mostly for LEV applications. Nanjing CBAK has obtained the certification of the Bureau of Indian Standards ("BIS") on its Model 32140 battery, which is the only certification for distributing lithium-ion battery products in India. With a subsidy program of INR100 billion (or $1.26 billion) to electrify all of its new automobiles came up with by the Indian government, the prospect of the new energy industry is bright. Both parties believe that the partnership will be mutually beneficial.
Mr. Yunfei Li, Chief Executive Officer of CBAK Energy commented, "The partnership with Welson Power brings us into the Indian market which is expected to be one of the largest markets for LEV applications. Our 32140 batteries are much attractive to local manufacturers, and we will not be surprised to see our sales and market shares start going up there with this partnership."
About Welson Power
Welson Power is a Wuxi-based new energy company with focus on lithium battery energy solutions (ESS) to portable energy storage, household energy storage, and small industrial and commercial energy storage, and manufactures power battery systems for EV and LEV applications. Welson Power has a global footprint over 20 countries with major focus on the Indian market.
About CBAK Energy
CBAK Energy Technology, Inc. is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy 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 and Nanjing, as well as a large-scale R&D and production base in Dalian.
For more information, please visit www.cbak.com.cn.
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CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
SOURCE CBAK Energy Technology, Inc.