DALIAN, China, April 18, 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 its wholly owned subsidiary, Nanjing CBAK New Energy Technology Co., Ltd. ("Nanjing CBAK") has recently secured substantial orders worth approximately RMB18.60 million, or $2.71 million from Shenzhen PowerOak Technology Co., Ltd. ("PowerOak"). PowerOak is the parent company of BlueTTI, a top-rated brand in the global market for portable power supply solutions.
In March of 2022, PowerOak placed their initial order, through its subsidiary, Huizhou PowerOak Technology Co., Ltd., to purchase batteries from Nanjing CBAK. Since then, Nanjing CBAK has received orders totaling approximately RMB36.85 million, or $5.36 million, from PowerOak, as of April 18, 2023. These batteries are intended for use in PowerOak and their sub-brand BlueTTI's portable power supply units. We anticipate that our partnership with PowerOak will result in additional orders throughout this year and beyond.
CBAK Energy's CEO, Mr. Yunfei Li, expressed his enthusiasm for the long-term partnership with PowerOak and their sub-brand BlueTTI: "PowerOak and BlueTTI are among the top three players in the global portable power station market. PowerOak's products have gained popularity not only in China but also in over 70 countries and regions around the world, including Europe, Japan, Korea, and America. With over a year of successful collaboration, we anticipate continued growth and increased demand for our battery products from PowerOak in the future."
PowerOak is a new energy company based in China that specializes in portable power supply and solar generator industries. Established in 2013, it has quickly become a leading player in the global portable energy storage market, thanks in part to its highly regarded brand BlueTTI. PowerOak is considered a unicorn company, with over 200 patents and a presence in more than 70 countries and regions.
Owned by PowerOak, BlueTTI, as a renowned brand in the portable power supply market, has gained significant recognition in the global market since its registration in 2019. In February 2023, BlueTTI achieved a remarkable fundraising milestone of $12.19 million on Indiegogo. BlueTTI has established a strong global presence with its products being sold in more than 70 countries and regions.
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 www.cbak.com.cn.
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For investor and media inquiries, please contact:
CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
SOURCE CBAK Energy Technology, Inc.