CBAK Energy Technology, Inc. (CBAT) ("CBAK Energy"), 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.
Under 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.
Yunfei 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."
