0
0
CHINA, 1 June 2023: CBAK Energy Technology, Inc. (NASDAQ: CBAT) has secured USD 3.52m (RMB25m) in funding from Shenzhen Hello Tech Energy Co. Ltd (“Hello Tech”) for its sodium-ion battery R&D program. The strategic agreement solidifies CBAK Energy’s position as a pioneer in sodium-ion battery commercialization.
Sodium-ion battery R&D
Hello Tech, the parent company of Jackery, a leading portable power supplier, will invest USD 3.52m into CBAK Energy for sodium-ion battery research and development. Already, the company has received 30% of the investment. This collaboration marks a significant step for CBAK Energy, as it aims to become the first enterprise capable of large-scale production of cylindrical sodium-ion batteries.
With the agreement in place, Hello Tech becomes CBAK Energy’s first client for sodium-ion batteries. The potential orders from Hello Tech are estimated to be worth several hundred million RMB once mass production of CBAK Energy’s sodium-ion battery begins. This partnership further strengthens CBAK Energy’s pioneering role in the commercialization of sodium-ion batteries.
Yunfei Li, Chairman and CEO of CBAK Energy, expressed excitement about the long-term strategic partnership with Hello Tech, a globally recognized player in the portable energy supply industry. Li emphasized the importance of leveraging CBAK Energy’s expertise in battery development and production within this unique cooperation. He believes that the collaboration will play a crucial role in their ambitious sodium-ion battery strategy and provide a significant advantage in the rapidly growing market.
The extensive technology assets, innovation capabilities, and industrial know-how of CBAK Energy, combined with Hello Tech’s complementary resources, create a robust framework for cutting-edge sodium-ion battery technology development. This partnership establishes CBAK Energy as a frontrunner in the industry, with the potential to revolutionize the market with its sodium-ion battery solutions.
