CBAK Energy (CBAT) And Kandi Group (KNDI) Sign Supply Framework Agreement

By Amit Chowdhry ● Nov 28, 2020
  • Leading lithium-ion battery manufacturer and electric energy solution provider CBAK Energy (NASDAQ: CBAT) announced it signed a Supply Framework Agreement with Kandi Technology Group (NASDAQ: KNDI). These are the details.

Leading lithium-ion battery manufacturer and electric energy solution provider CBAK Energy Technology, Inc. (NASDAQ: CBAT) announced that its wholly-owned subsidiary Dalian CBAK Energy Technology Co., LTD signed a Supply Framework Agreement with Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) — a wholly-owned subsidiary of Kandi Technology Group (NASDAQ: KNDI) in Hangzhou, Zhejiang province.

As part of the deal, they will promote the development of pure electric vehicles together. And the two parties will have a long-term strategic cooperative partnership that would be built for the development, supply, and recycling of power batteries.

According to the Supply Framework Agreement, Kandi Vehicles is planning to buy 800 million RMB (approximately 120 million USD) worth of battery pack system and customized battery manufacturing service in 2021. And the power batteries of Dalian CBAK feature high-efficiency power output, ideal high-temperature performance, long cycle life, and fast charging speed. With the help of those qualities, CBAK Energy could help Kandi Vehicles’ electrical vehicles to further upgrade. 

CBAK Energy focuses on the development, manufacturing, and sales of new energy vehicle power battery system solutions and energy storage systems. And CBAK Energy provides the best solutions for global new energy application. The company’s products cover model 26650 and model 32140 cylindrical Lithium iron phosphate batteries, ternary batteries, and lithium manganate batteries. And the 32140 cylindrical cell has successfully adopted the tab-less design — which gas greatly reduced the cell’s impedance and effectively solved the heat dissipation problem for large-size lithium-ion batteries.