CBAK Energy (CBAT) Partners With Chengdu Raja to Jointly Develop Battery Swapping Project and UPS Project

January 25, 2021 9:19 AM EST

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy", or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider, today announced that its wholly-owned subsidiary, Dalian CBAK Energy Technology Co., LTD ("Dalian CBAK"), recently signed a one-year strategic cooperation framework agreement (the "Agreement") with Chengdu Raja New Energy Automotive Technology Co., Ltd. ("Raja"). As part of the Agreement, the two parties plan to jointly develop a battery swapping project for the food delivery and logistics industries as well as an uninterruptible power supply ("UPS") project for traffic lights. Both parties will utilize their respective competitive advantages in their establishment of a long-term strategic cooperative relationship.

Raja is the first Chinese producer of light electric trucks commonly used in the logistics and distribution industry. In 2018, Raja added to its product line electric vehicles used in the trash collection industry. Today, Raja has operations in seven Chinese cities, sold over 5,000 electric trucks, and established over 3,500 electric charging stations.

According to the Agreement, Dalian CBAK will serve as an important supplier to Raja and provide the latter with high-quality lithium-ion batteries. In the first year of the project, the demand for battery cells is expected to reach 1 million. The main purpose of the battery swapping project is to provide battery swapping services to groups of low-speed electric vehicle drivers throughout the delivery and logistics industries. As the internet continues to drive economic development, delivery services are increasingly becoming an indispensable part of life. The battery swapping cabinet is designed to solve the problems of heavy batteries, inconvenient charging systems, and complex battery replacement processes for those riders using lead-acid batteries, as well as to reduce the related charging safety risks through the utilization of an integrated cloud management and monitoring system. Separately, the UPS Project for traffic lights provides solutions for those situations during which traffic lights fail for a brief period of time, are nonfunctional due to broken cables, or are not bright enough due to long-distance power supply transmissions, which often result in traffic lights with a low or inconsistent supply of electric power.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News