CBAK Energy Technology, Inc., a world’s leading lithium-ion battery manufacturer and electric energy solution provider, announced that its wholly owned subsidiary, China BAK Asia Holdings Limited entered into a framework investment agreement with Jiangsu Gaochun Economic Development Zone Development Group Company, pursuant to which the Company intend to develop certain lithium battery projects that aim to have a production capacity of 8Gwh. Meanwhile, Gaochun EDZ agreed to provide various support to, including but not limited to subsidies, preferential financing support and tax incentives, to facilitate the development and operation of the projects.

“CBAK Energy has developed a large number of high-quality customers around the world, especially in China, Europe, and the United States. This project will help to expand a broader market and development space for CBAK Energy,” said CBAK Energy CEO Mr. Yunfei Li. “With this investment, CBAK Energy’s battery business will significantly contribute to not only the local economy but the development of the Chinese new energy industry chain.”

About CBAK Energy

CBAK Energy Technology, Inc., is a global leading high-tech enterprise engaged in the R&D, manufacture, and sales of high power lithium batteries. The application of its products and solutions covers such areas as electric vehicles, light electric vehicles, electric tools, transportation and energy storage. As the first lithium battery company in China to get listed in the U.S. in January 2005, CBAK Energy possesses China’s first production base specially engaged in power battery, and has its wholly-owned subsidiary, Dalian CBAK Energy Technology Co., Ltd, Dalian CBAK Power Battery Co., Ltd, and a large-scale R&D and production base in Dalian.