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Benzinga
Benzinga
Business
Akanksha Bakshi

CBAK Energy Inks Agreement With AZAPA R&D China To Develop Customized Battery Pack

  • CBAK Energy Technology Inc (NASDAQ:CBAT) subsidiary CBAK New Energy (Nanjing) Co., Ltd. has agreed with AZAPA R&D China to develop a customized battery pack for the Sino-Japan joint venture. Deal terms were not disclosed.
  • The Sino-Japan JV designs and produces electronic control systems and battery and control systems for electric vehicles.
  • The battery pack will initially be used for testing low-speed electric vehicles produced by Daihatsu Motor Co., a subsidiary of Toyota Motor Corp (NYSE:TM). At the same time, CBAK Nanjing will cooperate with AZAPA to jointly explore international markets.
  • CBAK will deliver three sample battery pack sets to AZAPA by February 2022.
  • Price Action: CBAT shares are trading higher by 2.60% at $1.78 on the last check Tuesday.
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