CBAK Energy Enters Strategic Partnership For Indian Market

CBAK Energy Technology, Inc. CBAT subsidiary Nanjing CBAK entered into a strategic partnership agreement with Welson Power, a China-based new energy company with a global network in over 20 countries.
As per the agreement, Nanjing CBAK will supply its Model 32140 batteries to Welson Power which will sell the products to overseas markets, mainly India.
Nanjing CBAK has obtained the certification of the Bureau of Indian Standards (BIS) on its Model 32140 battery, which is the only certification for distributing lithium-ion battery products in India.
Yunfei Li, CEO of CBAK Energy, commented, "The partnership with Welson Power brings us into the Indian market which is expected to be one of the largest markets for LEV applications. Our 32140 batteries are much attractive to local manufacturers, and we will not be surprised to see our sales and market shares start going up there with this partnership."
Price Action: CBAT shares are trading lower by 7.07% at $1.33 on the last check Friday.