CBAK Energy Completes Majority Stake Acquisition of Hitrans
DALIAN, China, Nov. 29, 2021 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that its wholly-owned subsidiary Dalian CBAK Power Battery Co., Ltd. ("CBAK Power") has completed its previously announced acquisition of a majority stake in Zhejiang Hitrans Lithium Battery Technology Co. ("Hitrans"), a leading lithium-ion battery material supplier in China formerly known as Zhejiang Meidu Hitrans Lithium Battery TechnologyCo.
- DALIAN, China, Nov. 29, 2021 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that its wholly-owned subsidiary Dalian CBAK Power Battery Co., Ltd. ("CBAK Power") has completed its previously announced acquisition of a majority stake in Zhejiang Hitrans Lithium Battery Technology Co. ("Hitrans"), a leading lithium-ion battery material supplier in China formerly known as Zhejiang Meidu Hitrans Lithium Battery TechnologyCo.
- Upon closing of the transaction, CBAK Power is now the largest shareholder of Hitrans owning 81.56% of its equity.
- Mr. Yunfei Li, Chief Executive Officer of CBAK Energy commented," The closing of this deal heralds an exhilarating time of renewed opportunity for us.
- CBAK Energy Technology, Inc. is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries.