CBAK Energy to Develop Cylindrical Batteries for Jemmell

CBAK Energy Technology, Inc. announced that its wholly owned subsidiary, Nanjing CBAK New Energy Technology Co., Ltd. (Nanjing CBAK), has entered into a strategic framework agreement with Jiangsu JPK New Energy Co., Ltd. (JPK), a subsidiary of Jiangsu Jemmell New Energy Automobile Co., Ltd. (Jemmell) to develop and supply large cylindrical batteries used on Jemmell's A00-grade mini passenger vehicles.

According to the framework agreement, Nanjing CBAK and JPK will closely cooperate to develop a competitive EV power battery system. Specifically, Nanjing CBAK will be responsible for providing batteries with an EV-used battery solution that allows its products to be applicable under several scenarios.

Jimmell's A00-grade mini passenger vehicles are reportedly among the Top 10 best sellers in China's mini passenger vehicle market. This agreement is thus expected to generate tens of millions of revenues (in RMB) to the Company, subject to the actual number of batteries supplied.

Mr. Yunfei Li, Chief Executive Officer of CBAK Energy commented, "The cooperation with JPK and Jemmell is a proof that our large cylindrical batteries are getting tractions in the EV/LEV market. We are very pleased to enter into this framework agreement, and expect the synergy will benefit both of us in this fast-growing market."