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DALIAN – CBAK Energy Technology, Inc. (NASDAQ:CBAT), a prominent lithium-ion battery manufacturer in China with a market capitalization of $91 million, has announced today that it received a follow-up order worth approximately $3 million from Livguard, an Indian energy storage solutions company. This new order increases the total business from Livguard to $7.9 million since the partnership began. The company’s stock has shown strong momentum, gaining over 16% in the past week according to InvestingPro data.
Livguard, an established provider of energy solutions in India, is part of the SAR Group and offers products like inverters, batteries, solar systems, and automotive power solutions. The company has been procuring Model 32140 cylindrical lithium-ion batteries from CBAK Energy, which are known for their high performance and reliability in various energy applications. CBAK Energy reported annual revenue of $153 million, though facing a challenging market with a 31% year-over-year revenue decline.
The CEO of CBAK Energy, Zhiguang Hu, stated that this order reinforces the company’s position in India’s rapidly expanding energy sector and is a testament to the quality and reliability of their battery technology. He also mentioned the company’s recent collaboration with Ather, a leading manufacturer of two- and three-wheelers in India, as a sign of their growing influence in the market. InvestingPro analysis reveals 12 additional key insights about CBAK Energy’s financial health and market position, available in the comprehensive Pro Research Report.
CBAK Energy has been at the forefront of developing and manufacturing new energy high power lithium batteries and materials since its Nasdaq listing in January 2006. The company operates subsidiaries in Dalian, Nanjing, and Shaoxing, and boasts a significant R&D and production base in Dalian.
The information in this article is based on a press release statement from CBAK Energy Technology, Inc. It’s important to note that forward-looking statements in the press release involve risks and uncertainties, and actual results may differ materially from those projected or implied by such statements. CBAK Energy does not undertake any obligation to update or revise forward-looking statements publicly, except as required by law.
In other recent news, CBAK Energy Technology Inc. reported a notable financial turnaround in its Q4 2024 earnings, achieving a net income of $11.79 million, reversing a loss from the previous year. Despite a 13.61% decline in consolidated net revenues to $176.61 million, the company’s gross profit rose significantly, with a margin improvement to 23.7%. CBAK Energy and Kandi Technologies Group announced a strategic partnership to construct two lithium battery production facilities in the United States, aiming to meet the growing demand for off-road vehicles in North America. The collaboration will allow CBAK to lead the cell manufacturing plant, owning 90% of the joint venture. Additionally, CBAK Energy has initiated a $20 million stock buyback program, authorized by its Board of Directors, to deliver value to shareholders. In leadership changes, Mr. Yunfei Li resigned as both a member and the Chairman of the Board, while Mr. Jiewei Li, the current CFO, was appointed as a new director. These developments reflect CBAK Energy’s efforts to strengthen its market position and address compliance issues.
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