CBAK Energy Obtains $28 Million Battery Order from European Customer

DALIAN, China, Sept. 22, 2022 /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 the Company has received an order from a leading European provider of heating, cooling and renewable energy systems (the "Customer") for a supply of lithium-ion batteries worth EUR 28.4 million ($27.8 million). On May 13, 2022, CBAK Energy announced that it had received an order worth EUR 28.2 million ($29.3 million) from the same Customer.

This new order will bring the total order value that CBAK Energy has received from the Customer in 2022 to approximately EUR 59.6 million, among which the Company expects to deliver an approximlately EUR 17.1 million of batteries to the Customer in 2022 and the rest in 2023.

The Customer has a global presence with annual sales of billions of Euros. CBAK Energy has been supplying batteries to the Customer since 2020.

Mr. Yunfei Li, Chief Executive Officer of CBAK Energy commented, "Our contact with this Customer started in 2018. After several rounds of due diligence on our supply chain and tests on our product quality, we are very pleased to see this Customer has ordered a significant amount increasing number of batteries from us. As always, we will make efforts to maintain and enhance our product quality and to expand the global market."

About CBAK Energy

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. The applications of the Company's products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian and Nanjing, as well as a large-scale R&D and production base in Dalian.

For more information, please visit www.cbak.com.cn.

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For investor and media inquiries, please contact:

In China:

CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
Phone: 86-18675423231
Email: [email protected]

SOURCE CBAK Energy Technology, Inc.