CBAK Energy Announces a 3-year Strategic Agreement with Echom By CIOTechOutlook Team

CBAK Energy Announces a 3-year Strategic Agreement with Echom

CIOTechOutlook Team | Tuesday, 11 July 2023, 02:43 IST

A well-known industrial design company in China, Guangzhou Echom Science & Technology Co., Ltd, has entered into a strategic partnership with CBAK Energy, a leading manufacturer of lithium-ion batteries and a provider of electric energy solutions in China.

In accordance with the conditions of the partnership, Echom will buy cylindrical lithium-ion batteries from CBAK Energy, notably the 32140 and 26700 series, for about RMB 180 million over the following three years. As part of the agreement, Echom is required to ensure that more than 50% of its pertinent goods use CBAK Energy's batteries and to give CBAK Energy's batteries preference in any self-developed new energy storage products. In return, for the term of the contract, Nanjing CBAK will ensure a steady and constant supply of the designated battery goods.

With five significant R&D and manufacturing facilities spread across China, Echom, a well-known industrial design company listed on the Shenzhen Stock Exchange, is a leader in the country. By extending its operations into the new energy sector in 2020, Echom will have large manufacturing facilities for new energy goods completed by 2023. Echom manufactures a variety of products, including portable power supply units, as part of its wide range of services.

Yunfei Li, Chairman and Chief Executive Officer of CBAK Energy, said, "We are excited to form a partnership with Echom, demonstrating the market's recognition of our high power lithium-ion batteries and the value and quality we deliver. Looking ahead, leveraging our innovative technology and solid production capability, we remain dedicated to improving our batteries' performance while accelerating broader product adoption, providing our partners with more value-added products, and further fortifying our leading industry position."