Lithium-ion battery manufacturer and electric energy solution provider, CBAK says its wholly-owned subsidiary, China BAK Asia Holdings, has entered into a framework investment agreement with Jiangsu Gaochun Economic Development Zone Development Group.
Pursuant to this, the company intend to develop certain lithium battery projects, which aim to have a production capacity of 8Gwh.
Gaochun EDZ has also agreed to provide support, including but not limited to, subsidies, preferential financing support and tax incentives, to facilitate the development and operation of the projects.
“CBAK Energy has developed a large number of high-quality customers around the world, especially in China, Europe and the US,” said CBAK Energy CEO, Yunfei Li.
“This project will help to expand a broader market and development space for CBAK Energy. With this investment, CBAK Energy’s battery business will significantly contribute to not only the local economy but the development of the Chinese new energy industry chain.”