Following news of major new orders worth between $30 million and $35 million from Anker Innovations Technology Co., LTD., CBAK Energy Technology Inc. (CBAT, Financials) shares jumped 16.7% to $1.06 Friday's trading session.
Mostly consisting of Model 32140 big lithium iron phosphate cylindrical batteries, which are essential components for Anker's portable power supply devices sold in the United States, the orders, acquired via CVAK's subsidiary Nanjing CBAK New Energy Technology.
Top-five client for CVAK Energy since 2022 Anker Innovations, a well-known Chinese intelligent hardware business. While investigating more partnerships, including global market development, the business hopes to either retain or surpass the 2024 order value in 2025.
Zhiguang Hu, CEO of CBAK Energy, pointed out that the cooperation with Anker Innovations emphasizes the company's dedication to dependability and excellence. Hu says that reaching a major turning point when Anker Innovations names you as a major supplier.
Founded on the Nasdaq in 2006, CBAK Energy produces high-power lithium batteries for uses including uninterruptible power supply systems, energy storage, and electric cars.
