CBAK Energy Technology unit enters strategic agreement with Echom

CBAK Energy Technology announced that its subsidiary, Nanjing CBAK New Energy Technology Co., has entered into a strategic agreement with Guangzhou Echom Science & Technology Co., Ltd., a well-known industrial design group in China. According to the terms of the collaboration, Echom will purchase approximately RMB 180M worth of CBAK Energy’s cylindrical lithium-ion batteries over the next three years, primarily the 32140 and 26700 series. As part of the arrangement, Echom is obligated to prioritize CBAK Energy’s batteries in its self-developed new energy storage products and ensure that over 50% of its relevant products utilize CBAK Energy’s batteries. In exchange, Nanjing CBAK will guarantee a consistent and uninterrupted supply of the specified battery products for the duration of the agreement.