CBAK Energy Secures Upto $35 Mln Battery Cell Supply Contract From Anker Innovations, Stock Up

(RTTNews) - CBAK Energy Technology, Inc. (CBAT), Friday announced that its wholly-owned subsidiary, Nanjing CBAK New Energy Technology Co., Ltd. has secured a contract of upto $35 million from Anker Innovations Technology Co., Ltd., an intelligent hardware brand enterprise.

Following the announcement, CBAK's stock is climbing 19.43 percent, to $1.09 on the Nasdaq.

Under the deal, the China-based company would supply battery cells to Anker.

Moreover, both the companies are planning for potential future collaborations along with expansion of capabilities across overseas markets.