RTTNews | Nov 27, 2020 09:53AM EST

09:53 Friday, November 27, 2020 (RTTNews.com) - Shares of Chinese lithium-ion battery maker and electric energy solution provider CBAK Energy Technology, Inc. (CBAT) are rising more than 18% Friday morning at $8.48.

The company today said Dalian CBAK Energy Technology Co., LTD, a unit of CBAK, has signed supply framework agreement with Zhejiang Kandi Vehicles Co., Ltd. a subsidiary of Kandi Technology Group (KNDI) in Hangzhou, Zhejiang province to develop pure electric vehicle together.

As per the agreement, Kandi Vehicles is planning to purchase about $120 million worth of battery pack system and customized battery manufacturing service in 2021.

CBAT has been trading in the range of $0.36- $11.40 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3149116/stock-alert-cbak-energy-rises-on-deal-with-kandi.aspx)

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