Benzinga | Jul 26, 2021 09:02AM EDT

CBAK Energy Announces Framework Agreement To Acquire 81.56% Stake In Zhejiang Meidu Hitrans For Aggregate Consideration Of ~$24.50M

CBAK Energy Technology, Inc. (NASDAQ:CBAT) ("CBAK Energy," or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that its wholly-owned subsidiary Dalian CBAK Power Battery Co., Ltd. ("CBAK Power") has entered into a framework agreement to acquire a majority stake in Zhejiang Meidu Hitrans Lithium Battery Technology Co. ("Hitrans"), a leading lithium-ion battery material supplier in China.