Benzinga | Nov 19, 2021 03:12PM EST

CBAK Energy Begins Operations At Nanjing Lithium Battery Manufacturing Facility

* CBAK Energy Technology Inc (NASDAQ:CBAT) commenced operations at its lithium battery manufacturing plant in Nanjing in China's Jiangsu province.

* The plant is equipped with an initial annual capacity of 0.7 GWh for the company's new 32140 battery model that targets the light electric vehicle (LEV) and electric vehicle sectors.

* Additionally, CBAK Energy is on track to complete the first construction phase for its Nanjing facility by the end of 2022.

* CBAK Energy raised the planned capacity for the project's second phase to 18 GWh per year from the original 6 GWh per year to meet growing customer demands. The company plans to begin construction of the second phase by year-end.

* CBAK has also started operating a new production line at its Dalian facility to make an annual 0.4 GWh of its new 26700 battery model.

* Price Action: CBAT shares are trading higher by 3.92% at $2.12 on the last check Friday.