Benzinga | Dec 21, 2021 02:33PM EST

CBAK Energy Inks Agreement With AZAPA R&D China To Develop Customized Battery Pack

* CBAK Energy Technology Inc (NASDAQ:CBAT) subsidiary CBAK New Energy (Nanjing) Co., Ltd. has agreed with AZAPA R&D China to develop a customized battery pack for the Sino-Japan joint venture. Deal terms were not disclosed.

* The Sino-Japan JV designs and produces electronic control systems and battery and control systems for electric vehicles.

* The battery pack will initially be used for testing low-speed electric vehicles produced by Daihatsu Motor Co., a subsidiary of Toyota Motor Corp (NYSE:TM). At the same time, CBAK Nanjing will cooperate with AZAPA to jointly explore international markets.

* CBAK will deliver three sample battery pack sets to AZAPA by February 2022.

* Price Action: CBAT shares are trading higher by 2.60% at $1.78 on the last check Tuesday.