Benzinga | Sep 14, 2020 09:16AM EDT

Kandi Technologies Group Reports Establishment Of China Battery Exchange Technology Co.

Kandi Technologies Group, Inc. (the "Company," "we" or "Kandi") (NASDAQ GS: KNDI), today announced the establishment of a wholly-owned subsidiary for its battery swapping services: China Battery Exchange Technology Co., Ltd.

By establishing the China Battery Exchange Technology Company, Kandi can better monetize its dozens of patents in the field of battery swap systems. The new Company can also attract strategic investors to participate across the whole sector value chain, including battery swapping services and used battery recycling.

Kandi Chairman and CEO Hu Xiaoming commented: "Kandi is a pioneer in the battery swap concept. As the inventor of the 'vehicle/battery separation' battery swap model, we have overcome many obstacles in the development of our company due to past controversy around this concept. Fortunately, on April 23, 2020, the Ministry of Finance and other three Ministries in China jointly issued a paper strongly supporting and encouraging the 'vehicle/battery separation' battery swapping model. In a 2020 Government Work Report, for the first time the battery swapping station is included in infrastructure construction that promotes renewable energy vehicles. We are gratified to see the government fully support this model. By establishing the China Battery Exchange Technology Company, we believe Kandi is even better positioned to reignite growth in the near future."