CBAK Energy Technology, Inc. (NASDAQ:CBAT) shares are moving higher on Friday after the company announced it secured orders from Anker Innovations.
What To Know: CBAK's subsidiary, Nanjing CBAL New Energy Technology, received orders from Anker totaling about $30 million to $35 million in value throughout 2024. Anker, one of the company's top 5 customers, has consistently placed orders with CBAK since 2022.
The orders are generally for battery cells, including the Model 32140 large LFP cylindrical batteries. Anker utilizes these batteries for its portable power supply products.
"We are excited to have been added to Anker Innovations' qualified supplier list and to become their largest suppliers of LFP battery cells. This marks an important milestone in our partnership, and we look forward to further strengthening our relationship," said Zhiguang Hu, CEO of CBAK Energy.
"With the growing demand for our products, we are fully committed to meeting these needs, and our manufacturing facilities are operating at full capacity. This reinforces our dedication to product quality and reliability, which we believe has earned us the trust of leading companies like Anker Innovations."
CBAT Price Action: At the time of writing, CBAK stock is trading 18.4% higher at $1.08, according to data from Benzinga Pro.
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