Dec 8 2010
China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company's wholly-owned subsidiary, BAK International (Tianjin) Limited ("BAK Tianjin"), received a subsidy of approximately $7.5 million for its automated high power lithium battery project from the National Development and Reform Commission (NDRC) and Ministry of Industry and Information Technology (MIIT).
The Company's automated high power lithium battery project was previously selected as a key project of the PRC's National High Technology Research and Development Program, or "863 Program". BAK Tianjin focuses on the research and development, manufacturing and distribution of advanced high-power lithium battery cells for use in light electric vehicles (EV) and hybrid electric vehicles.
"We have received numerous recognition and research grants for our automated high power lithium battery project. We believe the subsidy from NDRC and MIIT further demonstrates the government's continued support and confidence in our ability to supply high-quality products to the EV industry," commented Mr. Xiangqian Li, China BAK's Chairman and Chief Executive Officer. "We will utilize the grant to expand our production output and enhance product quality to generate additional revenue and strengthen our market position. We firmly believe that with our wealth of experience and advanced technological expertise, we will be successful in continuing to implement our turnaround strategy, increase our market share and deliver high-quality products to our customers."