|By PR Newswire||
|September 1, 2014 10:38 AM EDT||
DALIAN, China, Sept. 1, 2014 /PRNewswire/ -- On August 29, a delegation of the Standing Committee of Dalian Municipal People's Congress took an inspection tour of the power lithium battery R&D and production base of China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK) in Dalian. The delegation studied the business, products and solutions provided by China BAK and took a test drive of electric vehicles powered by BAK batteries. Mr. Jingrui Li, Director-General of the Standing Committee of Dalian Municipal People's Congress, pointed out that new energy has become one of the emerging strategic industries receiving focused attention from the Dalian government in recent years. As the world's leading lithium battery manufacturer and electric energy solution provider, by entering Dalian, China BAK will boost local new energy-related industries - such as the power battery sector - and can help the city of Dalian expedite its effort to take a leading position in China's new energy industry. China BAK's Chairman Xiangqian Li and several of the company's core executives accompanied the government officials during the tour and introduced the investment, planning and construction progress, and outlined future prospects for this base.
Located in the Dalian Huayuankou Economic Zone, China BAK's power lithium battery project was funded by Dalian BAK Power Battery Co., Ltd. (" Dalian BAK"), China BAK's wholly-owned subsidiary. With a total investment of approximately USD60 million and covering an area of 15.4 hectares, the project is expected to be equipped with four of the most advanced lithium battery production lines in China and forecasts an annual output of 120 million Ah of high-energy power lithium batteries after completion, to provide 100,000 sets of power battery packs for electric vehicles and energy storage products.
In recent years, thanks to the Chinese government's favorable policies, the growth of the new energy vehicle industry has shown significant momentum. The year 2014 is seen as the first real year for the development of China's new energy vehicle industry by many industry insiders. In the first half of 2014, the production of new energy vehicles reached 20,700 units - up 230 percent year-on-year; and sales reached 20,500 units - up 220 percent year-on-year. As the core mechanism for new energy vehicles, the power battery industry has also recently welcomed an unprecedented growth. According to the Development Program for the Energy Efficient and New Energy Vehicle Industry 2012-2020 designed by the State Council of the PRC, some major objectives are: to enthusiastically advance innovation in power battery technologies; scientifically plan the industrial layout; focus on developing power battery industry clusters; and actively promote the mass production of power batteries. With the recent introduction of a number of supporting policies, the production of power batteries for vehicles has grown remarkably. The statistics from the Ministry of Industry and Information Technology (MIIT) have shown that the production of power lithium batteries for electric vehicles stood at 804 million watt-hours in the first half of 2014, compared to the 360 million watt-hours in the whole of 2013.
As one of the first pilot cities in China to promote new energy vehicles, Dalian plans to own 5,000 units of new-energy vehicles by 2015. In early August, the municipal government issued the Opinions on Further Promoting New Energy Vehicles, based on which the municipal government will provide a one-time subsidy to new energy vehicle buyers who meet the subsidy requirements put forward by the central government, according to a ratio of 0.8:1. The promotion and application of new energy vehicles has also advanced the development of related industries. Currently, multiple new energy-related industrial bases are being developed in Dalian. Among them, the Huayuankou Economic Zone - a national hi-tech and new materials industrial base - has taken shape in its initial form as a cluster of technology-intensive industries dominated by new energy, new materials and biopharmaceutical industries. Moreover, the new energy industry cluster - led by projects such as China BAK's power battery project - enjoys an increasingly obvious advantage and provides strong support for Dalian in its effort to become one of the country's first pilot cities for the application of new energy vehicles.
According to Mr. Jingrui Li, Director-General of the Standing Committee of Dalian Municipal People's Congress, "Power lithium batteries represent the main direction for new energy vehicle technologies during the "12th Five-Year Plan" period. We are very confident that China BAK will be able to produce internationally advanced power batteries. We also hope that China BAK can introduce more external think tanks like the Dalian Institute of Chemical Physics of Chinese Academy of Sciences ("DICP") to further the advancement of technological innovation, making Dalian the industrial and innovation base for energy efficient and new energy vehicles in northern China."
Mr. Xiangqian Li, Chairman of China BAK, said, "The Huayuankou Economic Zone in Dalian is actively developing the new material and new energy industries. During our cooperation, we are very much impressed by the government's confidence, determination and execution in growing the local economy and, therefore, are more confident about the future. With a good ecological environment and convenient transportation in Dalian - and by taking advantage of the opportunities for change in the lithium battery industry, as well as by capitalizing onthe region's industrial and educational resources and supportive government policies - BAK will achieve another strategic advancement, helping to make Dalian a leader in the newenergy industry, while driving the development of the entire lithium battery industry."
In July 2013, China BAK and the Dalian municipal government officially signed an agreement to invest in the power lithium battery project. The development of the project began in October 2013 and is expected to be completed and put into commercial operation before the end of calendar year 2014. We have been actively working with the existing customers of BAK International (Tianjin) Limited ("Tianjin BAK") on transfer of their orders to Dalian BAK. Dalian BAK also has and will continue to outsource its customers' orders to Tianjin BAK until the manufacturing facility begins its commercial operations.
About China BAK Battery, Inc.
China BAK Battery, Inc. (CBAK),founded in August 2001, is a global leading, high-tech enterprise engaged in the R&D, manufacture, and sale of high-power lithium batteries. The application of its products and solutions covers such areas aselectric tools, transportation and energy storage. As the first lithium battery company in China to belisted in the U.S. in January 2005, CBAK possesses China's first production base specially engaged in power battery, and has its wholly-owned subsidiary - Dalian BAK Power Battery Co., Ltd., and a large-scale R&D and production base in Dalian. For more information, please visit www.cbak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: the ability of the Company to meet its contract obligations; the uncertain market for the Company's high-power lithium and other battery cells; business, macroeconomic, technological, regulatory, or other factors affecting the profitability of battery cells designed for electric vehicles; and risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2013, as well as other SEC reports that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE China BAK Battery, Inc.
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