CBAK Energy Technology (CBAT) shares were over 6% higher Monday morning after the company said that two production lines in Nanjing, China, with a combined annual production capacity of about 3 GWh are set to enter trial production by May 2025.
The company said the production lines, which are under phase two of its Nanjing project, are specifically designed to produce Model 32140 large cylindrical battery cells and can also be adapted to make upgraded Model 40135 battery cells.
Phase one of the project is currently operating at full capacity due to "soaring" demand for 32140 battery cells this year, the company said.
The company said full-scale mass production at the first two production lines at phase two is anticipated to start by late 2025, with its Nanjing CBAK New Energy Technology unit signing procurement deals and completing the prepayment for all needed production equipment and utilities for the two production lines.
Price: 1.14, Change: +0.07, Percent Change: +6.07
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