CBAK Energy Announces A Strategic Investment In BAK Power; Nanjing Cbak Will Acquire A 5% Stake In Bak Power For Approximately $35.57M
Portfolio Pulse from Benzinga Newsdesk
CBAK Energy Technology, Inc. (NASDAQ:CBAT) has announced that its subsidiary, Nanjing CBAK, will acquire a 5% stake in Shenzhen BAK Power Battery Co., Ltd. for approximately $35.57 million. BAK Power, a power battery R&D and manufacturing company, will supply its battery products to CBAK Energy, creating synergy with CBAK Energy's existing products and establishing non-compete agreements for certain key customers.
September 28, 2023 | 12:04 pm
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CBAK Energy's acquisition of a 5% stake in BAK Power could strengthen its position in the power battery industry and enhance its product supply, potentially leading to increased revenues.
The acquisition of a stake in BAK Power by CBAK Energy's subsidiary could enhance CBAK Energy's product supply and strengthen its position in the power battery industry. This could potentially lead to increased revenues and a positive impact on its stock price.
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