Advanced Battery Tech Announces $23.4 Million Contract With Wuxi Angell Autocycle
Advanced Battery Technologies, Inc. (ABAT) announced the signing of a contract with Wuxi Angell Autocycle Co., Ltd. to produce battery cells for 150,000 electric bicycles and motorcycles by the end of 2008. Wuxi is described as a leading manufacturer of electric vehicles. ABAT develops, manufactures, and distributes rechargeable polymer lithium-ion battery cells for use in electric vehicles, mining equipment, and a variety of consumer electronics.
GBT battery cells will be used in electric bicycles and motorcycles produced by Wuxi for export to the A.T.U. Corp. of Germany. A.T.U. has a number of subsidiaries worldwide and 49 overseas sales distributors.
"We are extremely pleased to have our batteries used in Wuxi’s electric bicycles and motorcycles being exported to the A.T.U. Corp. of Germany," stated Zhiguo Fu, CEO of Advanced Battery Technologies. "Wuxi’s substantial market reach, extended by A.T.U.’s equally significant reach, assures broad recognition for our PLI battery cells and their superiority over competitor products. This will be extremely beneficial as we advance our marketing efforts into new countries."