Advanced Battery Technologies Announces Letter of Intent With Chinese Electric Vehicle Manufacturer

Advanced Battery Technologies, Inc. (ABAT) announced that it has entered into a cooperation agreement with Wuxi Anjiu Bicycle Co., Ltd. of China. ABAT develops, manufactures, and distributes rechargeable polymer lithium-ion (PLI) batteries.

The agreement is for ABAT to work with Wuxi to help it transition its electric vehicle products from lead acid batteries to ABAT’s advanced rechargeable PLI batteries. Wuxi Anjiu produces 600,000 bicycles and motorcycles annually for sale in 48 countries worldwide.

"We are extremely pleased to be working with Wuxi Anjiu," stated Zhiguo Fu, C.E.O. of Advanced Battery Technologies. "As our PLI batteries are gradually incorporated into Wuxi’s bicycles and motorcycles, Wuxi’s substantial market reach assures broad recognition for our PLI batteries and their superiority over existing types of batteries. This will be extremely beneficial to ABAT as we advance our marketing efforts into new countries."