CBAK Energy gains on $24.87 mln lithium battery supply deal

CBAK Energy Technology

10/07/2023 13:48

** Shares of China-based lithium battery maker CBAK Energy
 CBAT.O  up 5.3% at $1.19 premarket 
    ** Co enters into a strategic agreement with Guangzhou Echom
Science & Technology  002420.SZ  to supply lithium-ion battery
worth 180 million yuan ($24.87 million) for three years
    ** As part of the arrangement, Echom to ensure that more
than 50% of its relevant products use CBAK Energy's batteries -
Co 
    ** Up to last close, stock is up 14.1% YTD

($1 = 7.2375 Chinese yuan renminbi)

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))