Stock Alert: CBAK Energy Rises On Deal With Kandi

(RTTNews) - Shares of Chinese lithium-ion battery maker and electric energy solution provider CBAK Energy Technology, Inc. (CBAT) are rising more than 18% Friday morning at $8.48.

The company today said Dalian CBAK Energy Technology Co., LTD, a unit of CBAK, has signed supply framework agreement with Zhejiang Kandi Vehicles Co., Ltd. a subsidiary of Kandi Technology Group (KNDI) in Hangzhou, Zhejiang province to develop pure electric vehicle together.

As per the agreement, Kandi Vehicles is planning to purchase about $120 million worth of battery pack system and customized battery manufacturing service in 2021.

CBAT has been trading in the range of $0.36- $11.40 in the last one year.