SMM July 28th: recently, CBAK Energy Technology announced that its wholly-owned subsidiary Dalian CBAK Power Battery Co., Ltd (referred to as "CBAK") has reached a majority acquisition framework agreement with Zhejiang Meidu Hitrans Lithium Battery Technology Co., Ltd (referred to as "Hitrans"), a supplier of lithium-ion battery materials.
According to the agreement, Dalian CBAK will acquire Zhejiang Meidu Graphene Technology Co. for more than 158 million of its capital. Hitrans, which is 81.56% owned by Hitrans and Hitrans's management shareholders, is expected to complete the acquisition in the third quarter of 2021.
According to public data, CBAK Zhongbi Energy, founded in 2001, is the world's leading high-tech enterprise integrating R & D, production and sales of lithium-ion batteries. It is also the first Chinese lithium-ion battery manufacturer to be listed in the United States, and its products include square aluminum shell batteries, polymer batteries and cylindrical batteries.
As for Hitrans Zhejiang Meidu Haichuang Lithium Technology Co., Ltd., which was established in 2015, the company is mainly engaged in the research, development, production and sales of ternary precursors and anode materials.
In fact, Hitrans was one of the major suppliers of CBAK Energy Technologies in fiscal year 2020 long before the acquisition. With the completion of this acquisition, Hitrans, which is powered by CBAK, is expected to further strengthen its supply chain and competitiveness in the high-power lithium battery market.
