Tianneng sees strong business in EV batteries

Shanghai, August 24 (Gasgoo.com) Tianneng Power recently said revenue from its primary business of electric bicycle batteries was hit in the first half by financial crisis, but the company achieved remarkable revenues in power storage and electric vehicle batteries, Proactive Investors China reported today.

The company, located in eastern China's Zhejiang province, plans to take advantage of the government's new policies supporting the sectors of the power storage and electric vehicle batteries, which it sees as strong revenue sources in the near future.

Total first-half revenue fell 24% from a year earlier to 97 billion yuan ($1.42 billion). However, power storage batteries brought in 8.4 million yuan compared to 35,000 yuan the same time last year. The company's plant in Muyang, Jiangsu province, has started production and will reach full capacity in 2012.

Electric car batteries also brought in 1.36 million yuan revenue for the first time. The company has recently signed a technical cooperation agreement with Chery Auto and Geely Auto to supply the two Chinese carmakers with battery products.

Zhejiang Tianneng Battery Co., Ltd. (Tianneng Power) is engaged in producing motive battery products primarily used in the electric bikes. The company is expanding into sector of the electric vehicle batteries.