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China BAK executes battery contract for FAW's unit

From New Energy Finance| December 28 , 2009 15:17 BJT

Lithium-ion battery maker China BAK has begun to provide batteries to First Auto Work's affiliate for electric buses.

The contract is to provide battery packs and battery managements for 20 electric buses. China BAK (Nasdaq:BAK) will manufacture the batteries at its Tianjin factory in China.

"This is our first order for batteries for electric buses. It represents customers' confidence in our products and is a new and significant stage in China BAK's product development", China BAK's CEO Xiangqian Li said.

In November, the company raised net proceeds of USD 19.3m to repay the short term debt and to fund working capital and capital expenditures.

(Source: New Energy Finance via zikkir.com)

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