China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a global manufacturer of lithium-based battery cells, announced that the Company has received a $1.9 million subsidy for its battery module project from the National Development and Reform Commission (NDRC) and Ministry of Industry and Information Technology (MIIT).
China BAK's battery module is comprised of cylindrical cells that can be used in electric vehicles (EVs), electric motors, electric bicycles (e-bikes) and power storage. The government funds will be used to further develop the battery module's efficiency and environmental-friendliness.
Additionally, the Company announced that it has received new orders from its e-bike customers and expects to deliver 12,000 high-power lithium-ion battery units to its e-bike customers by the end of April 2012.
"In recent years, we have received recognition for our battery modules used in EVs and e-bikes. The subsidy from NDRC and MIIT further demonstrates the government's continued support and recognition of our contribution to China's EV and e-bike industry," commented Mr. Xiangqian Li, China BAK's Chairman and Chief Executive Officer. "We will utilize the grant to further improve our product quality and strengthen our market position in the EV and e-bike industry. We believe that our experience and technological expertise will enable us to increase our market share and deliver high-quality products to our customers."