Advanced Battery Technologies, Inc. (ABAT) recently announced that it was awarded a $4.6 million contract from Wuxi Angell Autocycle Co., Ltd. to produce battery sets. Wuxi Angell Autocycle Co., Ltd. is a manufacturer of motorized vehicles, including e-bikes, ATVs, scooters, pocket bikes, dirt bikes, go-karts, snow scooters, and sea scooters, for Chinese and overseas markets. Wuxi Angell Autocycle was established in 2002 as a light electric vehicle manufacturer that currently produces more than 600,000 units a year for 48 countries worldwide. “We are extremely pleased to be providing these battery sets to Wuxi Angell for use in its products.
This order continues to establish Advanced Battery as a maker of superior battery cells,” stated Mr. Zhiguo Fu, the company’s CEO. This contract will perfectly fit the company’s continuous efforts to enter new markets and will also improve the company’s backlog. ABAT reported an $18.2 million backlog at April 11, 2007 and taking into consideration the Q2FY07 revenues amounting for $7.685 million and the awarded contract we can assume that company’s current backlog rose to $14.15 million. Moreover, Wuxi Angell Autocycle’s international presence will help ABAT enter new international markets. Currently the management is negotiating several marketing relationships in Europe, US and Asia.
ABAT’s PLI batteries produce an average of 3.8 volts per cell. In addition they can be manufactured in very thin configurations and with large footprints. PLI cells can be configured in almost any prismatic shape. These characteristics make ABAT’s products very useful in a variety of consumer market applications.
About ABAT
Advanced Battery Technologies develops, manufactures, and distributes rechargeable PLI battery cells using lithium cobalt oxide anodes to overcome many of the shortcomings associated with other types of rechargeable batteries. ABAT develops PLI battery cells for use in electric vehicles, mine lamps, and consumer electronics, including cellular telephones, laptop computers, and digital cameras. ABAT maintains research and development, and manufacturing facilities in Harbin, China, and administrative offices in New York, New York.