Advanced Battery Technologies (ABAT) just announced that it has signed a letter of intent to acquire a leading Chinese battery company,according to this press release.

As a down payment for the battery company, located in Shenzen, China, Advanced Battery Technologies will pay a refundable deposit of RMB 10 million. The final purchase will be made after Advanced Battery Technologies does its due diligence regarding the purchase, as long as everything checks out.

In the press release, Mr. Zhiguo Fu, Chairman and CEO of Advanced Battery Technologies, commented on the purchase:

“We are very excited about the opportunity to expand our battery production capabilities. We are confident that the proposed acquisition will bolster our R&D capabilities and allow us to further penetrate and capture more of the PLI battery market.”