Advanced Battery Tech (ABAT) announced this morning it has signed an $8.7 million polymer lithium-ion phosphate battery contract with U Long Run Sheng Technology.  The ABAT batteries will be used by Long Run for electric motorcycles and other electric vehicles. 

ABAT CEO, Zhiguo Fu, said, “We believe the order speaks to the quality of our products and services. The management team at U Long Run Sheng compared similar products available in the market and determined that ABAT’s polymer lithium-ion batteries provided the best performance and value.”

After spiking at the open on the news, shares of ABAT are now well off the highs and remain below the 50 day moving average.