China BAK Battery (CBAK) Gets Lithium Battery Contract From Leading E-Bike Manufacturer

geoby e-bikeChina BAK Battery (CBAK) is announcing this morning that it has won a new lithium battery contract with China’s leading e—bike manufacturer Geoby Electric and expects to win another supply deal should initial testing be successful.  They will initially supply 1000 batteries.  No word on the total value of the deal.

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"As the electric vehicles industry continues to experience significant growth, there is an increasing need for reliable, high-quality suppliers of lithium-ion batteries such as China BAK. We are pleased to work with Geoby Electric to support their efforts in delivering world-class electric bicycles to consumers. We look forward to working with our valued customers as China’s electric vehicle sector continues to evolve," commented Mr. Xiangqian Li, CEO of China BAK Battery, Inc.

Shares of CBAK are trading about 5% higher in pre-market trading.  Shares have looked increasingly bullish over the past month, trading above the 50 day moving average.  Today’s news may be the catalyst to break out of a short consolidation and make a run to the 200 day moving average above $2/share.

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