Advanced Battery Technologies has released guidance for 2010. The company expects revenue of $100 to $110 million and net income of $32 to $36 million this year, excluding any unforeseen impact from future acquisitions or fair value change of outstanding warrants.
In a press release, Mr. Zhiguo Fu, CEO of ABAT, commented on the news:
“Advanced Battery is acutely aware of the current global economic conditions and we have cautiously moved forward with our business … Read the rest
Advanced Battery Technologies just announced that it received $1.2 million worth of orders for new electric scooters at the company’s product promotion conference in China. The conference was held at the end of March. The $1.6 million figure is the total amount of the sales contracts signed with four different customers. The scooters will be delivered within the next year.
In a press release, Mr. Zhiguo Fu, CEO of ABAT, commented on the sales:
“The … Read the rest
Advanced Battery Tech (ABAT) reported mixed results after the bell today and traders aren’t all that thrilled. The stock has taking a beating since the August high and it’s getting hit again after hours, down about 9%. The company reported an EPS number of .08/share which missed analyst estimates of .09/share and was flat from the year ago quarter despite a 40% increase in revenues.
I still like this company longer term and this pull … Read the rest
Advanced Battery (ABAT)’s subsidiary Wuxi ZhongQiang (Autcycle) has signed two contracts this morning totaling $3.3 million for customers in Denmark and Indonesia. One order is for 12,000 electric bikes with a contract value of $2.3 million and the 2nd order is for 2000 electric scooters with a total value of $1.1 million. Deliver of the order is expected within the month.
Zhiguo Fu, CEO of ABAT, said, “We are excited to announce the electric vehicle … Read the rest
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 … Read the rest
ZAP has received a shipment of 100 electric vehicles powered by larger-format polymer lithium-ion batteries from Advanced Battery Technologies. This first shipment was for Zappy3 Li personal transporters, but the two companies plan to expand their partnership into larger vehicles soon, such as pickups, vans and the Alias roadster model that ZAP is developing.
In a press release, ZAP CEO Steve Schneider explained why Advanced Battery Technology’s batteries make such a difference:
“You can … Read the rest
Advanced Battery Technologies (ABAT), which recently acquired Wuxi Autocycle to break into the electric bike biz is providing some financial guidance for Wuxi with 3 year projections. ..
Wuxi currently has 4 production lines in operation with production capability of 100 vehicles per day per line but is currently operating at lower than 20% of total capacity.
For the period of May through December of 2009, the company believes Wuxi will contribute revenue of $35.0 … Read the rest
ABAT reported strong 3rd quarter results today. Revenue jumped from $8.6 million dollars in the 3rd quarter of 2007 to $12.7 million in the third quarter of 2008-an increase of 47.7%! Gross profit also increased substantially, from $4.0 million last year to $5.9 million this year, an increase of 47.8%. Net income increased from $3.6 million or $0.07 per diluted share in the third quarter of 2007 to $4.4 million, or $0.08 per diluted share … Read the rest
Advanced Battery Technologies, a company that manufactures rechargeable polymer lithium-ion batteries, named Dr. Suiyang Huang as their new Chief Technology officer today. Dr. Huang’s responsibilities will include upgrading existing ABAT products and production processes, managing technology standards and production procedures, and developing new and better rechargeable battery products.
Dr. Huang seems eminently qualified for the position. He has a PHD from Universite de Bordeaux,has published over 30 papers, and holds 7 US and 20 Chinese … Read the rest