Advanced Battery Technologies, Inc. (AMEX:GBT) announced the signing of a contract with Wuxi Angell Autocycle Co., Ltd. to produce battery cells for 150,000 electric bicycles and motorcycles by the end of 2008.
Advanced Battery Technologies, Inc. develops, manufactures, and distributes rechargeable polymer lithium-ion (PLI) battery cells for use in electric vehicles, mining equipment, and a variety of consumer electronics. Wuxi Angell Autocycle Co., Ltd. is a leading manufacturer of electric vehicles.
GBT battery cells will be used in electric bicycles and motorcycles produced by Wuxi for export to the A.T.U. Corporation of Germany. A.T.U. has a number of subsidiaries worldwide and 49 overseas sales distributors.
"We are extremely pleased to have our batteries used in Wuxi’s electric bicycles and motorcycles being exported to the A.T.U. Corporation of Germany," stated Mr. Zhiguo Fu, CEO of Advanced Battery Technologies. "Wuxi’s substantial market reach, extended by A.T.U.’s equally significant reach, assures broad recognition for our PLI battery cells and their superiority over competitor products. This will be extremely beneficial as we advance our marketing efforts into new countries," Mr. Fu concluded.
About Advanced Battery Technologies, Inc.
Founded in September 2002, Advanced Battery Technologies develops, manufactures, and distributes PLI batteries using lithium cobalt oxide anodes to overcome many of the shortcomings associated with other types of rechargeable batteries. GBT develops PLI batteries for use in electric vehicles, mine lamps, and consumer electronics, including cellular telephones, laptop computers, and digital cameras. GBT maintains research and development, and manufacturing facilities in Harbin, China, and administrative offices in New York, New York.
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