China BAK Battery, Inc. (Nasdaq: CBAK), one of the largest lithium-ion battery cell manufacturers in the world, as measured by production output, today announced its lithium-phosphate project for electric vehicles has been selected for government support.
As a key project of China’s National High Technology Research and Development Program, or "863 Program", China BAK will receive a grant of up to $3.1 million from the central government and certain subsidy grants from the Shenzhen Municipal Government in coming quarters.
BAK International (Tianjin) Limited, China BAK’s subsidiary, which focuses on the R&D, manufacturing and distribution of advanced high-power lithium-phosphate cells, will lead the commercialization of the project. It aims to commercialize the production of high-power lithium-phosphate cells for use in light electric vehicles and hybrid electric vehicles.
The 863 Program is one of the most important national science and technology programs in China. It was launched in March 1986 by the PRC’s central government as a national strategic development program to optimize and upgrade China’s hi-tech development in the key fields of IT, biology, energy, agriculture, pharmaceutical, new material, manufacturing and automation, as well as resource and environment.
China BAK began commercial production of lithium-phosphate cells at its Shenzhen facility for use in cordless power tools in October 2005, and for mining lamps in March 2007.
In December 2006, its new subsidiary, BAK International (Tianjin) Limited, was incorporated to focus on the R&D, manufacturing and distribution of lithium-phosphate cells. China BAK has since shifted all lithium-phosphate cell manufacturing machinery, equipment and personnel from its Shenzhen facility to its Tianjin facility.
In October 2008, its Tianjin facility completed construction of its first lithium-phosphate cell production line, and initiated trial production of lithium-phosphate cells. It has also been engaging in the research and development of lithium-phosphate cells for use in light electric vehicles and hybrid electric vehicles, and has been actively seeking market opportunities for such applications.
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