DALIAN,China,Dec. 30,2024 --CBAK Energy Technology,Inc. (NASDAQ: CBAT) ("CBAK Energy" or the "Company"),a leading manufacturer of lithium-ion and sodium-ion batteries and electric energy solutions in China,today announced that its wholly-owned subsidiary,Nanjing CBAK New Energy Technology Co.,Ltd. ("Nanjing CBAK"),has successfully signed procurement agreements with all suppliers and completed the prepayment for all necessary production equipment and utilities required for the first two production lines at its Phase II project in Nanjing.

Launched in 2021,the Company's Nanjing project is structured in two phases. Phase I began mass production of its flagship 32140 large cylindrical lithium-ion cells in late 2021,with an actual capacity of approximately 1.3GWh,distributed across two production lines. Phase II,representing a significant expansion,is designed to scale up to a planned capacity of 27GWh. Driven by the soaring demand for the Company's 32140 battery cells in 2024,Phase I is currently operating at full capacity. In response to urgent client requirements,the Company has decided to fast-track the progress of Phase II. Under the current timeline,the first two production lines at Phase II are scheduled to enter trial production by May 2025,with full-scale mass production expected to begin by late 2025.

These two production lines are specifically designed for the production of Model 32140 large cylindrical battery cells. With certain modifications,they can also be adapted to efficiently manufacture the upgraded Model 40135 cylindrical battery cells. The Model 40135 is an advanced product from the 32140,specifically tailored for portable power supply applications and home energy storage systems. Together,these two production lines will have an annual production capacity of approximately 3GWh.

Zhiguang Hu,Chief Executive Officer of CBAK Energy,commented,"We are thrilled to announce the acceleration of our Phase II project in Nanjing. As part of our broader expansion plan,the addition of these two production lines will significantly enhance our capacity to meet the surging demand from our clients. The flexibility of one of the lines to produce the Model 40135 battery cells opens up exciting new opportunities in the energy storage sector. We will continue to keep our investors informed as we reach key milestones in this transformative project."

About CBAK Energy

CBAK Energy Technology,Inc. (NASDAQ: CBAT) is a leading high-tech enterprise inChinaengaged in the development,manufacturing,and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include electric vehicles,light electric vehicles,electric tools,energy storage,uninterruptible power supply (UPS),and other high-power applications. InJanuary 2006,CBAK Energy became the first lithium battery manufacturer inChinalisted on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries inDalian,Nanjingand Shaoxing,as well as a large-scale R&D and production base inDalian.

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