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Advanced Battery Tech. To Buy Shenzhen Zhongqiang New Energy Science & Tech

Sunpow Battery Forum :: Battery & Charger :: Battery Industry News

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Advanced Battery Tech. To Buy Shenzhen Zhongqiang New Energy Science & Tech

Post  Admin on Wed Dec 22, 2010 11:56 pm

Advanced Battery Technologies, Inc. (ABAT: News ) said that on December 20, 2010, the company reached an Acquisition Agreement with Shenzhen Zhongqiang New Energy Science & Technology Co., Ltd. The total purchase price is $20 million, of which approximately $13.5 million would be used to satisfy existing liabilities of Shenzhen Zhongqiang. The company expects to close this acquisition on January 1, 2011.

Shenzhen Zhongqiang is a manufacturer of lithium batteries for mobile phones and MP3 and video game consoles with a daily capacity of 70,000 battery cells.

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