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UPDATE: China BAK Climbs 7%; Inks Battery Pact with Korean Electric Motors

By: MT Newswires
Posted: 3/29/2012 9:55:00 AM
Referenced Stocks: CBAK

China BAK Battery ( CBAK ) is up 6.76% to $1.10, just below the session high of $1.11, after it said that it has secured a new contract to supply its high-power lithium-ion batteries to a major Korean electric motor manufacturer.

Under the contract, China BAK will deliver 300 high-power lithium-ion battery units to the Korean manufacturer by April 2012 to power its electric motors. The customer previously tested and provided feedback on a sample set of China BAK's lithium-ion high power batteries.