SHENZHEN, China, Sept. 16, 2018 (GLOBE NEWSWIRE) -- Today, Shenzhen BAK Power Battery Co., Ltd. (hereinafter referred to as "BAK") and U.S.-based lithium-ion (Li-ion) battery platform provider Cadenza Innovation held a strategic signing ceremony in Shenzhen, with Mr. Li Xiangqian, Chairman of Shenzhen BAK Power Battery Co., Ltd., and Dr. Christina Lampe-Onnerud, Founder and CEO of Cadenza Innovation, representing their companies. The companies announced that they will cooperate to manufacture Li-ion cells and modules based on Cadenza Innovation's supercell architecture, which provides higher safety, lower cost and higher energy density. By promoting the global industrialization of new products while continuously improving the technology, BAK and Cadenza Innovation will fuel the ongoing innovation and development of the industry.
Prior to signing an agreement, the companies carried out project feasibility assessments and safety testing, institutional testing and other third-party testing. The results underscored the game-changing opportunity of pairing BAK's many years of research and development in lithium battery technology, through the experience of smart production and mature experience in product manufacturing, with Cadenza Innovation's advancement of new Li-ion battery packaging technology. Working globally through their respective, established project teams in the U.S. and China, the companies will promote the further market application of cells and modules based on the supercell design to offer customers worldwide safer, more cost-effective and better-performing products.
In recent years, the electric vehicle (EV) industry and areas such as consumer electronics have developed rapidly. As a result, Li-ion battery manufacturers are facing unprecedented opportunities and challenges. Market demand and policy guidance also put forward higher requirements for power battery performance and quality. With safety as a priority, the markets are expecting batteries that also provide for higher energy density and lower cost.
"As a well-known domestic lithium battery company, BAK has always focused on quality while continuously innovating its products through independent research and development on the premise of ensuring the safety of batteries. At the same time, we are also aware of the importance of continuously incorporating innovative technologies from at home and abroad. Cadenza Innovation's new battery module architecture can effectively improve the safety of Li-ion batteries, while achieving higher energy density and lower energy costs. Through this partnership, this innovative technology will be commercialized by both parties. BAK will drive the successful realization of global industrialization of the supercell technology, which we believe will have a profound impact on the lithium battery and electric vehicle industry through the success of this cooperation," said Mr. Li Xiangqian.
At the signing ceremony, Dr. Lampe-Onnerud said: "As an internationally renowned lithium battery company that has been cultivating the battery industry, BAK has more than 10 years of lithium battery production experience and more than 1,000 technical patents in its portfolio. A leader among China's top lithium battery producers, with novel manufacturing technology solutions and the ability to achieve realization of global industrialization of innovative technologies, I believe that this partnership will enable new technologies and product breakthroughs for the lithium battery industry."
As an important part of BAK's battery innovation development and globalization strategy, the strategic cooperation will further promote BAK to build a global partner ecosystem, further expand the international market, and bring groundbreaking innovative lithium battery products with high energy density and improved safety to the lithium battery industry.
The construction of the BAK supercell and module production line is underway in Zhengzhou BAK Industrial Park. It is expected that mass production will be operational early next year.
About Cadenza Innovation, Inc.
Founded in 2012 by lithium-ion battery experts with more than 125 patents, Cadenza Innovation is capitalizing on its intellectual property, field-proven operational and mass production expertise and partner network to establish itself as a leader in low cost, safe and energy dense storage solutions. Licensing its technology for immediate access, the company was recently named a World Economic Forum 2018 Technology Pioneer. Cadenza Innovation is headquartered in Wilton, Connecticut, with advanced technology development labs at 1 Duracell Drive in Bethel, CT. For more information, visit www.cadenzainnovation.com.
About BAK Battery
Founded in Shenzhen, China in 2001, BAK Battery has grown into a leading international energy company integrating R&D, production, sales and recycling of lithium-ion power batteries and consumer digital batteries. In China, it has two production bases, Shenzhen BAK Power and Zhengzhou BAK Battery. The products cover batteries, modules and packages, and are used in passenger cars, buses, logistics vehicles and special vehicles. By December 2017, the company's power battery capacity had reached 8GWh, with a cumulative loading of 110,000 vehicles. The longest driving record of bicycles exceeds 400,000 kilometers, accounting for about 30% of the domestic market share. In the domestic ternary power cylinder battery supply market BAK ranked first in the business. BAK insists on using wisdom to create power and create a reliable "core" for new energy vehicles!
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CHEN PR for Cadenza Innovation
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