NEW YORK, NY AND BEIJING, CHINA, Dec 09, 2014 (Marketwired via COMTEX) -- Advanced Battery Technologies, Inc. (OTC PINK: ABAT), specializing in the design, manufacture and distribution of eco-friendly rechargeable batteries and related light electric vehicle products, today announced that the company has signed a strategic agreement with Chengdu Xundi Electric Vehicle Manufacturing Co., Ltd. (Chengdu Xundi).
Chengdu Xundi specializes in the development, production and sales of electric vehicles and electric vehicle parts in China. ABAT and Chengdu Xundi signed a strategic agreement to jointly develop a fast charging battery, which enables a one-time charge to supply a driving range above 400 kilometers (equivalent to 248.5 miles) for electric cars. The three-year agreement signed on December 5, 2014, strategically positions ABAT to develop and supply the fast charging batteries to Chengdu Xundi. Chengdu Xundi will use ABAT's batteries and leverage its advanced vehicle technology to produce electric vehicles to meet the new energy automotive sector standards.
Mr. Huang, General Manager of Chengdu Xundi Electric Vehicle Manufacturing, commented, "We are very pleased with the strategic relationship with ABAT. Our company chose to partner with ABAT because ABAT is an innovative leader in the battery industry. ABAT's fast charging battery offers outstanding safety, superior performance, strong reliability and long driving range for electrical cars. We plan to manufacture 10,000 electric cars in 2015 and all these vehicles will use ABAT's batteries
