CBAK Energy Tech (CBAT) stock recently traded at $5.02 which is a 0.40% upward movement. The CBAT stock previously closed at $5.00. CBAT stock also soared in the after-hours trading session by 16.53% at the time of writing.
The boost in the CBAT stock price in the recent trading session has a possible relation with CBAK’s prospering performance and operation expansion in both the EV market and now recently the Hydrogen energy market.
Brief introduction to CBAK Energy Technology
CBAK Energy Technology, Inc. is an electrical equipment & parts company that deals with the production, manufacturing and sale of electrification applications and solutions. The company has a diversified portfolio of electric products and solutions which include electric tools, electric cars, heavy electric vehicles, energy storage, uninterruptible power supply along with other powered applications. CBAT stock had recently entered the EV market and has been the first lithium battery manufacturer in China listed on the NASDAQ stock market. The company is currently a leading seller and manufacturer of the latest high energy lithium battery.
CBAK announces the addition of Fuel Cell development to its portfolio
CBAK announced on 15th March 2021, that it has shown a keen expressed interest in the hydrogen fuel cell market by signing a memorandum of cooperation with a leading European Hydrogen energy group.
The announcement does not specify if this is the actual name of the European Company or just a general description. However, CBAK, does give details about the partner’s company operations and background stating that it has 100 years of operation history and was created in 1902. The company has over 60,000 employees and its revenue reached 20.3 billion euros in 2017. Oxygen, Nitrogen, and Hydrogen are the related portfolios for its operations since its creation.
The press release says that CBAK and the “Hydrogen Energy Group” will be actively looking for new partnership opportunities in the future which will include but not limit to areas of hydrogen fuel cell stack, hydrogen storage, refueling stations, Fuel cell production, and more. This MOC will give both company’s a boost for their stock value especially CBAT stock.
CBAK shows a consistent operational performance
CBAK has shown strong performance and fundamentals in this first week of the month and has been surging since the past year due to its growth potential in the EV market. However, it had a well over 19% plunge in February as the hype around growth stock and EV stocks died down in the month. This was because traders and investors have developed a more cautious approach to these stocks; they decided to sell off a substantial portion of the EV stocks.
CBAT stock maintained consistent operational activities during the EV market dip, which briefly propped up its stock value as it announced a new battery tech on Feb 19 which functions in ultra-low temperatures and known as 26650 lithium rechargeable batteries or simply Special 26650 battery.