Advanced Battery Technologies, Inc. today announced it has signed a five-year sales contract with Veken USA Co. Ltd., a China-based multi-billion dollar corporation and one of the world's leading OEM manufacturers serving many famous power sports brands. During the first year of the contract, ABAT anticipates delivering 10,000 sets of battery modules per month to Veken USA, generating approximately $27.0 million in annual revenue.
As part of the contract, ABAT will deliver Lithium-ion Polymer 48V and 15AH battery packs, for use in Veken's hybrid scooters for distribution in Europe, the U.S. and in other countries and regions. Wuxi Angell, a China-based scooter, moped, motorcycle manufacturers, will be responsible for assembling the hybrid scooters under Veken's brands.
Mr. Zhiguo Fu, Chairman and CEO of ABAT, stated, "We are very pleased to win the multi-year supply contract with Veken. We believe the agreement with Veken will further expand and solidify ABAT's footprint outside of China and showcase ABAT's product offerings and services and the strength of our brand on a global scale. We remain very optimistic about the market for electric vehicles worldwide and today's contract win speaks to our conviction."