On September 28, Zhongtian Technology announced that its wholly-owned subsidiary Zhongtian Storage Energy Technology Co., Ltd. (hereinafter referred to as “Zhongtian Storage Energy”) and Yangzijiang Automobile Group Co., Ltd. (hereinafter referred to as “Yangzijiang Automobile”) signed a high A cooperation agreement of 1 billion yuan.

According to the agreement, the two sides will cooperate in the field of new energy vehicles, supporting 5,000 new energy buses in 2016-2020, with a cooperation amount of about 1 billion yuan. The term of the agreement is from September 28, 2016 to December 31, 2020.

Zhongtian Technology said that the concrete implementation of the cooperation between the two parties will have a positive impact on the company's future performance. Zhongtian Storage Energy's main business includes lithium batteries and related products, uninterruptible power supplies, inverter equipment, and DC power supplies for communication equipment.

Just in August, Zhongtian Technology released a plan to increase the amount of funds, which indicated that it will raise 4.38 billion yuan, of which 1.8 billion will be used for the research and industrialization of leading-edge high-performance lithium battery products for new energy vehicles.

The main body of the project is Zhongtian Energy Storage Technology, a wholly-owned subsidiary of the Company. After the funds are raised, it will be implemented through capital increase or entrusted loans.

The project mainly includes two buildings in No. 36 Hongxing East Road, Nantong Economic and Technological Development Zone, Jiangsu Province, and invested in 1,100 sets of main equipment to realize high-rate lithium iron phosphate battery and its cathode material and high energy density. Large-scale production of lithium battery, silicon carbon lithium battery, silicon carbon anode material and solid lithium battery. After the completion of the project, an annual output of 1.2 billion Ah lithium-ion power lithium battery series will be formed.

In the first half of 2016, Zhongtian Technology achieved operating income of 9.204 billion yuan, a year-on-year increase of 36.26%, and net profit attributable to shareholders of listed companies was 728 million yuan, a year-on-year increase of 60.71%.

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