JINHUA, China, Dec. 15, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), today announced that Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles"), the Company's wholly-owned subsidiary in China, signed a purchase contract with Zhejiang Tianneng Energy Technology Co, Ltd ("Tianneng Energy Technology"), a wholly-owned subsidiary of Tianneng Power International Limited (0819.HK), China's leading manufacturer of batteries, for a one-year supply of TNL-ITR18650-2200P lithium batteries providing a total of approximately185 million watt hours from Tianneng Energy Technology starting in January 2015. Kandi Vehicle's purchase amount is committed to be no less than RMB 260 million or approximately USD 42.6 million in 2015.
In respect to the accelerated progress and success in Kandi's innovative business model of the car-share program, Kandi's existing battery suppliers can no longer meet the demand. Tianneng Energy Technology's lithium battery is a great addition and will help the electric vehicles achieve a better performance. This battery model TNL-ITR18650-2200P is a newer invention and well proven offering better power density and safety improvement.
About Zhejiang Tianneng Energy Technology Co., Ltd.
Zhejiang Tianneng Energy Technology Co. Ltd is a high-new technology company located in Zhejiang province of China, which is wholly funded by Tianneng Power International Limited (Hong Kong Stock Code: 0819). The overall investment of the company is RMB330 million which covers an area of 200,000 sqm and have 1000 staff.
The company specializes in R&D, manufacturing, marketing of Ni-MH and Li-ion rechargeable cell/battery pack which widely used in power tools, R/C toys, cordless phone, transceiver, shaver, MP3/MP4, mine lamps, e-bike, EV, etc. Under strictly following the ISO9001: 2000 quality management system, its products have reliable quality of high power discharge, low internal resistance, safe and stable, etc., which have passed UL, CE, RoHS.
The "Tianneng" brand is one of the China's 500 most valuable brands famous in China and around the world. Within a few years, the company has become OEM supplier of many domestic and overseas renowned firms and won their authorization. 80% of its products are exported to around the world.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as the one of the world's largest manufacturers of pure EV products, Go-Kart vehicles, three-wheel motorcycles and utility vehicles (UTVs), among others. More information can be viewed at its corporate website is http://www.kandivehicle.com. Kandi routinely posts important information on its website.
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