Advanced Battery Technologies inks contract with Wuxi Angell Autocycle
Battery maker Advanced Battery Technologies, Inc. (AMEX: GBT) said this morning that it signed a contract with Wuxi Angell Autocycle Co., Ltd. to produce battery cells for 150,000 electric bicycles and motorcycles by the end of 2008.
Advanced Battery’s battery cells will be used in electric bicycles and motorcycles produced by Wuxi to export to the A.T.U. Corporation of Germany. A.T.U. has a number of subsidiaries worldwide and 49 overseas sales distributors.
Wuxi Angell Autocycle Co., Ltd. is a manufacturer of electric vehicles.
Shares of Advanced Battery Technologies (GBT) bolted 20.22%, or $0.90, to $5.35 in pre-market trading. Shares of Advanced Battery Technologies have been trading in the range of $0.62 to $9.66 for the past 52 weeks.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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