Huixiang Energy, a Subsidiary of Ionix Technology, Enters a Purchase and Sale Contract with Its Strategic Partner Hiboss Electric Vehicle for Total Value of Up to USD 0.3 Billion
May 11, 2021 at 09:00 am EDT
Share
Ionix Technology, Inc. announced its wholly-owned subsidiary Huixiang Energy Technology (Suzhou) Co. Ltd. signed a product Purchase and Sale Contract with Hiboss Electric Vehicle ("Agreement"). Ionix believes signing this Agreement marks the beginning of a long-term and stable strategic partnership between the two parties, which will help IINX open a new prospect in the development of the energy vehicle market. Hiboss Electric Vehicle may purchase Electric Vehicle (EV) battery pack products including fast-charge batteries with a total value of up to USD 0.3 billion from Huixiang Energy within 30 months, according to their requirements. At the beginning of 2021, major changes have taken place in China's new energy vehicle market. As people increasingly favor environmentally friendly lifestyles and become more aware of new energy vehicles, the market, which was originally mainly driven by supply and government policy, has been further developed to be demand-oriented. The Company believes the advanced battery product technology owned by Huixiang Energy provides a strong guarantee and support for the development of the company in the new energy vehicle market.
Ionix Technology, Inc., formerly Cambridge Projects Inc., through its subsidiaries Well Best International Investment Limited (Well Best), Xinyu Ionix Technology Company Limited (Xinyu Ionix) and Taizhou Ionix Technology Company Limited (Taizhou Ionix), is engaged in developing, designing, manufacturing and selling lithium batteries for electric vehicles in China. The Company's products include 18650-2000 milli-ampere-hour (mAh) lithium ion batteries (LIB) for use in lithium cell electronic bicycles, balance cars, scooters, electric vehicles, special vehicles at low speed, energy storage, and other products. Its LIB is a rechargeable electric device within which lithium moves from a negative electrode to a positive electrode during the discharge and back charging. The four main materials used in its LIBs are cathode materials, anode materials, operators and electrolytic solution. Its LIBs are used as the power supply for devices, such as mobile phones, digital cameras and power tools.
Huixiang Energy, a Subsidiary of Ionix Technology, Enters a Purchase and Sale Contract with Its Strategic Partner Hiboss Electric Vehicle for Total Value of Up to USD 0.3 Billion
IONIX TECHNOLOGY, INC. 
