Advanced Battery Technologies, Inc. (NASDAQ: ABAT) has signed a contract with Quanzhou Hongtian Science & Technology Development Co., Ltd. (QHSTD) in a deal valued at some $5 million. Advanced Battery Technologies, Inc. develops, manufactures, and distributes rechargeable polymer lithium-ion (PLI) battery cells for use in electric vehicles, mining equipment, and a variety of other consumer electronics.
The PLI cells being sold to QHSTD will be utilized to power a new generation of high-power and long life handheld searchlights for a brighter and lighter searchlight with a range of lighting up to 1,000 meters (close to 3,300 feet) and over 10 hours of continuous discharging time.
The company also noted that back in January it signed a $23.4 million contract. Its market cap sits at $248 million before the 4% rise pre-market and its entire revenues in 2007 were $31.898 million.
Jon C. Ogg
June 24, 2008
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