After conducting an in-depth market survey, the company developed the aluminum magnesium alloy electric scooter specifically designed to meet customers’ request for lighter weight vehicles delivering greater mileage. Mr. Zhiguo Fu, CEO of ABAT, stated, "This initial order exemplifies management’s significant progress in developing new products and services to meet the needs of our customers. As the orders for our aluminum magnesium alloy electric scooter increase in the European market and we will expand our product development and distribution efforts with additional new electric vehicles to meet a growing global demand."
Advanced Battery Technologies, Inc. (Nasdaq:ABAT), founded in September 2002, develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. The Company’s products include rechargeable PLI batteries for electric automobiles, motorcycles, mine-use lamps, notebook computers, walkie-talkies and other electronic devices.
ABAT’s batteries combine high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries. Early in 2009, the Company acquired Wuxi Angell Autocycle Co. Ltd., an electric vehicle business, and renamed it Wuxi Zhongqiang Autocycle Co., Ltd. ("Wuxi ZQ"). The Company has a New York office, with its executive offices and manufacturing facilities in China.
