China BAK Battery Received a $1.9 Million Subsidy

China BAK Battery (NASDAQ:CBAK) has received a $1.9 million subsidy from the National Development and Reform Commission for the battery module project.

As quoted in the press release:

China BAK’s battery module is comprised of cylindrical cells that can be used in electric vehicles (EVs), electric motors, electric bicycles (e-bikes) and power storage. The government funds will be used to further develop the battery module’s efficiency and environmental-friendliness.

Click here to read the China BAK Battery (NASDAQ:CBAK) press release.