BAIYU Holdings, Inc., a prominent business-to-business e-commerce and supply chain service provider, announced today that its subsidiary BMYA New Energy Technology Inc. has entered into a $60 million contract with Feng’s Auto Parts Inc. for the supply of electric lithium batteries. This marks the introduction of BAIYU’s proprietary lithium battery brand to the U.S. market.
Ms. Ouyang Renmei, CEO of BAIYU Holdings, stated that the contract signifies progress in the company’s expansion within the energy storage and lithium battery sectors and demonstrates the U.S. market’s recognition of BAIYU’s industry strength. She expressed the company’s ambition to secure further opportunities to enhance their brand and shareholder value.
BAIYU Holdings focuses on the new energy industry, including photovoltaic and energy storage power solutions, and the operation of fast-charging power stations. The company provides comprehensive solutions for global new energy storage systems and specialized sectors, including investment in fast-charging and commercial power stations.
This announcement includes forward-looking statements subject to risks and uncertainties. The company has indicated that while it believes its projections are reasonable, actual results could differ materially from those anticipated.
This news is based on a press release statement from BAIYU Holdings, Inc.
In other recent news, BAIYU Holdings has secured a $60 million battery supply deal with Feng’s Auto Parts Inc., marking a significant expansion into the electric vehicle sector. The company has also revealed plans to acquire Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. for approximately $105 million, further emphasizing its strategic push into the renewable energy storage battery market. In a bid to penetrate the global new energy vehicle (NEV) market, BAIYU has partnered with U.S.-based Electra New Energy Vehicle, Inc., planning a majority stake acquisition and an investment of up to $3 million over the next three years.