Advanced Battery Technologies Inc (Ticker: ABAT) was a publicly traded NASDAQ company with executive offices in China and Flushing, NY with three other manufacturing campuses in mainland China (Dongguan, Wuxi and Harbin) that specialized in the development and manufacturing/assembly of rechargeable polymer lithium-ion (PLI) batteries and electric vehicles, electric bikes and electric scooters.
 | |
| Industry | Electric vehicles rechargeable lithium-ion batteries. |
|---|---|
| Founded | 2002[1] |
| Headquarters | New York City |
Key people | Zhiguo Fu (CEO) |
| Revenue |  US$ 106.22 million (2011)[2][3] |
| US$ 37.84 million (2011) | |
| US$ 36.71 million (2011) | |
Number of employees | 1,176[4] |
Products and technologies
editAdvanced Battery Technologies was most known for its development and manufacturing of lithium iron phosphate batteries. ABAT manufactured customized mini golf carts and shuttles, e-bicycles, PLI batteries for electric buses and e-scooters fitted with unique lithium iron phosphate batteries.[5] According to Market Wire, the batteries combined "high-energy chemistry with state-of-the-art polymer technology to overcome many of the shortcomings associated with other types of rechargeable batteries."[6]
Market penetration
editABAT sold its product lines across the globe, mostly as generic and re-branded product. ABAT consisted of three campuses in Harbin, China, Wuxi, China and Dongguan, China. The facilities in Harbin and Dongguan manufactured small and large PLI battery cells and the facility in Wuxi, China assembled electric bikes and scooters. ABAT touted a massive $85,000,000-dollar opening of its plant in Dongguan and was hyped in United States and Chinese media at the time. Prior to ceasing operations, ABAT's scooter line contained numerous models and prototypes,[7] which were re-branded and sold under many brands such as Jinan Qingqi, Lynx, Ecobahn, Wuxi Huina and several others. ABAT's generic models such as ZQTD-690 were listed in its catalogue and displayed in its warehouses. In Spain, Wuxi scooters sold under the ABAT name through ABAT CONNECTION company in Alicante, Spain as a gateway to the European market before dissolving. In Denmark, Wuxi was re-branded as Lynx Scooters, in Russia under the Ecobahn name, and in Poland under Pollana.
Other distributors and re-sellers are found in The Netherlands, Slovenia, Czech Republic, Italy, Turkey, India, and Singapore.[8]
Recent activities
edit- In May 2009 ABAT acquired Wuxi Angell Autocycle, an electric and hybrid electric scooter and E Bike manufacturer based in Wuxi, China. Previous to the acquisition ABAT was an investor and supplier to Wuxi Angell, providing batteries, engines, controllers and other parts to the company.
- In June 2011 ABAT signed a $14.7 million deal to supply 24,000 electric vehicles, including motorized bicycles and scooters, to Wuxi Hao Jie Vehicle Co.[9][10]
Allegations of fraud
editIn March 2011 anonymous bloggers who, by their own admission, stood to gain if ABAT's stock price declined, accused the company of fraudulently misrepresenting its business interests – pointing out discrepancies between Advanced Battery Technologies filings with the Securities and Exchange Commission and China's State Administration of Industry and Commerce, while also questioning the reliability of distributor relationships and related party transactions. Multiple articles followed in financial opinion and analysis sites.[11] While no fraud was ever proved, and a formal rebuttal was issued, the company failed to file its third quarter 2011 financial statements and was subsequently de-listed from trading on the NASDAQ exchange.[12][13] The events inspired the 2017 finance documentary The China Hustle.
See also
editReferences
edit- ^ http://www.globenewswire.com/newsroom/news.html?d=225608 Advanced Battery Announces $10 Million Share Repurchase Program [dead link]
- ^ "Income Statement". Yahoo Financial. Retrieved 8 July 2011.
- ^ https://finance.yahoo.com/q/ks?s=ABAT+Key+Statistics Key Statistics
- ^ "Profile". Yahoo Financial. Retrieved 8 July 2011.
- ^ "Products". Archived from the original on 24 July 2011. Retrieved 8 July 2011.
- ^ http://www.marketwatch.com/story/tech-stock-highlight-for-advanced-battery-available-on-microstockprofit-2011-07-20?reflink=MW_news_stmp Tech Stock Highlight for Advanced Battery Available on MicroStockProfit
- ^ "ABAT 2011-2012 CATALOGUE". Scribd. Retrieved 15 June 2020.[permanent dead link]
- ^ Advanced Battery Technologies Distributor Relationships – Independent Research [1] Archived 6 April 2012 at the Wayback Machine
- ^ http://www.mysanantonio.com/business/article/Advanced-Battery-Technologies-inks-deal-in-China-1412734.php#ixzz1RYbegSbtIt[permanent dead link] Advanced Battery Technologies inks deal in China
- ^ "Advanced Battery Technologies inks deal in China". ASSOCIATED PRESS. Retrieved 8 July 2011.
- ^ "Advanced Battery Technologies". Seeking Alpha. Archived from the original on 24 February 2017.
- ^ "Advanced Battery Technologies Responds to Allegations by Variant View Research". Archived from the original on 15 August 2012. Retrieved 22 December 2011.
- ^ Advanced Battery Technologies and Ener1 Delisted and Pushing For Credibility, Market Watch