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BAIYU Holdings, Inc. (NASDAQ:BYU) shares are experiencing upward movement following the announcement of a substantial $60 million contract to supply electric lithium batteries to Feng’s Auto Parts, a well-established U.S.-based auto parts supplier.
This deal marks an important milestone for BAIYU Holdings as it officially introduces its proprietary lithium battery brand into the U.S. market.
What To Know: The contract, executed through BAIYU Holding’s subsidiary, BMYA New Energy Technology Inc. (BNET), involves the purchase and sale of 50,000 sets of electric lithium batteries.
These batteries are available in both 6V and 12V configurations, with capacities ranging from 100Ah to 300Ah.
Feng’s Auto Parts has agreed to purchase these batteries at a unit price of $1,200, with the expectation that all deliveries will be completed by May 2025.
This deal not only signifies BAIYU’s entry into the U.S. market but also demonstrates the company’s commitment to expanding its presence in the energy storage and lithium battery industries.
Ouyang Renmei, CEO of BAIYU Holdings, expressed her enthusiasm about the deal, stating that securing such a significant contract highlights the company’s strategic progress and the recognition of its capabilities by the U.S. market. She emphasized this agreement will enhance BAIYU Holding’s brand reputation and provide a solid foundation for future growth opportunities in the energy sector.
What Else: BAIYU Holdings is known for its role as a leading B2B bulk commodity e-commerce platform and supply chain service provider. The company is focused on expanding its operations in new energy industries, including photovoltaic energy, energy storage power and fast-charging power stations.
By investing in fast-charging and commercial power stations, BAIYU Holdings is positioning itself as a key player in providing integrated new energy solutions and operations on a global scale.
BYU Price Action: Following the announcement, BAIYU Holdings’ stock has surged, closing Thursday up 22.73% at $5.40, according to Benzinga Pro.
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Posted In: BYU
