Chinese battery maker Narada Power has posted a 30% sales rise for 2017— which boosted net by profit by 16% over the previous year.
Narada said total revenue for the year was CNY8.63 billion ($1.37bn) and net profit increased to CNY381 million.
The board of Chinese battery maker Narada Power has given the green light for plans to launch a commercial lithium-ion batteries and “new energy materials” recycling subsidiary.
The new business— Anhui Narada Huabo New Material and Technology Co., Ltd. (ANHNMT)— will be wholly owned by Narada and receive an initial cash injection of CNY100 million ($15m).
Chief scientist of Chinese battery maker Narada Power, Dr Herbert Giess, has received the International Lead Award for his contributions to the lead and lead-acid battery industries.
The award from the International Lead Association (ILA) was presented by ILA associate, David Rand, at last week’s Asian Battery Conference in Kuala Lumpur.