Establishes Kandi's entry into backup power and energy storage solutions for rapidly-growing AI data center market
Jinhua, China, June 29, 2026 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQGS:KNDI), a global innovator in intelligent equipment and a technology-driven platform company, today announced that it has entered into certain investment agreements to acquire a 51% controlling stake in Hangzhou Xinchu New Energy Technology Co., Ltd. (“Xinchu”), an emerging provider of lithium battery backup power and battery management systems for data centers and telecom base stations, for a total cash consideration of RMB20 million (approximately US$2.9 million). The transaction is expected to close in July 2026.
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