Chinese lithium cell maker Tenpower receives 3-yr order from U.S. tool product maker Stanley Black & Decker

A robot works at a lithium battery factory in Tangshan, north China's Hebei Province, Nov. 29, 2020. (Xinhua/Yang Shiyao)

Chinese lithium cell maker Jiangsu Tenpower Lithium Co., Ltd. (Tenpower) has received a new battery supply order from U.S. tool product maker Stanley Black & Decker, Inc., according to the file of Jiangsu Azure Corporation (002245.SZ), the mother company of Tenpower, to Shenzhen Stock Exchange Tuesday.

The two parties have confirmed that Tenpower will provide 120 million, 240 million, 280 million of ternary cylindrical lithium batteries respectively in 2022, 2023 and 2024 to Stanley Black & Decker.

Through negotiation, the supply in 2022 can be increased to no more than 200 million. Specific unit price will be determined by both parties through negotiation based on actual situations such as fluctuations of raw materials.

In recent years, Tenpower has seen rapid growth of battery sales to Stanley Black & Decker. It sold about 53.92 million yuan, 125 million yuan and 195 million yuan of lithium batteries to Stanley Black & Decker respectively in 2019, 2020 and January to September of 2021, accounting for about 5.59 percent, 8.64 percent and 10.44 percent of its revenue from lithium battery business.

According to Jiangsu Azure Corporation, as a major contributor to the company's revenue and profit, Tenpower has become a leading enterprise in the field of tool lithium batteries worldwide, and the three-year battery order between Tenpower and Stanley Black & Decker will help consolidate the company's leading position in the field of high-end tool lithium batteries.