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NetworkNewsBreaks – Tantech Holdings Ltd.’s (NASDAQ: TANH) Subsidiary Secures $20M Electric Vehicle Order

Company: Tantech Holdings Ltd. (TANH)
Category: News

Tantech Holdings (NASDAQ: TANH) this morning said that its 70% owned subsidiary, Suzhou E Motors Buses Co., Ltd., has signed sales contracts for its electric vans and buses worth approximately $20 million. Per the contracts, Zhenjiang Baichuan New Energy Automobile Co., Ltd. intends to purchase 450 all-electric vans and 10 all-electric buses from Tantech with a projected unit sales price of U.S. $43,077. In addition to the unit sales price, Tantech may be eligible to receive Chinese government subsidies for electric car sales. Tantech is expecting to deliver the order by the end of 2017. “In addition to manufacturing a series of bamboo charcoal products, Tantech has entered the electric vehicle industry through the recent acquisition of Suzhou E Motor. This new sales contract, along with the recent MIIT approval of two of our EV models, laid a solid foundation for us to gain market share in the fast growing Chinese EV segment,” Tantech chairman and chief executive officer Zhengyu Wang stated in the news release.

To view the full press release, visit: http://nnw.fm/Ik1Cy

About Tantech Holdings Ltd.

Established in 2001 and headquartered in Lishui City, Zhejiang Province, China, Tantech Holdings Ltd., together with its subsidiaries, develops and manufactures bamboo-based charcoal products, including a variety of branded consumer products and electric double-layer capacitor (“EDLC”) carbon products for industrial energy applications. The company aims to transform itself from a bamboo-based charcoal products producer to a vertically integrated company along the EDLC Carbon – power battery – specialty new energy vehicle value chain. For more information, please visit: www.tantechholdings.com.

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