CBAK Energy Technology shares were higher Wednesday after the company said it has signed an investment agreement with the Nanjing Gaochun Economic Development Zone.

The stock was 9% higher, at $1.40, in midday trade, and is about 58% higher in the past 12 months.

The China-based battery-technology company said the agreement covers the research, development and manufacture of large cylindrical sodium-ion battery cells and integrated battery systems in Nanjing, Jiangsu Province.

The project would add 12 gigawatt-hours of annual cell-production capacity.

CBAK Energy also said Wednesday it is targeting an additional 6 GWh of annual cell capacity at its existing Nanjing facility by year-end 2026. The company plans to advance the 12 GWh project in the second half of 2027, subject to securing financing.

The project would cover cell manufacturing as well as module and battery pack integration, CBAK said. Development would proceed in phases based on financing, customer demand and project readiness, it said.