India, June 29 -- Chinese innovator in intelligent equipment and a technology-driven platform Kandi Technologies Group, Inc. (KNDI) Monday announced agreements to acquire a 51% controlling stake in Hangzhou Xinchu New Energy Technology Co., Ltd. for a cash consideration of RMB20 million or approximately $2.9 million.
The acquisition of lithium battery backup power and battery management systems for data centers and telecom base stations is expected to close in July 2026.
Kandi said the investment marks its strategic expansion into the global AI data center backup power and energy storage market.
Xinchu's core offerings include UPS lithium battery packs, high-rate backup power cabinets capable of 6C discharge and millisecond-level respons...