Kandi acquires Xinchu to enter AI data-center backup power

On June 29, 2026, China-based Kandi Technologies announced it will acquire a 51% controlling stake in Hangzhou Xinchu New Energy for RMB 20 million (about $2.9 million). The deal gives Kandi a foothold in lithium battery backup power and BMS solutions tailored for AI data centers and telecom infrastructure. ([globenewswire.com](https://www.globenewswire.com/news-release/2026/06/29/3318735/0/en/kandi-technologies-acquires-controlling-stake-in-xinchu-new-energy.html))