What is the name of the car company founded by Xia Heng that uses an energy storage device that can be recharged by plugging it in to an external source of electric power to power the vehicles?
Plug-in hybrid A plug-in hybrid electric vehicle (PHEV) is a hybrid electric vehicle that uses rechargeable batteries, or another energy storage device, that can be recharged by plugging it in to an external source of electric power. A PHEV shares the characteristics both of a conventional hybrid electric vehicle, having an electric motor and an internal combustion engine (ICE), and of an all-electric vehicle, having a plug to connect to the electrical grid. Most PHEVs are passenger cars but there are also PHEV versions of commercial vehicles and vans, utility trucks, buses, trains, motorcycles, scooters, and military vehicles.
Advanced Battery Technologies Advanced Battery Technologies Inc., was a business in Harbin, China, that specialized in the development and manufacturing/assembly of rechargeable polymer lithium-ion (PLI) batteries and electric vehicles. ABAT raised nearly $90,000,000 in various stock offerings over a period of years. When ABAT was called out for filing fraudulent SEC filings by short-sellers, ABAT stock price started crumbling. Eventually ABAT was delisted from the NASDAQ and deregistered by the SEC. ABAT's CEO was Zhigou Fu who led the company from a market cap of $250,000,000 to zero and completely wiped out all shareholders. Like many Chinese Reverse Mergers, ABAT did not follow US laws and eventually broke many. Like dozens if not hundreds of other Chinese Reverse Mergers, ABAT hid in China and the money that was raised disappeared. Advanced Battery Technologies designs rechargeable, polymer lithium-ion batteries for use in motorized electric bicycles, scooters, notebook computers and other electronic devices. The company currently manufactures electric bicycles, electric scooters, and electric sports utility vehicles. The company exports its products to Europe, the United States, and Asia.