Why China Bak Battery (CBAK) Hit A One-Year High Today

NEW YORK (TheStreet) -- China Bak Battery  (CBAK) surged to a one-year high of $4.78 as of 1:15 p.m. on Tuesday as the company, which manufactures lithium-based battery cells, soared in sympathy with its peer companies.

Companies such as Plug Power  (PLUG), FuelCell Energy  (FCEL) and Ballard Power Systems  (BLDP) have repeatedly soared to one-year highs since last week in the wake of Plug Power's deal with Wal-Mart  (WMT) to provide more than 1,700 hydrogen fuel cell solutions to power electric lift truck fleets at six of Wal-Mart's North American distribution centers.

As the demand for clean energy has increased, battery-related stocks have improved. China Bak Battery has participated in this surge, as the stock has soared more than 80% in 2014.

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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