Greenhui, March 6, 丨 China Energy Storage Technology Development (01143.HK) announced that on March 6, 2024, the company and Mile Green (Thailand) Co., Ltd. (MGL (Thailand)) entered into a non-binding memorandum of understanding on strategic cooperation.

According to the memorandum of understanding, the company and MGL (Thailand) intend to establish a joint venture. The joint venture focuses on developing NEV infrastructure, power exchange product production, and power exchange and charging R&D centers and operation centers in Thailand and other Southeast Asian countries. The joint venture will focus on software and hardware facilities as well as the latest technological advancements. The investment of the joint venture will not exceed HK$50 million.

According to the memorandum of understanding, the company will purchase no more than HK$50 million of MGL brand series electric vehicles, and MGL (Thailand) will assist Thailand and other Southeast Asian countries with operations, including electric vehicle leasing and leasing arrangements.

According to reports, MGL (Thailand) is a private company incorporated in Thailand. MGL (Thailand) is a company specialized in electric vehicle trading, distribution, marketing and manufacturing and related ecosystems in Southeast Asia (including but not limited to Thailand, Indonesia, Vietnam, Malaysia, Cambodia and the Philippines).

The company's board of directors and management are not only committed to developing the Group's existing core business, but also actively exploring and deploying new businesses. In 2023, the company plans to vigorously expand the production and sales of new energy storage equipment, supply chain services, energy storage system integration, new energy storage technology and supporting services.

The board of directors believes that the cooperation with MGL (Thailand), once implemented, will promote the expansion of the company's energy storage technology development business and provide a good opportunity for the company to focus on new energy vehicles and progress in battery charging and exchange technology. The company actively lays out the battery industry and is optimistic about the broad market prospects in Southeast Asia.