On March 6, 2024, China Energy Storage Technology Development Corporation officially released the "Memorandum of Understanding on Voluntary Announcement for Strategic Cooperation". This milestone document marks a solid step for China Energy Storage Technology Development Corporation and MileGreen (Thailand) Co., Ltd. (hereinafter referred to as "MGL (Thailand)") to jointly explore unlimited possibilities in the field of new energy vehicles.

According to this memorandum of understanding, both parties plan to jointly establish a joint venture company, which will be committed to promoting the construction of new energy vehicle infrastructure, research and production of battery swapping products, as well as the establishment and operation of battery swapping and charging research and operation centers in Thailand and a wider range of Southeast Asian countries. This measure not only demonstrates the profound insight and firm confidence of both sides in the new energy vehicle market, but also demonstrates their determination and strength to jointly promote the development of new energy vehicles in Southeast Asia.

To ensure the smooth operation and development of the joint venture company, both parties agree that the total investment of the joint venture company will not exceed HKD 50 million. This investment will be used for the initial construction, equipment procurement, technology research and development, and market development of the joint venture company, laying a solid foundation for its long-term development.

At the same time, China Energy Storage Technology Development Co., Ltd. also plans to purchase MGL brand series electric vehicles of no more than HKD 50 million to further expand its market share in the new energy vehicle market. MGL (Thailand) will fully leverage its advantages in Thailand and Southeast Asia, providing comprehensive support and assistance for the leasing and arrangement of these electric vehicles, and jointly promoting the popularization and application of new energy vehicles in the local area.

The signing of this strategic cooperation memorandum of understanding not only strengthens the close cooperation between China Energy Storage Technology Development Co., Ltd. and MGL (Thailand), but also lays a solid foundation for the deep cooperation and development of both sides in the field of new energy vehicles. In the future, both sides will work together to explore the infinite possibilities of the new energy vehicle market and contribute more to the development of the global new energy vehicle industry.Editor/Cheng Liting