SGX-listed A non-binding memorandum of understanding (MOU) was signed between GSS Energy Limited and MECOM Power and Construction Limited, both of whom are listed on the HKEX main board, to form a strategic partnership for the development of an electric vehicle (EV) business in Southeast Asia.
In a joint statement, they stated that for a period of three years beginning with the MOU's implementation, the development of the EV market will be concentrated in Singapore, Thailand, Indonesia, and Malaysia.
The strategic cooperation will be concentrated on the design, manufacture, installation, and maintenance of the EV charging system, as well as its sales and marketing, according to the MOU, which is subject to Binding Documentation.
They will also distribute Iso-branded eclectic motorcycles made by GSS Energy subsidiary Giken Mobility in the Guangdong Greater Bay Area, as well as design, produce, sell, and market EVs such four-wheelers and/or electric motorcycles.
The MOU also involves investing in or obtaining investments in the projects, as well as the fabrication and production of battery packs and associated charging/swapping solutions for EV two-wheelers at the manufacturing facilities of GSS Energy Group.
The binding paperwork should be negotiated during the period by MECOM and GSS Energy "using their respective best efforts" in accordance with the terms and circumstances of each project.
Each project funded by the Strategic Cooperation must be carried out in line with the conditions of the agreements within six months of the signing of the MOU, or an extended period of time as mutually agreed.