GSS Energy Ltd. And MECOM Power Signs MoU To Develop EV Business in SEA

SGX-listed GSS Energy Limited and MECOM Power and Construction Limited, both of which are listed on the HKEX main board, signed a non-binding memorandum of understanding (MOU) to form a strategic partnership for the development of an electric vehicle (EV) business in Southeast Asia.

They stated in a joint statement that the development of the EV market will be concentrated in Singapore, Thailand, Indonesia, and Malaysia for a period of three years beginning with the implementation of the MOU.

According to the MOU, which is subject to Binding Documentation, the strategic cooperation will focus on the design, manufacture, installation, and maintenance of the EV charging system, as well as its sales and marketing.

In addition, they will distribute Iso-branded eclectic motorcycles manufactured by GSS Energy subsidiary Giken Mobility in the Guangdong Greater Bay Area, as well as design, manufacture, sell, and market EVs such as four-wheelers and/or electric motorcycles.

The MOU also calls for investments in the projects, as well as the fabrication and production of battery packs and associated charging/swapping solutions for EV two-wheelers at GSS Energy Group's manufacturing facilities.

MECOM and GSS Energy should negotiate the binding paperwork during the period "using their respective best efforts" in accordance with the terms and circumstances of each project.

Each project funded by the Strategic Cooperation must be completed within six months of the MOU's signing, or within an extended period of time as mutually agreed upon.