Shulou(Shulou.com)11/24 Report--

CTOnews.com December 15 news, Guoxuan Hi-Tech and Thailand PTT Group's energy solutions company Nuovo Plus signed a cooperation agreement, the two sides set up a joint venture Thailand New Guoxuan Co., Ltd. (tentative name, referred to as Thailand New Guoxuan), focusing on the design, development, manufacture, sales and export of battery modules and Pack products, jointly explore the ASEAN new energy market, and strive to build a battery export ASEAN base. Thailand's PTT Group is the largest state-controlled energy and petrochemical company in Thailand. This cooperation will promote the full electrification process in Thailand and help Thailand achieve net zero emissions by 2065.

According to the agreement, Guoxuan Singapore, a subsidiary of Guoxuan Hi-Tech, has reached a cooperation with Nuovo Plus Co., Ltd., a subsidiary of Thailand's PTT Group, to jointly establish Thailand New Guoxuan Energy Solutions Co., Ltd. (NV Gotion Co., Ltd., referred to as "NV Gotion" and "Thailand New Guoxuan") in the eastern economic corridor of Thailand. The joint venture company's business includes the design, development, verification and manufacture of battery modules and battery Pack, as well as battery management systems, which are suitable for all kinds of automotive and energy storage systems.

According to the plan, Thailand's new Guoxuan plans to build a Pack production line for lithium-ion power batteries in the eastern economic corridor of Thailand. It is expected that the first phase of the production line will be put into production and provide high-quality battery products to the market by the fourth quarter of 2023.

CTOnews.com learned that Guoxuan Tech has announced that Singapore Guoxuan and NuovoPlusCompanyLimited (referred to as "Nuovo"), a wholly-owned subsidiary, intend to jointly fund the establishment of a joint venture company, NVGotionCo.,Ltd., to build a power lithium-ion battery Pack base in Thailand. The initial registered capital of the joint venture is 300 million baht (about 60.06 million yuan), of which Singapore National Xuan has a 49% stake and Nuovo has 51% of the joint venture. The total investment of the joint venture is expected to be 600 million baht (about 120 million yuan), which will be jointly contributed by both parties according to the corresponding equity ratio.

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