Aquarius Engines Gets Approval For Strategic Agreement With Honda-affiliate Musashi Seimitsu

Rhea-AI Summary

Aquarius Engines has secured board approval for a strategic agreement with Musashi Seimitsu Industry, a Honda affiliate, focusing on R&D, assembly, and distribution of its engines and generators. This agreement is seen as a vital step towards entering the Japanese automotive market. Additionally, Aquarius is establishing a subsidiary in Japan and has formed another partnership with TPR, further strengthening its market presence. With government support for hydrogen technology, Aquarius aims to innovate green energy solutions.

Positive

• Approval of strategic agreement with Musashi Seimitsu enhances market expansion prospects.
• Establishment of a subsidiary in Japan positions Aquarius for growth in the automotive sector.
• Partnership with TPR further solidifies Aquarius's presence in Japan.
• Government support in Japan for hydrogen technology aligns with Aquarius's green energy goals.

Negative

• None.

ROSH HA'AYIN, Israel, April 21, 2021 /PRNewswire/ -- Aquarius Engines (Aquarius Engines AM Ltd) (TASE: AQUA) Board and Audit Committee have approved a strategic agreement with Honda-affiliate Musashi Seimitsu Industry Co. Ltd, a leading publicly traded Japanese auto-parts manufacturer and one of the Aquarius Engines controlling shareholders. In addition, the Audit Committee classified the engagement as a transaction that is not an 'exceptional transaction' in accordance with Section 117 of the Companies Law. The agreement focuses on strategic collaboration on research and development, assembly, distribution, marketing and sales of the Aquarius Engines and generators. The specifics of the deal are still subject to change with negotiations ongoing .

The move comes after Aquarius Engines announced another strategic partnership with Japanese auto-parts manufacturer TPR. Aquarius Engines has also begun the process of establishing a Japanese subsidiary to extend their reach in Japan and propel Aquarius Engines towards its entry into the automotive market through a strategic partnership with a leading player in the industry.

The Government of Japan continues to encourage the development of technological innovations in the field of hydrogen as an energy source and allocates significant resources for this purpose, a move that serves as a fertile ground for the Aquarius Engines plans to revolutionize green energy.

"This week's approval of our strategic agreement with Musashi Seimitsu is one more move towards realising our potential in Japan. Together with our Japanese partners, we hope to welcome a new age of global green energy and transportation," said Gal Fridman, Chairman of Aquarius Engines.

Aquarius Engines has developed and produced a tiny 10kg linear engine for generating electricity, with an internal combustion mechanism. Unlike large traditional engines, the Aquarius Engine only has one moving part and converts fuel into electricity without the use of oil. Due to its size and light weight, the engine has high mechanical efficiency that allows for low emissions and low pollution.

In addition to its partnerships with the Japanese Musashi Seimitsu and TPR, Aquarius Engines has a partnership with Nokia in the field of remote communication and energy equipment management.

The Aquarius Engines technology currently has around 20 patents registered worldwide. With additional applications in the fields of aviation, marine and range extenders for the automotive market. Aquarius has manufacturing and development centers in Israel, Germany and Poland. https://www.aquariusengines.com/

For more information contact avihyman@avihyman.com

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SOURCE AQUARIUS ENGINES

FAQ

What strategic agreement did Aquarius Engines announce on April 21, 2021?

Aquarius Engines announced a strategic agreement with Honda affiliate Musashi Seimitsu Industry to collaborate on R&D, assembly, distribution, and sales of their engines.

How is Aquarius Engines entering the Japanese market?

Aquarius Engines is entering the Japanese market by establishing a subsidiary and forming partnerships with local companies like Musashi Seimitsu and TPR.

What is the significance of the partnership with Musashi Seimitsu for Aquarius Engines?

The partnership with Musashi Seimitsu is significant as it provides Aquarius Engines with support for market entry and expansion in Japan's automotive sector.

What innovations is Aquarius Engines working on?

Aquarius Engines is focused on developing a lightweight linear engine that converts fuel into electricity with low emissions and high mechanical efficiency.

What government support is Aquarius Engines leveraging for its technology?

Aquarius Engines is leveraging the Japanese government's support for technological innovations in hydrogen energy to enhance its development and market strategies.