Greenpro Incubated Company Brighsun EV Group to Drive ESG Initiatives Through its Core Recyclable Battery Technologies

Rhea-AI Summary

Greenpro Capital Corp. (NASDAQ:GRNQ) incubated company, Australia's Brighsun EV Group, announces its expansion plan to mass produce proprietary Lithium Iron Phosphate (LFP) and Lithium Sulphate (Li-S) Solid State batteries targeting commercial and consumer transport. The plan aligns with the anticipated significant growth of Electric Vehicles (EV) market share by 2030, with a projected 60% of total sales in China, the EU, and the US combined. Brighsun's CEO emphasizes the company's commitment to ESG principles and the recyclability of its batteries, as well as its successful SGS test report demonstrating over 1,000 KM distance on a single charge. Greenpro's CEO highlights the alignment of Brighsun's values with the theme of Social Value Economy.

Positive

• Brighsun EV Group's expansion plan and focus on ESG principles align with the anticipated growth of the EV market, presenting a compelling investment opportunity for the future of transportation and energy. The successful SGS test report demonstrating over 1,000 KM distance on a single charge provides a strong indication of the performance and potential demand for Brighsun's batteries.

Negative

• None.

KUALA LUMPUR, MALAYSIA / ACCESSWIRE / November 9, 2023 / Greenpro Capital Corp. (NASDAQ:GRNQ) incubated company, Australia's Brighsun EV Group lay out its Group expansion plan using proprietary Lithium Iron Phosphate (LFP) battery and Lithium Sulphate (Li-S) Solid State battery that could achieve cell density of 350-518Wh/Kg. Brighsun are ready to mass produce these batteries on a commercial scale, targeting both commercial and consumer transport which include heavy-duty trucks, buses, long distance coach and SUVs.

According to International Energy Agency (IEA), with the implementation of ambitious policy programs in major economies, such as the Fit for 55 packages in the EU and the Inflation Reduction Act in the United States (US), the market share for Electric Vehicles (EV) is anticipated to witness significant growth in the coming decade and beyond. By 2030, it is projected that electric cars will constitute approximately 60% of total sales in China, the EU, and the US combined.

EV would offer a compelling solution to the environmental challenges associated with traditional internal combustion engine (ICE) vehicles. Notably, the transportation sector is a major contributor to carbon dioxide (CO2) and nitrogen oxide (NOx) emissions, and EVs present a viable alternative to mitigate this impact. "Brighsun new expansion strategy are fully aligned and integrated with Environmental, Social and Governance (ESG) principles," remarked Nicholas Lee, CEO of Brighsun EV Group. "While we note that EV battery disposal would sparks ESG risks, our batteries are fully recyclable due to its design, and its materials can be reuse for other purposes in many economical ways. We achieved over 1,000 KM distance on one single charge in our SGS test report hence we are confident in closing a few potential EV orders throughout the ASEAN and Middle East region."

Greenpro CEO, Dr. CK Lee said, "Private sector will play a critical role in advancing ESG initiatives together with governments and other key stakeholders. We see Brighsun as a company upholding values that are aligned with our theme of Social Value Economy. We look forward to working closely and having more integration with Brighsun EV Group in coming future."

About Brighsun Limited

Brighsun New Energy's Lithium Iron Phosphate (LFP) battery won the Guinness World Record in Nov 2015 for the Greatest Distance travelled by an Electric Bus (non-solar) on a single electric charge - 1,018 kms.

https://www.youtube.com/watch?v=8ofjOC6EMfM

Through nearly 8 years of research, the scientists at Brighsun New Energy have successfully developed new lithium-sulphur (Li-S) battery cathode material with an energy density higher than conventional secondary batteries. Brighsun's new energy - 2U battery is expected to accelerate EV take-up around the world, significantly increase mobile phone battery capacity and solar-electric storage. For further information please visit https://www.brighsun.com/index.html

About Greenpro Capital Corp

Headquartered in Kuala Lumpur and a Nevada corporation, Greenpro Capital Corp. (NASDAQ:GRNQ), is a business incubator with strategic offices across Asia. With a diversified business portfolio comprising of finance, technology, banking, and Green-X for STOs, health and wellness as well as 30 years of experience in various industries, Greenpro has been assisting and supporting businesses and High-Net-Worth-Individuals to capitalize and securitize their value on a global scale. This is done through the provision of cross-border business solutions, spinoffs on major stock exchanges and accounting outsourcing services to small and medium-size businesses located in Asia. The comprehensive range of cross-border business services include, but are not limited to, trust and wealth management, listing advisory services, transaction services, cross-border business solutions, record management services, accounting outsourcing services and tax advisory services. Greenpro also operates venture capital businesses, including business development for start-ups and high growth companies.

For further information regarding the company, please visit http://www.greenprocapital.com.

The Green-X exchange can be found at https://www.green-x.io/

Forward-Looking Statements

This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

GRNQ has 7,575,813 million shares issued and outstanding with a float of 3,831,677 shares

Gilbert Loke, CFO, Director
Greenpro Capital Corp.
Email: ir.hk@greenprocapital.com
Phone: +852-3111 7718

Contact Dennis Burns. Investor Relations.
Tel (567) 237-4132
dburns@nvestrain.com
Phone: +603-2201 3192
mycorp@greenprocapital.com

SOURCE: Greenpro Capital Corp.

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FAQ

What is the expansion plan of Australia's Brighsun EV Group?

Brighsun EV Group plans to mass produce proprietary Lithium Iron Phosphate (LFP) and Lithium Sulphate (Li-S) Solid State batteries targeting commercial and consumer transport.

What is the projected market share for Electric Vehicles (EV) by 2030?

By 2030, it is projected that electric cars will constitute approximately 60% of total sales in China, the EU, and the US combined.

What are the key environmental benefits of EVs?

EVs offer a compelling solution to the environmental challenges associated with traditional internal combustion engine (ICE) vehicles, mitigating carbon dioxide (CO2) and nitrogen oxide (NOx) emissions.

What is the significance of Brighsun's successful SGS test report?

The successful SGS test report demonstrates over 1,000 KM distance on a single charge, indicating the performance and potential demand for Brighsun's batteries.

How does Greenpro view its integration with Brighsun EV Group?

Greenpro sees Brighsun as a company upholding values aligned with its theme of Social Value Economy and looks forward to working closely and having more integration with Brighsun EV Group in the coming future.