EV Carnivals - Ionix Technology gained two strategic partners in the field of electric vehicles

Rhea-AI Summary

Ionix Technology, Inc. (IINX) announced that its subsidiary, Huixiang Energy Technology, has formed strategic partnerships with Gongjue and HiBoss Electric Vehicle. These collaborations focus on producing advanced electric vehicle batteries that offer fast charging within 10 minutes and a range of 600 KM. The project, estimated at over a billion RMB, aims to produce 50,000 vehicles annually. Both partners will utilize Huixiang's online platform for EV sharing and sales, enhancing market reach. Ionix's CEO expressed optimism regarding the impact on the new energy vehicle industry and market expansion.

Positive

• Formation of partnerships with Gongjue and HiBoss to enhance battery technology.
• Investment exceeding 1 billion RMB, indicating significant financial backing.
• Anticipated annual output of 50,000 electric vehicles, boosting production scale.
• Engagement in online EV sharing services to tap into modern consumer trends.

Negative

• None.

LAS VEGAS, April 7, 2021 /PRNewswire/ -- Ionix Technology, Inc. (OTCQB: IINX), ("Ionix Technology", "IINX" or "the Company"), a business aggregator in photoelectric display and smart energy fields, today announced one of its subsidiaries, Huixiang Energy Technology  ("Huixiang") has entered strategic cooperative agreements with Gongjue Electric Vehicle("Gongjue") and HiBoss Electric Vehicle("HiBoss").

Huixiang was incorporated to focus on producing safe, fast charging and long life cycle Electric Vehicle ("EV") batteries, as well as developing its own online sharing platform. Gongjue and HiBoss will purchase power battery and battery packs from Huixiang according to the agreements. Huixiang will cooperate with Gongjue and HiBoss to develop the next generation batteries for EV with faster charge (10 mins charge, 600 KM performance), safer, longer endurance mileage and lower cost performances. Total investment in this project is estimated to be more than a billion RMB Yuan, of which approximately 25% will be necessary in the first phase and which is anticipated to give annual output of 50,000 vehicles. Gongjue and HiBoss will also engage the online sharing platform developed by Huixiang, which will offer online EV sharing services and EV sale services.

Mr. Zhou Xiang, Gongjue's CEO, expressed the confidence in achieving next generation EV with Huixiang's faster charging, lower cost and higher energy density power battery packs. HiBoss's CEO, Mr. Chen Guofu, says "we will explore the urban-rural EV consumer market with batteries and battery packs produced by Huixiang".

Backgrounds: Jiangsu Gongjue Electric Vehicle Co., Ltd was founded in 2011 in Jiangsu Province. It is a high-tech enterprise in EV R&D and manufacture. With core innovation techniques and new materials and processes, Gongjue has developed lightweight EV and fast charging technology. HiBoss EV is a core industrial platform dedicated to the innovation of new energy automobile industry and the link of digital lifestyle. The company sets up Global Intelligent Travel company as the value bearing, establishing electric sport sedans, electric trucks, minicars and two-wheel eletric vehicles, to link urban and rural EV market.

Since 2021, the auto industry will be dominated by A-class, and new EV manufacture enterprises, according to Mr Cheng Li, CEO of IINX. He also said:" the participation of Gongjue and HiBoss will boost IINX to build up an ecological new energy vehicle closed-loop industry chain. We will jointly launch faster charging; longer endurance and lower cost energy vehicles to make our due contribution to the resolution to the issues of "Carbon Peaking" and "Carbon Neutral" faced by the world. We firmly believe IINX will have deeper existence space and larger market share in new energy automobile."

About Ionix Technology, Inc.

Ionix Technology, Inc. is a holding company that is principally engaged in the photoelectric display and smart energy industries. The company has seven operating subsidiaries: Changchun Fangguan Electronics Technology Co., Ltd, a company which has been focusing on R&D, manufacturing and marketing LCM and LCD. Changchun Fangguan Photoelectric Display Technology Co., Ltd, a company which specializes in developing, designing, and selling TN and STN LCD, STN, CSTN, and TFT LCD modules as well as other related products; Shenzhen Baileqi Electronic Technology Co., Ltd, a company which specializes in LCD slicing, filling, researching and designing, and selling of LCD Modules (LCM) and PCBs; Lisite Science Technology (Shenzhen) Co., Ltd., a company engaged in the marketing and selling of intelligent electronic devices; and Dalian Shizhe New Energy Technology Co., Ltd., a company engaged in the new energy support service, and operating the photovoltaic power generation, electric vehicles and charging piles with corresponding operation and maintenance and three dimensional parking. Shijirun (Yixing) Technology Co., Ltd, a company engaged in new energy intelligent manufacturing and intelligent equipment industry. High intelligence of the equipment is a guarantee of high stability and consistency for EV and Energy storage battery. Huixiang Energy Technology (Suzhou) Co., Ltd, engaged in R&D of next generation advanced battery technologies, manufacture and sales of relevant battery products, including the solid state rechargeable lithium ion battery for next generation EV and energy storage systems. Also operation of battery packs, battery systems and electric vehicles sharing business with its own internet sharing platform. Currently, IINX has embarked on the layout of industrialization and marketization of front end materials and back end modules of liquid crystal displays and applications of flexible folding display technology by taking Fangguan Electronics as production bases, to seize the market share of OLED high technology.

To learn more, please visit our website: www.theiinx.com

Safe Harbor Statement

This news release contains "forward-looking statements" as that term is defined in the United States Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements, including beliefs, plans, expectations or intentions regarding the future, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors, such as the inherent uncertainties associated with new business opportunities and development stage companies. Ionix Technology assumes no obligation to update the forward-looking statements. Although Ionix Technology believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Investors should refer to the risk factors disclosure outlined in Ionix Technology's annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the U.S. Securities and Exchange Commission.

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SOURCE Ionix Technology, Inc.

FAQ

What are the new partnerships announced by Ionix Technology on April 7, 2021?

Ionix Technology announced strategic partnerships with Gongjue Electric Vehicle and HiBoss Electric Vehicle to develop advanced electric vehicle batteries.

How much investment is involved in the new electric vehicle battery project by Ionix Technology?

The total investment in the project is estimated to exceed 1 billion RMB, with approximately 25% needed for the initial phase.

What is the expected annual output from Ionix Technology's new battery project?

The project anticipates an annual output of 50,000 electric vehicles.

What benefits do the new batteries from Ionix Technology provide?

The new batteries will enable fast charging within 10 minutes and a performance range of 600 KM.

What online services will Ionix Technology's subsidiary Huixiang provide?

Huixiang will offer online electric vehicle sharing and sales services through its platform.

How does the partnership with Gongjue and HiBoss affect Ionix Technology's market position?

The partnerships are expected to enhance Ionix's presence in the new energy vehicle market and contribute to a closed-loop industry chain.