Energy Plug Announces Memoranda of Understanding with Taiwan-Based Battery Manufacturer SEETEL, and College of Engineering of National Taiwan University and iAUTO
Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) has signed two Memoranda of Understanding (MOUs) with SEETEL and the NTU Group to enter the grid-scale battery storage market in North America. The SEETEL MOU focuses on developing a gigawatt-hour battery factory, financing opportunities, supply chain optimization, and marketing strategies. The NTU Group MOU concentrates on R&D for Unmanned Aerial Vehicles (UAVs) and marine BESS ecosystems, including joint research, global safety standards development, and testing facilities establishment.
These collaborations aim to strengthen Energy Plug's ability to deliver battery products from Taiwan to Canada and North America, addressing the demand for medium- and large-scale energy storage solutions. The MOUs are non-binding except for public announcements and confidentiality sections, with intentions to negotiate binding agreements within 90 days for SEETEL and 60 days for NTU.
Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) ha firmato due Memorandum di Intesa (MOU) con SEETEL e il Gruppo NTU per entrare nel mercato della batteria di stoccaggio su scala di rete in Nord America. Il MOU con SEETEL si concentra sullo sviluppo di una fabbrica di batterie da gigawattora, opportunità di finanziamento, ottimizzazione della catena di approvvigionamento e strategie di marketing. Il MOU con il Gruppo NTU si concentra sulla R&S per veicoli aerei senza pilota (UAV) e ecosistemi di BESS marini, inclusa la ricerca congiunta, lo sviluppo di standard di sicurezza globali e l'istituzione di strutture di test.
Queste collaborazioni mirano a rafforzare la capacità di Energy Plug di fornire prodotti di batterie da Taiwan a Canada e Nord America, affrontando la domanda di soluzioni per lo stoccaggio di energia di media e grande scala. I MOU non sono vincolanti, tranne che per le sezioni sugli annunci pubblici e sulla riservatezza, con l'intenzione di negoziare accordi vincolanti entro 90 giorni per SEETEL e 60 giorni per NTU.
Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) ha firmado dos Memorandos de Entendimiento (MOU) con SEETEL y el Grupo NTU para ingresar al mercado de almacenamiento de baterías a escala de red en América del Norte. El MOU con SEETEL se centra en desarrollar una fábrica de baterías de gigavatio-hora, oportunidades de financiamiento, optimización de la cadena de suministro y estrategias de marketing. El MOU con el Grupo NTU se concentra en la I+D para vehículos aéreos no tripulados (UAV) y ecosistemas de BESS marinos, incluyendo investigación conjunta, desarrollo de estándares de seguridad globales y establecimiento de instalaciones de pruebas.
Estas colaboraciones tienen como objetivo fortalecer la capacidad de Energy Plug para entregar productos de baterías desde Taiwán a Canadá y América del Norte, abordando la demanda de soluciones de almacenamiento de energía de mediana y gran escala. Los MOU no son vinculantes, salvo por las secciones de anuncios públicos y confidencialidad, con la intención de negociar acuerdos vinculantes en un plazo de 90 días para SEETEL y 60 días para NTU.
Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF)는 SEETEL 및 NTU 그룹과 북미의 그리드 규모 배터리 저장 시장 진출을 위해 두 개의 양해각서(MOU)를 체결했습니다. SEETEL과의 MOU는 기가와트시 배터리 공장 개발, 자금 조달 기회, 공급망 최적화 및 마케팅 전략에 중점을 두고 있습니다. NTU 그룹과의 MOU는 무인 항공기(UAV) 및 해양 BESS 생태계에 대한 연구 및 개발에 집중하며, 공동 연구, 글로벌 안전 표준 개발 및 시험 시설 구축을 포함합니다.
이 협업의 목표는 Energy Plug이 대만에서 캐나다 및 북미로 배터리 제품을 제공할 수 있는 능력을 강화하여 중대형 에너지 저장 솔루션에 대한 수요를 충족시키는 것입니다. MOU는 공개 발표 및 기밀성과 관련된 조항을 제외하고는 비구속적이며, SEETEL에 대해 90일, NTU에 대해 60일 이내에 구속력 있는 계약을 체결할 의도를 가지고 있습니다.
Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) a signé deux mémorandums d'entente (MOU) avec SEETEL et le Groupe NTU pour entrer sur le marché du stockage d'énergie à l'échelle du réseau en Amérique du Nord. Le MOU avec SEETEL se concentre sur le développement d'une usine de batteries de gigawatt-heure, les opportunités de financement, l'optimisation de la chaîne d'approvisionnement et les stratégies marketing. Le MOU avec le Groupe NTU se concentre sur la R&D pour les véhicules aériens non habités (UAV) et les écosystèmes de BESS marins, y compris la recherche conjointe, le développement de normes de sécurité mondiales et l'établissement d'installations d'essai.
Ces collaborations visent à renforcer la capacité d'Energy Plug à fournir des produits de batterie de Taïwan au Canada et en Amérique du Nord, répondant à la demande de solutions de stockage d'énergie à moyenne et grande échelle. Les MOU ne sont pas contraignants, sauf pour les sections concernant les annonces publiques et la confidentialité, avec l'intention de négocier des accords contraignants dans les 90 jours pour SEETEL et 60 jours pour NTU.
Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) hat zwei Absichtserklärungen (MOUs) mit SEETEL und der NTU-Gruppe unterzeichnet, um in den Markt für Batteriespeicher im Netzmaßstab in Nordamerika einzutreten. Das MOU mit SEETEL konzentriert sich auf die Entwicklung einer Gigawattstunden-Batteriefabrik, Finanzierungsmöglichkeiten, Optimierung der Lieferkette und Marketingstrategien. Das MOU mit der NTU-Gruppe konzentriert sich auf F&E für unbemannte Luftfahrzeuge (UAV) und marine BESS-Ökosysteme, einschließlich gemeinsamer Forschung, Entwicklung globaler Sicherheitsstandards und Einrichtung von Testeinrichtungen.
Diese Kooperationen zielen darauf ab, die Fähigkeit von Energy Plug zu stärken, Batterien von Taiwan nach Kanada und Nordamerika zu liefern und damit die Nachfrage nach mittel- und großformatigen Energiespeicherlösungen zu decken. Die MOUs sind unverbindlich, mit Ausnahme der Abschnitte zu öffentlichen Ankündigungen und Vertraulichkeit, mit der Absicht, innerhalb von 90 Tagen für SEETEL und 60 Tagen für NTU verbindliche Vereinbarungen zu verhandeln.
- Potential entry into the grid-scale battery storage market in North America
- Collaboration for developing a gigawatt-hour battery factory with 1 GWh/year output
- Strengthened supply chain for battery products from Taiwan to North America
- R&D partnership for UAV and marine BESS ecosystems
- Opportunity to establish new testing facilities for R&D, verification, and certification
- MOUs are largely non-binding, with no guarantee of successful negotiations for binding agreements
- Potential financial commitments for gigafactory project and R&D initiatives not disclosed
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2024) - Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) (FSE: 6GQ) ("Energy Plug" or the "Company"), an energy technology company dedicated to innovation and sustainable battery and microgrid solutions, has signed two Memoranda of Understanding (each an "MOU") with Seetel New Energy Co, Ltd. ("SEETEL"), and the College of Engineering of National Taiwan University ("NTU") and iAUTO Technology Co., Ltd. ("iAuto") ( together, the "NTU Group").
These MOUs represent a significant step forward in Energy Plug's efforts to enter the grid-scale battery storage market across North America. These collaborations will strengthen Energy Plug's ability to deliver a variety of battery products from Taiwan to Canada and the broader North American market, addressing critical demand for medium- and large-scale energy storage solutions.
"These MOUs provide Energy Plug with a robust supply chain and a source of design and innovation for our commercial customers in a wide variety of sectors," said Brodie Gunning, CEO of Energy Plug. "SEETEL's proven experience in building battery gigafactories will also be a key advantage as Energy Plug builds Canada's first Indigenous-led battery Gigafactory on the Malahat Nation's reserve land on Vancouver Island, in partnership with the Malahat Nation.
The MOUs cover the following scope of cooperation:
SEETEL MOU
The collaboration with SEETEL focuses on several critical initiatives designed to accelerate the deployment of grid-scale battery energy storage systems (BESS).
Development of Gigawatt-Hour Battery Factory: The parties will collaborate on manufacturing line and product design for the proposed Malahat gigafactory, targeting a battery production output of 1 gigawatt-hour per year.
Financing Opportunities: SEETEL will have opportunities to participate in gigafactory project financing and potential BESS installations.
Supply Chain Optimization: SEETEL will focus on supply chain logistics, ensuring the seamless integration of Taiwanese-manufactured battery products into the North American market.
Marketing and Business Strategy: The parties will collaborate on sales, marketing, procurement and bidding for BESS tenders in their respective markets. They will also work on a strategic business model for the overall operations of the BESS systems.
NTU Group MOU
The collaboration with NTU's Center for Unmanned Vehicles Research & Development and IAUTO will focus on research and development ("R&D") of Unmanned Aerial Vehicles (UAVs) ecosystems and marine BESS ecosystems (collectively, the "Subject").
Joint R&D on Battery Storage Systems: NTU Group and Energy Plug will collaborate on joint R&D projects to advance technologies related to the Subject for global markets. NTU Group will be responsible for seeking partners to provide materials, components, subsystems and systems, including hardware and software, along with recommendations and test reports for diverse applications. Energy Plug will focus on application developments, and managing logistics, localization and customer and government relations.
Global Safety and Performance Standards Development: NTU Group will lead efforts to create internationally recognized safety and performance standards for the Subject, while Energy Plug will focus on developing the supply chain and application globally.
Testing and Validation Facilities: The parties will establish new testing facilities to support developed standards, serving the purposes of R&D, verification, validation, and certification for the Subject.
The provisions of the MOUs are non-binding except for the sections related to public announcements and confidentiality. The parties intend to negotiate in good faith and execute a binding agreement within ninety days of signing of the SEETEL MOU and within sixty days for the NTU MOU.
About SEETEL
SEETEL New Energy specializes in battery module design and power management technology, with a mission to provide the safest and most reliable energy storage systems. We prioritize process management, internal controls, and safety protection. With 20 years of experience in battery manufacturing, our team is leading the way while continuing to invest in product development and technological innovation. For more information about SEETEL, visit our website at www.seetel-energy.com.
About NTU
Established in 1945, the mission of the College of Engineering is to provide an environment where education and research can complement and enhance one another. We strive to provide the highest quality of education by constantly improving course curricula, cultivating both fundamentals and specializations, promoting ethics and social responsibility, and enhancing international vision and leadership to produce outstanding engineers and researchers who can tackle the demands of national infrastructure and technology advancement. In research, we are dedicated to developing engineering-related fields, emphasizing both basic and applied research, and strengthening collaboration with industry to enhance the quantity and quality of research for each of the College's academic areas to attain world-class standards and domestic leadership.
About iAUTO
iAuto Technology Taiwan walks at the forefront of Autonomous Vehicle technology, we strive to create state of the art AV systems, placing safety and efficiency at top priority to create a sustainable Self-Driving Transport solution tailored to local specification and regulation. Furthermore, through infrastructure and network integration, the AVs can be further enhanced with cloud based algorithms and edge computing detection, providing an extra layer of safety through pre-warning and V2X communication. iAuto is committed to promoting safe and efficient self-driving technologies and integration solutions, raising safety awareness in SDT design with infrastructure integration. Elevating the AV scene in Taiwan to the international level, improving society and the way we travel. For more information about iAUTO, visit our website at www.iauto-tech.com.
About Energy Plug Technologies Corp.
Energy Plug Technologies Corp. is an energy technology company, dedicated to innovation and sustainability. With a focus on residential, commercial, and utility energy storage applications, our goal is to advance battery technologies to enhance energy management and grid resiliency. Based in British Columbia, we seek to leverage strategic partnerships with Indigenous communities, and the development of a vertically integrated supply chain involving industry-leading companies in Taiwan to provide advanced solutions to our customers and partners. For more information about Energy Plug, visit our website at https://energyplug.com.
Forward-Looking Statements
This news release contains forward-looking information within the meaning of applicable securities legislation. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "will", "proposes", "expects", "estimates", "intends", "anticipates" or "believes", "aim", or variations (including negative and grammatical variations) of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding any objectives and strategies of the Company) are forward-looking information. The forward-looking information in this news release includes but is not limited to the statements about intended cooperation and binding agreements with SEETEL and the NTU Group, the Company's market focus, the Company's intent to deliver battery products from Taiwan to Canada and the North American market, the projected size of the facility, expected annual production capacity of battery systems, and anticipated advantages and support from these collaborations.
The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various risk factors, including, but not limited to the ability to finalize binding agreements with SEETEL and the NTU Group, obtaining financing, ability to build the battery assembly factory on Vancouver Island, ability to secure suppliers of batteries and obtaining batteries at desired prices, supply chain disruptions, changing government, plans, policies regarding clean energy, batteries, electric vehicles and other electric transportation devices, elimination or reduction of government subsidies for electric vehicles and other electric transportation devices, solar panels, and wind power installations; changes in the Canadian and/or the U.S Government policies, rules and regulations, and potential war conflicts which may disrupt supply of the components required to produce batteries.
The material assumptions used to develop forward-looking information include, but not limited to general business and economic conditions, financial markets conditions, the Company's ability to fund its operations through financings and joint ventures, procurement of consulting, technical and related services and supplies on favourable terms, attraction and retention of key staff members, market demand for the Company's products, growth prospects in the market for its products, accessibility of raw materials and battery pack supplies to meet market demand, facility profitability, the anticipated terms of the consents, permits and authorizations necessary to carry out the planned operations and the Company's ability to comply with such terms on a cost-effective basis, and the ongoing relations with the industry regulators.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investment in the securities of the Company is risky.
Contact Information
Energy Plug Technologies Corp.
Broderick Gunning
President & CEO
brodie@energyplug.com
Investor Relations
Renmark Financial Communications Inc.
1900 - 130 King Street West, Toronto, ON M5X 1E3
John Boidman: jboidman@renmarkfinancial.com
Tel.: (416) 644-2020 or (212)-812-7680
www.renmarkfinancial.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224363
FAQ
What are the main objectives of Energy Plug's MOU with SEETEL?
What is the target production output for the proposed Malahat gigafactory?
What areas of research will Energy Plug collaborate on with the NTU Group?
Are the MOUs signed by Energy Plug (PLGGF) legally binding?
