TAOP Smart Charging Pile Service Now Available in Six Chinese Cities

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) has launched smart charging pile services in six Chinese cities, with over 20,000 new users and 200,000 valid orders recorded. The charging piles, installed in Shenzhen, Guangzhou, Quanzhou, Zhenjiang, Nanyang, and Shenyang, are part of a broader strategy to expand to 50 cities by year-end. This initiative aims to address public charging needs amidst a growing 30% CAGR electric two-wheeler charging station market. The charging system enhances safety through real-time monitoring and protection features.

Positive

• Launch of smart charging pile services indicating business expansion.
• Achieved over 200,000 valid orders and 20,000 users, indicating a strong market entry.
• Plans to expand to 50 cities by the end of 2022, reflecting growth potential.
• Participation in a rapidly growing electric two-wheeler charging station market projected at 30% CAGR.

Negative

• None.

--With more than 200,000 valid orders completed and over 20,000 new users registered

HONGKONG, March 16, 2022 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of blockchain technology and smart cloud services, today announced that it launched smart charging pile services in six Chinese cities, and is expected to expand to more metropolitan areas in China in the near future. As of March 11, 2022, the installed charging piles have recorded accumulated users of over 20,000 with more than 200,000 valid orders.

The six cities with TAOP smart charging piles installed and in operation are Shenzhen, Guangzhou, Quanzhou, Zhenjiang, Nanyang, and Shenyang.

The global electric two-wheeler charging station market is anticipated to register a compound annual growth rate of around 30% during 2021 – 2026, according to Mordor Intelligence. The growth of this market is backed by increasing investments across the globe to develop charging infrastructure and meet market needs. Due to the lack of access to public charging piles, it is not unusual to see informal “fly-line” charging with extension cords passed through windows and doors to vehicles parked at the curb in some cities. Such practices may cause safety concerns for the community. TAOP’s smart charging pile equipment is connected to an intelligent management system, which can monitor the real-time charging status of each charging pile. The charging piles also support charging abnormality warning, overcurrent protection, and smart fire sprinkler to reduce electrocution and fire risk.

“Since the announcement of our strategic cooperation with Zhicheng Chuangtou to expand smart charging pile market in January 2022, we have actively reached out to local communities through our well-established Taoping Alliance network and completed the installation of electric two-wheelers charging piles in residential areas and public places in six cities. The Company expects to expand smart charging pile coverage to 50 cities by the end of 2022,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “We believe this business can empower the transition to a clean energy future and bring new revenue to the Company.”

About Taoping Inc.
Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, new media and artificial intelligence. To learn more, please visit http://www.taop.com/.

Safe Harbor Statement

This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.

Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results due to our limited operating history of providing blockchain technology and smart cloud services, the effects of the global Covid-19 pandemic, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China’s legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and TAOP undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

For further information, please contact:

Taoping Inc.
Chang Qiu
Email: chang_qiu@taoping.cn
http://www.taop.com/
or

Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: taop@dgipl.com

FAQ

What is Taoping Inc.'s stock symbol?

Taoping Inc.'s stock symbol is TAOP.

What recent services has Taoping Inc. launched?

Taoping Inc. has launched smart charging pile services in six Chinese cities.

How many users have registered for Taoping Inc.'s charging services?

Taoping Inc. has registered over 20,000 users for its smart charging services.

What is the projected market growth for electric two-wheeler charging stations?

The global electric two-wheeler charging station market is expected to grow at a CAGR of around 30% from 2021 to 2026.

Which cities have Taoping Inc.'s smart charging piles installed?

Smart charging piles have been installed in Shenzhen, Guangzhou, Quanzhou, Zhenjiang, Nanyang, and Shenyang.

What safety features do Taoping Inc.'s charging piles include?

The charging piles include real-time monitoring, charging abnormality warnings, overcurrent protection, and smart fire sprinklers.

What are Taoping Inc.'s future expansion plans for its charging services?

Taoping Inc. plans to expand its smart charging pile services to 50 cities by the end of 2022.